I studied economics, but I don’t know jack about all this ICAN/ACCA talk

Dear Jarus

I studied economics but I don’t have any idea about  all these ICAN and ACCA you discuss here. If I write it, will it be of any help to me?

Nneka

++++++

Dear Nneka,

Economics and accounting are two different fields, but they are not mutually exclusive i.e, you can be an economist and an accountant at the same time. ICAN is the accounting body in Nigeria, ACCA is its equivalent in UK (but it is open to everybody, globally).

Writing and passing ICAN or ACCA makes you become  a qualified accountant; so, if you don’t have any plan to become an accountant, you don’t need to write ICAN or ACCA. Economics is not a professional course, it is academic and research-driven.

Less than 20% of economics graduates go on to become an accountant, so it is not compulsory to do ICAN or ACCA, except you plan to become an accountant. Economics graduates, even without professional qualifications, get jobs. Banks and other insitutions both in the private and public sectors absorb economics graduates with good grades. You can also stay in academics as lecturer and go ahead to earn Msc, Phd, and even professorship. There are many economics graduates in Nigeria that never diverted to accounting and needed not write ICAN, and still rose to the top of their pursuit.  People like Lamido Sanusi, Charles Soludo, Mansur Mukhtar, Atedo Peterside, Sola David Borha etc are few of the accomplished economics graduates who never wanted to and did not write accountancy professional exams. So it is actually not compulsory for you to write these exams we discuss here, before you become accomplished.

There are also other economics graduates that wrote accounting professional exams and diverted to accounting. Immediate past ICAN president, Doyin Owolabi, read economics in Obafemi Awolowo University; the current Accountant General of Nigeria, Mr. Joseph Otunla, is also an economics graduates (of Ife too), and thousands of others like that that found themselves in accounting field despite having economics as first degree. In fact, David Dafinone, the Nigerian that entered world records book for having the highest number of chartered accountants in a single family, also read economics for his degree.

So you have the two routes: but like I mentioned earlier, less than 20% of economics graduates go ahead to become accountants.

However, having made it clear that ICAN or ACCA is not compulsory, I strongly advise that you give them a shot, except your plan is to remain in academics where it is entirely not needed. If you want to break into corporate Nigeria, while emphasizing again that it is not mandatory, it could actually be helpful. Let me tell you my own story: I had my first degree in economics, but I decided to enroll for ICAN during my service year just to keep myself academically active. I had just finished and passed the first stage (in a 5-stage exam) when I finished my NYSC. I got an accounting job, not because of my first degree, but for finishing (and winning prizes though) in the first stage of ICAN. Today, I work as an accountant, not as an economist. All my post-NYSC work experience has been in accounting roles.

The point here is, given the reality (competitiveness) of job markets in Nigeria today, professional qualifications like ICAN and ACCA give you an edge.  Accounting qualifications also broaden your option: you can apply for an economics position or accounting position. Yet, I will not say, without them, you can’t get job.

All the best.

Jarus

Related cases:

Msc Econs or ACCA?

I studied economics, but I don’t know jack about all these ICAN/ACCA talk

What can I do while ASUU are on strike?

I want to dump my Animal Science Programme for Accounting

How do I start a career in inventory management and consultancy?

Want to become an Investment Banker: CFA or Msc Finance?

Tips on Lecturing Job Interview?

Deficiency in key WASSCE subjects and my CV

Academics or Corporate World?

After my 2.2, I want to start all over again from O’level!

Dundee+ACCA or Birmingham+CIMA?

Should I write FRM exams?

My HND/Bsc/MBA Dilemma

Accounting @ UNIBEN or Finance @ UNILORIN?

Tired of traditional banking; need to re-ignite my entrepreneurial spirit

How helpful is dropping hard copies of my CV in offices?

With my 2:2, how can I break into investment banking industry?

Employment Gap on my CV?

For more discussions on education and careers, join our forum, HOTPROFORUM

CV Review

Interview Preparation

Career Guide

Career School

Career Networking

Professional Networking

For more articles on careers, subscribe free to JarusHub

[subscribe2]