How to Become a Chartered Accountant

How to Become a Chartered Accountant (Part 1)


The benefits of  having a professional qualification cannot be overemphasized most especially when you are an Accounting graduate. It is not just enough to have a degree in Accounting but it is very important to be a qualified Accountant because being a qualified Accountant is a portrait of Professionalism in that field.
As a Chartered Accountant you are seen to be an expert in all areas of Accounting because it is believed that you have gone through series of rigorous training and examinations before earning that prestigious ACA title to your name.

The BIG question : How can you become a Chartered Accountant?
In Nigeria, there are two recognized Professional Accounting bodies which are established by Acts of Parliament. These bodies are Institute of Chartered Accountants of Nigeria and Association of National Accountants of Nigeria. It is mandatory by law that  any individual or group of individuals having the intention or desire to practice as an Accountant in public practice must be a registered and licensed member of either of the two Professional bodies.

In this article we would be looking at how to become a Chartered Accountant through the Institute of Chartered Accountants of Nigeria  pathway and subsequently we would look at the ANAN pathway.

Becoming a Chartered Accountant through the ICAN pathway:
ICAN was established by an Act of Parliament as a registered Accountancy body with power under the Ambit of the  law to award professional certificate and license to its members who have met her requirements. The Institute prescribe two major routes towards earning the prestigious ACA title. These routes are:
1. Accounting Technician Scheme(ATS); and
2. Professional Level.
Today we would be discussing about the first route which is the Accounting Technician Scheme Route.

How did the Accounting Technician Scheme started?
The Accounting Technician Scheme was established by the Institute of Chartered Accountants of Nigeria and Institute of Chartered Accountants Ghana because of  the deepen need for Accounting Technicians in the financial reporting chain and national development process in their countries. Hence, to facilitate the production of more Chartered Accountant to take up the increasing demand for professional Accountants, ICAN then Introduced the ATS in 1989 to give secondary school certificate holders the opportunity to become Chartered Accountants.

Why Accounting Technician Scheme?
1.Possession of an accounting qualification which is recognized by employers.
2. Induction into membership of ABWA ( Association of Accountancy Body of West Africa) and designated as AATWA.
3. Promotion opportunities for those who are already in employment.
4. Direct entry enrollment for HND or BSc programme in Accountancy in Higher Institutions.
5. Exemption from some of the Professional Examination Papers of member bodies' Institutes and those of other professional bodies.

What Are the Stages in ATS?
The Accounting Technician Scheme has 3 stages and each stage has four examinations in total.These stages and their respective examinations are as follows:

ATS 1:  Basic Accounting Processes, Economics, Communication Skills, Business Law.

ATS 2: Principle and Practices of Financial Accounting, Information Technology, Quantitative Analysis,    Public Sector Accounting.

ATS 3:  Cost Accounting, Management, Principle of Auditing, Preparing Tax Computation and Return.


When is the Examination Period?
The ATS examination is always conducted twice every year that is March Diet and September diet.

What are the Qualification Requirements??
(a) Five (5) credit passes including English Language and Mathematics in the West African School Certificate Examination, General Certificate of Education or Senior Secondary Certificate Examination in not more than two sittings.
(b) Ordinary National Diploma of any Polytechnic recognized by the Council of the Institute.
(c) National Certificate of Education (NCE) from any College of Education.
(d) Any other relevant qualification approved by the Institute.

Are There Any Form of Exemptions?
Yes there are various forms of exemptions depending on your qualification. Here are the various exemptions available and their respective exemption fee for different qualification:

QUALIFICATION    LEVEL OF EXEMPTION                                               CURRENT RATE (=N=)


1 OND Accounting (Accredited Institution) Part I & II (All Subjects)                            25,680.00
2 NCE Accounting (Accredited Institution) Part I & II (All Subjects)                             25,680.00
3 OND Fin. Studies/Banking & Fin. Part I & PPFA in Part II                                        21,060.00
4 OND Bus. Studies/Bus. Admin. Part I (All Subjects except Law)                               10,860.00
5 AAT U.K Parts I, II & III (Except Bus Law [I] Govt. Acctg [II] & PTCR [III])         36,360.00
6 OND Statistics Q/A.                                                                                                  8,880.00
7 OND Computer Science I.T.                                                                                      8,880.00
8 OND Insurance Q/A                                                                                                  8,880.00
9 OND Marketing Economics.                                                                     8,220.00
10 Diploma in Accounting (Uni. Ben.) Parts I & II (Except Govt. Acctg)                       24,120.00
11 Diploma in Public Accounting (Kad. Poly) Parts I & II (All Subjects)                        25,680.00
12 Diploma in Public Accounting (Kwara Poly) Parts I & II (All Subjects)                    25,680.00
13 Diploma in Accounting (Uni. P/H) Part I & PPFA in Part II                                      21,060.00
14 OND Accounting (NASFA) Parts I & II (All Subjects)                                            25,680.00
15 OND (Petroleum Marketing & Bus. Studies) Business Law                                      8,220.00
16 Diploma in Accounting (Olabisi Onabanjo Uni.) Parts I & II (All Subjects).               25,680
17 OND Accounting (Non Accredited Institution) Part 1 Only                                       12,180.00
18 OND Accounting&ATS1     Part11 only.                                                                  13,500

How Do I Register?
These are the procedures to be followed :

(1) Pay 6000 (bank charges not included) professional  examination registration fee on PAY DIRECT at any commercial bank in Nigeria

(2) Proceed with registration at the WEBSITE address indicated on the pay direct receipt obtained at the bank after payment.

(3) Obtain a coloured passport photograph of yourself. Scan the passport photograph on the form.

(4) Print out a copy of the completed application form

(5) Append your signature on the printed application form.

(6) Get a Chartered Accountant/AAT member as your referee/sponsor.

(7) Provide HIS/HER membership number, name and phone number on the form

(8) Take the printed copy of the completed application form and the photocopy of your credentials to your REFEREE/SPONSOR for certification OR endorsement.

(9) Attach the following:

1. photocopy of WASC/NECO certificate or computer print out/scratch pin voucher where you are using statement of result, OND, NCE & OTHERS
2. original copy of the pin voucher
3. two copies of certified passport photographs
4. three self addressed envelope with N50 stamp affixed on each of them.
5. photocopy of your birth certificate OR sworn affidavit
6. original copy of the bank teller.

(10) submit print out copy with attachment to STUDENTS' EDUCATION & TRAINING DEPARTMENT at our SECRETARIAT, 82, MURTALA MOHAMMED WAY (OPPOSITE Denton police station) EBUTE META LAGOS .
NB: CHANGE OF NAME WILL NOT BE ENTERTAINED AFTER REGISTRATION.

How Much is the Examination Fee?
The examination fee is charged per the number of papers you want to sit for. These are the examination fee schedule:

LEVELS             PART I                 PART II                    PART III
                     

4 PAPERS.         20,300                   22,450.                     25,700
 
3 PAPERS.         18,100                   19,900                      22,550

2 PAPERS           15,900                   17,350.                     19,350

1 PAPER..            13,700                    14,800.                    16,200

N.B: Part is same as Stage or ATS.

Stay tuned for the Part 2 (Professional Route).
Thank you for your time. Kindly drop your comments or enquiries.