How to Pass ICAN Exam: Tips and Tricks

If you're an aspiring accountant or an accounting graduate who wants to become a certified accountant, passing the Institute of Chartered Accountants of Nigeria (ICAN) exam is a crucial step towards achieving your goal. However, the ICAN exam is notoriously difficult, and many candidates fail to pass it on their first try. To help you increase your chances of success, we've compiled a list of tips and tricks that will help you prepare for and pass the ICAN exam.

Understanding the ICAN Exam

Before we dive into the tips and tricks, let's first understand what the ICAN exam is all about. The ICAN exam is divided into three levels: foundation, skills, and professional. The foundation level consists of four papers, while the skills and professional levels consist of six papers each. The exam covers topics such as accounting, auditing, taxation, finance, and business management.

Each paper is assessed through a three-hour written exam, and candidates are required to pass all papers at each level before moving on to the next level. The passing grade for each paper is 50%, and candidates are allowed to retake any paper they fail to pass.

Tips and Tricks for Preparing for the ICAN Exam

1. Start Early

One of the best ways to increase your chances of passing the ICAN exam is to start preparing early. Don't wait until the last minute to start studying. Give yourself enough time to review all the materials and practice answering past questions.

2. Create a Study Schedule

Creating a study schedule will help you stay organized and focused. Set aside a specific amount of time each day or week for studying and stick to your schedule.

3. Use the Right Study Materials

Make sure you're using the right study materials for the ICAN exam. ICAN provides study packs for each paper, which you can purchase online or at ICAN offices. You can also use other study materials such as textbooks, study notes, and online courses.

4. Practice, Practice, Practice

Practice is essential for passing the ICAN exam. Solve as many past questions as possible to get a feel of the exam format and the type of questions that will be asked. You can also enroll in a tutorial class to get additional practice and guidance.

5. Join a Study Group

Joining a study group can help you stay motivated and accountable. You can share your knowledge with others and learn from them too. It's also a great way to get support and encouragement from fellow candidates.

6. Take Breaks

Taking breaks is important for avoiding burnout and staying focused. Take short breaks to stretch, walk around or do something fun to help you relax and recharge.

Tricks for Passing the ICAN Exam

1. Read the Instructions

Before you start answering the questions, carefully read and understand the instructions. Make sure you're answering the right question and providing the correct format and details required.

2. Manage Your Time

Managing your time during the exam is crucial. Make sure you allocate enough time for each question and stick to your plan. Don't spend too much time on one question at the expense of others.

3. Show Your Workings

Showing your workings is important for getting partial credit even if you don't get the answer right. Make sure you label your workings clearly and show all the steps you took to arrive at your answer.

4. Check Your Answers

Checking your answers is essential for avoiding careless mistakes. Go through your answers carefully and make sure you've answered all the questions correctly. Also, double-check your calculations and ensure your answers are within the required accuracy range.

5. Stay Calm

Lastly, staying calm during the exam is crucial. Don't panic if you're not sure of an answer or if you're running out of time. Take a deep breath, read the question again, and try to think logically to arrive at your answer.

Conclusion

Passing the ICAN exam is a significant achievement that can open up many career opportunities in the accounting field. By following the tips and tricks we've outlined above, you can increase your chances of success and pass the ICAN exam on your first try.

FAQs

1. What's the passing grade for the ICAN exam?

   • The passing grade for each paper is 50%.

2. Can I retake a paper I failed to pass?

   • Yes, you can retake any paper you fail to pass.

3. Where can I get ICAN study materials?

   • You can purchase study packs from ICAN offices or online. You can also use other study materials such as textbooks, study notes, and online courses.

4. How long should I study for the ICAN exam?

   • It's recommended to start preparing early and give yourself enough time to review all the materials and practice answering past questions.

5. Is it necessary to join a study group?

   • Joining a study group is optional but can be helpful for staying motivated and accountable. You can also get support and encouragement from fellow candidates.