Becoming A Successful Chartered Accountant

It is no longer enough to just obtain a degree for most course of study, one has to get professional certification to be successful in any chosen career and to be able to climb the ladder of growth.

This is also applicable in the field of accounting where professional qualification has now become paramount for practicing. 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.

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.

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.

To become a successful chartered accountant in Nigeria, you need to follow a specific path and meet certain requirements.

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Criteria

First, you would need to obtain a Bachelor’s Degree in accounting or a related field. Make sure the institution is recognised by the Institute of Chartered Accountants of Nigeria (ICAN) or the Association of Chartered Certified Accountants (ACCA).

Having achieved this, you will need to register with a professional accounting body in Nigeria. There are two professional accounting bodies namely; ICAN and ACCA. Both professional bodies have different levels of examinations that you need to pass.

Begin with the foundation level and progress through intermediate and professional levels. Prepare thoroughly for each exam by studying the syllabus, attending preparatory classes, and practicing past questions.

While studying for your professional exams, try to secure practical work experience in accounting or finance-related roles. This experience will help you understand the practical aspects of accounting and provide a foundation for your future career.

After passing the professional examinations, you will need to complete a mandatory professional training programme. ICAN offers the ICAN-ATS (Accounting Technicians Scheme) and the ICAN-ITP (Information Technology Professionals Scheme) programmes, while ACCA has its own practical experience requirement. Follow the guidelines provided by your chosen accounting body.

To practice as a chartered accountant in Nigeria, you must obtain a practicing license from ICAN. This license allows you to provide accounting and auditing services to the public. As a chartered accountant, it’s essential to keep up with the latest developments in the accounting profession. Engage in continuous professional development (CPD) activities, such as attending seminars, workshops, and conferences, to enhance your knowledge and skills.

Networking is crucial for success in any field. Attend accounting-related events, join professional organizations, and connect with fellow accountants and professionals in the finance industry. Building a strong network can provide opportunities for career growth and development.

Consider specialising in a specific area of accounting, such as tax, audit, forensic accounting, or financial management. This specialization can open up new career paths and make you more marketable.

Uphold high ethical standards and integrity in your work. Adhere to the code of conduct set by your accounting body and maintain confidentiality, objectivity, and professional competence. By following these steps and consistently working on your professional development, you can increase your chances of becoming a successful chartered accountant in Nigeria.