What is the ICAN exam?
- The Institute of Chartered Accountants of Nigeria (ICAN) was established by Act of Parliament No. 15 of 1965 and saddled with the responsibility of setting standards of knowledge and skill required to become a member of the accountancy profession; and also to maintain a register of its members that have earned the rights to practice as accountants and auditors.
What has changed in ICAN new Syllabus?
- In 2021, ICAN announced a new syllabus which has been in effect since then.
- Taxation was moved from Foundation level to Skills level
- The new syllabus incorporates changes with respect to the Finance Act 2019, signed into law in 2023
- The new syllabus also incorporates changes with respect to the provisions of Companies and Allied Matters Act (CAMA) 2020, signed into law in 2020
- See some newsletter on the Finance Act and the CAMA Bill for your reference below:
When will ICAN exams hold?
- The examination of the Institute was previously proposed to hold three times in a year (March, July and November) but it now holds only two times in a year, same as in previous periods (May and November).
What are the levels/stages in the ICAN exam?
- There are three levels in the ICAN Professional exams (All courses in each level have to be passed before a student can sit for the next level):
- - Level 1: Foundation level
- - Level 2: Skills level
- - Level 3: Professional level
What are the Courses in the Foundation level?
- There are now four (4) courses in the foundation level since March 2021. These are:
- - Business Law;
- - Business, Management and Finance;
- - Financial Accounting; and
- - Management Information.
What are the Courses in the Skills level?
- There are now six (6) courses in the skills level since March 2021. These are:
- - Audit and Assurance;
- - Performance Management;
- - Taxation;
- - Public Sector Accounting and Finance;
- - Corporate Strategic Management and Ethics; and
- - Financial Reporting.
What are the Courses in the Professional level?
- There are five (5) courses in the professional level. These are:
- - Corporate Reporting;
- - Advanced Audit and Assurance;
- - Strategic Financial Management;
- - Advanced Taxation; and
- - Case Study.
What is ICAN Exam structure?
- Foundation level
- - Each paper consists of 2 sections: A and B
- - Section A: 20 compulsory multiple choice questions making 20 marks
- - Section B: 6 open-ended questions (essay, computational or scenario-based) 20 marks each. Candidates will be required to answer any 4.
- Skills and Professional levels
- - Each paper consists of 3 sections: A, B and C
- - Section A: one 30-mark compulsory scenario-based question on the core area of the subject.
- - Section B: 3 questions of 20 marks each and candidates will be required to attempt any two.
- - Section C: 3 questions of 15 marks each and candidates will be required to attempt any two.
- - Note that for Case Study subject taken at Professional level, the paper is tested thus:
- - This will be a scenario-based paper, consisting of a pre-seen (This material is issued prior to the examination date to enable the candidates to familiarize themselves with the case scenario so that they can undertake any research and analysis that they may deem fit. The pre-seen part of the Case Study examination is also published on the Institute's website. Here is a sample for the November 2022 professional exam) and an unseen part (the remaining part that will be shown on the examination date in the actual exam question paper), which will require candidates to write a report based on two requirements from the case.
What is ICAN pass mark?
- The pass mark for each paper is 50%
What is ICAN exam duration?
- Each paper is for three hours with additional fifteen minutes reading time, except Case Study which is for four hours including reading time.
- The courses are taken over 3 days often from Tuesday to Thursday (See page 17 of the syllabus in the link above).
What do you need to register for the ICAN exams?
- The qualification received upon completing all stages of the ICAN examination is to become an Associate Chartered Accountant (ACA).
- ICAN certification is available to all graduates, regardless of class of degree. However, prior to applying for ICAN, you need to have the following ready:
- Certified photocopies of your HND certificate from a Polytechnic or your Bachelor's degree from a University (See page 19 of the syllabus in the link above for exemptions you can get depending on your academic qualifications. Exemption means that you won't have to write some ICAN courses because of your qualification. You can apply for it here: Application for exemption). If you don't have your certificate yet from your School, ICAN accepts transcripts sent directly to the registrar/Chief Executive of the Institute by the University/Polytechnic to studentsaffairs@ican.org.ng OR your NYSC discharge certificate/call up letter in addition to the statement of result of your B.SC/HND.
- Your O-level (WAEC or NECO) results with credits in five subjects.
- Your Passport photograph (at least 2).
- Your birth certificate (Including marriage certificate & newspaper advert for married women, or a change of name certificate/affidavit for change of name other than marriage).
- Completed ICAN registration form endorsed by a Chartered Accountant (See the next FAQ below on how to complete it).
- Original copy of the payment slip from the bank teller which shows receipt/transaction reference OR Debit alert/Mail from Paystack for registration fee. (See the next FAQ below).
How to register as an ICAN student/candidate?
An applicant must have a recognized degree of any University or Higher National Diploma of any Polytechnic to be able to register as a professional student with the Institute. Here’s the step-by-step process for registering for ICAN as a professional student:
- Pay a professional examination registration fee of ₦10,000 (bank charges not included) at any commercial bank in Nigeria to generate a serial number. The bank tellers are expected to already know how to do this for you. Just approach them at the counter with the request to pay for ICAN student registration and then register through the link below OR
- You can pay online without having to visit the bank through WebPay or Paystack using this same link: Register as an ICAN student
- After payment (at bank or through WebPay/Paystack) and completing the form in the link above, collect the original copy of the payment slip from the bank teller (it shows the transaction reference and receipt number) and attach the documents listed in the previous FAQ above and submit the hard copies to any of ICAN offices (preferably take both your orginal copies and photocopies as they may need the original copies for viewing/confirmation purpose).
- To complete the form in the registration link above:
- Get a colored passport photograph of yourself. Scan it and add it to the registration form above.
- Print out the completed form and sign it.
- Find a chartered accountant to endorse and certify your application form and credentials upon completion. Also, include their name, membership number, and contact number when completing the form.
How to pay for the ICAN exams?
- You can pay and register for the ICAN examination through the link here.
How to find an ICAN tutorial center?
- Here is a list of some ICAN tutorial centers as listed on ICAN website.
How to prepare for the ICAN exams?
- The video below provides a recommended guide on how to prepare for the exams.
Disclaimer: Kindly read through ICAN syllabus as released by the Institute for better understanding. The above is to enable you have a prior understanding of some of what is expected. Best wishes in your exams.