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.
- Institute of Chartered Accountants of Nigeria (ICAN)
- Association of National Accountants of Nigeria (ANAN)
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.
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.
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.
- Institute of Chartered Accountants of Nigeria (ICAN)
- Associate of the Institute of Chartered Accountants (ACA)
- Association of National Accountants of Nigeria (ANAN)
- Chartered Institute of Management Accountants (CIMA)
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.
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
- Abia State University, Uturu, Abia State
- Adekunle Ajasin University, Akungba-Akoko, Ondo State
- Ahmadu Bello University, Zaria, Kaduna State
- American University of Nigeria, Yola, Adamawa State
- Bauchi State University, Gadau, Bauchi State
- Benue State University, Makurdi, Benue State
- Caritas University, Amorji-Nike, Enugu State
- Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra State
- Cross Rivers University of Technology, Calabar, Cross River State
- Ebonyi State University, Abakaliki, Ebonyi State
- Ekiti State University, Ado-Ekiti, Ekiti State
- Elizade University, Ilara-Mokin, Ondo State
- Enugu State University of Science and Technology, Enugu State
- Evangel University, Akaeze, Ebonyi State
- Federal University of Agriculture, Makurdi, Benue State
- Federal University, Dutsin-Ma, Katsina State
- Federal University, Kashere, Gombe State
- Federal University, Wukari, Taraba State
- Igbinedion University, Okada, Benin City, Edo State
- Imo State University, Owerri, Imo State
- Lead City University, Ibadan, Oyo State
- Madonna University, Okija, Anambra State
- Mcpherson University, Seriki Sotayo, Ogun State
- Nasarawa State University, Keffi, Nasarawa State
- Niger Delta University, Wilberforce Island, Bayelsa State
- Nnamdi Azikiwe University, Awka, Anambra State
- Obafemi Awolowo University, Ile-Ife, Osun State
- Olabisi Onabanjo University, Ago-Iwoye, Ogun State
- Osun State University, Osogbo, Osun State
- Plateau State University, Bokkos, Plateau State
- Rivers State University of Science and Technology, Port Harcourt, Rivers State
- University of Abuja, Abuja
- University of Ilorin, Ilorin, Kwara State
- University of Lagos, Akoka, Lagos State
- University of Maiduguri, Maiduguri, Borno State
- University of Mkar, Gboko, Benue State
- University of Nigeria, Enugu Campus, Enugu State
- University of Port-Harcourt, Choba, Rivers State
- University of Uyo, Akwa Ibom State
- Usmanu Danfodiyo University, Sokoto, Sokoto State
- Wellspring University, Irhihi/Ogbaneki, Benin City, Edo State
- Western Delta University, Oghara, Delta State
List of federal, state, and private polytechnics that offer accounting in Nigeria
- Abdul-Gusau Polytechnic, Talata-Mafara, Zamfara State.
- Abia State Polytechnic, Aba, Abia State
- Abraham Adesanya Polytechnic, Ijebu-Igbo, Ogun State
- Abubakar Tatari Ali Polytechnic, Bauchi, Bauchi State
- Adamawa State Polytechnic, Yola, Adamawa State
- Akanu Ibiam Federal Polytechnic, Unwana, Afikpo, Ebonyi State
- Akwa Ibom State College of Arts and Science Nung, Ukim, Akwa Ibom State
- Akwa-Ibom State Polytechnic, Ikot-Osurua, Akwa Ibom State
- Allover Central Polytechnic, Ota, Ogun State
- Auchi Polytechnic, Auchi, Edo State
- Bayelsa State College of Arts and Science, Yenagoa, Bayelsa State
- Benue State Polytechnic, Ugbokolo, Benue State
- College of Administrative and Business Studies, Potiskum, Yobe State
- College of Technology, Iresi, Osun State
- Covenant Polytechnic, Aba, Abia State
- Crown Polytechnic, Odo Ado-Ekiti, Ekiti State
- S. Adegbenro ICT Polytechnic, Itori, Ogun State
- Delta State Polytechnic, Ogwashi-Uku, Delta State
- Delta State Polytechnic, Otefe, Delta State
- Delta State Polytechnic, Ozoro, Delta State
- Dorben Polytechnic, Bwari-Garam Road, Fct-Abuja
- Eastern Polytechnic, Port Harcourt, Rivers State
- Edo State Institute of Technology and Management, Edo State
- Federal Polytechnic Offa, Kwara State
- Federal Polytechnic, Bali, Adamawa State
- Federal Polytechnic, Bauchi, Bauchi State
- Federal Polytechnic, Bida, Niger State
- Federal Polytechnic, Damaturu, Yobe State
- Federal Polytechnic, Ede, Osun State
- Federal Polytechnic, Idah, Kogi State
- Federal Polytechnic, Kaura/Namoda, Kaduna State
- Federal Polytechnic, Mubi, Adamawa State
- Federal Polytechnic, Nasarawa State
- Federal Polytechnic, Nekede, Imo State
- Federal Polytechnic, Oko, Anambra State
- Federal Polytechnic,Ilaro, Ogun State
- Federal Polytechnic, Ado-Ekiti, Ekiti State
- Federal Polytechnic, Ukana, Abia State
- Fidei Polytechnic, Gboko, Benue State
- Gateway ICT Polytechnic, Saapade, Ogun State
- Grace Polytechnic, Lagos State
- Hassan Usman Katsina Polytechnic, Katsina State
- Heritage Polytechnic, Ikot Udota, Akwa Ibom State
- Hussaini Adamu Federal Polytechnic, Kazaure, Jigawa State
- Igbajo Polytechnic, Osun State
- Igbo-Owu Polytechnic, Kwara State
- Imo State Polytechnic, Umuagwo, Owerri, Imo State
- Institute of Management And Technology, Enugu State
- Interlink Polytechnic, Ijebu-Jesa, Osun State
- Jigawa State Polytechnic, Dutse, Jigawa State
- Kaduna Polytechnic, Kaduna, Kaduna State
- Kalac Christal Polytechnic, Lekki, Lagos State
- Kano State Polytechnic, Kano State
- Kings Polytechnic, Ubiaja, Edo State
- Kogi State Polytechnic, Lokoja, Kogi State
- Kwara State Polytechnic, Ilorin, Kwara State
- Lagos City Polytechnic, Ikeja, Lagos State
- Lagos State Polytechnic, Ikorodu, Lagos State
- Light House Polytechnic, Eubuobanosa, Edo State
- Mai Idris Alooma Polytechnic, Geidam, Yobe State
- Moshood Abiola Polytechnic, Abeokuta, Ogun State
- Nacabs Polytechnic, Akwanga, Nasarawa State
- Nasarawa State Polytechnic, Lafia, Nasarawa State
- Niger State Polytechnic, Zungeru, Niger State
- Nogak Polytechnic, Mile 2 Road, Ikom, Cross River State
- Nuhu Bamalli Polytechnic, Zaria, Kaduna State
- Ogun State Institute of Technology, Igbesa, Ogun State
- Our Saviour Institute Of Science and Technology (Poly) Enugu, Enugu State
- Plateau State Polytechnic, Barkin-Ladi, Plateau State
- Ramat Polytechnic, Maiduguri, Borno State
- Rivers State College of Arts and Science, Port Harcourt, Rivers State
- Rivers State Poly, Bori, Rivers State
- Ronik Polytechnic, Ikeja, Lagos State
- Rufus Giwa Polytechnic, Owo, Ondo State
- Temple-Gate Polytechnic, Osisioma, Abia State
- Oke-Ogun Polytechnic, Saki, Oyo State
- The Polytechnic, Ile-Ife, Osun State
- Uyo City Polytechnic, Uyo (Uyo-Citypoly) , Uyo, Akwa-Ibom State
- Valley View Polytechnic, Ohafia, Abia State
- Waziri Umaru Federal Polytechnic Birnin Kebbi, Kebbi State
- Wolex Polytechnic, Ikeja, Lagos State
- Yaba College of Technology, Yaba, Lagos State