Institute of Chartered Accountants of Nigeria (ICAN)

The Institute of Chartered Accountants of Nigeria (ICAN) is Nigeria's premier professional accountancy body, established by Act of Parliament No. 15 of 1965. ICAN administers the Chartered Accountants of Nigeria (CAN) qualification — the most prestigious local accounting credential — which is required for senior accounting and audit positions in Nigeria. The qualification consists of three levels: Foundation, Skills and Professional. Successful candidates become Associates (ACA) and after specified post-qualification experience progress to Fellows (FCA). ICAN members are entitled to practise as accountants and auditors in Nigeria and are recognised globally through mutual recognition agreements with several international accounting bodies.

Eligibility

Candidates must have a minimum of OND/HND/B.Sc/B.A from a recognised institution, plus five O-Level credits including English Language and Mathematics. ATSWA holders, recognised diploma holders and other accounting qualification holders receive exemptions from specific Foundation and Skills level papers. Direct entry into the Skills level is permitted for accounting/finance graduates from accredited universities. Membership requires three years of approved practical training under an ICAN-registered training office or organisation.

Exam Structure

Three levels with 14 total papers: Foundation (4 papers — Business, Management & Finance; Financial Accounting; Management Information; Business Law), Skills (6 papers — Financial Reporting, Audit & Assurance, Taxation, Performance Management, Public Sector Accounting & Finance, Corporate Strategic Management), and Professional (4 papers — Corporate Reporting, Advanced Audit & Assurance, Advanced Taxation, Case Study). Each paper is a written 3-hour examination conducted bi-annually (May and November).

Fees

Registration: ₦40,000-₦60,000. Per-paper exam fee: ₦15,000-₦30,000. Annual subscription as student: ₦15,000-₦25,000. Total cost to qualification typically ₦350,000-₦600,000 over 3-5 years. ATSWA stage: ₦100,000-₦150,000 total.

Career Impact

ICAN qualification is required for senior accounting positions in Nigerian banks, oil and gas companies, government agencies, audit firms (including Big Four — KPMG, Deloitte, PwC, EY in Nigeria), and corporate finance roles. Salaries upon qualification typically jump by 30-50%, with newly-qualified ACAs earning ₦500,000-₦1,500,000 monthly in banking/oil-gas/Big Four, rising to ₦2,500,000-₦10,000,000+ for senior managers, CFOs and partners. ICAN qualification is also required for setting up as a chartered accountant in private practice (audit firm registration), and provides international recognition through mutual recognition agreements.