|MEMBERSHIP AND QUALIFICATIONS
| The Institute as a Professional Accountancy Body enables
members, through its examinations and associated experience
and training requirements, to qualify as:
(i) An Associate Member (ACMA)
(ii) Chartered Management Accountants (CMA)
(iii) A Registered Auditor (subject to registration with a
recognized supervisory body)
Professional qualified status as an accountant is achieved
through admission to Associate Membership of the Institute
and is confirmed by the issue thereupon of a Certificate of
To practice as a Chartered Management Accountant in relation
to the Institute, a member must be in possession of a valid
Practising Certificate issued by the Institute.
A Registered Auditor is, in relation to the Institute, a
member who following recognition of the Institute’s
professional qualification, has proved his competence to be
registered with a recognized supervisory body as a Public
Company Auditor through the award by the Institute of a
Certificate of Recognized Professional Qualification, and
has become so registered. Such a member can be called
‘Certified Registered Auditor’.
Associate Membership of the Institute can be by direct entry
if the applicant possesses a membership certificate of an
accountancy body recognized by the Institute or passing all
the stages of the Institute’s professional examinations.
MEMBERSHIP BY EXEMPTION:
There are two (2) categories of Professional Accountancy Bodies whose qualifications are recognized and accepted by the Council of the Institute to Direct Membership. The following are the categories of Professional Accountancy Bodies whose members are eligible for Direct Admission to Membership of the INSTITUTE as ASSOCIATE COST AND MANAGEMENT ACCOUNTANT (ACMA)
1. Members of Professional Accountancy Bodies chartered by the Act (Law) in Nigeria.
2. Members of recognized Professional Accountancy Bodies Abroad such as:
a) The Chartered Institute of Management Accountants (CIMA),
b) Institute of Chartered Accountants of England and Wales (ICAEW)
c) The American Institute of Certified Public Accountants (AICPA)
d) The Chartered Institute of Public Finance and
Accountancy, (CIPFA) UK
e) The Chartered Association of Certified Accountants (ACCA)
f) Institute of Financial Accountants, (IFA) UK
g) Institute of Management Accountants, (IMA) USA
h) The Association of International Accountants (AIA), U K.
i) Certified Management Accountants, (CMA) Canada
j) Any other Professional Qualification that may from time
to time be approved by the Council.
Every member shall on admission be entitled to a Certificate
of Membership under the Seal of the Institute, but such a
Certificate shall at all times remain the property of the
Institute, and shall be returned to the Institute on demand.
In the event of the resignation, removal, exclusion or
suspension of a member, or of a member ceasing to be member
for any other cause, the Certificate of Membership then held
by him/her shall be delivered up to the Institute to be
cancelled or retained during his/her suspension.
For admission as an Associate Member a student must be at
least 20 years old and must show to the
satisfaction of the Council that:
(i) He or she has passed the Institute’s examinations
(ii) He or she has had at least three years approved
Accountancy experience, gained before or after, or
partly before and after passing the Institute Examinations.
(iii) He or she is in accountancy employment at the time of
(iv) He or she is fit and proper to be so admitted.
Overseas students are to include local law and taxation
papers instead of the standard Nigerian versions in the
examination for membership.
An Associate Member who has had not less than five years
post-qualifying experience of a continued and approved
nature is eligible for election by the Council as a Fellow
of the Institute.
A member may only represent as such when in possession of a
valid Certificate of Associate or Fellow Membership.
A Practising Certificate from the Institute may only be
issued to a member who has completed a post-qualifying
period of three and a half years of professional experience
with an accountant in Public Practice (i.e. a Practising
member of the Institute or a Registered Auditor)
Such practising certificates, renewable annually, subject to
certain conditions being satisfied to enable members to
practice as Chartered Management Accountants in the country
where they obtained their post qualifying experience in
Practising Certificates enable members to act as Chartered
Management Accountants and Auditors to Government
Organizations, Public and Private Companies and Individuals.
A member not having been examined in the local law and
taxation papers of a country in which he wishes to practice
may be required by the Council to satisfy the Examiners in
those papers before being issued with a Practising
A member engaging in Public Practise as an accountant or
auditor when not in possession of valid Practising
Certificate shall be subject to disciplinary action.
STYLE AND DESIGNATORY LETTERS
Members of the Institute are to describe themselves as Cost
and Management Accountants and to use the designatory
letters ACMA (Associate) and FCMA (Fellow)
Membership fees are payable:
(i) On admission as an Associate, at the time of application
(ii) On election as a Fellow, at the time of application
An Annual Membership Subscription is payable, each January
which shall be determined by the Council.
Application for membership must be made on the Institute’s
approved form for that purpose and be accompanied by:
(i) Signed undertaking to observe the Articles, Constitution
and Regulations of the Institute.
(ii) The Admission fee.
A student is required to make application for Membership
within one year of successful completion of the examinations
(whether or not he or she has completed the necessary period
of accountancy experience). Should he or she not do so his
or her name shall be removed from the Register of Students
and the Council shall not be bound at any later time to give
consideration to an application from him or her for
admission to membership. If at the time of such application,
the student is still undergoing the requisite period of
accountancy experience then the Council shall defer
Admission to Membership until that experience has been
ETHICS AND DISCIPLINARY CONTROL
The Institute attaches great importance to the
implementation and enforcement of its Code of Ethics, which
cover the relationship with clients, employer and the
public at large, the impartiality of members and the
requirement to perform their work to the highest standards.
All members are required to sign an undertaking at the time
of admission to observe the Institute’s Articles,
Constitution and Regulations.
Any professional or other misconduct or breach of the
Articles, Constitution and Regulations of the Institute
shall render a member liable to disciplinary measure.
Disciplinary procedures could result in the withdrawal of
membership and or other Certificate issued to the member by
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