ICAN Examinations: Foundation, Skills, and Professional Levels Explained

The Institute of Chartered Accountants of Nigeria (ICAN) is the premier accounting professional body in the country. Its examinations lead to the prestigious ACA (Associate Chartered Accountant) qualification. The journey has three levels: Foundation, Skills, and Professional. The Foundation level is for candidates with O-Level or equivalent qualifications. It introduces the basics of financial accounting, management accounting, and business communication. You can be exempted from this level if you hold a degree in accounting or a related field. The exam is multiple-choice and essay-based.

The Skills level builds on the Foundation. You study subjects like taxation, audit and assurance, corporate law, financial reporting, and management information systems. The papers are more practical. You will prepare financial statements and tax computations. Many students find this level challenging but doable.

The Professional level is the final stage. It covers strategic financial management, advanced audit and assurance, and case study. The case study exam is a practical test. You are given a real-world scenario and must write reports, make calculations, and give advice. This requires integrating knowledge from all previous subjects.

Registration for ICAN exams is done online through the ICAN portal. You must be a registered student and have paid your annual subscription. The exams hold twice a year, in May and November. The fees vary by level and number of papers attempted. Late registration attracts a penalty.

Preparation requires discipline. ICAN publishes study packs for each subject. These are your primary materials. Also use past questions. The ICAN examiners recycle concepts, though not exact questions. Join a tuition centre or a discussion group. Practice writing exam-standard answers within the time limit. The professional exams are not easy, but thousands pass every diet.