ICAN vs ACCA
So many graduates of accounting or banking and finance, as well as related courses have found themselves at crossroads when it comes to choosing between a membership of ICAN or ACCA. Noted however that both are globally acclaimed professional institutions and offer membership into similar courses. We are going to look at the high and weak points of ICAN and ACCA and leave the choice to you.
A career in accountancy is an excellent choice and can offer you great job prospects. You could work your way right to the very top of an organisation with the right professional accountancy qualification. And because accountants play a central function in any business, accountancy can offer you prestige and responsibility.
You may already know you want to become a professional accountant and the type of work you want to do. Or you may still be undecided and want to keep your options open in terms of where you work and what type of accounting role you choose.
Whatever stage you are at in your career planning, ACCA and ICAN can help. There both have a range of qualifications, relevant to all business sectors, to help you reach your career destination. Below we have critically grouped them into membership, entry requirements, benefits, fees and reliability.
DETAILS FOR ICAN AND ACCA
ACCA membership procedures
Once you have completed your exams, three years’ practical experience and the Professional Ethics module you will become an ACCA member and be able to use the ‘ACCA’ letters after your name.
Entry requirements for ACCA
On passing the qualifying examination of the Institute or having a foreign professional qualification acceptable to the Institute, Procedure on Online Application for Membership / Induction will be sent along with the result slip to qualified candidates or at the submission of the Special Candidates Course Certificates by members of Foreign Institutes approved by ICAN. Successful applicants are duly informed of their application if approved by Council and deferred applications are referred to the applicants with reasons for deferment. Inductees are admitted as members at Induction, which holds twice a year, May and November. Persons accorded ‘approved’ by the Council shall be entitled to the use of the title – ACA.
When you have been an ACCA member for five years and completed your CPD for that time, we will automatically award you the prestigious title of Fellow. You will receive a letter and a certificate to welcome you to your newly-awarded FCCA status.
The FCCA (Fellow Chartered and Certified Accountant) status shows employers that you have extensive experience and have made a long-term commitment to professionalism and ethics.
Fees for ACCA Certificates
The certificate fees for 2012 are as follows:
For UK and Ireland
Practicing certificate and audit qualification – all applications-£393.00-
Practicing certificate – full time-£393.00-
Practicing certificate – spare time dispensed rate-£83.00-
Insolvency license – appointment-taker-£1699.00-
Insolvency licence – non-appointment-taker-£393.00-
Non-member insolvency licence – appointment-taker-£1869.00-
Non-member insolvency licence – non-appointment-taker-£582.00-
Firm’s auditing certificate – per non-ACCA partner-£393.00-
Firm’s Irish investment business certificate-£468.00-
Other countries (Nigeria inclusive)
Practicing certificates for other countries are currently issued free of charge.
- ACCA is known as the global body for professional accountants.
- Their qualifications are relevant wherever you are in the world.
- Finance professionals know and respect the organization and the qualifications there offer. So, by association, you will be in demand.
- There’ve been around for a long time – over 100 years. It means people in business know about them for all the right reasons.
- They have a proven reputation for quality and excellence.
- Employers will recognize and respect your qualifications and know you have the right skills needed to get the job done.
- Study and work wherever you want your career path to take you, because their qualifications will provide you with skills and knowledge relevant to any business.
- Been a member of ACCA allows you to take control of your career as you can choose from our range of qualifications based on your previous learning and career aspirations.
Benefits of ACCA membership
- improve your career progression and have the potential to earn a high salary
- be able to work anywhere you choose, internationally – because of our world-class reputation
- have flexibility in your career choice – you can work in any business sector from the financial services and public practice to the public and corporate sectors
- be part of a global professional body with a reputation for driving global standards of professionalism, ethics, integrity and accountability
- have access to a range of world-renowned technical materials and research as well as comprehensive resources designed to support your continuing professional development (CPD) including:
- free access to accounting jobs adverts posted by top employers
- free access to accounting and auditing standards
- technical updates
- access to exclusive online and face-to-face learning opportunities
- further qualifications from ACCA, as well as from reputable academic and professional partners
- other national accounting bodies will recognize your member status.
ICAN Membership Procedures
Admission to membership as a Chartered Accountant, in pursuance of section 8 (1) (a) of the Act, can be obtained by serving a specific period under articles of approved studentship and by passing the Institute’s professional examinations. A member of any of the following professional bodies:
i. The Institute of Chartered Accountants in England and Wales;
ii. The Institute of Chartered Accountants of Scotland;
iii. The Institute of Chartered Accountants in Ireland;
iv. Association of Chartered Certified Accountants;
v. The American Institute of Certified Public Accountants;
vi. The Canadian Institute of Chartered Accountants;
vii. Chartered Institute of Management Accountants;
viii. The Chartered Institute of Public Finance and Accountancy; shall be eligible under the present Rules and Regulations of the Institute to be enrolled as a Chartered Accountant after an intensive two week full-time course.
Entry Requirement for ICAN
A person shall be enrolled as a Chartered Accountant if:
a. He passes the qualifying examination for membership conducted by the Council of the Institute and completes any prescribed training, (section 8 (1) (a)) OR
b. He holds a qualification granted outside Nigeria and for the time being accepted by the Institute, and he satisfies the Council of the Institute that he had sufficient practical experience as an Accountant (Section 8 (1)
A person is entitled to be enrolled as a registered Accountant if he satisfies the Council of the Institute that immediately before the appointed day (i.e. 1st September 1965), he has had not less than five years experience as an inspector and auditor of company affairs under the provisions of the Companies Act (section 8(2) ICAN Acts).
Members of the Institute are entitled to use one of the following designatory letters after his name:
In the case of a Fellow, the letter ‘FCA’ (representing the words ‘Fellow of the Institute of Chartered Accountants.
In the case of the Associate, the letter ‘ACA’ (representing the words ‘Associate of the Institute of Chartered Accountants’).
In the case of Registered Members, the letters ‘RA’ (representing the words ‘Registered Accountant’).
ICAN Fees to Courses and Certificate
Exam Fee Per paper
(10% discount applies for corpers)
1-subject by subject at all levels
b.sc/hnd bus admin, bus mgt, banking & finance, econs, insurance,
mba (econs & bus environment)- 15,000
2 all subjects in foundation
b.sc (edu) accounting option -17,000
3-economics and business environment and fundamentals of financial accounting in foundation -15,000
5-further exemption intermediate – BCRM only-17,000
6-b.sc/hnd (accounting) obtained from accredited institutions:
- all foundation
all intermediate- 41,000
7-all subjects in foundation, intermediate.
m.sc (accounting) obtained from recognized institutions
in addition to b.sc in any other related discipline- 41.000
8-all subjects in foundation, costing & quantitative techniques, taxation and audit & assurance in intermediate
(ATS iii holders)- 41,000
9-all subjects in foundation and intermediate except taxation, audit and assurance and business environment in foundation
(ACIB holders)- 33,000
10-all subjects in foundation and intermediate (ANAN)- 41,000
11-b.sc/ HND (accounting) obtained from non-accredited institutions- 17,000
With the information so far provided to you, you are a bit knowledgeable now about ICAN and ACCA and which one best suit your needs and career path. If you have any question kindly use our comment box and I will provide you with the best possible solution.
You can also read more about ICAN Nigerian exam in the article [ICAN Professional Programmes in Nigeria ]