5 Factors To Consider Before You Register For ICAN Exam

5 Factors To Consider Before You Register For ICAN Professional Exam

The examination of the prestigious Institute of Chartered Accountants of Nigeria (ICAN) is one of the most popular Professional examination in Nigeria. I am not trying to say that other Professional examinations are inferior, no, but in terms of student registration, numbers of examination centres, numbers of yearly inducted Professionals, you will have to understand that ICAN is miles ahead of other Professional bodies. You will even see graduates of other profession registering and sitting for the examination in order to become chartered accountant. Alhough graduates from other disciplines that is not accounting or other finance related courses trying to become chartered accountants will not be seen as real accountants even after passing the ICAN examinations because they don't have a degree in accounting or its equivalent. That is by the way.

In this article, I am going to be sharing with us some of the factors to consider before registering for ICAN examinations. I will be writing from real life experience and my aim of writing this is not to put fear inside you or to discourage you from registering for the examinations. I know so many people who started the process but couldn't finish due to one reason or the other which are listed here. Below are some of the factors.

The journey to become a chartered accountant with the Institute Of Chartered Accountants of Nigeria, ICAN can be money consuming. From Registration as a student, to registration for exemption, registration for examinations and then registration for lectures. You don't pay ICAN for lectures, you attend lectures from ICAN approved lecture centres. It is almost impossible to pass ICAN examinations without attending lectures, I have never seen anyone who did it before, it doesn't mean they don't exist. You will have to pay for ICAN Induction if you pass the exams in all the three stages. There are three stages in ICAN as a professional, two stages for accounting graduates because they will be exempted from the first stage which is the foundation stage. But graduates of other disciplines will have to complete all the three stages (including Education accounting graduates) to become chartered accountants which requires alot of money. So before registering for ICAN examinations, make sure you have financial backings or a job that can meet most of your financial needs because ICAN will suck your money.

The next factor is time, time is very important if you want to pass ICAN examinations. ICAN examinations will take your time without remorse, lol. I have seen people who quit their jobs in order to have time to read for ICAN examinations. You will not own your weekends and some nights anymore because you will have to attend night lectures sometimes especially if you are writing above five courses in a single diet. Although some students will share the course into different sittings i.e if they have six examinations to write in a single diet, you can spread the examination to three diet by writing two examinations in one diet. This method is good but it is also time consuming because it will take a longer time to pass your examinations and become chartered. Any method that is good for you, just know that ICAN examinations will take your time. Don't forget that you will stop being an ICAN student if you can't pass all your exams in ten years.

Your career background is very important when trying to enroll for ICAN, it will be much easier for graduates of accounting and accounting related courses like economics, business administration, etc. You have to start from the basics of accounting, you will start doing all the debit and credit again as if you are in SS one, lol. This will take you back to point two above (time). Having to finish six courses in four months when you will only attend lectures during weekends. The course load will be much especially during Foundation stage. One of the disadvantages of trying to become a chartered accountant if you are from other disciplines that are not finance related is discrimination. You will hardly get accounting jobs even after being inducted as a chartered accountant. The main requirement for securing accounting jobs is having a degree in accounting/accountancy or economics, being ICAN, ANAN or ACCA certified is just an advantage not the main requirement for getting accounting jobs. I am not saying you won't get accounting jobs, but my dear it will be very hard.

This factor is very important, if you are the owambe type of person, lol, I am sorry to disappoint you that your weekends now belongs to ICAN not you. You won't even have time for yourself anymore because you will go to work from Mondays to Fridays, attend ICAN lectures on Saturdays and Sundays, the routine continues until after your examinations. ICAN materials are very broad that you will make out a lot of time from your schedule for just reading.

If you are not the kind of person who reads for a long period of time, you will have issues with ICAN examinations. During my ICAN foundation days, I have a friend from the University, he doesn't like reading for examinations because he can always have his way maybe by sorting lecturers after examination (giving lecturers money to pass examination). But when he enrolled for ICAN, he realized that he can't sort the courses anymore, he adjusted and now read even more than than me, lol. So if you can't read for a long period of time, ICAN examinations are not for you.

The aim of this article is the make you ready for the task ahead as an ICAN Professional student. Make sure you sort out these points highlighted in this article before enrolling for ICAN.

Written by Onyema Donald Chigemezu, ACA in view.

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  1. Nice write-up sir.
    ToTha you for taking your time to write this God bless you real good.