ICAN and ACCA are proficient accountancy certificates.
ICAN vs ACCA – Which One Should I go For?
The distinction between these two proficient orders begins first with their country of origin. ICAN is Nigeria’s proficient accounting body and is well-known in the country and regions of West Africa.
While on the other hand, ACCA is a proficient accounting agency based in the UK and is well acknowledged around the world.
The question of which is better between ACCA and ICAN will be the topmost priority for our discussion today. This article will examine the reasons why one of these skilled accounting bodies is better than the other.
In the meantime, we would like you to have a brief overview of these two proficient accounting bodies.
The acronym ACCA stands for ‘Association of Chartered Certified Accountants. As mentioned earlier, it is a world-renowned accounting body based in London, United Kingdom.
It was created on November 30, 1904. ACCA has approximately 110 offices in 51 countries around the world, including China, India, and Pakistan. As well, the association has about 346 “approved learning partners” worldwide.
In the U.K. and elsewhere, before an accountant is designated as a chartered accountant, they have to be a member of ACCA.
Not only that, but most also comply with their additional regulations such as obtaining a practicing certificate, applying for liability insurance, and inspecting reports.
ICAN stands for ‘Institute of Chartered Accountants of Nigeria’.
It is one of the two proficient accountancy regulatory bodies with the largest authority in Nigeria. ICAN was set up on 1 September 1965 and is headquartered in Lagos, Nigeria.
The association consists of approximately 53,000 members.
ICAN aims to produce world-class accountants, regulate and improve accounting standards, and then have technical competency. Before a Nigerian accounting graduate is considered a Certified Chartered Accountant, he/she must be a member of ICAN.
Is ACCA Better than ICAN?
Oh yes, ACCA is better than ICAN and we will lay out enough reasons to support our claim. Let’s get on with the business of the day.
ACCA has a wide international recognition than ICAN. They have approximately 188,000 members in 178 countries all over the world, including Nigeria. Only but few countries aren’t aware of ACCA.
ICAN, however, is well known among Commonwealth countries.
If you want to work as an accountant outside of Nigeria and the African coasts, then ACCA will be the right one for you.
Easy to Scale Through
Unless you have not studied hard or maybe you’re from a poor education system, the ACCA examination is not as difficult as you think.
There are approximately 14 exams that will be lined up for you to complete with a proficient ethics module and three years of experience. It can be done within three years or 10 years, depending on the type of program.
Those who have attempted the ICAN can testify to how difficult the examination is. If you do not study well, you will continue to take the exam until you have enough.
Supplementary Credentials and Certificates
As you prepare to become a certified member of ACCA, you have the chance to receive additional qualifications. However, only successful individuals will be awarded the aforementioned qualifications and certificates.
Among these awards are a diploma in accounting and business, a strategic professional certificate, an advanced diploma in accounting and business, a diploma in financial and management accounting, a certificate of achievement, and so forth.
ICAN provides accountants with entrepreneurial skills and a solid foundation in areas like marketing, economics, and management information systems.
ACCA Exams are More Flexible than ICAN
In terms of flexibility and exam management, ACCA is more carefully weighed than ICAN.
Most ACCA examinations are computer-based. They are conducted at any of their authorized centers and fall under two categories. They include on-demand CBEs and session CBEs.
The ACCA Connect team will be on hand 24/7 to assist students with any problem.
In addition, students may have access to some educational resources such as the Student Accountant digital magazine, past exam materials, programs, and study guides; help with recording work experiences, and many more.
Availability of Learning Materials
It is easier to obtain ACCA study materials than ICAN. You can order a printed copy of the student text and receive it within a short period.
Along with that, ACCA has learning resources and free online courses such as open tuition, YouTube, and LSBF.
There is no cause for concern since these teachings are consistent with the syllables of the ACCA Exams is More Flexible than ICAN
Some of the ACCA study materials that are readily available include ACCA foundations, ACCA applied knowledge, ACCA applied skills, and ACCA strategic professionals.
The ACCA is Supported by the Majority of International Employers.
As mentioned earlier, ACCA has a broader international acceptance than ICAN. About 79 percent of top employers abroad prefer ACCA over all other chartered accounting certificates.
That’s because they believe ACCA has impacted their accountants with the necessary skills and capacities they can utilize and grow their businesses.
Where is ICAN Better than ACCA?
In terms of cost-effectiveness, ICAN is somewhat cheaper than ACCA.
The cost to write ICAN examinations before was around ₦150,000-₦200,000, whereas ACCA is much more than that. It’s probably a result of the exchange rate that puts Nigeria at a disadvantage.
However, if you want to acquire knowledge in proficient accounting, skills, and professionalism without a lot of stress, ACCA will be good for you.
One of the factors that make ACCA the most internationally acknowledged and accepted ICAN is its date of formation. ACCA is considerably older than ICAN.
Other factors are the combination of technical and management skills which tend to increase the career prospects of ACCA members.
For you to read up to this level, this means you have seen that ACCA is better than ICAN. The only drawback is that it is very costly, but if you can afford the exams, then it will be better.
You will have a lot of benefits to take advantage of. After all, you can’t tell where you will find yourself tomorrow.