Friday, March 29, 2024

How to become a chartered accountant in Nigeria

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Adetunji Matthew
Adetunji Matthewhttp://www.aidthestudent.com
I’m Adetunji Matthew, an Economist, Social Media Manager, software Developer/Marketer Sales Consultant, and Ecompreneur. I’m popularly known as “Matt” As an artist and designer, I aim to create something brilliant daily. Eager to learn more, I use my free time to get better at w hat interests me, whether it's researching, teaching, or even something entirely new.
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A chartered accountant is a professional that belongs to a financial body, manages the finances of an entity, offers financial advice, and helps with fund management. In this post, you learn how to become a chartered accountant in Nigeria.

You will also learn the differences between an accountant and a chartered accountant, and how much chartered accountants earn per month in Nigeria. We also have a list of universities and polytechnics that offer accounting as a course.

Who is a chartered accountant in Nigeria?

According to Accounting Tools, an accountant is a professional who keeps track of business transactions on behalf of an entity, prepares reports on the company’s financial performance, issues financial statements, and manages funds, amongst other things.

What is the difference between an accountant and a chartered accountant?

Unlike normal accountants, chartered accountants are more educated and certified. They’re usually bestowed with a legal statute to perform certain financial actions that other individuals working in the financial sector cannot otherwise do.

Also, chartered accountants usually belong to a recognized financial body in the region. There are two professional accountancy associations with a regulatory authority in Nigeria.

How to become a chartered accountant in Nigeria

Here I the path to becoming a chartered accountant in Nigeria:

1. Obtain your secondary school certificate

The Nigerian educational system uses the 6-3-3-4. This system of education allows students to spend 6 years at the primary level, 3 years at the junior secondary school level, 3 three years at the senior secondary level, and 4 years at the tertiary level.

After enrolling in a secondary school, the first 3 years (JSS 1 – 3) will be spent on general subjects that are very broad. Starting from the 4th year (SSS 1 – 3) the students will be allowed to pick from 3 main classes.

  • Art class
  • Science class
  • Commercial class

The class you select will determine which career you will pursue in the future. To become a chartered accountant in Nigeria, you have to pass through the commercial class.

Aside from the general English language and Mathematics, you must be very knowledgeable in economics, accounting, commerce, and bookkeeping.

After 3 years, you will be eligible to sit for the West African Examination Council (WAEC) and the Nigerian Examination Council (NECO) examinations. 

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2. Obtain an accounting degree from a university or polytechnic

Before you can study accounting in most Nigerian universities and polytechnics, you must have at least a C6 grade in English Language, Mathematics, Economics, Government, and Commerce.

The Unified Tertiary Matriculation Examination (UTME) subject requirements for accounting are English Language, Mathematics, Economics and one other related subject.

Most universities in Nigeria have 120 as their minimum JAMB cutoff. You must also have a good score in their Post-UTME exam. If you’ll be enrolling in a polytechnic, you must have at least 100/400 in your UTME exam.

After studying accounting for four years in the tertiary institution of your choice, you will be awarded a degree certificate.

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3. Obtain a professional accounting certificate

You can obtain a professional accounting certificate from any of the certifying bodies in Nigeria. Here are some of them.

ICAN and ANAN are both accountancy associations and regulatory authorities in Nigeria. ICAN is the most popular of the two.

Becoming certified as a chartered accountant by ICAN in Nigeria

Requirements needed to be certified by the Institute of Chartered Accountants of Nigeria (ICAN)

  • A Degree from an accredited Nigerian University or HND from a recognized Nigerian Polytechnic.
  • A minimum of Five Credits in your O Level Results
  • 2 recent passport photographs
  • Photocopies of your Academic Transcripts and NYSC discharge certificate

Pathways to the Institute of Chartered Accountants of Nigeria (ICAN)

The ATS Route

This route is meant for you if you are yet to enrol in or graduate from any tertiary institution. You can use your O Level results, but it must not be more than two sittings.

The Professional Route

1. You can apply for ICAN as an Accounting Graduate with your BSC or HND results. In this case, you will start from the second stage of ICAN (The Skills Level).

2. If you are a graduate but did not study Accounting as a first degree, you can also apply for ICAN. In this case, you will be required to start from the basic level.

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How much does a chartered accountant earn in Nigeria?

According to Salary Explorer, the average monthly salary of a chartered accountant in Nigeria is NGN 313,000.

According to Pay Scale, the average annual base salary of a chartered accountant in Nigeria is NGN 2,824,800.

List of federal, state, and private universities that offer accounting in Nigeria

  1. Abia State University, Uturu, Abia State
  2. Adekunle Ajasin University, Akungba-Akoko, Ondo State
  3. Ahmadu Bello University, Zaria, Kaduna State
  4. American University of Nigeria, Yola, Adamawa State
  5. Bauchi State University, Gadau, Bauchi State
  6. Benue State University, Makurdi, Benue State
  7. Caritas University, Amorji-Nike, Enugu State
  8. Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra State
  9. Cross Rivers University of Technology, Calabar, Cross River State
  10. Ebonyi State University, Abakaliki, Ebonyi State
  11. Ekiti State University, Ado-Ekiti, Ekiti State
  12. Elizade University, Ilara-Mokin, Ondo State
  13. Enugu State University of Science and Technology, Enugu State
  14. Evangel University, Akaeze, Ebonyi State
  15. Federal University of Agriculture, Makurdi, Benue State
  16. Federal University, Dutsin-Ma, Katsina State
  17. Federal University, Kashere, Gombe State
  18. Federal University, Wukari, Taraba State
  19. Igbinedion University, Okada, Benin City, Edo State
  20. Imo State University, Owerri, Imo State
  21. Lead City University, Ibadan, Oyo State
  22. Madonna University, Okija, Anambra State
  23. Mcpherson University, Seriki Sotayo, Ogun State
  24. Nasarawa State University, Keffi, Nasarawa State
  25. Niger Delta University, Wilberforce Island, Bayelsa State
  26. Nnamdi Azikiwe University, Awka, Anambra State
  27. Obafemi Awolowo University, Ile-Ife, Osun State
  28. Olabisi Onabanjo University, Ago-Iwoye, Ogun State
  29. Osun State University, Osogbo, Osun State
  30. Plateau State University, Bokkos, Plateau State
  31. Rivers State University of Science and Technology, Port Harcourt, Rivers State
  32. University of Abuja, Abuja
  33. University of Ilorin, Ilorin, Kwara State
  34. University of Lagos, Akoka, Lagos State
  35. University of Maiduguri, Maiduguri, Borno State
  36. University of Mkar, Gboko, Benue State
  37. University of Nigeria, Enugu Campus, Enugu State
  38. University of Port-Harcourt, Choba, Rivers State
  39. University of Uyo, Akwa Ibom State
  40. Usmanu Danfodiyo University, Sokoto, Sokoto State
  41. Wellspring University, Irhihi/Ogbaneki, Benin City, Edo State
  42. Western Delta University, Oghara, Delta State

List of federal, state, and private polytechnics that offer accounting in Nigeria

  1. Abdul-Gusau Polytechnic, Talata-Mafara, Zamfara State.
  2. Abia State Polytechnic, Aba, Abia State
  3. Abraham Adesanya Polytechnic, Ijebu-Igbo, Ogun State
  4. Abubakar Tatari Ali Polytechnic, Bauchi, Bauchi State
  5. Adamawa State Polytechnic, Yola, Adamawa State
  6. Akanu Ibiam Federal Polytechnic, Unwana, Afikpo, Ebonyi State
  7. Akwa Ibom State College of Arts and Science Nung, Ukim, Akwa Ibom State
  8. Akwa-Ibom State Polytechnic, Ikot-Osurua, Akwa Ibom State
  9. Allover Central Polytechnic, Ota, Ogun State
  10. Auchi Polytechnic, Auchi, Edo State
  11. Bayelsa State College of Arts and Science, Yenagoa, Bayelsa State
  12. Benue State Polytechnic, Ugbokolo, Benue State
  13. College of Administrative and Business Studies, Potiskum, Yobe State
  14. College of Technology, Iresi, Osun State
  15. Covenant Polytechnic, Aba, Abia State
  16. Crown Polytechnic, Odo Ado-Ekiti, Ekiti State
  17. S. Adegbenro ICT Polytechnic, Itori, Ogun State
  18. Delta State Polytechnic, Ogwashi-Uku, Delta State
  19. Delta State Polytechnic, Otefe, Delta State
  20. Delta State Polytechnic, Ozoro, Delta State
  21. Dorben Polytechnic, Bwari-Garam Road, Fct-Abuja
  22. Eastern Polytechnic, Port Harcourt, Rivers State
  23. Edo State Institute of Technology and Management, Edo State
  24. Federal Polytechnic Offa, Kwara State
  25. Federal Polytechnic, Bali, Adamawa State
  26. Federal Polytechnic, Bauchi, Bauchi State
  27. Federal Polytechnic, Bida, Niger State
  28. Federal Polytechnic, Damaturu, Yobe State
  29. Federal Polytechnic, Ede, Osun State
  30. Federal Polytechnic, Idah, Kogi State
  31. Federal Polytechnic, Kaura/Namoda, Kaduna State
  32. Federal Polytechnic, Mubi, Adamawa State
  33. Federal Polytechnic, Nasarawa State
  34. Federal Polytechnic, Nekede, Imo State
  35. Federal Polytechnic, Oko, Anambra State
  36. Federal Polytechnic,Ilaro, Ogun State
  37. Federal Polytechnic, Ado-Ekiti, Ekiti State
  38. Federal Polytechnic, Ukana, Abia State
  39. Fidei Polytechnic, Gboko, Benue State
  40. Gateway ICT Polytechnic, Saapade, Ogun State
  41. Grace Polytechnic, Lagos State
  42. Hassan Usman Katsina Polytechnic, Katsina State
  43. Heritage Polytechnic, Ikot Udota, Akwa Ibom State
  44. Hussaini Adamu Federal Polytechnic, Kazaure, Jigawa State
  45. Igbajo Polytechnic, Osun State
  46. Igbo-Owu Polytechnic, Kwara State
  47. Imo State Polytechnic, Umuagwo, Owerri, Imo State
  48. Institute of Management And Technology, Enugu State
  49. Interlink Polytechnic, Ijebu-Jesa, Osun State
  50. Jigawa State Polytechnic, Dutse, Jigawa State
  51. Kaduna Polytechnic, Kaduna, Kaduna State
  52. Kalac Christal Polytechnic, Lekki, Lagos State
  53. Kano State Polytechnic, Kano State
  54. Kings Polytechnic, Ubiaja, Edo State
  55. Kogi State Polytechnic, Lokoja, Kogi State
  56. Kwara State Polytechnic, Ilorin, Kwara State
  57. Lagos City Polytechnic, Ikeja, Lagos State
  58. Lagos State Polytechnic, Ikorodu, Lagos State
  59. Light House Polytechnic, Eubuobanosa, Edo State
  60. Mai Idris Alooma Polytechnic, Geidam, Yobe State
  61. Moshood Abiola Polytechnic, Abeokuta, Ogun State
  62. Nacabs Polytechnic, Akwanga, Nasarawa State
  63. Nasarawa State Polytechnic, Lafia, Nasarawa State
  64. Niger State Polytechnic, Zungeru, Niger State
  65. Nogak Polytechnic, Mile 2 Road, Ikom, Cross River State
  66. Nuhu Bamalli Polytechnic, Zaria, Kaduna State
  67. Ogun State Institute of Technology, Igbesa, Ogun State
  68. Our Saviour Institute Of Science and Technology (Poly) Enugu, Enugu State
  69. Plateau State Polytechnic, Barkin-Ladi, Plateau State
  70. Ramat Polytechnic, Maiduguri, Borno State
  71. Rivers State College of Arts and Science, Port Harcourt, Rivers State
  72. Rivers State Poly, Bori, Rivers State
  73. Ronik Polytechnic, Ikeja, Lagos State
  74. Rufus Giwa Polytechnic, Owo, Ondo State
  75. Temple-Gate Polytechnic, Osisioma, Abia State
  76. Oke-Ogun Polytechnic, Saki, Oyo State
  77. The Polytechnic, Ile-Ife, Osun State
  78. Uyo City Polytechnic, Uyo (Uyo-Citypoly) , Uyo, Akwa-Ibom State
  79. Valley View Polytechnic, Ohafia, Abia State
  80. Waziri Umaru Federal Polytechnic Birnin Kebbi, Kebbi State
  81. Wolex Polytechnic, Ikeja, Lagos State
  82. Yaba College of Technology, Yaba, Lagos State

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