Knowing the details for ICAN registration procedures is one of the most sought-after information by all the people who are interested in building a career in accounting in Nigeria. For the record, ICAN is an acronym that stands for ‘Institute of Chartered Accountants of Nigeria’ – one of the professional accountancy bodies in Nigeria that has regulatory authority in the country. There is another accounting regulatory body in Nigeria known as the Association of National Accountants of Nigeria (ANAN).
Registering with ICAN is a big deal for Nigerian accountants. This is because the best way to get recognized as a reputable accountant is to become a Chartered Accountant and to become one, you would have to register with an accounting body like ICAN. It is noteworthy that chartered accountants are deemed to be a lot more highly qualified and experienced than ordinary accountants. This is why there is a rush by Nigerian accountants to become registered with ICAN.
Why It Is Important For Nigerian Accountants To Join ICAN
For the record, ICAN was created by an Act of Parliament No. 15 on the 1st of September 1965 from existing accounting and auditing organizations. The accountancy had about 250 members at the time of its creation. ICAN was formed with the mission to produce world-class chartered accountants as well as regulate and continuously enhance their ethical standards and technical competence in the public interest. Today, ICAN has over 50,000 members with many more people aspiring to become members.
Like we have explained, ICAN is one of the two professional bodies that oversee accountants in Nigeria. This means that almost all the accountants in Nigeria, at one point or the other, have gone through the certification processes of ICAN. Being a member of ICAN or having the ICAN certificate gives a person the license to be a practicing accountant in Nigeria. This is why it is so important to register for ICAN if you have the ambition to take accounting as a career. As a matter of fact, so many companies who employ chartered accountants in Nigeria today have an implicit rule which states that no accountant can be considered a professional or be considered to get the job until the person succeeds in getting a diploma of a professional accountant from ICAN.
Over the years, many notable Nigerians have become ICAN members. Some of the very notable ICAN members include Ibikunle Amosun, a former governor of Ogun State, and Akinwunmi Ambode, a former governor of Lagos State, among others.
Who Qualifies For ICAN Registration?
Interestingly, almost anyone can become a member of ICAN by taking part in the ICAN registration process, taking designated courses, and then writing and passing the exams. This is because ICAN allows everyone, including people who did not even study accounting in school, to apply. In fact, people who do not have a university degree can also register to become ICAN members. This is because the Institute of Chartered Accountants of Nigeria actually offers two types of courses and exams; the professional courses and exams as well as the ATSWA courses and exams.
So, while registering to become an ICAN member, you either register as a professional student or as an ATSWA student. Let’s take a look at what these two different levels of membership mean.
Professional Student
The professional ICAN courses and exams are designed for holders of a university degree or a higher national diploma in any discipline from accredited schools around the world. Among these people are professionals who have already studied accounting in school and are actively working towards carving out a career as accountants.
Also, apart from university degree holders, the holders of the ICAN AAT diploma or any other qualification for the time being approved by the Council can take part in the professional ICAN exams and become members of the accountancy body. It is also noteworthy that people with university degrees in any field at all can apply to study ICAN professional courses. Essentially, people who can apply for this are people with the degree of any University or Higher National Diploma of any Polytechnic accredited by the Council.
ATSWA Student
The ATSWA courses and exams are designed for people without university degrees or a Higher National Diploma of any Polytechnic but who want to become ICAN members. It is noteworthy that ATSWA is an acronym that means ‘Accounting Technicians Scheme West Africa’. The ATSWA courses and exams are for people who have obtained five Ordinary Level credits (including Mathematics and English) at two sittings or less and who have an Ordinary National Diploma of any Polytechnic recognized by the Council of the Institute.
So, even without university degrees or a Higher National Diploma, people can actually apply to become ICAN members. The Accounting Technicians Scheme West Africa (ATSWA) program was introduced by ICAN in order to give opportunities to more people and produce middle-level Accounting Technicians within the West African sub-region.
Anyone Can Become A Chartered Accountant
The bottom line is that nearly everyone can become a member of ICAN. This is so because the membership of the prestigious accountancy body is not restricted to only those who have studied accounting in a higher institution of learning. In fact, anyone can apply even if they studied Mass Communication or Agricultural Science.
Membership is also not restricted to people who have studied in the university as even people with Ordinary National Diplomas can apply. As far as you have the desire to become a chartered accountant and have passed the required subjects in WAEC or NECO, you’re good to go. Even if one does not have the knowledge of basic accounting principles that are taught in school, the person can start from the foundation class of the certification course when they register for ICAN. They can proceed to take the standard courses after this.
The Steps On How To Carry Out ICAN Registration
As an Accountant who wants to get chartered in Nigeria, you need to know how to register for ICAN (Institute of Chartered Accountants of Nigeria). We will now show you all the processes to take to buster either as a professional student or as an ATSWA student.
Registering As A Professional Student
As we have discussed, there are two ways to become an accountant with ICAN. You either join the accountancy body as a professional student or join as an Accounting Technicians Scheme West Africa (ATSWA) student.
Once you’re eligible to apply for ICAN as a professional student, take the following steps to register:
1. Pay The Fees
First, you have to pay a professional student registration fee of ₦7000 (bank charges not included). There are different ways to do this.
- You can pay directly at any commercial bank in Nigeria,
- You can pay using WEB-PAY
- You can pay using QUICK-TELLER
- You can pay on the ICAN website.
2. Complete The Form Online
After you have made your payment, you will have to proceed to complete the registration form online. To do this, you have to visit the ICAN website and use the transaction reference and receipt number to complete your form.
Be aware that you have to have a colored passport photograph of yourself at hand. This is because you will have to scan it and add it to the registration form as part of the registration process.
3. Submit The Form
After you have completed the registration form on the ICAN website, search for the submit icon and click it to submit. Make sure it has been submitted before proceeding.
4. Print The Form
After you have submitted the form following the completion, the next process is to print out the completed form and sign it. Realize that you have to find a chartered accountant as a referee to endorse and certify your application form and credentials on completion. This means you have to provide the person’s name as well as their membership number, and contact number.
5. Attach Supporting Documents and Submit
To complete your application, you have to attach some supporting documents including the following:
- The original copy of the pay direct receipt/transaction reference
- The certified photocopies of your necessary credentials and educational qualifications, as well as any of your NYSC discharged certificate, call-up letter, or students’ academic transcripts. (Take note that the transcripts have to be addressed to the Registrar/Chief Executive of the Institute.
- Two certified passport photographs.
- Three empty envelopes with your address and N50 stamp on each of them.
After attaching the documents to your application, you must proceed to submit the hard copies to any ICAN office close to you. After this, your application would have been completed.
Registering As An ATSWA Student
If you cannot register to become a professional ICAN student and chose to register as an ATSWA student, the following are the things you have to do:
1. Pay The Fees
Unlike the professional student registering fee that costs about ₦7000, people registering as ATSWA students only have to pay a registration fee of ₦6000 only (bank charges not included). Just as it is with the professional registering, there are also different ways you can do this as seen below;
- Paying directly at any commercial bank in Nigeria
- Through WEB-PAY
- Through QUICK-TELLER
- By visiting the ICAN website
2. Complete The Form Online
Visit the ICAN website to complete the registration form and also use the transaction reference and receipt number to generate your PIN and SERIAL NUMBER. Scan your colored passport-format photo of yourself and upload it on the form and then submit it. Ensure it has been properly submitted.
3. Print Out The Form
After you have submitted the form online, go on and print out the hard copy and sign it. Realize that you also have to get a chartered accountant or an Associate Accounting Technician (AAT) referee to endorse your application form.
4. Attach Supporting Documents and Submit
After printing out the form, you have to attach some supporting documents to it including the following:
- An original copy of the pay direct receipt/transaction reference
- Certified photocopies of your credentials any (NECO, WASCE, NABTEB, OND, NCE)
- A copy of your birth certificate
- Two certified passport photographs.
- Three empty envelopes with your address and N50 stamp on each of them.
After doing this, your application would have been properly completed.
How Much Do ICAN Exams Cost Today?
When you register to become an ICAN member, you will be made to take some courses and eventually write exams that will qualify you as a chartered accountant. Carrying out ICAN registration and subsequently passing ICAN exams is what allows you to become a chartered accountant in Nigeria. But, it is noteworthy that before you can sit for the ICAN exams, you must fulfill a very important requirement which is paying the registration fee. Note that the registering fee is different from the exam fees. So, how much do these exam fees cost?
Well, there are different exam fees available for payment depending on what level of exam one is writing. This is to say, individuals writing ICAN exams pay for the papers depending on the level they are taking an exam in. There are three levels of exams one can take; the foundation, the skills, and the professional exams.
Foundation Level
The foundation-level exams are designed for people who have no knowledge of the basic accounting principles but who want to become accountants. When they pass this level, they proceed to take the other courses and continue until they pass the necessary exams to become chartered accountants.
If you’re taking the foundation level ICAN exams, what you pay is determined by how many papers you’re writing. Below are the rates for the different numbers of papers.
- 1 paper costs ₦22,500.00
- 2 papers cost ₦28,700.00
- 3 papers cost ₦34,900.00
- 4 papers cost ₦41,100.00
- 5 papers cost ₦47,300.00
Skills Level
The skills level exams are usually designed for people who already have some level of knowledge of the principles of accounting. If you’re taking the skills level ICAN exams, note that what you pay is also determined by how many papers you’re writing. Below are the rates for the different numbers of papers.
- 1 paper costs ₦31,700.00
- 2 papers cost ₦41,700.00
- 3 papers cost ₦51,700.00
- 4 papers cost ₦61,700.00
- 5 papers cost ₦71,700.00
Professional Level
Last is the professional level exams. Just like the other two above, if you’re taking the professional level ICAN exams, what you pay is also determined by how many papers you’re writing. Below are the rates for the different numbers of papers.
- 1 paper costs ₦34,450.00
- 2 papers cost ₦45,700.00
- 3 papers cost ₦56,950.00
- 4 papers cost ₦68,200.00
- 5 papers cost ₦79,450.00
