Becoming a chartered accountant in Nigeria requires a rigorous knowledge of accounting algorithms, statistics, and finance. More so, it is never a one-day opportunity but years of hard work. This article explains what it entails to become a chartered accountant.
A step-by-step approach
As Rome wasn't built in a day, so is becoming a chartered accountant (CA). There are mainly three paths to becoming a CA. Through the ATSWA route, the undergraduate path, and other professional certifications. We have explained the first two paths in a previous article.
Other professional certifications that can be used to earn the prestigious ACA certification in Nigeria are the Chartered Institute of Bankers of Nigeria, Associate Certificate Chartered Accountant, and more. The ICAN syllabus shows other professional certifications that can be used to become a student of the program.
Pass all examinations
First, you will need to pass all the papers at their respective levels. There are three levels, Foundation, Skill, and Professional levels. And there are 16 papers in the three levels. Five papers each at the foundation and professional levels and six papers at the skill level.
Obtain the three-year compulsory practical work experience
Second, ICAN requires three years of practical work experience to qualify as a chartered accountant. Passing the exams doesn't make a person a chartered accountant. Once you pass all papers you become a qualified accountant. It is only when you have three years of compulsory work experience in accounting you can apply to become a chartered accountant in Nigeria.
Be inducted into the profession
Third, now that you have passed all the papers and three years of work experience, you can apply for induction. At the induction ceremony, the prestigious title of Chartered Accountant will be issued. Having this title is not the end but the beginning of an end. Accounting is a dynamic profession, so you will need to update your knowledge and skills regularly.
The Continuous professional development program
Last, ICAN has a continuous professional development program for their members. This training will help you have the latest information on the profession. The Members Continuous Development Program ( MCPD) program is compulsory for all members. There are annual credits attached to this training.
From the foregoing, you can proceed to become a chartered accountant right now. However, you will need to commit time and money to it. But the effort is worth it.
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