All ICAN students worry about exams. The fear of failing the exam is capable of keeping you alert. However, too much anxiety or worry over the ICAN exam will only make things difficult by making it hard to remember the little you have learned.
In this article, I will explain tips on how to pass the ICAN exam in your first sitting. Carefully read through.
Table of contents
The Institute of Chartered Accountants of Nigeria (ICAN) is Nigeria’s professional accounting body. It is also one of two professional accounting bodies in Nigeria with a regulatory authority; the other professional accounting body is the Association of National Accountants of Nigeria.
ICAN was founded by Act of Parliament No. 15 of September 1, 1965, from existing accounting and auditing organizations, including the Association of Accountants in Nigeria (AAN). Its mission statement expresses the desire to “produce world-class chartered accountants, regulates and continuously improves their ethical standards and technical competence in the public interest.”
Moving on, ICAN has become a large community of accountants that has certified over 38,000 public accountants working in different sectors of the economy.
The institute was established to perform the following duties:
- Decide what knowledge and skill levels are needed for those seeking to join the accounting profession, and raise those levels as possibilities allow.
- Ensure, in the provisions of the Act, the establishment and maintenance of records of fellows, associates, and registered accountants entitled to practice as accountants and auditors, as well as the publication of a list of those persons on a regular basis;
- Lastly, perform, through the Council of the Institute, all other functions conferred on it by the Act.
How To Register For ICAN In Nigeria
If you wish to enroll in an ICAN program, you must have a university degree or equivalent to sign-up for the ICAN program in Nigeria:
Here’s an easy guide on how to register for ICAN as a professional student:
- Pay a professional examination registration fee of ₦7000 (bank charges not included) directly to any commercial bank in Nigeria, WEB-PAY, or QUICK-TELLER on the ICAN website.
- After making the payment, you must use the transaction reference and receipt number to conclude your form online on the ICAN website. Applicants can proceed with their registration by clicking on the link: http://icanig.org/RPlogin.php
- Applicants must take a colored passport photograph of themselves, scan it and add it to the registration form. Then click on submit after completing the form.
- Print out the completed form and sign it.
- Find a chartered accountant sponsor/referee to endorse and certify your completed application form and credentials. Also include their name, membership number, and contact information.
- A copy of your WASC certificate, the PIN voucher, two certified passport photographs, three empty envelopes with your address and N50 stamp on each, a copy of your birth certificate, and the original of the bank teller are all required to complete the application.
To make the best out of the ICAN exam, you need to prepare for the exam using the ICAN past questions and answers.
What Are The Required documents For ICAN Registration In Nigeria?
Prospective ICAN students must put the following documents to their applications and submit hard copies to any ICAN office near them:
- The authentic pay direct receipt/transaction reference
- You need to send in duplicate copies of your certificates and any of the following: (NYSC discharged certificate, call-up letter, or students’ academic transcripts). All transcripts should be addressed to the Institute’s Registrar/Chief Executive.
- Three blank envelopes with your address well written and an N50 stamp on each.
- Two passport photos with certification
After uploading the required documents, your registration is complete.
If you have any questions or encounter any challenges, you can e-mail [email protected].
How To Register For ICAN As An ASTWA Student
The Accounting Technicians Scheme West Africa (ATSWA) program aims to train middle-level Accounting Technicians in the West African sub-region.
Their curriculum is split into three sections, each containing four (4) subjects.
Here’s an easy guide on how to register for the ICAN under ASTWA:
- The ATSWA registration price is ₦6000 (bank charges are not included) and can be paid at any commercial bank in Nigeria, or via WEB-PAY or QUICK-TELLER on the ICAN website.
- Enter the transaction reference and receipt number to get your PIN and SERIAL NUMBER.
- Make a colored passport photo of yourself. Scan it and key in the information into the registration form. After filling out the form, click the submit button.
- Print and sign the completed form.
- Obtain the endorsement and certification of a chartered accountant or an Associate Accounting Technician (AAT) sponsor/referee for your completed application form and credentials. Include their full name, membership number, and contact information.
Eligible candidates are expected to submit the following documents:
- The authentic pay direct receipt/transaction reference.
- You need to provide certified photocopies of your credentials, if applicable (WASCE, NABTEB, NECO, NCE, OND)
- A copy of your birth certificate.
- Submit two current passport photos with certification.
- Three blank envelopes with your address written and an N50 stamp on each.
Please note, the ASTWA examination has three levels and it takes a minimum of 15 months for those with a lower-level certificate and 6 to 12 months for those with a higher certificate. The exam holds twice a year, in March and September.
10 Easy Steps On How To Pass ICAN Exam In Nigeria
Here are a few tips on how to pass your ICAN examination in Nigeria:
1. Start preparing early
One mistake that inexperienced accountants make is failing to begin preparations on time. Practice includes everything that will allow you to pass the exams without stress. Get your ICAN study materials as soon as possible, and don’t wait for your lecture center to notify you of their availability. Make inquiries, ask around, and obtain the required materials – textbooks, study packs, past exams, and so on. Even if you haven’t started reading them yet, having them nearby will put your mind at ease.
2. Be focused
If you want to pass the ICAN exams, you must focus on your goal. I’m not saying you shouldn’t go on with your life. However, it would help if you freed your mind to gain new knowledge.
3. Go through the ICAN prep pack
This is the tricky part. If you want to pass the ICAN exams, you must go through the ICAN study material. You do not need to be familiar with all of the topics, but you should have a basic understanding of them. Even if one of the topics appeared to be too difficult and was not taught in your lecture center, read it anyway. You could do it in a few minutes. You could skip the calculation and focus on the theoretical aspect. But never completely avoid it.
Study packs are simply basic study guides. It does not provide you with everything you require. However, study packs should come first in your studies. Because study packs are ICAN materials, they should be prioritized.
Try to broaden your knowledge by reading related textbooks as well.
4. Get enough rest
ICAN exams are not read-and-write tests. They test your level of knowledge and assimilation… Not what you read the night before. Even if what you read last night may have helped you pass the exams, there is every need to get enough rest and give your brain time to breathe.
ICAN exams can last up to three hours. If you did not get enough sleep the night before the exam, you may find it difficult to concentrate during the exam. If you want to pass the exams, don’t fall victim to this. You’ll be lost if your brain shuts down. Simple questions become more difficult to answer. It will appear as if you have forgotten everything. So, never show up to an exam unprepared, and get plenty of rest.
5. Study with the ICAN Past Questions
The past questions contain year-to-year ICAN exams with answers attached to each question. It gives you a firsthand idea of the type of questions to expect and how best to tackle them.
By studying the ICAN past questions, you know your speed and accuracy level and how to improve on it if need be.
6. Start with the multiple-choice questions
Carefully read the instruction before you start answering the questions on exam day. To put your time to good use, it is advised you start with multiple-choice questions. This helps you answer the questions faster without dwelling on one question for a long time.
When you are done with this section, you can now move over to the theory.
7. Arrive early at your exam venue
Arrive at your exam location early to calm your nerves and relax before the exams begin. Don’t be in a rush to enter the examination hall. Lastly, stick by the exam rules and do what is expected of you.
8. Attempt all questions
It will be in your best interest if you attempt all questions. This way you stand a chance of getting some right either than leaving the questions unanswered.
Please note, marks are not deducted for questions answered incorrectly so go ahead and answer them.
9. Be calm
Try as much as possible not to be anxious. If you are prepared for the team, your success is assured. To get the best from yourself, stay calm on the exam day and try not to be overwhelmed by anything.
10. Be confident
For most ICAN students the biggest challenge to passing the ICAN is a lack of confidence otherwise known as test anxiety. This feeling usually comes from a lack of preparedness. Therefore, to beat anxiety at its game, you need to prepare for the ICAN exam by studying the right materials; as there is no substitute for learning.
While studying keeps you on the front foot, a positive attitude and a proper mental state put you in a letter mood to excel. It helps you recall all that you have read and also concentrate on exam day.
Before the exam day, get enough rest and relax your mind as much as you can with confidence in the level of effort you have put in.
FAQs On How To Pass ICAN Exam
Most people fail ICAN because they don’t prepare for the exam in earnest. Get your ICAN study material to get started.
You can get ICAN study material from mystudentkit.com
The updated ICAN past questions and answers cost #4,000.
The Certificate of Licence to Practice is renewable every three years. A member is not permitted to be a partner in more than one firm. The expired Licence to Practise certificate must be returned to the Institute before the new Licence to Practise certificate can be collected.
The ICAN skills level examinations consist of six courses designed to assess candidates’ ability to analyze business problems and interpret the results of the analysis.
The ICAN exam is not difficult once you apply the right level of study and practice.
If you start preparations early, be sure to pass your ICAN exam in one sitting.
Now you know what to do to ace your ICAN exam in one sitting, it’s time to get to work. Good luck!