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

12TH NOVEMBER, 2007

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

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 Pass Mark Credit System The examinations are normally held twice each year in May and November. The pass mark of the Institutes examination is 50% 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 He holds at least a BSc or HND A person is qualified for registration into student membership if:

 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) Professional Examination 2 (PE 2) Professional Examination 3 (PE 3) CIS Level 1 Level 2 Level 3

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 Foundation ICAN PAPERS 1)Fundamentals Financial Accounting 2)Quantitative Analysis 3)Economics LINKAGES WITH POLYTECNIC COURSES ofND I Principle of Accounting & ND II Financial Accounting ND I Business Mathematics, ND II Statistics & HND I Quantitative Techniques ND I Economics & ND II Business Finance

Intermediate

1) Cost Accounting

ND II Costing & HND I Advanced Costing

2) General Principles ofND I Law Law 3)Principles & Practice ofND II Auditing & HND II Auditing and Auditing 4) Management PE 1 Investigation (Auditing aspect only) ND I Management & HND I Small Business

Management 1)Financial Accounting I HND I Advanced Financial Accounting, HND II Advanced Financial Accounting (2nd Semester) & ND II Financial Accounting 2)Taxation 3)Management Information System 4)Business Law ND II Taxation & HND II Taxation HND I Management Info. System & ND II Computer Literacy HND I Bankruptcy (Legal aspect) ND II Company Law, ND Insurance (Legal aspect) & ND II Fin. Acct (Partner. Law)

STAGES ICAN PAPERS PE 2 LINKAGES WITH THE POLYTECHIC COURSES 1)Financial Accounting II HND II Adv. Financial Acct., HND I Adv. Financial Acct. & HND I Bankruptcy 2)Management Accounting Finance 4)Business Communication PE III (Accounts) HND II Mgt Accounting & HND I Advanced Costing Finance HND I Research Methodology, HND I &Business Comm. & HND I Quantitative

3)Public Sector Acct. &HND II Public Sector Acct. & HND I Public

Research Methodology Techniques 1) Financial Reporting &HND II Adv. Fin. Acct., HND I Adv. Fin. Audit Practice Acct. & HND II Auditing & Investigation 6

2)

Strategic

FinancialHND II Financial Mgt & ND II Business Finance

Management Fiscal Policy

3) Tax Management &HND II Taxation & HND I Public Finance

4) Multidisciplinary CaseLinked to all HND & ND Courses. Study

CIS STAGE Level 1 CIS PAPERS 1)Accounting Framework LINKAGES WITH POLYTECHNIC COURSES ND I Principles of Accounting & ND II Financial Accounting

2)Global Economics &ND II Economics (2nd Semester), HND I Public Financial System 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 5)Information Technology Level 2 1)Corporate Finance 2)Executorship, Law and Accounts HND II Financial Mgt. and ND II Business Finance TrustHND I Executorship, Trusteeship and Bankruptcy Law). HND I MIS and ND II Computer Literacy

3)Financial Statements &HND II Adv. Financial Acct. & HND I Adv. Analysis 4)Stretegic Mgt Business Policy Financial Acct. &ND I Management, HND I Small Business Mgt, HND I Entrepreneur Devt. & HND II Mgt Acct

STAGE Level 3

CIS PAPERS 1)Securities

LINKAGES

WITH

POLYTECHNIC

COURSES HND II Financial Management

Analysis & Portfolio Mgt 2)Financial FuturesHND II Financial Management and Options 3)Marketing Financial Services 4)Regulations Practice broking of ofHND II Financial Mgt., ND Banking ND I Management (Marketing aspect)

andHND II Financial Management, ND I Law & StockND II Company Law.

CAREER OPPORTUNITIES Chartered Accountants Statutory Auditors Tax Consultants/Practitioners Liquidators Financial Analysts/Consultants Investment Advisers Organisations Accountants/Internal Auditors Lecturers 8

 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 a STOCKBROKER with CIS.

REFERENCES NBTE (1991), Higher National Diploma in Accountancy, Banking & Finance Curricula and Course Specifications, Kaduna-Nigeria: National Board for Technical Education

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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