A chartered accountant is a professional who belongs to a financial body and manages an entity’s finances, provides financial advice, and assists with fund management. This post will teach you how to become a chartered accountant in Nigeria.
If you are among the many people that are curious to know what it takes to succeed as a certified accountant in Nigeria, this article will teach you how to become a chartered accountant in Nigeria.
Table of contents
- Who Is A Chartered Accountant In Nigeria?
- What Is The Difference Between An Accountant And A Chartered Accountant In Nigeria?
- How To Become A Chartered Accountant In Nigeria In 2023
- How To Become Certified As A Chartered Accountant By ICAN In Nigeria In 2023
- How Much Does It Cost to Register For ICAN In Nigeria?
- How To Study For ICAN Exam
- How Much Does A Chartered Accountant Earn In Nigeria?
- List of federal, state, and private universities that offer accounting in Nigeria
- List of federal, state, and private polytechnics that offer accounting in Nigeria
- Frequently Asked Questions On How To Become A Chartered Accountant In Nigeria
Who Is A Chartered Accountant In Nigeria?
A Chartered Accountant is a professional in Nigeria who has earned the Institute of Chartered Accountants of Nigeria (ICAN) certification. ICAN professional tests on financial reporting, auditing, taxes, and financial management must be passed in order to become a chartered accountant in Nigeria. A period of closely supervised practical training is another criterion that chartered accountants in Nigeria must undergo in addition to other standards established by ICAN.
In Nigeria, chartered accountants are in charge of offering a wide range of financial services, such as creating and reviewing financial accounts, doing audits, offering tax advice, and counseling on financial management.
They can operate in a variety of fields, including public accounting firms, governmental institutions, nonprofits, and for-profit corporations. In Nigeria, chartered accountants are held to a high standard of competence and are required to follow ICAN’s code of ethics.
What Is The Difference Between An Accountant And A Chartered Accountant In Nigeria?
The Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN) recognize chartered accountants in Nigeria as professionals who have met particular educational and training standards. A person who works in the accounting industry, on the other hand, is known as an accountant and may or may not have formal schooling or professional certification in the industry. In Nigeria, chartered accountants are thought to possess a greater level of training and knowledge than non-chartered accountants.
The standard of education and experience for chartered accountants in Nigeria is often higher than that of non-chartered accountants. They might therefore qualify for more senior positions and higher pay within the accounting industry.
How To Become A Chartered Accountant In Nigeria In 2023
The steps to becoming a chartered accountant in Nigeria are as follows:
1. Obtain your secondary school certificate
The 6-3-3-4 is employed in the Nigerian educational system. With this educational system, children can spend 6 years in elementary school, 3 years in junior secondary school, 3 years in senior secondary school, and 4 years in postsecondary education.
The first three years of secondary school (JSS 1–3) are devoted to general, extremely broad courses. Students will have the option of choosing from three main classes beginning in the fourth year (SSS 1–3).
- Art class
- Science class
- Commercial class
Your future job path will be determined by the class you choose. Passing the commercial class is a requirement to become a chartered accountant in Nigeria. Additionally, you need to be quite skilled in economics, accounting, commerce, and bookkeeping in addition to the general English language and mathematics.
2. Obtain an accounting degree from a university or polytechnic
Most Nigerian colleges and polytechnics require students to have at least a C6 mark in English Language, Mathematics, Economics, Government, and Commerce before they may enroll in an accounting program.
English Language, Mathematics, Economics, and one other relevant topic are required for the Unified Tertiary Matriculation Examination (UTME) accounting subject requirements.
A degree certificate in accounting will be given to you once you have completed four years of study in the tertiary institution of your choosing.
3. Obtain a professional accounting certificate
Any of Nigeria’s certifying organizations can issue you a professional accounting certificate:
- Institute of Chartered Accountants of Nigeria (ICAN)
- Associate of the Institute of Chartered Accountants (ACA)
- Association of National Accountants of Nigeria (ANAN)
- Chartered Institute of Management Accountants (CIMA)
ICAN and ANAN are the most renowned accounting bodies in Nigeria. You can read How To Register For ICAN 2023 | Requirements, Set Up Guideline
How To Become Certified As A Chartered Accountant By ICAN In Nigeria In 2023
To become certified as a chartered accountant by ICAN in Nigeria, here are certain requirements you need to meet:
Requirements needed to be certified by the Institute of Chartered Accountants of Nigeria (ICAN)
- A degree from a Nigerian university that has earned accreditation, or an HND from a reputable polytechnic in Nigeria.
- Your O’ Level Results must have a minimum of five credits.
- Two most recent passport photos.
- Copies of your academic transcripts and your certificate of completion of the NYSC.
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Pathways to the Institute of Chartered Accountants of Nigeria (ICAN)
The ATS Route
If you have not yet graduated from or enrolled in a tertiary institution, this option is for you. You may utilize your O Level scores, however, no more than two sittings may be used.
The Professional Route
- You can apply for ICAN as an accounting graduate with your BSC or HND results. In this instance, you will begin with ICAN’s second step (The Skills Level).
- You can also apply for ICAN if you graduated from college but did not major in accounting. In this scenario, you will need to start at the fundamental level.
How Much Does It Cost to Register For ICAN In Nigeria?
Whether you are a student or a professional, the cost of joining the Institute of Chartered Accountants of Nigeria (ICAN) varies based on the level of membership you want. Here are some estimated prices:
- Student membership: ₦10,000 ($25)
- Associate membership: ₦50,000 ($125)
- Fellow membership: ₦100,000 ($250)
Please be aware that these costs could alter in the future and that there might be extra charges for tests and other services. The best place to go to find out about the most recent costs and registration requirements is ICAN’s official website.
How To Study For ICAN Exam
Here is an outline of what to do if you must pass your ICAN exam:
- Enroll in a study center or school that is accredited by ICAN. These centers provide classes and materials that will help you study for the ICAN tests.
- Obtain the ICAN study guide and course outline. This will give you an overview of the subjects included in the tests.
- Establish a study schedule and stick to it. This will help you cover everything in the curriculum and also practice some questions.
- Get the ICAN Exam past questions and answers. This study material will help you prepare for the tests by giving you a vivid idea of the team structure and level of difficulty.
- If you require additional assistance, seek advice and assistance from your study center or a tutor.
You will be well-prepared for the ICAN tests by adhering to these instructions and being dependable with your study habits.
READ MORE ON How To Pass ICAN In Nigeria | 10 Easy Steps
How Much Does A Chartered Accountant Earn In Nigeria?
It is difficult to give an accurate assessment of the earning potential of chartered accountants in Nigeria because it can differ depending on a variety of variables, including the person’s degree of education and experience, the particular industry in which they operate, and the location of their position.
Having said that, chartered accountants in Nigeria often earn good incomes, and their earning potential tends to rise as they gain more experience and specialize in a certain field. The average monthly payment for a chartered accountant in Nigeria is about NGN 313,000, according to Salary Explorer. However, this might vary greatly based on the person’s level of education, experience, and industry of employment.
List of federal, state, and private universities that offer accounting in Nigeria
- Abia State University, Uturu, Abia State
- Adekunle Ajasin University, Akungba-Akoko, Ondo State
- Ahmadu Bello University, Zaria, Kaduna State
- American University of Nigeria, Yola, Adamawa State
- Bauchi State University, Gadau, Bauchi State
- Benue State University, Makurdi, Benue State
- Caritas University, Amorji-Nike, Enugu State
- Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra State
- Cross Rivers University of Technology, Calabar, Cross River State
- Ebonyi State University, Abakaliki, Ebonyi State
- Ekiti State University, Ado-Ekiti, Ekiti State
- Elizade University, Ilara-Mokin, Ondo State
- Enugu State University of Science and Technology, Enugu State
- Evangel University, Akaeze, Ebonyi State
- Federal University of Agriculture, Makurdi, Benue State
- Federal University, Dutsin-Ma, Katsina State
- Federal University, Kashere, Gombe State
- Federal University, Wukari, Taraba State
- Igbinedion University, Okada, Benin City, Edo State
- Imo State University, Owerri, Imo State
- Lead City University, Ibadan, Oyo State
- Madonna University, Okija, Anambra State
- Mcpherson University, Seriki Sotayo, Ogun State
- Nasarawa State University, Keffi, Nasarawa State
- Niger Delta University, Wilberforce Island, Bayelsa State
- Nnamdi Azikiwe University, Awka, Anambra State
- Obafemi Awolowo University, Ile-Ife, Osun State
- Olabisi Onabanjo University, Ago-Iwoye, Ogun State
- Osun State University, Osogbo, Osun State
- Plateau State University, Bokkos, Plateau State
- Rivers State University of Science and Technology, Port Harcourt, Rivers State
- University of Abuja, Abuja
- University of Ilorin, Ilorin, Kwara State
- University of Lagos, Akoka, Lagos State
- University of Maiduguri, Maiduguri, Borno State
- University of Mkar, Gboko, Benue State
- University of Nigeria, Enugu Campus, Enugu State
- University of Port-Harcourt, Choba, Rivers State
- University of Uyo, Akwa Ibom State
- Usmanu Danfodiyo University, Sokoto, Sokoto State
- Wellspring University, Irhihi/Ogbaneki, Benin City, Edo State
- Western Delta University, Oghara, Delta State
List of federal, state, and private polytechnics that offer accounting in Nigeria
- Abdul-Gusau Polytechnic, Talata-Mafara, Zamfara State.
- Abia State Polytechnic, Aba, Abia State
- Abraham Adesanya Polytechnic, Ijebu-Igbo, Ogun State
- Abubakar Tatari Ali Polytechnic, Bauchi, Bauchi State
- Adamawa State Polytechnic, Yola, Adamawa State
- Akanu Ibiam Federal Polytechnic, Unwana, Afikpo, Ebonyi State
- Akwa Ibom State College of Arts and Science Nung, Ukim, Akwa Ibom State
- Akwa-Ibom State Polytechnic, Ikot-Osurua, Akwa Ibom State
- Allover Central Polytechnic, Ota, Ogun State
- Auchi Polytechnic, Auchi, Edo State
- Bayelsa State College of Arts and Science, Yenagoa, Bayelsa State
- Benue State Polytechnic, Ugbokolo, Benue State
- College of Administrative and Business Studies, Potiskum, Yobe State
- College of Technology, Iresi, Osun State
- Covenant Polytechnic, Aba, Abia State
- Crown Polytechnic, Odo Ado-Ekiti, Ekiti State
- S. Adegbenro ICT Polytechnic, Itori, Ogun State
- Delta State Polytechnic, Ogwashi-Uku, Delta State
- Delta State Polytechnic, Otefe, Delta State
- Delta State Polytechnic, Ozoro, Delta State
- Dorben Polytechnic, Bwari-Garam Road, Fct-Abuja
- Eastern Polytechnic, Port Harcourt, Rivers State
- Edo State Institute of Technology and Management, Edo State
- Federal Polytechnic Offa, Kwara State
- Federal Polytechnic, Bali, Adamawa State
- Federal Polytechnic, Bauchi, Bauchi State
- Federal Polytechnic, Bida, Niger State
- Federal Polytechnic, Damaturu, Yobe State
- Federal Polytechnic, Ede, Osun State
- Federal Polytechnic, Idah, Kogi State
- Federal Polytechnic, Kaura/Namoda, Kaduna State
- Federal Polytechnic, Mubi, Adamawa State
- Federal Polytechnic, Nasarawa State
- Federal Polytechnic, Nekede, Imo State
- Federal Polytechnic, Oko, Anambra State
- Federal Polytechnic,Ilaro, Ogun State
- Federal Polytechnic, Ado-Ekiti, Ekiti State
- Federal Polytechnic, Ukana, Abia State
- Fidei Polytechnic, Gboko, Benue State
- Gateway ICT Polytechnic, Saapade, Ogun State
- Grace Polytechnic, Lagos State
- Hassan Usman Katsina Polytechnic, Katsina State
- Heritage Polytechnic, Ikot Udota, Akwa Ibom State
- Hussaini Adamu Federal Polytechnic, Kazaure, Jigawa State
- Igbajo Polytechnic, Osun State
- Igbo-Owu Polytechnic, Kwara State
- Imo State Polytechnic, Umuagwo, Owerri, Imo State
- Institute of Management And Technology, Enugu State
- Interlink Polytechnic, Ijebu-Jesa, Osun State
- Jigawa State Polytechnic, Dutse, Jigawa State
- Kaduna Polytechnic, Kaduna, Kaduna State
- Kalac Christal Polytechnic, Lekki, Lagos State
- Kano State Polytechnic, Kano State
- Kings Polytechnic, Ubiaja, Edo State
- Kogi State Polytechnic, Lokoja, Kogi State
- Kwara State Polytechnic, Ilorin, Kwara State
- Lagos City Polytechnic, Ikeja, Lagos State
- Lagos State Polytechnic, Ikorodu, Lagos State
- Light House Polytechnic, Eubuobanosa, Edo State
- Mai Idris Alooma Polytechnic, Geidam, Yobe State
- Moshood Abiola Polytechnic, Abeokuta, Ogun State
- Nacabs Polytechnic, Akwanga, Nasarawa State
- Nasarawa State Polytechnic, Lafia, Nasarawa State
- Niger State Polytechnic, Zungeru, Niger State
- Nogak Polytechnic, Mile 2 Road, Ikom, Cross River State
- Nuhu Bamalli Polytechnic, Zaria, Kaduna State
- Ogun State Institute of Technology, Igbesa, Ogun State
- Our Saviour Institute Of Science and Technology (Poly) Enugu, Enugu State
- Plateau State Polytechnic, Barkin-Ladi, Plateau State
- Ramat Polytechnic, Maiduguri, Borno State
- Rivers State College of Arts and Science, Port Harcourt, Rivers State
- Rivers State Poly, Bori, Rivers State
- Ronik Polytechnic, Ikeja, Lagos State
- Rufus Giwa Polytechnic, Owo, Ondo State
- Temple-Gate Polytechnic, Osisioma, Abia State
- Oke-Ogun Polytechnic, Saki, Oyo State
- The Polytechnic, Ile-Ife, Osun State
- Uyo City Polytechnic, Uyo (Uyo-Citypoly), Uyo, Akwa-Ibom State
- Valley View Polytechnic, Ohafia, Abia State
- Waziri Umaru Federal Polytechnic Birnin Kebbi, Kebbi State
- Wolex Polytechnic, Ikeja, Lagos State Yaba College of Technology, Yaba, Lagos State
How Long Does It Take To Become A Chartered Accountant In Nigeria?
It will take a minimum of three years to become a chartered accountant in Nigeria after completing the professional ACA and ICAN exams which are professional qualifying exams.
Frequently Asked Questions On How To Become A Chartered Accountant In Nigeria
ICAN is an acronym that stands for Institute of Chartered Accountants of Nigeria. It is one of the two organizations that govern the practice of accounting in Nigeria.
Being an accountant without a degree is extremely difficult, especially when trying to get employment. Not having a degree in accounting disqualifies you from applying for several accounting professions as a degree is sometimes the minimal prerequisite for gaining an accounting job.
It takes at least three years after completing ACA professional exam to become a chartered accountant in Nigeria.
Now you know what it takes to become a chartered accountant in Nigeria, the next big step to take is to get started in the pursuit. Cheers!
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