Become a Chartered Accountant Without a Degree in Accounting 2024

Can I become a chartered accountant without a degree in accounting? Non-accounting professionals and students in higher institutions in Nigeria always wonder if it is possible to become a chartered accountant. The question is reasonable, given that chartered accountants seem to live in a rarefied world of their own.

Chartered accountant

Being a chartered accountant is the highest point of any accountant’s career. Most especially if one is an ICAN-certified chartered accountant. For outsiders, ICAN-certified accountants are the exclusive preserve of people who studied accounting at the University.

The logic is simple. Doctors have the Nigerian Medical Association, while lawyers register with the NBA.  Engineers, Pharmacists, and other professions too have their own bodies which are the exclusive preserve of practicing professionals.

The simple answer to the question of whether you can be a chartered accountant with your BSc in Agriculture or HND in whatever course is yes.

But before we explain how that is possible, it is important to consider why professionals in other fields would want to become chartered accountants.

Why become a chartered accountant?

  1. Chartered accountants are some of the most sought-after professionals in the country. To put it in context, there are less than fifty thousand ICAN-certified chartered accountants in Nigeria today. For a nation of approximately 200 million, that is a ratio of 1 accountant to 4000 people. That is very poor. For a body that was established over 50 years ago, the rate of growth of its members is lagging behind the population growth and the needs of the country. This means there is a big shortage of chartered accountants in the country, which is why the certification is so lucrative.
  2. An ICAN-certified chartered accountant is a qualification that opens doors internationally for you. ICAN is recognized globally as a reputable body with its high-quality, world-class examinations. So, with your certification, you can practice anywhere in the world without the need to undergo any extra examination or testing. All you need to do is to register with the local regulatory council in these countries.
  3. As a chartered accountant, you can easily set up your own accounting/consulting firm. Since it is generally known that chartered accountants are grounded in practical economics, marketing, and management information systems, other companies are in need of their services as consultants.

So, in addition to your initial non-accounting degree or profession, you now become a much sought-after professional as a chartered accountant registered with ICAN.

Understanding the Role of a Chartered Accountant

Chartered Accountants are financial experts who manage financial records, provide auditing services, and offer strategic financial advice. Their responsibilities include:

  • Bookkeeping: Recording financial transactions systematically.
  • Financial Reporting: Preparing balance sheets, income statements, and cash flow statements.
  • Taxation: Calculating and filing taxes accurately.
  • Corporate Accounting: Managing finances within larger organizations, including budget analysis and strategic planning.

How to be a chartered from a non-accounting field

The process of becoming a chartered accountant is very straightforward and uncomplicated. It can be summarized in these steps:

  • Register and pay the required fees
  • Write and pass the foundation exams
  • Write and pass all stages of the intermediate and professional exams.

Registration

The following are the general requirements for all students who wish to become chartered accountants through ICAN. Note that these three requirements have nothing to do with what you studied at the University.

The requirements you need are:

  1. A first degree from any ICAN-approved University in Nigeria. All universities accredited as degree-awarding Institutions in Nigeria fall under ICAN-approved institutions.
  2. An HND from any nationally accredited Polytechnic in Nigeria
  3. Colored Passport photograph. This would be scanned and uploaded during the registration.
  4. A referee who must be a chartered accountant

Again, all the above have nothing to do with your course of study. Once you meet the above requirements, you can proceed to start your registration.

Registration and application steps

  1. Head to any accredited bank and buy a PIN voucher that will enable you to log into the application portal. Zenith and Fidelity banks are the usual banks to obtain the vouchers.
  2. The registration is done online. So, if you meet the prerequisites, you can head over to the online application portal on the ICAN website. You must make sure all the information you provide in the application form is correct and verifiable. This is because any wrong information can lead to a rejection of your application. And the application fee would not be refunded.
  3. After using the information on the Voucher to log into the ICAN website, over the pointer over the ‘Students’ tab and click on the ‘New Students Professional Registration‘ to open the form. Proceed to fill the form.
  4. Scan your colored passport photograph and upload it to the form.
  5. Click ‘Submit’ two times when you have finished filling out the form.
  6. Print a copy of the application form. In the space provided, you need to sign your name.
  7. Take the printed application form and photocopies of your credentials to your referee for certification.

Completing your registration:

Now, the following steps are very important to complete the registration.

1. Fill in the membership number, name and phone number of your referee in the required section of the printed application form

2. Have the following with you:

  • Original copy of the voucher bought from the bank
  • 2 signed copies of your passport
  •  Original copies of the bank teller used for paying the application fee.

Put all these in a large official envelope together with the filled application form and deliver it to the ICAN office.

Most cities in Nigeria have regional ICAN offices. You can deliver it personally or send it by post to the correct ICAN address. Click here to get the address of the ICAN liaison office closest to you

If you do everything right, your application will be approved, and a student registration number will be given to you. This is the number you would use to log into your dashboard on the ICAN website to see, review/update your details.

On your dashboard, you will see your registration certificate. You can print that.

However, if for some reason you don’t get contacted with your registration details, endeavor to keep checking on their website or call the customer care service to ask about the status of your application.

Exams

As a non-accounting student, you need to pass through three stages of written exams before you can be certified as an accountant.

The stages are:

  • Foundation
  • Intermediate
  • Professional

The foundation exams are organized to ground you in college-level accounting education. At this stage, you would write about five papers.

The intermediate level requires that you write and pass 6 courses, while the professional level has two stages and a total of 8 courses.

You must pass all the papers in the first stage before moving on to the next and final stage.

How much it would cost you?

Though the fees could be adjusted at any time, this is how much it would cost to become an ICAN chartered accountant

Application fee for foundation members – N40,000

Examination fee for each level of the exam (known as diets) – N100,000

Yearly subscription – N4000

A one-time fee of N2000.

Note that the final amount you pay will depend on how fast you complete all the stages. Obviously, if you don’t repeat any diet (stage), the cost would be minimal.

Additional or extra costs can come from registering with study centers if you feel you need help passing the exams. Buying of books and some official study materials should also be noted as important factors in your overall cost.

Examination dates and other issues

Exams are always slated for May and November of each year. The structure is pretty straightforward. You are entitled to write one stage in each exam period.

For instance, as a non-accounting student, depending on when you registered, you would take your foundation exam in either May or November. If you passed all your papers, you would then take the intermediate exams in the next exam period.

In a best case scenario, you can finish all the exams in two years, that is, from foundation to the second stage of the professional exam can be completed in two years.

All ICAN students have a ten-year time limit to complete all the exams. If they do not complete them in 10 years, ICAN will withdraw their membership.

You can download the ICAN syllabus here for further information.

Pathways to Becoming a Chartered Accountant Without an Accounting Degree

1. Through Professional Certifications

Several professional certifications can pave the way to becoming a Chartered Accountant. These certifications are recognized globally and can be pursued without an accounting degree.

  • Association of Chartered Certified Accountants (ACCA): The ACCA qualification is highly regarded and can be pursued with a combination of GCSEs and A-levels1. It covers various aspects of accounting, finance, and management.
  • Institute of Chartered Accountants in England and Wales (ICAEW): The ACA qualification from ICAEW is another prestigious certification. It requires passing exams and gaining relevant work experience.
  • Certified Public Accountant (CPA): In some regions, you can become a CPA without an accounting degree by fulfilling specific coursework and work experience requirements.

2. Gaining Practical Experience

Practical experience is crucial in the accounting field. Here are some ways to gain relevant experience:

  • Entry-Level Positions: Start with roles such as auditing clerk, accounting assistant, or bookkeeper. These positions provide hands-on experience and a solid foundation in accounting principles.
  • Internships and Volunteer Work: Seek internships or volunteer opportunities in accounting departments to gain practical knowledge and build your resume.

3. Continuous Learning and Skill Development

Continuous learning is essential to stay updated with the latest accounting practices and technologies.

  • Online Courses and Workshops: Platforms like Coursera, edX, and LinkedIn Learning offer courses in accounting, finance, and related fields.
  • Networking: Join professional accounting groups and attend industry events to connect with experienced accountants and stay informed about industry trends.

Benefits of Becoming a Chartered Accountant Without a Degree

  • Cost Savings: Avoiding the cost of a traditional degree can save you money and reduce student debt.
  • Flexibility: Learning at your own pace through certifications and online courses allows for greater flexibility.
  • Practical Experience: Gaining hands-on experience early in your career can be more valuable than theoretical knowledge.

Conclusion

Becoming a Chartered Accountant without a degree in accounting is entirely possible in 2024. By pursuing professional certifications, gaining practical experience, and continuously developing your skills, you can achieve this prestigious qualification and enjoy a successful career in accounting. Remember, determination and a commitment to learning are key to your success.

Are you ready to embark on this exciting journey? Share your thoughts and experiences in the comments below!

Recommended:

Accountancy Vs. Accounting (Comparative and Detailed Analysis 2024)

ICAN Delisting, Suspension and Re-admission

Top Online Accounting Degree AACSB Accredited Colleges

2 Comments

Add a Comment

Your email address will not be published. Required fields are marked *