Becoming Chartered Accountants 2

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BECOMING CHARTERED ACCOUNTANTS /

STOCKBROKERS IN THE 21ST CENTURY

BY

DAGWOM Y. DANG, ACA

INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

(ICAN), JOS DISTRICT SOCIETY

AT

NATIONAL ASSOCIATION OF POLYTECHNIC ACCOUNTANCY

STUDENTS (NAPAS)

MAGAZINE LAUNCHING

PLATEAU STATE POLYTECHNIC, JOS CAMPUS

12THNOVEMBER, 2007

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INTRODUCTION

A person becomes a Chartered Accountant and/or Stockbroker through the Institute of

Chartered Accountants of Nigeria (ICAN) and/or Chartered Institute of Stockbrokers (CIS)

respectively.

ICAN was created by an Act of Parliament No. 15 which came into force on September 1,

1965. Presently, the Institute has over 20,000 Chartered Accountants and over 100,000

students on its register.

CIS was established by Decree 105 of 1992 and presently has about 1,400 members in its

Graduate, Associate and Fellowship membership, and has about 5,200 student members.

The current trend of planning is strategic (i.e. long-term) and students are not left out in

making such plans for their self development. Therefore, the focus of this paper is to enable

students of Accounting & Finance department have their long-term plans about their self

career development.

WHO IS A CHARTERED ACCOUNTANT/ STOCKBROKER

A person is enrolled as a Chartered Accountant if he passes the qualifying

examinations for membership conducted by ICAN and completes a prescribed

practical training of not less than 24 months.

A person is qualified as a Stockbroker if he passes the qualifying examination for

membership conducted by CIS.

REQUIREMENTS OF ICAN/CIS EXAMINATIONS

ICAN Examinations

Examination Entry

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No person may enter for any of the Institutes examinations unless he has been registered

as a student of the Institute and has paid the required annual subscription and examination

entry fees in force at the date of entry.

Studentship Registration

A person must hold a minimum of degree of any University or Higher

National Diploma (HND) of any Polytechnic before registering as a student

with the Institute.

A person can have any other qualification to be approved by the Institute for

entry requirements, such as the final examinations of CIBN, CIS, CITN,

ANAN, ATS, etc.

Period of Examinations

The examinations are normally held twice each year in May and November.

Pass Mark

The pass mark of the Institutes examination is 50%

Credit System

A candidate would be credited with at least two subjects passed at a sitting, and is expected

to complete all parts of the Institutes examination within a period of ten years from the

date of registration as student.

Examination Question Pattern

The questions comprise of multiple choice, short-answer questions and essay questions that

may include simple case questions.

CIS Examinations

Examination Entry

A person is qualified to write the Institutes examinations only if he has registered as a

student and he has paid annual subscription up to date and examination entry fees in force.

Studentship Registration

A person is qualified for registration into student membership if:

He holds at least a BSc or HND

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He holds other professional qualifications as approved by the Institute, such

as the final examinations of ICAN, CIBN, CITN, etc.

Period of Examinations

The Institutes examinations are held twice each year in the last week of March and

September.

Pass Mark

Level 1 is 40%

Levels 2 & 3 is 50%

Reference System

A person is referred to at most two papers if he passes two papers and have at least F1 &

F2 in the two papers he failed. F3 in any paper would lead to writing all the papers in that

level again.

Examination Question Pattern

This comprises of multiple choice/short-answer questions and essay/analysis which

includes case study in some papers.

STAGES OF ICAN/CIS EXAMINATIONS

ICAN

Foundation

Intermediate

Professional Examination 1 (PE 1)



CIS

Level 1

Level 2

Level 3

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EXEMPTIONS THAT CAN BE ENJOYED

ICAN

Some exemptions are as follows:

HND/BSc Accounting/Accountancy (ICAN accredited institution)

exempted from all papers in Foundation, Intermediate & PE 1

HND/BSc Accounting/Accountancy (ICAN non-accredited institution),

ATS and ANAN exempted from all papers in Foundation & Intermediate.

CIS

Some exemptions are as follows:

HND/BSc Accounting/Accountancy exempted from three papers in Level

1 (Accounting framework, Quantitative analysis & Information

technology).

ACA (ICAN) exempted from all papers in Level 1

ICAN/CIS SYLLABUS STRUCTURE COMPARED WITH THE POLYTECNIC

SYLLABUS

ICAN

STAGE ICAN PAPERS LINKAGES WITH POLYTECNIC

COURSES

Foundation 1)Fundamentals of

Financial Accounting

ND I Principle of Accounting & ND II

Financial Accounting

2)Quantitative Analysis ND I Business Mathematics, ND II

Statistics & HND I Quantitative Techniques

3)Economics ND I Economics & ND II Business Finance

Intermediate 1) Cost Accounting ND II Costing & HND I Advanced Costing

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2) General Principles of

Law

ND I Law

3)Principles & Practice of

Auditing

ND II Auditing & HND II Auditing and

Investigation (Auditing aspect only)

4) Management ND I Management & HND I Small Business

Management

PE 1 1)Financial Accounting I HND I Advanced Financial Accounting,

HND II Advanced Financial Accounting (2nd

Semester) & ND II Financial Accounting

2)Taxation ND II Taxation & HND II Taxation

3)ManagementInformation System

HND I Management Info. System & ND IIComputer Literacy

STAGES

4)Business Law

ICAN PAPERS

HND I Bankruptcy (Legal aspect) ND II

Company Law, ND Insurance (Legal aspect)

& ND II Fin. Acct (Partner. Law)

LINKAGES WITH THE POLYTECHIC

COURSES

PE 2 1)Financial Accounting II HND II Adv. Financial Acct., HND I Adv.

Financial Acct. & HND I Bankruptcy

(Accounts)

2)Management

Accounting

HND II Mgt Accounting & HND I Advanced

Costing

3)Public Sector Acct. &

Finance

HND II Public Sector Acct. & HND I Public

Finance

4)Business

Communication &

Research Methodology

HND I Research Methodology, HND I

Business Comm. & HND I Quantitative

Techniques

PE III 1) Financial Reporting &

Audit Practice

HND II Adv. Fin. Acct., HND I Adv. Fin.

Acct. & HND II Auditing & Investigation

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2) Strategic Financial

Management

HND II Financial Mgt & ND II Business

Finance

3) Tax Management &

Fiscal Policy

HND II Taxation & HND I Public Finance

4) Multidisciplinary Case

Study

Linked to all HND & ND Courses.

CIS

STAGE CIS PAPERS LINKAGES WITH POLYTECHNIC

COURSES

Level 1 1)Accounting

Framework

ND I Principles of Accounting & ND II Financial

Accounting

2)Global Economics &

Financial System

ND II Economics (2nd Semester), HND I Public

Finance HND II Financial Mgt.

3)Quantitative Analysis HND I Quantitative Techniques, ND II Statistics &

ND I Bus. Maths

4)Legal Framework ND I Law, ND II Company Law, ND Insurance

(Legal Aspects) and ND II Fin. Acct (Partnership

Law).

5)Information

Technology

HND I MIS and ND II Computer Literacy

Level 2 1)Corporate Finance HND II Financial Mgt. and ND II BusinessFinance

2)Executorship, Trust

Law and Accounts

HND I Executorship, Trusteeship and Bankruptcy

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3)Financial Statements &

Analysis

HND II Adv. Financial Acct. & HND I Adv.

Financial Acct.

4)Stretegic Mgt &

Business Policy

ND I Management, HND I Small Business Mgt,

HND I Entrepreneur Devt. & HND II Mgt Acct

STAGE CIS PAPERS LINKAGES WITH POLYTECHNIC

COURSES

Level 3 1)Securities

Analysis & Portfolio

Mgt

HND II Financial Management

2)Financial Futures

and Options

HND II Financial Management

3)Marketing of

Financial Services

HND II Financial Mgt., ND Banking ND I

Management (Marketing aspect)

4)Regulations and

Practice of Stockbroking

HND II Financial Management, ND I Law &

ND II Company Law.

CAREER OPPORTUNITIES

Chartered Accountants

Statutory Auditors

Tax Consultants/Practitioners

Liquidators

Financial Analysts/Consultants

Investment Advisers

Organisations Accountants/Internal Auditors

Lecturers

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Other opportunities in the Financial Market

Stockbrokers

Dealing Clerks/Members of NSE

Investment Advisers

Financial Analysts/Consultants

Other opportunities in the Capital Market.

CONCLUSION

Students should embrace their various subjects and study them thoroughly as a means of

achieving their long-term plans in career development in accounting and finance. If you

can, be a CHARTERED ACCOUNTANT with ICAN, and if you have a stock of

knowledge in investments, be aSTOCKBROKER with CIS.

REFERENCES

NBTE (1991), Higher National Diploma in Accountancy, Banking & Finance

Curricula and Course Specifications, Kaduna-Nigeria: National Board for

Technical Education

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ICAN (2005), Syllabus for Entry to the Accountancy Profession and Regulations,

Lagos-Nigeria: Institute of Chartered Accountants of Nigeria

CIS (2005), Examination Regulations and Syllabus, Lagos-Nigeria: Chartered Institute

of Stockbrokers

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Becoming Chartered Accountants 2