Are you a High school/Secondary school student thinking about future career prospects or you want to change career paths, or are you a business owner looking to own your financial management? Then, learning a course in accounting will serve you well.
A qualification in accounting not only opens you to new career prospects but it helps you gain a strong knowledge of financial analysis and financial planning which are necessary if you plan to pursue managerial roles and even help you in the proper management of your business.
Whatever route you decide to use to obtain an accounting qualification, University, Polytechnic degree, or management schools, what is most important to note is all accounting-based curriculum will teach you the principles of accounting and there is really no best option, the choice of education and mode of learning solely rests on the student and opportunities presented.
Before we go into the business of where in Osun State to study accounting, let's a look at professional accounting bodies and the advantages they present.
Why Should You Take Courses in Accounting
There are many reasons to consider taking accounting courses. Accounting is a profession that deals with finance and money and these are very important factors in any organisation or business, In fact, simply put without money, the world will standstill.
Accounting gives you the opportunities to work across any type of industry or sector, it does not limit you to only private organisations but affords you the option to work in public and civil sectors. The truth is that every company, organisation, or body needs some level of money and financial management and at least basic bookkeeping, this makes the accounting profession very lucrative.
Even as a business owner, especially as a start-up where you have limited staff, a basic understanding of principles of accounting and financial management, financial analysis, and financial recording is needed; for tax calculations in your business, balancing your income, profit, and loss, etc.
Let's not forget the big four, a nickname used to describe the four largest professional services and consultancy network organisations in the world - Deloitte, Ernst & Young, Price waters copper and KPMG. The opportunity to work in any of the big 4 is a dream come true for a lot of people, but then you need to know your onions as an accountant to be able to work in any of these companies.
After everything is said and done the thing about accounting is quite simple. Whether you are a public accountant in civil service or a management accountant, nobody is going to trust you to look at their accounts – their financial records and financial data – unless they can prove your ability to handle it responsibly. Due to this glaring fact, Having a well-respected and recognised accounting qualification is the only way for you to prove your worth.
Most importantly, at the top of the accountancy food chain are the chartered accountants, members, or fellows of prestigious professional accounting bodies and institutions and worth knowing is the fact that the path to becoming a chartered accountant takes serious dedication and lots of courses too.
Professional Accounting Bodies and Qualifications in Nigeria
To become a chartered accountant anywhere in the world, one needs to go through the process of being a member of a professional accountant body. In Nigeria, we have a couple of professional accounting organisations that provide membership to qualified people seeking to become chartered and ascend to the next next level of their accounting and finance careers.
Professional accounting bodies in Nigeria include:
- The Institute of Chartered Accountants of Nigeria (ICAN)
- The Association of Chartered Certified Accountants (ACCA)
- The Association of National Accountants of Nigeria (ANAN)
- The Chartered Institute of Management Accountants (CIMA)
- The Institute of Certified Public Accountants of Nigeria (ICPAN)
- Chartered Institute of Cost and Management Accountants - Nigeria (CICMA)
The most widely accepted and known bodies are ICAN and ACCA. Obtaining membership to any of these two professional accounting bodies asides from giving you the accreditation of a chartered accountant, will most likely help fast track the starting of your professional career and open a lot of opportunities to you in the world of professional accounting. This is not to say accreditation from any of the other bodies won't help you in your accounting careers but as earlier mentioned, these two, ACCA and ICAN are the most widely recognised.
Of all the mentioned six (6) accounting bodies above, only three (3) are recognised by Nigerian law, they are ICAN (The Institute of Chartered Accountants of Nigeria), ACCA (The Association of National Accountants of Nigeria), and CIMA (Chartered Institute of Cost and Management Accountants).
Membership of The Association of Chartered Certified Accountants (ACCA)
ACCA is one of the 2 global bodies for professional accountants of the six mentioned above. Founded in 1904, it has its headquarters in the United Kingdom.
Even though ACCA is not one of the recognised professional accounting bodies by Nigerian Law, it has a very high reputation among companies and is very much widely accepted in the country. ACCA has the advantage of being a global body and being more recognised and accepted in other countries of the world; this sometimes results in few accountants opting to go for ACCA accreditation as opposed to other Nigerian-based professional accounting bodies.
Membership eligibility for ACCA requires that students must go through three elements to become accepted. These elements include passing the ACCA qualifying examinations, studying for an Ethics and Professional Skills module, and a practical work experience requirement of 36 months (3 years).
Membership of The Institute of Chartered Accountants of Nigeria (ICAN)
ICAN is the first of the professional bodies of Nigeria to be formed; It was established by an Act of Parliament on the 1st of September, 1965. It is the most widely recognised of the three approved professional accounting bodies in Nigeria. The institute has a membership count of over 50,000 professionals and many more students on its Register as of the documented count on May 31st, 2020.
Membership eligibility requirement to become a student of the ICAN institute states that an aspiring student applicant must a minimum undergraduate degree or its equivalent. Eligibility for membership induction requires student members to must pass the ICAN professional examination and fulfil some other terms and conditions that can be found on the ICAN official website.
Aspiring membership inductees with an accounting degree must have a minimum work experience of 36 months (three years) while aspiring inductees with non-accounting degrees must have a minimum work experience of 48 months (four years).
Membership of The Chartered Institute of Management Accountants (CIMA) - Nigerian Chapter
CIMA is a global professional accounting body established in the United Kingdom in 1919 organisation. It is recognised in about 176 countries and also has the largest body of members.
The Nigerian chapter was formed in 1977 and formally joined the list of country members of CIMA. It became registered as a Nigerianbody in 1985 and incorporated in 1989. The bill seeking to establish CIMA was finally passed by the Nigerian Senate on the 4th of November, 2010.
There are four hierarchies of membership for CIMA Nigeria - Fellow, Associate, Graduate, Licentiate and they all have their various requirements. Check the CIMA Nigeria website for more details.
There are many places to study accounting in Nigeria and how to take steps in joining any of the accounting bodies.
Options Available to Study Accounting in Osun State
Osun state has a few higher institutions to choose from, From Federal, State, and Private owned Universities to Polytechnics. Students can obtain various types of degrees - Diplomas, Bachelors, Masters and Doctorate degrees in accounting as needed.
Let's take a look at some institutions that offer accounting courses
Get an Accounting Degree from Osun State University
Osun State University is also known as UniOsun and was founded by the Osun state government in December 2006. The University has six campuses with its main campus located in Oshogbo.
The Department of Accounting and Banking & Finance of the College of Management and Social science offers a Bachelors's degree in Accounting which is obtainable within a duration of four (4) academic years and also accredited by the Nigerian professional accounting bodies. Prospective students should note that they'll need to meet Uniosun's Jamb cut-off mark for the department to gain admission.
Get an Accounting Degree from Redeemers' University, Ede
Redeemer's University (RUN) is a Private University located in Ede, Osun State. The institution was founded in 2005 and is owned by The Redeemed Christian Church of God (RCCG).
The Department of Accounting of the Faculty of Management Sciences offers a Bachelor's degree in accounting within a duration of four (4) academic years. Also, note that the accounting degree from RUN is accredited by NUC (The National Universities Commission of Nigeria) and Nigerian professional accounting bodies.
Get a diploma in Accountancy from The Federal Polytechnic, Ede
Federal Polytechnic Ede was established by the Federal government of Nigeria in 1992. It is located in Ede, Osun State as the name describes.
The Polytechnic's Department of Accountancy of 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. Students progressing from ND to HND must do a mandatory one-year 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 Osun state that also offer Accounting are listed below:
- Faculty of Business and Social Sciences at Adeleke University, Ede
- College of Social and Management Sciences at Bowen University, Iwo
- College of Management and Social Sciences at Fountain University, Oke Osun
- College of Management Sciences at Joseph Ayo Babalola University, Oshogbo
- College of Management and Social Sciences at Oduduwa University, Ipetumodu
- Department of Accountancy at Osun State Polytechnic, Iree
- Department of Accountancy at Wolex Polytechnic, Iwo
- School of Management and Vocational Studies at Living Spring College of Technology and Innovation, Oogi
- Department of Accountancy at The Polytechnic Ife, Ile-Ife
Find a Private Accounting Tutor on the Superprof platform
Asides from degree courses offered in a structured institution, you can still get access to accounting courses by utilising available private tutors who are grounded and have experience of the subject matter. Learning about basic bookkeeping and how to balance accounts for your personal business are things that a private teacher can help you navigate. A skilled private accounting tutor can also help educate you on personal finance and investments and a whole lot of related accounting needs that you do not need to go through the process of years of course degrees to learn.
Superprof Nigeria is the platform to go to when you want to search for such a tutor. The Superprof platform offers you a large community of tutors that are available to help you in your learning journey. The platform allows you to see teacher's profiles and ratings to help you make informed decisions and also assists you in ensuring response time is also fast. Another perk of the Superprof platform is you get the 1st hour of your first lesson free per tutor! You also get to choose if to have your lessons online via webcam or face to face.