Cost compared for ICAN and ACCA

Do you wish to write ICAN or ACCA? Probably you wanted to write ICAN first before ACCA and vice versa. If you have a Bachelor of Science degree in Accounting, then this article is for you. We have compiled the cost of writing both exams in different scenarios and some advice that will help you. However, note that we will not be responsible for the decision you make.

Writing an ICAN exam

To begin with, let's assume that you are interested in being a chartered accountant and you intend to write only the ICAN exam. We have a couple of articles that can help you go about it from registration to examination. But below is the summary of what you will spend. This doesn't include tuition fees from ICAN recognized tuition centers. The total sum you will spend is 385,600 Naira. Remember that this doesn't include when the individual fails at least one paper during the examinations.

Writing ACCA after ICAN

Now assuming that you have completed the ICAN exam and you intend to proceed to ACCA, then you may incur a minimum of the following costs in the screenshot below. Note that fluctuation in the exchange rate for Great British Pounds and Naira may affect the amount. We use 1713 Naira per GBP as the exchange rate when computing it. This gives a total of 1,420,077 in Naira. And when added to the cost of ICAN, it will be 1,805,677 Naira.

Writing ACCA before ICAN

You may decide to write the ACCA exam before pushing to the ICAN exam. This is also fine and you may save more money due to exchange rate fluctuation. Below is the cost at 1,713 Naira exchange rate per GBP as of 29th of January, 2024. This gives a sum of 1,551,978 Naira.

Writing ICAN exams after ACCA

If after completion of the ACCA exams, you intend to write ICAN exams, then you are likely to spend 419,900 Naira. The total cost for this decision might start from 1,971,878 Naira. 

What should be your choice?

Will you write ICAN before ACCA or write? ACCA before ICAN. That's a personal choice. Examining the likely cost above shows that you will spend more writing ACCA before ICAN. However, the benefit of writing ACCA before the ACA is the exchange rate. If you write ACCA first you may avoid the impact of the exchange rate on the future, then when you write ICAN exam first. 

We also advise that you should visit a tuition center that trains accountants on both examinations for more information. Of course, the rate used is based on the floating rate. However, ACCA likely uses the CBN exchange rate for its payment.