The job market is very steep in Nigeria and if you are looking for career opportunities, Becoming a qualified accountant is a good way to start on your journey. In Edo state, there are a lot of available options to choose from if you want an education in Accounting - From Diplomas to Undergraduate and Graduate Degrees and also helping you towards being a Chartered Accountant - as this is the holy grail of the accounting world!
There is no best path to becoming an accountant - All available options are good and you just need to decide what option you want to take. The most important thing to note that whatever method you choose to get lessons on accounting, the basics of accounting will be covered - fundamentals like bookkeeping, financial management, cash flow statements, financial data, financial planning, financial records, theory and practice of accounting standards, business decisions and loads of other accounting principles.
The curriculum for accounting degrees, diplomas e.t.c. do not really differ irrespective of the institution or type of lesson/course. The real differences that exist are in currency types and conversions and the accreditations involved in various types of professional qualification, and like the aforementioned qualifications do matter a lot in the accounting world. Simply put your profile and the weight you carry as an accountant won't amount to much if you do not have accreditation from one of the professional accounting bodies.
Before we delve more into where to get lessons for accounting in Edo state, let's discuss more on the various available accounting professional bodies in Nigeria.
Why Bother To Train To Become An Accountant?
Money makes the world go round and Accountants deal with money. Accounting covers money in its varied forms from financial reports, financial information to corporate finance that deals with all forms of business taxation and business management issues. If you enjoy dabbling into financial-related things, then accounting is an excellent career path.
To emphasise the reasons why you should bother with formal accounting training, it is also quite simple dealing with money means you need to be financially sound to handle it, after all, handling people's money is not a joking matter but very serious business. People/companies also need to have a valid assurance that you are fir to handle their finances. This is the reason professional accounting bodies exist, they provide the guarantee and assurance needed to validate accountants and do so by ensuring a proper accreditation process exists. The long and short of it is that you need to be able to validate yourself to these bodies in other to have the prestigious profile needed as an accountant.
This is the reason why having lessons and proper training is almost non-negotiable on your journey to becoming an accountant. You have to show up and do the work required or you will not be able to pass muster. Find out more about learning the accounting profession in Nigeria.
Once you are done with studying, have attained the prestige of professional accounting accreditation, and have the letters after your name reflecting your hard-earned achievement, you will find that there are accounting career alternatives in abundance. Professional accountancy ranges from the role of auditing to financial analysis; ranges from managerial accounting to tax accounting. You will be able to rise fast in management roles, decide to take teaching roles, and have a choice of sectors to work in.
What's more, in the event that you decide to change careers and shift focus from accounting, you'll find you have quite a few transferable skills – logical and analytical skills, managerial skills, technical skills, and professional skills – which can easily help you land practically any position you need.
So even with all the difficulties that may be involved in getting accounting lessons and qualifications, an accounting career pays and is awesome over the long haul. It is also worthy of note that Accountants especially chartered accountants take home a tidy sum when it comes to financial compensation and that surely does not hurt at all.
Professional Accounting Qualifications In Nigeria
There three approved professional approved bodies according to Nigerian Law. They are
- The Association of National Accountants of Nigeria (ANAN)
- The Chartered Institute of Management Accountants (CIMA)
- The Institute of Chartered Accountants of Nigeria (ICAN)
Of these 3 bodies, the Institute of Chartered Accounts of Nigerian (ICAN) has the most clout and is the most widely accepted.
- ACCA (the Association of Chartered Certified Accountants) is the only other professional accounting body that compares to ICAN in terms of acceptance and recognition though has yet to be formally accredited by Nigerian Law. ACCA could in some cases to maybe even have more clout than ICAN as it is a global professional accounting body and is more recognised all over the world. An accountant looking at an international career path may more likely lean towards ACCA than ICAN and there are cases where accountants actually pursue membership for both professional bodies.
Other Accounting bodies of note in Nigeria include:
- Chartered Institute of Cost and Management Accountants - Nigeria (CICMA). The institute was established as the Association of Cost and Management Accountants in 2003 and has since changed its name a year later, in 2004, this was for the purpose of getting the enabling Act for the institute.
- The Institute of Certified Public Accountants of Nigeria (ICPAN). The institute was founded in May 1988 and became a corporate body on May 6th, 1996.
We will now take a brief look at what some of the professional accounting bodies in Nigeria entail
The Association of National Accountants of Nigeria (ANAN)
ANAN was founded on January 1st,1979, incorporated on September 28th, 1983, and was then chartered by Decree on August 25th, 1993.
ANAN is very specific in its requirements for membership as opposed to ICAN for which eligibility to become an inducted member is more open to those who can pass the examination and other criteria,
ANAN has a certified training arm - The Nigerian College of Accountancy; Aspiring ANAN members (students) will have to go through nine (9) months of training after which they must pass the professional exams, After this training, students are then mandated to participate in the accounting in training (AIT) program before gaining the eligibility to become an ANAN member inductee.
Aspiring members of ANAN must have an accounting degree with at least three years (36 months) of work experience. AspiringANAN members without accounting degrees will have to go through a Conversion program for nine (9) months after which they must write and pass eight courses.
It should also be noted that only some specific Undergraduate degree holders with course degrees known as 'allied' courses can be considered for the conversion course. The courses referred to as 'allied' courses are Business Administration, Banking and Finance, Economics, and Management. Any other degree holders outside and the allied courses cannot be qualified to become ANAN members.
The Chartered Institute of Management Accountants (CIMA) - Nigeria
Chartered Institute of Management Accountant - Nigeria is a chapter of the global CIMA institute and the largest body of professional accountants in the world. CIMA was established in the year 1919 in the United Kingdom and it is accepted and recognised in 176 countries.
CIMA's Nigerian chapter was formed in the year 1977, registered as a body in the year 1985, and then incorporated in the year 1989. The Nigerian Senate finally passed the bill seeking to establish CIMA on the 4th of November, 2010.
CIMA Nigeria has four levels of membership - Fellow, Associate, Graduate, and Licentiate. Each level of membership has its criteria. More details on CIMA can be gotten on their website.
The Institute of Chartered Accountants of Nigeria (ICAN)
ICAN is the most popular and recognised of the three Nigerian law-approved professional accounting bodies and also the first that was founded in Nigeria. ICAN was founded by the Act of Parliament on the 1st of September, 1965. The institute has a record of over 50,000 professional members and a great number of aspirant students on its Register as of the last known count on the 31st of May,2020.
The eligibility requirement to become a student of the ICAN institute is pretty straightforward - an applicant must have at a minimum, a university or polytechnic degree or their equivalent. To become eligible for induction as a member of the institute, students must pass the ICAN professional examination.
Potential inductees asides from passing the qualifying professional exams and their university or Polytechnic degrees must also have a minimum period of work experience; Aspiring inductees with accounting degrees must have work experience of at least 36 months (three years) while aspiring inductees of any other discipline (non-accounting degrees) must have work experience of at least 48 months (four years).
Options Available To Study Accounting In Edo state
Edo state has a lot of higher institutions to choose from, ranging from universities to polytechnics, from diplomas to Bachelors and Masters degrees, from Public to Private institutions, you get to pick the option best suited to you.
let's take a closer look at some of the top-rated institutions in the state
Get an Accounting Degree from the University of Benin
The University of Benin is a Federal Government University located in Benin city and perhaps the top most rated University in Edo state.
The accounting department in the Faculty of Management Sciences is accredited by ICAN and other Nigerian professional accounting bodies. The department offers Diploma, Bachelors's, Master's, and Doctorate degrees in accounting. Graduates of this department are awarded a Diploma, BSc., an MSc., or a PhD in accounting at the completion of their course study.
The duration of the degrees depends on the type and level of degree; a Diploma in accounting is for a duration of two (2) years, a BSc. in accounting is for a duration of three (3) to four (4) years, an Msc. in accounting is for a duration of two (2) years while a PhD. in accounting is gotten at your pace you complete your doctorate training and thesis.
Get an Accounting Degree from Ambrose Alli University
Located in Ekpoma, Ambrose Alli University is the state university established by the Edo state government. A degree from this state-owned university is considered prestigious and is highly rated.
The department of accounting in the Faculty of Management Sciences offers a Bachelor of Science (BSc.) in accounting which is obtainable within a duration of four (4) academic years and also accredited by the Nigerian professional accounting bodies.
Get an Accounting Degree from Igbinedion University
Igbinedion University located in Okada in Edo State is Nigeria's first privately owned university. The university's reputation is solid and has grown over the years since its establishment in 1990.
The university's College of Business and Management studies has an accounting department and from which students can obtain a Bachelor of Science (BSc.) in accounting within a duration of four (4) academic years. The accounting degree from this university has proper accreditation from Nigerian professional accounting bodies and all departments in the university also have full NUC (The National Universities Commission of Nigeria) accreditation.
Get a diploma in Accountancy from AuchiPoly
Auchi Polytechnic commonly referred to as AuchiPoly is one of the first four Federal government established Polytechnics in Nigeria. It is another prestigious institution in Edo State and is located in Auchi as the name describes.
The department of Accountancy in the School of Business Studies offers a National Diploma (ND) and Higher National Diploma (HND) in accountancy. Students can obtain National Diplomas and Higher National Diplomas within a duration of two (2) years each with a one-year compulsory industrial training attachment between ND and HND levels. The HND in Accountancy is also fully accredited by professional accounting bodies in Nigeria.
Other institutions in Edo state that also offer Accounting are listed below:
- Faculty of Social and Management Sciences at Benson Idahosa University, Benin city
- College of Management & Social Sciences at Samuel Adegboyega University, Ogwa
- College of Social and Management Science at Wellspring University, Evbuobanosa
- Faculty of Arts, Management and Social Sciences at Edo state University
- School of Business Studies at Edo State Institute Of Technology And Management, Usen
- School of Business and Management studies at Kings Polytechnic, Ubiaja
Utilise the Services of a Private Accounting Tutor on SuperProf Nigeria
Are you a university graduate getting ready for your professional accounting exams in accounting, You can choose to employ the services of an accounting tutor on Superprof Nigeria. You get a choice of teachers to choose from and you also get your first hour of lessons free on the house. You can get your online lesson with your webcam on for better interactions or you could decide on face-to-face lessons.
Getting the services of an accounting teacher is not limited to only students trying to study for their professional exams, you could also get the services of a tutor for your undergraduate accounting courses in accounting, you could also get the help of an accounting private tutor to help you study better. Whether you are a high school / secondary school student that is about to enter for your undergraduate degree, an undergraduate student currently studying accounting, the services of a private tutor cannot be underestimated.
The advantages Superprof gives you is the opportunity to choose from a wide range of teachers, you get the first hour of lesson free for your first lesson with a tutor and in our current digital age of webcams and online classes, you could actually opt to do your lessons online via webcam or still do the traditional face lessons and the best part of it is lessons will be tailor-made to suit your level, help build your low points and maximise your potentials.