How to Become a Chartered Accountant (Concluding Part)

How to Become a Chartered Accountant (Concluding Part)

Welcome to Nigerian Accountants Blog spot. In the last edition we discussed about the ATS route towards becoming a Chartered Accountant . Today we would be taking another step further by considering the Professional level route.
The professional level route is a common route for Professional Qualification, HND and Bsc holders .This level is a much more advanced level compared to the ATS route. The professional qualification of the Institute of Chartered Accountants of Nigeria (ICAN) which ultimately leads to the admission of qualified persons as Associate Chartered Accountants (ACA), comprises qualifying examinations of sixteen technical subjects integrating business and professional ethics and work experience requirements.

Who Can Register For the Professional Level?
In order to register as a student with the Institute, an applicant must hold an acceptable qualification. The ICAN Council has accepted the following qualifications for the purpose of entry requirements:

(a) Recognized degree of any University or Higher National Diploma of any Polytechnic.
(b) Any other qualification for the time being approved by the Council.

Any other qualification for the time being approved by the Council.
Approved meanwhile are:
(i)    The final examination of Accounting Technicians Scheme, West Africa (ATSWA)
(ii)   The final examination of the Institute of Chartered Secretaries and Administrators
(iii)  The final examination of the Association of International Accountants
(iv)  The final examination of the Chartered Institute of Bankers of Nigeria
(v)   The final examination of the Chartered Institute of Stockbrokers
(vi)   The final examination of the Chartered Institute of Taxation of Nigeria
(vii)  The final examination of the Association of Accounting Technicians, U.K.
(viii)  The final examination of the Association of National Accountants of Nigeria
(ix)    Executive Management Accountancy (Federal Treasury Training School, Stage III)

What Are the Stages in the Professional Route?
There are three major stages or levels in the professional route. These stages are Foundation, Skill and Professional.

FOUNDATION LEVEL 
 1. Quantitative Techniques in Business
 2. Business and Finance
 3. Financial Accounting
 4. Management Information
 5. Business Law

SKILLS LEVEL
1. Financial Reporting
2. Audit and Assurance
3. Taxation
4. Performance Management
5. Public Sector Accounting and Finance
6. Management, Governance and Ethics

PROFESSIONAL LEVEL
 1. Corporate Reporting
2. Advanced Audit and Assurance
3. Strategic Financial Management
4. Advanced Taxation
5. Case Study

 What Are the Available Exemptions

Academic Qualification	Exemptions
B.Sc/HND (Accounting) obtained under the Mutual Co-Operation Agreement with Tertiary Institutions	A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B1. Financial Reporting  B2. Audit and Assurance  B3. Taxation  B4. Performance Management
ATS II (Old Syllabus)	A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information
ATSWA (New Syllabus)	A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B2. Audit and Assurance  B3. Taxation
B.Sc./HND (Accounting) obtained from ICAN accredited Institutions in Nigeria.	A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B2. Audit and Assurance  B3. Taxation
B.Sc./HND (Accounting) obtained from recognised Institutions in Nigeria but not yet accredited by ICAN.	A1. Quantitative Techniques in Business  A3. Financial Accounting  A5. Business Law
B.Sc./HND (Accounting) obtained from foreign recognised Institutions.	A1. Quantitative Techniques in Business  A3. Financial Accounting  A4. Management Information
M.Sc. (Accounting) obtained from ICAN accredited Institutions in addition to B.Sc. in Accounting.	A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B1. Financial Reporting  B2. Audit and Assurance  B3. Taxation
M.Sc. (Accounting) obtained from ICAN accredited Institutions but without B.Sc. in accounting.	A1. Quantitative Techniques in Business  A3. Financial Accounting  A4. Management Information
M.Sc. (Accounting) obtained from recognised Institutions in addition to B.Sc. in any accounting related discipline.	A2. Business and Finance  A3. Financial Accounting  A5. Business Law
Ph.D (Accounting)	A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B1. Financial Reporting B2. Audit and Assurance B3. Taxation  B4. Performance Management  B6. Management, Governance & Ethics
B.Sc. Actuarial Science	A1. Quantitative Techniques in Business  A2. Business and Finance
B.Sc. Economics	A1. Quantitative Techniques in Business  A2. Business and Finance
B.Sc./HND Insurance	A1. Quantitative Techniques in Business  A2. Business and Finance
B.Sc./HND/B.A Business Admin/Management	A1. Quantitative Techniques in Business  A2. Business and Finance
B.Sc./HND Banking and Finance	A1. Quantitative Techniques in Business  A2. Business and Finance
B.Sc./HND Marketing	A1. Quantitative Techniques in Business  A2. Business and Finance
MBA in addition to B.Sc./HND in non accounting discipline	A1. Quantitative Techniques in Business  A2. Business and Finance  A5. Business Law
B.Sc. (Ed.) Accounting or B.Ed. Business Education (Accounting option)	A1. Quantitative Techniques in Business  A3. Financial Accounting  A5. Business Law
B.Ed. Education Management (Accounting Option)	A1. Quantitative Techniques in Business
B.Sc./B.A Commerce	A1. Quantitative Techniques in Business  A2. Business and Finance
B.Sc./HND Cooperative and Rural Development	A1. Quantitative Techniques in Business
LL.B	A5. Business Law

Professional Qualification Exemptions

PROFESSIONAL QUALIFICATION	EXEMPTIONS
Associate Chartered Institute of Bankers of Nigeria	A1. Quantitative Techniques in Business A2. Business and Finance  A3. Financial Accounting  A5. Business Law
Associate Chartered Institute of Bankers, London (Now Institute of Financial Services)	 Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting
Associate Chartered Institute of Stock Brokers of Nigeria	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A5. Business Law
Associate Chartered Secretaries and Administrators	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A5. Business Law
Associate Chartered Institute of Insurance of Nigeria	 A1. Quantitative Techniques in Business  A2. Business and Finance  A5. Business Law
Associate Chartered Institute of Taxation of Nigeria	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A5. Business Law  B3. Taxation
Certified National Accountant of Nigeria	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B3. Taxation  B5. Public Sector Accounting & Finance
Federal Treasury Training School (Now Federal Treasury Academy) starting from 1987	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  A5. Business Law  B2. Audit and Assurance  B3. Taxation
CIMA, UK	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  B1. Financial Reporting  B2. Audit and Assurance  B3. Taxation  B4. Performance Management  B6. Management, Governance & Ethics  C1. Corporate Reporting  C3. Strategic Financial Management  C5. Case Study
ACCA UK, CPA USA, CIPFA UK,  ICAS UK, ICAI UK,  ICAEW	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  B1. Financial Reporting  B2. Audit and Assurance  B3. Taxation                         B4. Performance Management  B6. Management, Governance & Ethics  C1. Corporate Reporting  C2. Advanced Audit and Assurance  C3. Strategic Financial Management  C5. Case Study
AIA (Final) 1994 to date AAT (UK)	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information  B2. Audit and Assurance
AIA (Pre-1994)	 A1. Quantitative Techniques in Business  A2. Business and Finance  A3. Financial Accounting  A4. Management Information

What Are The Procedures for Professional Registration?

NOTE:  1. YOU WILL REQUIRE A CHARTERED ACCOUNTANT TO ENDORSE YOUR    APPLICATION FORM & CREDENTIALS ON COMPLETION.

1. Obtain pin voucher from any commercial bank with N7,000 on paydirect platform (bank charges exclusive)
2. Follow the instruction on the pin voucher and log on to www.icanonline-ngr.com/paydirect
3. Use the PIN & S/NO generated to complete the application online.
4. Scan your coloured passport photograph on the form.
5. On completion of the form, double click to submit the application online.
6. Print out a copy of the application form and sign together with your referee.
7. Submit your completed hard copy form with the following documents:

•        Original copy of the pin voucher
•        A passport photograph
•        A self addressed envelope with postage stamp affixed on it.
•        Original copy of the bank teller.
•         Certified copies of academic/ICAN recognized professional certificate & birth certificate/sworn   affidavit
•         In lieu of certificate, transcripts or NYSC discharge certificate could be used with statement of result (B.SC/HND)
•         In case of AATWA, your are require to provide your certificate or ATS III result with evidence of payment for Induction.
•         Marriage certificate & newspaper advert is required for married women

CHANGE OF NAME WILL NOT BE ENTERTAINED AFTER REGISTRATION UNTIL COMPLETION OF THE EXAMINATIONS.

 When is the Examination Period?
The examinations are normally held twice each year in May and November.

How Can An AATWA Holder Register as a Professional Student?
1. Ensure that all your out standings are settled and record updated by finance.
2. Pay for your Induction and send the application for induction to membership department at V.I
3. Complete your application for registration and attach a copy of the evidence of payment for induction to the form.
4. Complete your application for exemption immediately you registered as professional student.
5. Thereafter, you can enrol for examination to write 4 papers in skills level.