Choosing a career path can be daunting at times. However, a guide from an expert can give you the wings needed to fly in the right direction. Deciding between writing an ICAN, ACCA, or CIBN is one of such. These three finance professional certificates can lead you to growing a lucrative career in accounting and finance. In this article, let me show you how to choose between these three.
First thing first…
You need to decide if finance is for you. Here is how you will know.
- You are good at mathematics, commerce, economics, and accounting while in your secondary school.
- Currently, you have a job that involves cracking down on monetary values.
- You're working in a bank or other financial institution such as an insurance, fintech, or financial advisory company.
- Probably, you have seen people excel in the finance profession and want to follow suit.
- If you're any of these or something similar then you should continue reading.
The ICAN route
ICAN is the acronym for The Institute of Chartered Accountants of Nigeria. This route is a destination to become an Associate Chartered Accounting (ACA). A qualified chartered accountant is a professional who can work in various areas of finance including tax, accounting, financial advisory, banks, and so on.
In fact, there is no company that a holder of this certification cannot be employed. This is because all organizations need an accountant to maintain their books, provide reports, and engage as a strategic partner.
To get into this route, you need to have at least an O’level degree.
For O’level, you need a minimum of three years to become an ACA holder. You will begin with the Accounting Technician Scheme West Africa (ATSWA). After completing the exam, you will then proceed to the ICAN exams.
If you have an OND in accounting, you will proceed to stage three of the ATSWA exam (this is the last stage). Then, move on to writing ICAN. A minimum of two years can get you the certification.
A Bachelor's degree in accounting will enable you to get the certificate within a minimum of one year.
The ACCA route
The Association of Certified and Chartered Accountants (ACCA) is similar to the ICAN route. However, most people prefer to complete the ICAN route before pursuing ACCA. This enables them to write at least four papers at the professional level of ACCA exams only.
ICAN and ACCA have similar destinations. The single difference is that ACCA allows you to widen your accounting knowledge across borders. That means with it, you can work anywhere in the world. Although with ICAM you can work in selected countries like Cameroon, Canada, and the United Kingdom.
The CIBN route
If you're already working in the banking sector, you might want to choose the CIBN route instead of ICAN or ACCA. This is fine as well. With a CIBN certification, you will be designated with the ACIB certification. This can give you promotion in the banking industry but it is less useful outside it. However, ICAN and ACCA can be used to work in the bank, and you will still have the opportunity for promotions and, of course, a senior management role.
Which path will you choose?
The three routes (ICAN, ACCA, and CIBN) are unique in their own ways.
If you have the financial means and love learning, you can decide to have the three professional certifications. If you intend to travel to another country for work, then the ACCA route can be just right for you. Moreover, the ICAN route can allow you to become a finance professional in any industry you are in, either banking or non-financial institutions.
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