ICAN or ACCA: Which Accounting Certification is Right for You?

Choosing a professional accounting qualification is an important career decision for accounting students, graduates and finance professionals in Nigeria. Two names that frequently come up are ICAN and ACCA.

Both qualifications can lead to professional careers in accounting, audit, taxation, financial reporting, management accounting, financial management and related areas. However, they are structured differently, have different entry routes and may fit different career plans.

ICAN, the Institute of Chartered Accountants of Nigeria, is Nigeria's professional accountancy body and awards the ACA designation to qualifying members. ACCA, the Association of Chartered Certified Accountants, is an international professional accountancy body with a qualification designed around a global finance and accounting career. Both have substantial professional and practical requirements.

So, the question is not simply, "Which one is better?" A more useful question is: Which qualification fits your education, career plans, preferred work environment and professional goals?

This guide compares ICAN and ACCA in terms of structure, entry requirements, examinations, exemptions, practical experience, career direction, international mobility and study considerations to help you make an informed decision.

Table of Content

What Is the Difference Between ICAN and ACCA?

How Is the ICAN Qualification Structured?

How is the ACCA Qualification Structured?

Who Can Register for ICAN?

Who Can Register for ACCA?

How Do ICAN and ACCA Exemptions Compare?

How Much Practical Experience Do ICAN and ACCA Require?

Which Qualification Is More Suitable for a Career in Nigeria?

Which Qualification May Suit Someone Planning an International Career?

Which One Should You Choose for Audit and Accounting Practice?

Which Qualification Is Better for Finance and Corporate Careers?

What About the Cost of ICAN and ACCA?

How Difficult Are ICAN and ACCA?

Can You Study ICAN or ACCA While Working?

What Should You Consider Before Choosing ICAN or ACCA?

Can You Have Both ICAN and ACCA?

How Can ExamGuide Help With ICAN Examination Preparation?

ICAN or ACCA: Which One Is Right for You?

Conclusion

Frequently Asked Questions About ICAN and ACCA

What Is the Difference Between ICAN and ACCA?

ICAN and ACCA are both professional accounting qualifications, but they are administered by different professional bodies and have different qualification structures.

ICAN is particularly relevant to candidates building their accounting careers in Nigeria. Its current professional qualification is divided into Foundation, Skills and Professional levels, comprising 15 subjects. The Professional level places greater emphasis on professional judgement, evaluation and complex business situations.

ACCA's current qualification consists of Applied Knowledge, Applied Skills and Strategic Professional examinations, alongside an Ethics and Professional Skills module and a Practical Experience Requirement. At the Strategic Professional level, candidates complete two essential examinations and choose two options from four.

Both qualifications therefore go beyond simply passing accounting examinations. They combine technical knowledge with professional development and practical experience.

How Is the ICAN Qualification Structured?

The current ICAN professional syllabus contains 15 subjects divided into three levels.

The Foundation level establishes the basic knowledge needed for more advanced accounting study. It covers areas such as financial accounting, management accounting, business environment and corporate and business law.

The Skills level develops the candidate's ability to apply accounting and finance knowledge to business situations. Subjects include financial reporting, taxation, performance management, audit, assurance and forensics, public sector accounting and finance, and financial management.

The Professional level focuses on more complex professional judgement and business situations. It includes strategic business reporting, advanced taxation, strategic financial management, advanced audit, assurance and forensics, and a case study.

The current examination structure also includes scenario based and open ended questions at the Skills and Professional levels, making application of knowledge an important part of preparation.

If ICAN is the qualification you are considering, practising actual ICAN style questions can help you become familiar with its examination demands.
Explore ICAN Professional practice on ExamGuide

How is the ACCA Qualification Structured?

ACCA has three main examination stages.

The first is Applied Knowledge, comprising Business and Technology, Management Accounting and Financial Accounting.

The second is Applied Skills, which includes Corporate and Business Law, Performance Management, Taxation, Financial Reporting, Audit and Assurance, and Financial Management.

The final stage is Strategic Professional. Candidates complete Strategic Business Reporting and Strategic Business Leader, then choose two options from Advanced Financial Management, Advanced Performance Management, Advanced Taxation and Advanced Audit and Assurance.

However, passing the examinations alone does not make someone an ACCA member. Candidates must also complete the Ethics and Professional Skills module and satisfy the Practical Experience Requirement, which currently requires at least 36 months of relevant experience and nine performance objectives.

This means that both ICAN and ACCA expect candidates to connect their academic knowledge with real professional experience.

Who Can Register for ICAN?

ICAN provides several entry routes. For the professional examinations, applicants generally need a university degree or equivalent qualification. ICAN states that recognised university degrees and Higher National Diplomas are accepted, alongside certain other approved qualifications and routes such as AATWA. 

This can be relevant to Nigerian graduates from accounting and other disciplines.

For example, a graduate with a BSc in Accounting may enter the professional route and potentially qualify for exemptions depending on the institution attended and the qualification held. A graduate from another discipline may also be eligible, subject to ICAN's current requirements. 

Candidates should therefore check their exact qualification against ICAN's current registration and exemption rules rather than assuming that every degree receives the same exemptions.

Who Can Register for ACCA?

ACCA has a broader range of entry routes, including routes designed for candidates who do not initially have the academic qualifications required to enter the professional level directly.

For graduates and accounting students, previous academic study can also affect where they begin because ACCA offers exemptions based on relevant qualifications.

ACCA states that exemptions may be available from the Applied Knowledge and Applied Skills examinations, but there are no exemptions from the Strategic Professional examinations. Work experience does not provide exemptions from the ACCA Qualification examinations.

This means two accounting graduates could begin ACCA at different points depending on their previous qualifications and the exemptions they are entitled to receive.

How Do ICAN and ACCA Exemptions Compare?

Exemptions can significantly affect the time and number of examinations required, so this is an important factor when comparing ICAN and ACCA.

ICAN has its own exemption framework based on qualifications and professional backgrounds. For example, its published exemption information shows different exemptions for accounting degrees from ICAN accredited institutions, accounting degrees from other recognised institutions and other professional qualifications.

ACCA similarly assesses previous qualifications and can award exemptions from relevant Applied Knowledge and Applied Skills examinations. However, Strategic Professional examinations must still be completed.

Consider a simple example. If you have recently completed an accounting degree that qualifies you for several exemptions, starting a professional qualification may look very different from the route taken by someone entering with little previous accounting education.

Before choosing either route, check your personal exemption status rather than comparing the full examination structures alone.

How Much Practical Experience Do ICAN and ACCA Require?

Professional accounting qualifications are not based entirely on examinations.

For ICAN, candidates pursuing the ACA qualification must complete at least 36 months of practical work experience. Under the current syllabus, this experience is gained through a training agreement with an authorised training employer, with specific rules governing how prior experience can be recognised.

ACCA also requires a minimum of 36 months of relevant practical experience, together with nine performance objectives, before a candidate can qualify for membership. The experience can be gained before, during or after completing the examinations, provided the relevant requirements are satisfied.

Therefore, if you are deciding between ICAN and ACCA, you should not ask only, "Which exams can I pass?" You should also ask, "Where can I gain the practical experience required by this qualification?"

Which Qualification Is More Suitable for a Career in Nigeria?

If your immediate career plans are strongly centred on Nigeria, ICAN may be particularly relevant to your professional planning because it is Nigeria's national professional accountancy body and its qualification is closely connected to the Nigerian accounting and regulatory environment.

ICAN's syllabus includes areas such as Nigerian public sector accounting and taxation, while its professional framework also connects with accountancy practice and regulation in Nigeria. ICAN members who wish to establish public practice must also obtain the appropriate licence to practise.

This can matter to someone whose long term ambition involves accounting practice, audit or professional services within Nigeria.

However, that does not mean ACCA cannot support a career in Nigeria. ACCA has a Nigerian presence and is recognised by employers in many markets. The appropriate choice depends on the specific employer, role and career path you are targeting.

Which Qualification May Suit Someone Planning an International Career?

ACCA is designed as an international professional accountancy qualification, and ACCA describes its qualification as globally recognised, with recognition and employer relationships across different markets.

This can make ACCA particularly relevant to someone who is considering working across different countries, pursuing employment with multinational organisations or building a career where an international professional qualification is useful.

However, international recognition does not automatically mean that ACCA gives you permission to practise accountancy or perform regulated activities in every country. Professional and statutory requirements differ between jurisdictions.

For example, additional practising certificates, audit qualifications or local regulatory requirements may apply depending on the country and type of work you intend to perform.

Therefore, if your goal is to relocate, research the specific country's professional and regulatory requirements before making your decision.

Which One Should You Choose for Audit and Accounting Practice?

If your long term goal is audit or public accounting practice, you should look beyond the qualification name and investigate the specific practice requirements in the jurisdiction where you intend to work.

ICAN's Nigerian framework requires practical experience and regulates the conditions under which members can establish public practice.

ACCA also has additional requirements for members who want to undertake regulated audit or public practice activities in jurisdictions where such authorisation is required. For example, ACCA's practising certificate and audit requirements vary by jurisdiction.

A student who wants to become an auditor should therefore research not only the examinations but also the practical experience and licensing requirements attached to audit practice in the country where they intend to work.

Which Qualification Is Better for Finance and Corporate Careers?

Both qualifications can support careers beyond traditional bookkeeping.

A professionally qualified accountant can work in areas such as financial reporting, internal audit, management accounting, financial analysis, taxation, risk, compliance, finance management and advisory services.

ACCA's Strategic Professional structure, for example, allows candidates to choose options that align with different interests, including advanced financial management, taxation, performance management and audit.

ICAN's current syllabus similarly covers financial management, taxation, audit, assurance, public finance, strategic reporting and business case analysis.

Therefore, someone interested in becoming a finance manager does not necessarily need to make the decision based only on whether they want to become an auditor. Your intended role matters.

What About the Cost of ICAN and ACCA?

Cost is another important consideration, especially for students and early career professionals.

You should consider more than examination fees. Your total cost may include registration, annual subscriptions, examination fees, exemption fees where applicable, study materials, tuition, transport and other preparation expenses.

The exact fees can change, so it is better to check the current fee schedules from ICAN and ACCA before budgeting.

You should also consider how many examinations you are likely to sit after exemptions. A qualification that appears cheaper when looking at one fee may have a different overall cost once the full study journey is considered.

For a working professional, the cost of taking time away from work may also matter.

How Difficult Are ICAN and ACCA?

Both are professional qualifications that require serious preparation. It is not particularly useful to label one as simply "harder" because difficulty depends on your academic background, preparation, study habits, subject combination and experience.

For example, an accounting graduate who is already comfortable with financial reporting may find some subjects easier than a candidate from a non accounting background.

The examination style also matters. ICAN's current Skills and Professional examinations include scenario based questions and longer responses, while ACCA uses different assessment formats across its qualification levels.

The better approach is to understand the assessment style of the qualification you choose and prepare accordingly.

Consistent practice can help you identify difficult topics before examination day.
Practise ICAN questions by subject and topic on ExamGuide

Can You Study ICAN or ACCA While Working?

Yes, both qualification routes can be combined with employment, and practical experience is actually an important component of both.

Working while studying can allow you to gain relevant experience while progressing through your examinations. However, it requires careful planning.

For example, someone working in an audit firm may be able to connect their daily work with subjects such as audit, financial reporting and taxation. Someone working in a corporate finance department may find financial management and management accounting more directly connected to their role.

The key is to create a realistic study schedule around your work responsibilities rather than assuming that you can study exactly like a full time student.

What Should You Consider Before Choosing ICAN or ACCA?

Before registering, consider your decision from several angles.

First, consider where you want to work. If your career is primarily focused on Nigeria, understand how ICAN fits into the Nigerian professional environment. If you have strong plans for an international career, research ACCA's recognition in the specific countries and industries you are targeting.

Second, consider your intended career role. Audit, taxation, financial reporting, management accounting, financial management and advisory careers can have different requirements.

Third, examine your existing qualifications. Your degree or professional qualifications may affect your exemptions and therefore the number of examinations you need to complete.

Fourth, consider your practical experience opportunities. A qualification is easier to plan when you know where you can obtain the relevant experience.

Finally, consider your study style and resources. Professional examinations require consistent practice, revision and the ability to apply concepts to examination questions.

Once you know the qualification you are pursuing, structured question practice can make your preparation more targeted.
Access ExamGuide's ICAN Professional exam practice resources

Can You Have Both ICAN and ACCA?

It is possible for accounting professionals to pursue more than one professional qualification, but whether doing so makes sense depends on the person's career objectives, time, cost and professional requirements.

Some professionals may choose to build their initial career around one qualification and later pursue another because their career has changed or because an additional qualification is relevant to a particular market.

However, you should not assume that holding two qualifications automatically produces better career outcomes. Consider what the additional qualification would actually add to your intended career.

For example, if your main goal is to build a Nigerian accounting practice, investigate whether the second qualification provides a practical advantage for that goal. If you plan to move between countries, investigate whether the additional qualification helps with recognition or local requirements in your intended destination.

How Can ExamGuide Help With ICAN Examination Preparation?

Professional accounting examinations require more than reading textbooks. Candidates need to practise applying concepts under examination conditions.

ExamGuide provides ICAN examination practice resources, including past questions, syllabus based model questions, answers and explanations. Its ICAN Professional resource also allows candidates to practise by topic and review performance.

This can be useful when preparing for a subject such as financial reporting or taxation. Instead of spending every study session reading theory, you can study a topic and then immediately test whether you can apply what you have learnt.

For example, after studying a financial reporting topic, you can practise relevant questions, identify the areas where you made mistakes and return to those areas for further revision.

Use repeated practice to turn what you have studied into examination readiness.
Start ICAN exam practice with ExamGuide

ICAN or ACCA: Which One Is Right for You?

There is no single answer that applies to every accounting student or professional.

A Nigerian accounting graduate who plans to build a long term career within Nigeria may place significant weight on ICAN's Nigerian professional and regulatory context.

A finance professional who is considering international career opportunities may place greater importance on ACCA's international orientation and recognition.

A career changer may focus first on entry requirements and exemptions, while an experienced accountant may be more interested in how each qualification fits into an existing career.

Consider this example. Chinedu, a Nigerian accounting graduate who wants to build a career in audit and professional practice in Nigeria, may investigate ICAN's qualification structure, practical experience requirements and Nigerian practice framework in detail.

Now consider Sarah, who works in a multinational company and hopes to build a career that may take her across different countries. She may place greater emphasis on ACCA's international structure, employer recognition and the requirements of the countries where she hopes to work.

Neither example produces a universal answer. The appropriate choice depends on the individual's circumstances.

Conclusion

The ICAN versus ACCA decision should be based on your career direction rather than popularity or what other accounting students are doing.

ICAN provides a structured Nigerian professional accountancy route with Foundation, Skills and Professional levels, a 36 month practical experience requirement and a qualification designed around professional competence and judgement.

ACCA combines Applied Knowledge, Applied Skills and Strategic Professional examinations with an Ethics and Professional Skills module and at least 36 months of relevant practical experience. Its qualification also has an international orientation and recognition across different markets.

Before registering, compare the entry requirements, exemptions, examination structure, costs, practical experience opportunities and professional requirements associated with the career you want.

Most importantly, think beyond the qualification itself. Ask where you want to work, what kind of accountant or finance professional you want to become, whether you want to practise, whether you may relocate and what professional requirements apply to your intended role.

Once you have made that decision, commit to preparing properly. Professional accounting examinations reward consistency, understanding and repeated application of knowledge, not last minute reading.

Frequently Asked Questions About ICAN and ACCA

1. Is ICAN better than ACCA?

Neither qualification is universally better. The more appropriate option depends on your career goals, location, intended role, existing qualifications, exemptions and professional plans.

2. Is ACCA recognised in Nigeria?

ACCA operates in Nigeria and has international employer recognition. However, recognition of a professional qualification is different from permission to perform regulated activities, so candidates should check the specific requirements attached to their intended role in Nigeria.

3. Is ICAN recognised internationally?

ICAN is a professional accountancy body in Nigeria and is a founding member of IFAC. Its qualification can be relevant internationally, but candidates planning to work abroad should check the recognition, conversion and local regulatory requirements in their destination country.

4. How long does it take to complete ICAN?

The duration varies according to your entry route, exemptions, examination progress and practical experience. ICAN currently requires at least 36 months of practical work experience for the ACA qualification.

5. How long does it take to complete ACCA?

The duration depends on your existing qualifications, exemptions, examination progress and practical experience. ACCA states that students can potentially qualify in about three or four years when working and studying at the same time, although individual timelines vary.

6. Can I get exemptions in ICAN?

Yes. ICAN provides exemptions based on certain academic and professional qualifications. The exemptions available depend on the specific qualification you hold and the applicable ICAN rules.

7. Can I get exemptions in ACCA?

Yes. ACCA can award exemptions from Applied Knowledge and Applied Skills examinations based on relevant previous qualifications. No exemptions are awarded from Strategic Professional examinations.

8. Do I need work experience for ICAN and ACCA?

Yes. ICAN currently requires at least 36 months of practical work experience for the ACA qualification. ACCA requires at least 36 months of relevant practical experience together with nine performance objectives for membership.

9. Can I study ICAN while working?

Yes. Many candidates combine professional accounting studies with employment. In fact, gaining relevant work experience while studying can help you connect theoretical knowledge with practical accounting work.

10. Where can I practise ICAN examination questions?

ExamGuide provides ICAN examination preparation resources containing past questions, syllabus based model questions, answers and detailed explanations. Candidates can also practise by topic and use performance information to identify areas requiring more attention.