Exemption from taking the exams

Exemption from taking the exam is possible for candidates applying for the titles of:

1. Bookkeeper

2. Authorized Accountant

3. Certified Accountant

Exemption for obtaining for title "Bookkeeper"

Candidates holding only diploma of the High School of Economics (all departments apart from legal department) are exempt from taking following two exams:

– Exam 1.1 Recording of financial transactions

– Exam 1.3 Preparing of financial reports

In order to exempt candidates from taking these exams and acquire Decisions on nostrified exams, it is necessary to submit the written request to the Committee for exemption from taking exams (the request form is avaliable on website, to pay to the ICAM business account number (510- 34282-14) 45,00€ per exam, as well as to submit certified copy of the certificate for each year of the High School of Economics.

If any of the candidates has changed the family name, he or she is obligated to also submit the marriage certificate.

Candidates holding diploma of the Senior Business School (two-year study program) or Management studies (three-year study program) or candidates holding diploma of Faculty of Economics, Podgorica, University of Montenegro, can submit request for exam nostrification in the rank of "Bookkeeper" and depending on a subject compatibility there is a possibility to nostrify the exams according to the decision of the Education committee.

In order to obtain the "Bookkeeper" certificate, it is necessary that, in addition to the completed exams, the candidate provides evidence (certified copy of the work book, submitted employment contracts, employer's certificate, etc.) that he has 3 years of practical experience in accounting (the broader aspect of accounting is recognized, and not just bookkeeping). The same can be acquired during exams. If the candidate does not have the necessary experience, then he can take the exams, but he receives the certificate only after fulfilling the requirements for practical experience. Practical experience counts after completing formal education with secondary vocational school.

Exemption for the title "Authorized Accountant"

Exemption from taking the exam may refer to following categories of participants:

A) Candidates with the faculty degree and Candidates holding a diploma of a two-year or three-year studies

B) Candidates holding old certificates (certificates issued after 2002)

C) Candidates holding a new "Bookkeeper" certificate (issued with the period 2003-2006 by the IAAM, as well as in the period from 2007 until further issued or certified by the ICAM)

A) Candidates holding diploma of faculties and higher schools

Candidates are obliged to submit to the Committee for exemption from taking exams:

1. Written request for the exemption from taking the exam (form available on the website);

2. Certified copy of the Diploma or Certificate of completion of the Faculty of Economics or higher school;

3. Certified list of passed exams, issued by the Student Affair Office at the university;

4. Marriage certificate - for candidates who changed their family name.

A compatibility of min. 80% of the program with the exams passed at the faculty is a precondition for the nostrification of the exam in relation to exams determined by the curriculum for this title.

1. Candidates with the degree of the state Faculty of Economics in Podgorica, as well as the candidates with the degree of state Faculties of Economics in Republic of Serbia, are usually recognized for the following exams:

Exam 2.1 Preparation of financial statements

Exam 2.3 Human resources management

Exam 2.4 Information systems

Exam 2.5 Corporate and Business Law (since 2012 all candidates that have, prior to 2007, passed the exam “Law” at the faculty, as well as candidates that have passed the exam “Law for economists” while at the same time attending the department for the accounting and audit at the Faculty of Economics are exempt from taking the exams)

If, in addition to the Faculty of Economics, one of the candidates has also completed postgraduate studies - Department of Accounting and Auditing, then that candidate will be recognized for another exam in the rank of "Authorized Accountant", namely:

Exam 2.2 Financial information for management

Exam 3.5 Strategic financial management

2. For candidates that have finished the three-year studies at the Faculty of Economics, the same conditions for exemption are applied, with the difference that only three exams are recognized:

Exam 2.1 Preparation of financial statements

Exam 2.3 Human resources management

Exam 2.4 Information systems

Nostrification of the exams cannot be applied to candidates finishing two-year studies at the state Faculties of Economics, nor for candidates from private faculties with whom the Nostrification Agreement was not signed.

3. Candidates with the degree of the Faculty of Business Economics, Bar, are exempted from taking the exam for the professional title "Authorized Accountant", namely:

Candidates who graduated from the "Management" study program are exempted from taking the following exams:

Exam 2.3. Human recourses management

Exam 2.5. Corporate and business law

Candidates who graduated from the "Accounting, Finance and Banking" Study Program are exempted from taking the following exams:

Exam 2.1. Preparation of financial reports

Exam 2.3. Human resources management

Exam 2.5. Corporate and business law

4. Candidates with the degree of three-year studies at the Mediterranean University have the same conditions for recognition, , with the difference that only two exams are recognized:

Exam 2.1 Preparation of financial statements

Exam 2.4 Information systems

5. Individuals who graduated/master's at the Faculty of International Economics, Finance and Business/ Postgraduate Studies - Entrepreneurial Economics, University of Donja Gorica are recognized for certain exams when enrolling in professional education at ICAM as follows:

a) Candidates who graduated from Basic Studies - General major and passed the elective course Accounting II, are exempted from taking the following exams:

Exam 2.1. Preparation of financial reports