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If you reside in Nigeria, you might have heard about the country’s professional body for accountants. For many, gaining the ICAN certification is not just a gateway to fresh career opportunities, it also comes with some prestige in the finance industry.

If you are curious about the ICAN exams, then this article will provide answers.

Meaning of ICAN 

What does ICAN mean? The acronym ICAN stands for Institute of Chartered Accountants of Nigeria. It is the association that regulates and qualifies chartered accounts in the country.

ICAN was created through an act of parliament and based most of its practices on the British Chartered Accountancy Institutes. 

Who Can Write the ICAN Exams?

In Nigeria, every graduate can write the ICAN exams. It doesn’t matter what course you studied at the university. 

However, if you are hoping to qualify as an associate chartered accountant, you must not qualify lower than a University degree or its equivalent.

Cost of ICAN Exams

This is a table showing the latest cost breakdown for ICAN exams.

Amount (N)
Levels	1 Paper	2 Papers	3 Papers	4 Papers	5 Papers	6 papers
Foundation	25,300	32,300	39,300	46,200	–
Skills	35,700	46,900	58,200	69,400	80,700	91,900
Professional	38,800	51,400	64,100	76,700	89,400

What to Expect During the ICAN Exams

From my research, the ICAN exams are not as difficult as most people think. You just need to start your preparation early on and focus on understanding the core principles of accounting.

If you can do this, then you are likely to bag your certification.

Exam Preparation Tips 

 To ensure your success in the ICAN exams, you have to prepare thoroughly. There are no two ways about that.

Having observed several young aspiring chartered accountants, there are a few preparation tips that lead to success.

Start Early 

Don’t expect to memorize a few concepts the night before your exam and earn a pass.

You need to demonstrate a deep understanding of the concepts when answering questions.

Study Consistently

Understanding core accounting principles would need a well-paced study schedule. Avoid crash programs that would force you to cram concepts you would otherwise have taken the time to understand better.

Practice good habits like maintaining a specific time for studies. You can register at a nearby library to avoid distractions.

Take Advantage of Tutorial Centers

ICAN Tutors are often experienced accountants who have gained their certifications.

They can provide helpful tips, clarify concepts, and provide support with areas in the syllabus where you might be weak.

Use Practice Questions

Answering exam questions correctly takes skill and to acquire such skill requires practice.

Using past questions is more likely to enable you to gain such skills than any other method of studying.

However, you should ensure that you practice enough questions to cover all parts of the very broad syllabus.

How to Register for ICAN Exams

There are two ways to take the ICAN exams. You can either register as an ATSWA student or as a professional student.

  To register as an ATSWA student, you would have to:

• Pay a fee of N7000, 
• generate a student PIN and serial number, 
• fill out a form, 
• sign and submit the printed registration form  
• submit your credentials. 

You can start your registration as an ATSWA student by visiting here.

To register as a professional student, you would have to;

• Fill out a form, have your referees sign and submit it
• Pay a fee of about N100,000
• Submit your credentials and documents.

You can find the form here

How to Check Your ICAN Results

You can check your ICAN results by visiting the website. You would need to enter your student registration number, exam diet, and exam registration e-voucher pin. 

Visit here to check your ICAN exam results.

Renewal of ICAN Certification

ICAN members are required to pay an annual membership. They are also required to participate in continuing professional development activities to enable them to stay on top of trends and changes in the industry.

Licenses are to be renewed every three years. To renew your license, you would have to apply to the institute following their guidelines and submit a copy of the expired license.

Benefits of ICAN Certifications

There are several benefits to gaining the ICAN certification which include;

• Better job prospects.
• Ability to participate in continuous professional development.
• It qualifies you to be an auditor.
• Membership benefits such as insurance, research grants, and educational trust fund.

Conclusion

ICAN provides exceptional career opportunities for Nigerian accountants.

To succeed in the ICAN exams you would need to make adequate preparations, and understand the costs and registration process for the exams.