5 Factors To Consider Before You Register For ICAN Exam

You will even see graduates of other professions registering and sitting for the examination to become chartered accountants. Although graduates from other disciplines that are not accounting or 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.

In this blog post, I will share some factors to consider before registering for ICAN examinations. I will be writing from real-life experience. My aim in writing this is not to put fear inside you or to discourage you from registering for the examinations. I know many people who started the process but couldn't finish due to reasons best known to them.

Your 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 applying for exemptions, registration for examinations, and then registration for lectures. You don't pay ICAN for lectures. You will attend ICAN-approved lecture centers.

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 all three stages of the exam. There are three stages in ICAN as a professional student. Two stages for accounting graduates because they will get an exemption from the first stage, the foundation stage.

But graduates of other disciplines will have to complete all three stages (including Education accounting graduates) to become chartered accountants, which requires a lot of money. So before registering for ICAN examinations, ensure you have the financial backing or a job that can meet most of your financial needs because ICAN will suck your money.

The next factor is time. Time is vital if you want to pass the ICAN examinations. ICAN examinations will take your time without remorse, lol. I have seen people who quit their jobs to have time to read for ICAN examinations.

You won't own your weekends and some nights anymore because you will have to attend night lectures, especially if you plan to write more than five courses in a single diet. However, some students will share the course in different sittings. For instance, if they have six examinations to write in a single diet, they can spread the examination to three by writing two exams in one diet.

This method is great. However, it is also time-consuming because it will take an extended period to pass your examinations and become chartered. Therefore, any strategy that is good for you 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 important when enrolling 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, such as debit and credit like an SS one student. This will take you back to point two above (time).

You will complete six courses in four months when you will only attend lectures during weekends. The course load will be much, especially during the 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. An ICAN, ANAN, or ACCA certification is an advantage, not the main requirement for getting accounting jobs. I am not saying you won't get accounting jobs, but it will not be easy.

This factor is crucial. If you are the owambe type of person, lol, I am sorry to disappoint you that your weekends now belong 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, and the routine continues until after your examinations.

ICAN materials are broad that you will make out a lot of time from your schedule for just reading.

This factor is crucial. If you are the owambe type of person, lol, I am sorry to disappoint you that your weekends now belong 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, and the routine continues until after your examinations. ICAN materials are broad that you will make out a lot of time from your schedule for reading.