CHARTERED INSTITUTE OF FINANCE AND CONTROL OF NIGERIA (CIFCN)
(Established by CAM Act 1990)
Regulation
And
Examination Syllabus for the Training
Of
Chartered Finance Controllers in Nigeria
- FOREWORD
The Chartered Institute of Finance and Control of Nigeria is dedicated to build and develop the technical capacities and skills of individuals as well as organizations(public and private) wishing to practice the art and science of raising funds in the most cost effective and less risky manner. It aims to provide new skills acquisition, to enable finance professionals perform optimally within the socio- economic environment as provided by the political dictum of the day.
The Institute is also concerned with building and developing technical mechanisms capable of ensuring financial oversight through the promotion of financial transparency, probity and accountability.
Finance has remained the most important utility, without which there will be no economy. The raising, allocation and control of such resources are very vital for the progress of the country’s economy. Therefore, the persons charged with the responsibility of administering it must acquire such knowledge and skills that will make their attitude near impeccable.
The Institute intends also to focus on finance holistically and build its members capacity to acquire the knowledge and skills in every areas of in finance, both micro and macro-economic levels. The Institute has come to stay to provide the necessary environment and culture for practitioners in finance to operate freely; to provide the needed assistance to the nation for economic growth.
Overall, the syllabus is student friendly as it provides the tools for skills acquisition whether in the public or private sectors and will certainly meet the respective needs of employers in both sectors.
The syllabus becomes effective as from 2017.
INTRODUCTION OF THE INSTITUTE
The Institute of Finance and Control was incorporated on the 2nd day of September, 2009 under the Companies and Allied Matters Act 1990, after a deserving approval from Federal Ministries of Education and Justice.
- VISION
“To be one of the foremost institutes that finance professionals can identify with for capacity building in finance and control which will translate to achieving their enterprise objectives in a more effective and efficient manner”.
- MISSION
“To develop relevant training programmes that will enhance manpower capacity development in finance and control for optimum results and productivity in all sectors of the economy”.
- PRINCIPAL OBJECTIVES
To promote finance education in Nigeria through training and development.
To provide a platform which finance professionals can identify and relate with.
To establish and promote high ethical standards and professionalism among finance practitioners in the Country.
To build and instill into the consciousness of finance professionals, control system as a tool in financial administration.
To co-operate with the government and other finance agencies in promoting healthy socio-economic development in Nigeria.
To undertake researches, publications and consultancy services in financial matters.
To forge strategic alliances with other recognized professional bodies, locally and internationally to fashion put the best possible models in finance practice.
To provide a unique platform for members and other finance practitioners to cross pollinate ideas.
To instill high-level professional discipline amongst members in the discharge of their financial administrative responsibility to their organization.
- STRUCTURE OF THE INSTITUTE
The structure of the administration of the institute has it that its constitution provides that the institute is governed by the governing council, the secretariat manned by a Registrar and committees to take charge of specific functions as approved by the council.
4.1.THE GOVERNING COUNCIL
The Governing council of the institute is the apex policymaking body of the institute elected by ordinary members of the institute. The Governing Council shall in-turn elect its officials who are expected to function from the secretariat for a specified tenure not exceeding 2 years.
4.2.THE SECRETARIAT
The Chartered Institute of Finance and Control of Nigeria’s activities of membership, studentship, examination, administration, finance, etc will be carried out from the institute’s secretariat. The Registrar shall be responsible for the day to day running of the secretariat as a Chief Executive Officer who will work with other staff employed by the council to achieve the corporate objectives of the institute.
- MEMBERSHIP OF THE INSTITUTE
Membership of Chartered Institute of Finance and Control of Nigeria is open to corporate bodies and individuals who engaged in the activities of providing financial services or employed in organizations where such services are rendered.
5.1 MEMBERSHIP GRADES
* CORPORATE MEMBER
* FELLOW MEMBER
* ASSOCIATE MEMBER
* STUDENT MEMBER
5.1.1. CORPORATE MEMBERSHIP
Corporate membership of the institute is designed for organizations, ministries, departments and agencies (MDAs), Non-governmental organizations that engaged in financial responsibilities in both public and private sectors. Having fulfilled other requirements as the council deemed fit into this category of membership. The organization, public or private, should have, as at the date of application, at least 25 persons in its personnel register.
5.1.2. FELLOW MEMBERSHIP
This is the highest individual membership category of the institute and is conferred on individual members who have been associate members of the institute for at least five to ten years or non-individual members who have attained at least the position of assistant directors and who have distinguished themselves in upholding the spirit of finance and control.
5.1.3. ASSOCIATE MEMBERSHIP
This category of membership is the entry point of institute for graduates wishing to practice the act of finance and control. The admission is by examination (EX).
5.1.4. GRADUATE MEMBERSHIP
This category of membership is for students in tertiary institutions of higher learning and those who require technical skills in the area of finance and control. All candidates for this category of membership must be at least twenty one years of age.
5.1.5. STUDENT MEMBERSHIP
Candidature is open to all persons who meet the requirement as specified by the council provided that he/she attains a minimum of sixteen years of age.
5.2. DESIGNATING LETTERS
The various designating letters approved by the council of the institute for individual membership are;
- Fellow Member -fcifc
- Associate Member -acifc
- SYLLABUS STRUCTURE
The Governing Council of the Institute is committed to a syllabus structure that will reflect the total yearnings of employers in the financial and non-financial sectors. It is in this spirit that this syllabus has been designed and will take immediate effect. This syllabus has been structured in a manner that the linkages between subjects have been included to enable candidates identify subjects that are related and develop adequate background knowledge for each level of the examinations.
The syllabus is in five stages with the first stage representing the foundation. The second stage represents the intermediate stage. The third stage is the professional stages which culminate in the fifth stage where candidate specializes as a financial practitioner having been exposed to all aspects of finance and control, be it in the private or public sector.
Overall, the number of subjects in the entire examinations is twenty four.
- GENERAL REGULATIONS
- Application for Membership
Application forms for membership registration are obtainable from the Institute’s website ( or from the National Secretariat/Head Office at 3, Balogun Street, Anifowose, Ikeja, Lagos or any of our zonal offices.
- Payments: All payments must be made in cash, Bank draft, by Transfer or Bank Cheques in favour of the Institute of Finance and Control of Nigeria. On-line payments can be effected using ATM Cards.
- Eligibility
Candidature is open to all individuals from all disciplines and all sectors of the economy who are interested in becoming financial controllers provided they meet the minimum qualification requirements as approved by the Governing Council from time to time.
- Entry Qualification for Examination
- For students who are attempting the Institute exam from the beginning, should possess a minimum 5 credits at O’Level including English Language and Mathematics in not more than 2 sittings SSCE, NECO, G.C.E. or equivalent.
- Holders of National Certificate of Education (NCE) or National Diploma (ND) are also qualified to sit for the Institute’s examination. But can be granted exemption on relevant courses.
- Holders of First Degree or Higher National Diploma (HND) or professional qualifications or their equivalent from recognized institutions are qualified to sit for the Institute’s examinations at various levels depending on the relevance of their qualifications.
- Persons with several years of on-the-job experience without formal education can also be considered for the Institute’s examination.
- EXEMPTION
S/N / QUALIFICATON / EXEMPTION
APPLICATION / SUBJECT TO BE EXAMINED
1 / Relevant Degrees such as:
- B.Sc in Finance
- B.Sc in Banking & Finance/HND.
- B.Sc in Economics
- B.Sc/HND Accounting
- B.Sc in Accounting/HND
- B.Sc in Business Administration/HND
- All subjects in Foundation, IntermediateProfessinal I. Subjects to subjects exemption in Professional II
- To write Subjects in Profession II and all Subjects III
2 / Relevant Professional Qualifications such as ACA, ACCA, AICS, ACITN, ICSA, CIFA and so on. /
- All subjects in Foundation, Intermediate and Professional I.
- Subject to subject in exemption in Professional II
- Professional II and
- All Subjects in Professional III
3 / M.Sc in Finance
M.Sc in Banking & Finance /
- All subjects in Foundation, Intermediate, Professional I & II
- To write all subjects in Professional III.
4 / MBA, M.Sc, Ph.D in Social and Management Sciences /
- Foundation (All Subjects)
- Intermediate (All Subjects)
- Professional I & II (All Subjects).
- To write Subjects in Professional IIand (All Subjects) in Professional III
5 / All other Degrees/HND and Professional Qualification such as ACIPM, ANIM, ANIPR etc. /
- Subject to subject exemption from Foundation to professional III
- To write all papers not exempted from Foundation to Professional III
6 / Candidates with wealth of experience /
- Exemption from subjects relevant to their work experience.
- To write all papers not exempted from Foundation to professional III.
N.B: Exemption to be based on transcripts
Exemption Forms
Exemption Application form is obtainable at the Institute’s Head Office 3, Balogun Street, Anifowose, Ikeja. Alternatively, they can also be obtained on-line.
- EXAMINATIONS
- Registration: Candidates for the examinations must have registered as student members before enrolling for the examination. Examination numbers would be derived from student’s registration membership number.
- Examination Diets and Entry Forms: The examinations shall be held bi-annually. The dates to be announced well in advanced to enable sufficient time for intending candidate to register and prepared for the examination.
- The packets of question papers shall be opened by an accredited examination superintendent in the presence of the candidates at the time of the examination.
- Candidates must endeavour to quote their correct examination numbers on their answer scripts and adhere strictly to the examination rules and regulations.
RESULTS:
Results shall be released promptly on line soon after each examination diet.
FEES:
Examination entry forms must be accompanied by the relevant appropriate fees.
PAYMENTS:
All payments must be made on line using ATM cards or at the Institute’s Head Office in Bank Draft or Bank Cheque payable to Chartered Institute of Finance and Control of Nigeria (CIFCN).
REFUND OF FEES:
Once an entry has been accepted, there shall be no fees refund. However, fees can, on request, be transferred to the next examination diet only, after which it lapses. Any request for deferment must be made at least one month to the examination date.
CLOSING DATE:
Examination entry forms with appropriate fees must be received by the Institute not later than the advertised date.
CHANGE OF CENTRES:
Change of examination centre is allowed only as a result of change in location. Request for change of centre should be in writing and must be forwarded to the National Secretariat at least 4 weeks to the examination date.
Correspondence: In all correspondence with the Institute concerning examinations, candidates should please quote their membership numbers.
Discipline
Disciplinary actions as prescribed by the Governing Council shall be taken against any candidate found guilty of examination misconduct. Such disciplinary actions are as stated below;
S/N / OFFENCES / PENALTIES1 / Bringing into the examination hall, materials relevant to the examination, such as handsets, mini-computers, recording gadgets and any other implicating materials. / * Cancel the relevant paper at that examination.
* Blacklist the student from taking the Institute’s examination for a period as determined by examination committee.
* Inform the candidate’s employer where practicable
2 / Proving cases of spying or copying from another candidate. / * Cancel the particular paper and issue a note of warning to the candidate
3 / Impersonation / * Blacklist the candidate from writing the Institute’s examination for life.
* Inform the candidate’s employers.
* If any member of the Institute is involved, a report shall be made to the investigating panel.
* Handover the affected persons to the Police/ issue a disclaimer.
4 / Assistance from Invigilator / i) The Invigilator
(a) Forfeiture of the invigilation honorarium.
(b) Backlisted from partaking in future invigilation exercise.
(c) If a member of the Institute, report to the Investigating Panel
ii) The Affected candidate
* Penalties in a, b, c above depending on the extent of involvement.
5 / Substitution of Prepared Answer Scripts / (1) The Person Assisting
(i) If an examiner
* Backlisted and ban from future participation in the Institute’s examination.
* Report to the employer
(ii) If a member
* Report to his/her employer.
* Report to the Investigating Panel.
(iii) The Person Assisting
* Cancel all the candidate’s papers at that particular examination.
* Backlisted for life/ Issue a disclaimer.
5 / Substitution of Prepared Answer Scripts / (1) The Person Assisting
(i) If an examiner
* Backlisted and ban from future participation in the Institute’s examination.
* Report to the employer
(ii) If a member
* Report to his/her employer.
* Report to the Investigating Panel.
(iii) The Person Assisting
* Cancel all the candidate’s papers at that particular examination.
* Backlisted for life/ Issue a disclaimer.
6 / Bringing materials not related to the particular examination into the Examination Hall. / * Give warning Letter.
All uniformed personnel like the army, Air force, Navy, police, etc. sitting for the institute’s examination are not expected to be in uniform. Cancellation of the paper
N.B The Institute shall not enter into any correspondence with any individual or corporate body on account of the above listed penalties for examination offenders.
The Governing Council’s decision in all respect shall be final and no action shall lie against the Institute and/or its officers
FOUNDATION
- FOUNDATION
This stage is made up of only five courses; Business Communication skills, Business Management, Principles of Business Accounting and Principle of Economics, and Business Law/ Alternative to Dispute Resolution.
At this stage, candidates are provided with solid knowledge about how businesses are formed and managed within the regulatory framework.
COURSES IN FOUNDATION
BUSINESS COMMUNICATION SKILLS
BUSINESS MANAGEMENT
PRINCIPLES OF BUSINESS ACCOUNTING
PRINCIPLE OF ECONOMICS
BUSINESS LAW/ALTERNATIVE TO DISPUTE RESOLUTION
1.COURSE TITLE: BUSINESS COMUNICATION SKILL
AIM AND OBJECTIVES:
The aim is to examine candidate’s competence to effectively communicate within the organization and improve interpersonal relationship.
The paper on completion would be able to:
(i)Enable candidate understand the importance of communication in an organization
(ii)Avail candidate of the opportunity of acquiring communication skills that would enable him perform his functions as a professional and in the organization
(iii)Enhance candidate’s ability and capacity to write effective business letters, memos, reports and proposals within a specific length
(iv)Understand grammatical rules and mechanics that relate to good use to language such as word classes, phrases, clauses, sentences, concord, punctuation marks, spelling etc.
(v)Know and master the writing of different types of essays as well as correspondence
(vi)Enable candidate to understand interpersonal and inter-group relationship
(vii)Understand the structures and uses of the communication systems, models and networks within and outside the organization
(viii) ensure that candidates know how to make introductory public speeches
STRUCTURE OF THE PAPER
The paper will be a three-hour paper, divided into three sections:
SECTION A – (50 marks)
This shall consist of 50 compulsory questions made up of 30 multiple choice and 20 short answer questions covering the entire syllabus.
SECTION B – (20 marks)
The question in this section shall be compulsory and will be based on either summary or comprehension
SECTION C – (30 marks)
This shall consist of 3 questions, out of which candidates are expected to answer any 2 at 15 marks each.
B. CONTENTS:
1.Concepts of communication
- meaning and definition of communication
- differences between oral and written communication
- types of communication: interpersonal, graphic, verbal, non-verbal, group written, visual aids
- Elements of organizational communication
- Formal communication system: vertical, horizontal and diagonal, semi-formal and informal communication systems
- The role of receiver – message decoding
- Barriers to effective communication, prejudice, post experience, time lag, slangs, unfamiliar ascent
- Communication ethics in conflict resolution, mediation and negotiation.
2.Communication Skills
(i) Listening
- meaning
- types
- essentials of effective listening
(ii) Speaking
-meaning
-elements of good speech making:
Appropriate dress and grooming, good pasture and carriage, pleasant facial expressions, good manners, lack of distracting mannerism
-effective preparation
(iii) Reading
-meaning
-issues in efficient reading
-types of reading: scanning and skimming study reading, critical reading
-reading methods: SQ3R, O1C4R, PQRST etc.
-poor reading habits
(iv) Writing
-legibility
-clarity
-use of abbreviation etc.
3.Use of Communication Skills
(a) Comprehension and Summary, Types
- Interpretation questions
- Vocabulary questions
- Questions on meaning
- Grammar question: word, phrase, clause