How to Become ACCA-Certified Accountant in Nigeria (2024 Guide)

Hello there! Let’s explore how to become an ACCA-certified accountant in Nigeria.

If you wish to pursue a professional career as a certified accountant, you might be at a crossroads on how to get certified. The common ways are through ICAN or ANAN, but there is also the ACCA pathway.

What is ACCA?

The Association of Chartered Certified Accountants, ACCA, is recognized worldwide as the most prestigious chartered accounting body. With your ACCA qualification, you are instantly recognized all over the world as an accountant of repute.

This is because, since 1904, ACCA has been training accountants worldwide to meet the demands of the increasingly sophisticated business environment.

With headquarters in London, the organization now has over 100 centers worldwide with thousands of staff to help aspiring professional accountants.

That said, it becomes immediately clear that people consider ACCA as the most prestigious. But the concern for most people is the cost of the exams and how to deal with foreign exchange fluctuations.

However, if you can overcome those twin problems and decide to become a certified accountant through the ACCA pathway, you can be assured that you are going for the best.

This article will give a general overview of how to become a chartered accountant through ACCA. The website has all the information you might need. It is very detailed, with some helpful videos to guide you on your way.

Benefits of ACCA Certification

1. Global Recognition: ACCA is recognized worldwide, enhancing your employability in various countries.
2. Comprehensive Curriculum: The ACCA syllabus covers a wide range of topics, including financial management, taxation, audit, and ethics.
3. Flexibility: You can study for ACCA at your own pace, making it suitable for both full-time students and working professionals.
4. Career Advancement: ACCA certification can lead to higher earning potential and career growth in diverse sectors such as finance, consulting, and auditing.

Prerequisites for Registration

To enroll in the ACCA program, you need to meet the following requirements:

• Educational Qualifications: A minimum of three GCE O’Level passes and two A-Level passes in five separate subjects, including English and Mathematics. Alternatively, a relevant degree from a recognized institution can also qualify you for the program.
• Work Experience: While not mandatory for initial registration, you will need to complete three years of relevant work experience to become fully certified.

How to Become an ACCA-Certified Accountant in Nigeria

1. Choosing the level to start

There are 2 levels involved here, and each depends on your educational qualifications and choice.

a. Foundation

This level is designed for those with no academic qualifications whatsoever. So, no matter your educational status or career path, you can choose to start your journey here.

If you start at the foundation level, you are assumed to have no prior experience in accounting or finance.

You can read more about the necessary qualifications for this level here.

b. Professional

To start at this level, the least academic qualification is a combination of 3 GCE O’Levels and 2 A Levels in 5 separate subjects, including English and maths.

However, since A Levels are not part of our curriculum in Nigeria, you would need your bachelor’s degree or its equivalent to register at this level.

Other necessary qualifications include at least 3 years of work experience.

When you register at this level, it would take you 3 or 4 years to complete after writing at most 14 exams. Exemptions can reduce the number of exams you have to write, though.

Get further information here.

2. Registering as a student

The Registration Process is summarized thus:

1. Create an Account: Visit the ACCA Global website and create an account.
2. Submit Application: Complete the online application form and upload the required documents, including your educational certificates and a passport-sized photograph.
3. Pay Fees: Pay the registration fee, which is currently £89.
4. Receive Confirmation: Once your application is processed, you will receive a confirmation email with your ACCA registration number.

So, basically, as a Nigerian, your pathway to ACCA certification would start at the professional level.

There are consultants all over the place with ads promising to help you register as a student. The ads promise heaven, but the only thing they want is your money.

The point here is that registering as a student is not rocket science. As a graduate, the ACCA online registration portal is very easy to navigate. To put it bluntly, you don’t have to pay a consultant to do it for you. It is quite easy.

This easy-to-grasp online application page has everything you need to know before you start the process. All the documents you would need are also listed.

Once you click on start, be sure to specify whether you are registering at the foundation level or at the Professional level (ACCA qualification).

Here are some points to note about registration:

• Registration can take up to six weeks
• Ensure you register close to the exam you wish to take. If you register too early, you might have to pay extra money as part of your annual subscription fees. You better note that, as you will not be allowed to take the exams until you’ve cleared all subscription fees.

After your registration/application is accepted, you will be given your myACCA login details. It is in your myACCA dashboard that you can now view and update your details and pay all relevant fees

Payments

As a foreign organization, paying the fees might pose a challenge to intending applicants in Nigeria. How much you pay is not the issue here, as this page has a comprehensive and detailed list of all fees.

If you are not in Nigeria, you can click the drop-down menu on the page to select your country so you can see the equivalent fee for your country.

The most difficult part is transferring your money to ACCA in London from your own base. Forex exchange restrictions could be a big issue.

But that shouldn’t be difficult in most cases. With your local bank’s debit card (MasterCard or Visa) you can effect the payment directly on the ACCA payment portal.

Again, if the credit card option is not available to you for some reason, there is even a simpler option for those living in Nigeria.

Payment in the local Nigerian currency is now possible. Just send an email to nigeria.payments@accaglobal.com. You will get a reply detailing

• Payment instructions in Naira
• Bank account details where to make the payment
• How much do you need to pay?

Exemptions

You can claim Exemptions from writing certain exams at the foundation and ACCA professional levels. This works if you think you have already gained qualifications in relevant subjects.

This means that you can start your exams at a higher level. ACCA offers several exemptions, and many people take advantage of them to expedite their attainment of full professional status as an ACCA-certified accountant.

However, be aware that in applying for exemption, you would have to pay some fees. Thus, the exemption only grants you a faster route but doesn’t exempt you from paying far less money.

To get more details about the exemption, you can check here. While this page would give you details of the courses eligible for exemptions and how they apply in your own case.

Exam dates

ACCA organizes four exams each year in March, June, September, and December. This makes it easier to plan the exam to fit your own schedule. The examination calendar can be downloaded here.

Finally, the ACCA website should be your complete resource once you decide to register. Even information on where to get credible tutors can be found there. Take time to navigate the site, and you won’t have to pay any consultant extra money to get your ACCA certification.

Examination Structure

The ACCA qualification consists of three levels:

1. Applied Knowledge: This level includes three exams covering the basics of accounting and business.
2. Applied Skills: This level comprises six exams focusing on more advanced topics such as performance management, taxation, and financial reporting.
3. Strategic Professional: The final level includes four exams, two of which are compulsory (Strategic Business Leader and Strategic Business Reporting), and two optional exams from a selection of four.

Study Tips

1. Create a Study Plan: Allocate specific times for studying each subject and stick to your schedule.
2. Use ACCA Resources: Utilize ACCA-approved study materials and practice exams.
3. Join Study Groups: Collaborate with peers to enhance your understanding of complex topics.
4. Seek Guidance: Don’t hesitate to ask for help from tutors or mentors.

Practical Experience Requirement (PER)

To become a fully qualified ACCA member, you must complete three years of relevant work experience. This experience can be gained before, during, or after completing your exams. You will need to document your experience and demonstrate that you have achieved the required performance objectives.

Career Opportunities

With an ACCA qualification, you can pursue various career paths, including:

• Financial Accountant
• Management Accountant
• Auditor
• Tax Consultant
• Financial Analyst

Conclusion

Becoming an ACCA-certified accountant in Nigeria is a rewarding journey that offers numerous career opportunities both locally and internationally. By following this guide and dedicating yourself to your studies and practical experience, you can achieve your goal of becoming a globally recognized accountant. Start your journey today and take the first step towards a successful career in accounting.

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