MSL Business School ICAG Application Level Approved Partner in Learning
ICAG Level 2 Tuition in Ghana — Application Level Exam Preparation
Level 2 is where your ICAG qualification becomes real — the Application Level puts everything you learned to work. Master all six papers with Ghana's most awarded ICAG provider and its clear technology leader.
See the six papers, the exam format and how we teach belowMSL is enrolling now for the next ICAG Level 2 sitting. We confirm which papers you need, advise on exemptions, and place you in the right programme.
46
National award wins · across our programmes
- 7National Overall Best Graduating Student awards
- 33Subject Overall Best Student awards
- 6Additional National Overall Best distinctions5 Overall Best Female Graduating Student awards · 1 ICAG Level 2 Overall Best Student award
3,000+
Students trained
ICAG Level 2 tuition at MSL Business School
Level 2 — the Application Level — is the core technical engine of the ICAG qualification. You prepare financial statements under IFRS, plan and execute audits, manage working capital, compute tax liabilities and analyse public sector finances — applying knowledge in realistic, complex scenarios, not just recalling it. MSL delivers all six papers online, live and exam-focused.
ICAG Level 2 at a glance
- Papers6 papers at the Application Level
- AssessmentWritten examinations — scenario-based questions
- Pass mark50% in each paper
- ProgressionPass or credit at least 5 of the 6 papers before sitting any Level 3 examination
- Entry requirementAt least 3 of the 4 Level 1 papers passed or credited before starting Level 2
- SittingsMarch, July and November each year
- Delivery100% online — live sessions via Google Meet, with recordings
- TuitionGHS 550 per paper — confirm your exact total, after any exemptions, with the fees calculator
- Track recordMore than 45 national awards — Ghana's most awarded ICAG tuition provider
The six Level 2 papers — what you will study
Unlike Level 1's MCQs, these are written, scenario-based examinations. The examiner wants analysis, calculation accuracy and professional judgement — applied to a realistic business situation, not just recalled. Each paper's syllabus weighting is shown below.
Paper 2.1
Financial Reporting
Builds on Paper 1.1 Financial Accounting
One of the most technically demanding Level 2 papers and the direct progression from Financial Accounting. You prepare financial statements for single entities and groups under IFRS, apply accounting standards to complex transactions, account for business combinations and consolidated statements, and analyse financial statements for stakeholders. The IASB Conceptual Framework, sustainability reporting and current developments in corporate reporting are all examinable.
Written examination · five syllabus areas
| Syllabus area | Weighting |
|---|---|
| Regulatory, legal & ethical frameworks — IASB, IFRS Interpretations Committee, IESBA Code, Ghana Corporate Governance Code, sustainability & climate-related disclosures | 15% |
| Application of accounting standards — Inventories, PPE, Intangibles, Impairment, Leases, Revenue (IFRS 15), Financial Instruments, Provisions, Tax, EPS, Related Parties, Cash Flows, Foreign Exchange, Government Grants | 25% |
| Single entity financial statements — P&L and OCI, financial position, changes in equity, cash flows, disclosure notes | 20% |
| Business combinations & consolidated financial statements — subsidiaries, associates, joint ventures, goodwill, NCI, intra-group adjustments, equity accounting | 20% |
| Analysis & interpretation of financial statements — ratio analysis, limitations of financial reporting, value added statements, stakeholder reporting | 20% |
| Total | 100% |
Paper 2.2
Management Accounting
Builds on Paper 1.4 Introduction to Cost & Management Accounting
Management Accounting at Level 2 goes well beyond the costing and budgeting basics of Level 1. You apply contemporary costing models including Activity Based Costing and throughput accounting, use variance analysis to support decisions, evaluate performance management systems for both commercial and public sector organisations, and apply short-term decision-making techniques. Transfer pricing, the Balanced Scorecard and divisional performance appraisal are all examinable.
Written examination · six syllabus areas
| Syllabus area | Weighting |
|---|---|
| Contemporary approaches — ABC, throughput accounting, TQM, benchmarking, value chain, JIT, environmental & sustainable cost management, technology | 15% |
| Budgets and budgetary control — budget profiling, behavioural aspects, functional and cash budgets, public sector budgets | 15% |
| Variance analysis — fixed overhead, sales margin, mix and yield variances, operating statements, productivity and capacity ratios | 15% |
| Short-term decision making — CVP, contribution, margin of safety, limiting factor analysis, pricing, make-or-buy, special orders, outsourcing | 20% |
| Performance management systems — KPIs, Balanced Scorecard, divisional performance (ROI, Residual Income), transfer pricing | 20% |
| Management accounting in the public sector — cost-benefit and cost-effectiveness analysis, externalities, public sector KPIs, project management | 15% |
| Total | 100% |
Paper 2.3
Audit and Assurance
New topic at Level 2 · prerequisite for Advanced Audit & Assurance at Level 3
A new subject at Level 2 with no direct Level 1 prerequisite. You learn the complete audit process from engagement acceptance through to reporting, applying International Standards on Auditing (ISAs). The paper covers both private and public sector auditing in Ghana, including the role of the Auditor-General and compliance audits. Ethics and professional scepticism are examined throughout.
Written examination · nine syllabus areas
| Syllabus area | Weighting |
|---|---|
| Nature of audit & assurance — definitions, objectives, corporate governance, compliance and performance audits, the expectation gap | 10% |
| Regulatory, professional & ethical issues — Companies Act 2019, ISAs, ethical principles, threats and safeguards, professional scepticism | 15% |
| Accepting & managing engagements — legal and ethical considerations, risk assessment, terms of engagement | 10% |
| Planning audit engagements — understanding the business, audit risk, materiality, analytical procedures, fraud and error | 15% |
| Audit evidence — assertions, methods of gathering evidence, tests of control, substantive procedures, sampling, data analytics and AI | 15% |
| Audit review — subsequent events, going concern, written representations, completion analytical procedures | 10% |
| Concluding & reporting — audit opinion, modifications, communicating with those charged with governance, management letters | 10% |
| Internal audit — scope, corporate governance role, differences from external audit, risk-based internal audit | 5% |
| Auditing in the public sector — Ghana public sector audit structure, Auditor-General, compliance audit, PEFA framework | 10% |
| Total | 100% |
Paper 2.4
Financial Management
Builds on Paper 1.4 Introduction to Cost & Management Accounting
Financial Management develops your ability to make high-stakes financial decisions. You evaluate investment projects using NPV, IRR and payback, advise on capital structure and the cost of capital, manage foreign exchange and interest-rate risk using hedging instruments, optimise working capital, and value businesses for mergers and acquisitions. Treasury management, Islamic financing principles and the impact of technology are also covered.
Written examination · eight syllabus areas
| Syllabus area | Weighting |
|---|---|
| Financial management environment — role of FM, agency problem, corporate governance, regulators (Bank of Ghana, SEC, NPRA, NIC), ethics | 5% |
| Financing decisions — sources of finance, cost of equity and debt, WACC, capital structure (MM vs traditional), gearing, CAPM, dividend policy, Islamic financing, public sector financing & PPPs | 15% |
| Investment appraisal — NPV, IRR, payback, discounted payback, ARR, inflation and taxation adjustments, capital rationing, lease vs buy, asset replacement, risk analysis | 20% |
| Treasury & financial risk management — treasury function, financial risk categories, hedging (forwards, money-market, futures, options, swaps), international payment methods | 15% |
| Working capital management — cash conversion cycle, inventory (EOQ, JIT), receivables and credit policy, payables, cash models (Baumol, Miller-Orr) | 15% |
| Business valuation, mergers & acquisitions — asset, earnings and market-based valuation, merger types, defensive techniques, financing M&A, costs and gains | 15% |
| Public sector financial management — PEFA framework, public procurement rules, Public Procurement Authority | 10% |
| Developing technologies in finance — AI and machine learning, digital currencies, unfair digital practices, social and ethical implications | 5% |
| Total | 100% |
Paper 2.5
Public Sector Accounting and Finance
New topic at Level 2 · advisable to attempt Paper 2.1 first
This paper equips you to work in Ghana's public sector. You apply International Public Sector Accounting Standards (IPSAS), prepare financial statements for central government entities, local government bodies (MMDAs) and non-commercial SOEs, and evaluate public sector financial performance. Ghana's Public Financial Management cycle, the GIFMIS platform, governance structures and the ethical framework are all covered.
Written examination · six syllabus areas
| Syllabus area | Weighting |
|---|---|
| Overview of Ghana's PFM cycle — planning, budgeting, budget execution, accounting and reporting, audit and parliamentary oversight, PEFA assessment | 20% |
| Regulatory & conceptual framework — IPSASB, IPSAS conceptual framework, PFM Act 2016, Audit Service Act, Public Procurement Act, Internal Audit Agency Act, Local Governance Act, ethical bodies (EOCO, OSP, FAC, FIC) | 10% |
| Application of IPSAS to transactions — Inventories, PPE, Intangibles, Leases, Provisions, Financial Instruments, Revenue (exchange and non-exchange), Employee Benefits, Social Benefits, Service Concessions, Cash Flow Statements | 20% |
| Preparation of public sector financial statements — central government (MDAs), local government (MMDAs), non-commercial SOEs, consolidated public sector statements, budget disclosures (IPSAS 24) | 20% |
| Evaluation of financial position & performance — public sector ratio analysis, efficiency, liquidity, solvency, common size statements, budget analysis | 20% |
| Governance in the public sector — regulatory roles (Ministry of Finance, CAGD, Internal Audit Agency, SIGA, Bank of Ghana), seven principles of public life, social responsibility & sustainability | 10% |
| Total | 100% |
Paper 2.6
Principles of Taxation
New topic at Level 2 · prerequisite for Advanced Taxation at Level 3
Principles of Taxation introduces Ghana's complete tax system and the Ghana Revenue Authority's administration framework. You compute income tax liabilities for individuals and partners, calculate corporate tax, and apply capital gains tax, VAT, customs duties and withholding tax rules. The impact of technology on tax administration and ethics in tax practice are also covered.
Written examination · nine syllabus areas
| Syllabus area | Weighting |
|---|---|
| Ghana tax system & fiscal policy — purpose and classification of taxes, GRA governance, progressive/proportional/regressive structures, monetary and fiscal policy, national debt | 10% |
| Tax administration — assessments, tax returns, time limits, TIN, tax clearance certificates, compliance checks, dispute resolution, penalties and offences | 10% |
| Income tax liabilities — individuals and partners in partnerships, employment income, business income, investment income, deductions and reliefs | 15% |
| Corporate tax liabilities — companies and trusts, corporate deductions, capital allowances, losses, thin capitalisation | 15% |
| Taxation of capital gains — gains arising from realisation of assets and liabilities by companies and individuals | 10% |
| Value added tax, customs & excise — VAT on taxable supplies, customs duties, excise duties | 15% |
| Withholding tax administration — withholding obligations, rates, remittance procedures | 10% |
| Information technology in taxation — how technology has influenced tax administration in Ghana | 10% |
| Ethics in tax practice — ethical principles, tax avoidance vs evasion, money laundering, conflicts of interest | 5% |
| Total | 100% |
How Level 2 is examined
Level 2 examinations are written, scenario-based papers. You are given a realistic business scenario and asked to prepare statements, compute tax, plan an audit, evaluate investments or analyse performance — and then explain and justify your work.
- Apply, don't recall — the examiner gives you data and expects you to process it correctly
- Presentation matters — answers must be clearly structured, with workings shown
- Ethics in every paper — woven into scenarios, not asked as a separate question
- 50% to pass each paper — and at least 5 of the 6 must be passed or credited before Level 3
- Three sittings a year — March, July and November
- Per-paper technique — each paper rewards a specific answer structure, which MSL teaches explicitly
The step up from Level 1 to Level 2
Level 1 tested whether you know the concepts. Level 2 tests whether you can use them.
In Financial Reporting, you are no longer identifying what depreciation is — you are preparing a full set of IFRS-compliant financial statements, including consolidation adjustments.
In Audit, you are not defining materiality — you are planning an engagement, identifying risks and drafting an audit report.
In Financial Management, you are not explaining NPV — you are evaluating a capital project under inflation, taxation and capital-rationing constraints.
MSL's Level 2 teaching is built around this application focus. Every session works through exam-standard questions — not just theory.
Mastering Level 2 written exams
The shift from MCQs to written, scenario-based papers needs a different approach. Here is what separates students who pass from those who do not.
Every question has a specific requirement — "prepare the consolidated statement of financial position", "calculate the tax liability", "identify and explain five audit risks". Read it before the scenario; it tells you exactly what to look for in the data.
Markers award marks for workings as well as final answers. A wrong final answer with the correct method still earns marks; a correct answer with no workings earns nothing if the method can't be verified. Show working in a structured, labelled format.
Work out your time-per-mark at the start and stick to it. Students who overspend on one question and run out of time on later ones fail papers they should have passed.
A partial answer earns partial marks; a blank earns nothing. Even defining a term correctly or naming the right standard without completing the calculation can be the difference between a pass and a fail.
The most common reason Level 2 students fail is writing about concepts in general terms. If asked to "identify audit risks for XYZ Company", reference the specific facts of XYZ — not a general description of what audit risk is.
At Level 2, ethics appears inside scenarios — a director asking you to manipulate profits, a tax client asking you to conceal income, a compromised audit independence. MSL teaches you to recognise these and respond with the correct professional and ethical analysis.
How MSL teaches Level 2
MSL delivers all six papers online, with an approach deliberately more intensive than Level 1 — the papers are harder, the scenarios more complex, and the margin between passing and failing thinner.
Live online classes via Google Meet
Every paper is taught live by ICAG-qualified lecturers with deep subject expertise — many prizewinners themselves. We focus heavily on exam-standard question practice, demonstrating how to tackle the specific scenario types ICAG uses in each paper. Sessions are recorded and available in the MSL app.
Paper-specific exam technique
Each paper rewards a specific answer structure, and MSL teaches these explicitly:
- Financial Reporting — structuring consolidation workings, presenting IFRS disclosure notes, approaching ratio-analysis questions
- Management Accounting — setting up variance operating statements, structuring limiting-factor decisions, evaluating performance scenarios
- Audit & Assurance — identifying and explaining audit risks from a scenario, drafting procedures, structuring an audit report
- Financial Management — setting up NPV with tax and inflation, structuring hedging advice, presenting M&A analysis
- Public Sector Accounting — applying IPSAS in practice, preparing public sector statements, evaluating PFM performance
- Principles of Taxation — computing individual and corporate tax step by step, approaching VAT and withholding-tax questions
The MSL Business School App
As Ghana's clear technology leader in professional education and the first and only provider with multimodal AI for ICAG students, MSL pairs intensive Application Level tuition with proprietary AI built for ICAG preparation. Every Level 2 student gets the app.
In the app
- AI-powered study tools — ask any Level 2 topic, get a detailed explanation instantly
- Paper-specific question banks, organised by paper and syllabus area
- Progress tracking across all six papers — identify weak areas
- Class recordings — every live session archived and searchable
- Exam countdown and study-plan notifications
Multimodal MSL AI
- Instant explanations on any Application Level concept
- Reasoning walk-throughs for scenario questions
- Automated quizzes, flashcards and lesson summaries
- Photo-based question solving
- Multimodal input — text, voice and image
Technology at MSL is not decorative. It is built to improve examination outcomes.
Free to download · Android · iOS · Windows
Who should sit Level 2 — and which papers you can skip
You are ready for Level 2 if you
- Have passed or been credited for at least 3 of the 4 Level 1 papers
- Hold qualifications that exempt you from all Level 1 papers (HND, accounting degree, ATSWA, Diploma in Accounting, Level 300 student)
- Hold a Master's Degree in Accounting with an accounting first degree — you may be exempt from most or all Level 2 papers (except Public Sector Accounting and Finance)
Exemptions at Level 2
Some qualifications grant exemptions from specific Level 2 papers:
- HND (Accountancy Option) — exempt from Paper 2.3 Audit & Assurance
- ATSWA — exempt from Papers 2.3 and 2.6
- Accounting degree (Level 300, BCom, BSc Admin Accounting) — exempt from Papers 2.3 and 2.6
- Master's Degree (Accounting option) with an accounting first degree — exempt from all Level 2 papers except Paper 2.5
Not sure which papers you need? Contact MSL and we will review your qualifications and map out your exact path through Level 2 — including the PAO pathway for ACCA and CIMA members and the cost calculation of whether exemption beats writing each paper.
Why MSL students pass Level 2
We don't cover the syllabus and leave you to figure out the rest — we teach you how to pass and outperform.
MSL has produced more ICAG national award winners than any other tuition provider in Ghana.
In 2024, MSL students won all three Overall Best Graduating Student awards across ICAG's sittings — a first for any provider. Our Level 2 pass rates consistently outperform the national ICAG average across all six papers. MSL lecturers are ICAG-qualified prizewinners who have sat these exams themselves and know exactly what the examiner rewards.
- Application-focused teaching — every session includes exam-standard question practice
- Paper-specific exam technique — you know exactly how to approach each paper
- ICAG-qualified lecturers with subject-matter depth across all six papers
- AI study tools for on-demand support between sessions
- Full mock exams with individual feedback before every sitting
- More than 45 national awards — Ghana's most awarded ICAG tuition provider
Frequently asked questions — ICAG Level 2
Do I have to sit all six papers at once?
No. You can sit papers individually and pass them one at a time — there is no requirement to sit all six in a single sitting. Most students sit two or three papers per sitting, completing Level 2 over two to three sittings. MSL's study plans are tailored to however many papers you are sitting.
Is there a recommended order for Level 2 papers?
ICAG recommends attempting Paper 2.1 Financial Reporting before Paper 2.5 Public Sector Accounting and Finance, as 2.5 builds on financial reporting knowledge. Beyond that there is no mandatory sequence — MSL advises on the most effective order for your background and the number of papers you are sitting.
How much harder is Level 2 than Level 1?
Significantly harder. Level 1 tested knowledge recall through MCQs; Level 2 tests your ability to apply that knowledge in complex, realistic scenarios under time pressure. Students who passed Level 1 comfortably sometimes struggle at Level 2 if they don't adapt their approach — MSL's programme is designed for this step change.
Can I start Level 3 before finishing all Level 2 papers?
At least five of the six Level 2 papers must be passed or credited before you can sit any Level 3 examination.
Do I need Papers 2.3 and 2.6 if I have an accounting degree?
If you hold a Bachelor's Degree in Accounting from an ICAG-accredited institution, or you are a Level 300 student in an accounting programme at an MOU institution, you are normally exempt from Papers 2.3 and 2.6. Contact MSL to confirm your exemption status before enrolling.
Page last reviewed and updated , aligned to the ICAG 2024–2029 syllabus.
Put your knowledge to work.
Ghana's #1 ICAG Tuition Provider · ICAG-Approved Partner in Learning · 100% Online
MSL is enrolling now for the next ICAG Level 2 sitting. We confirm which papers you need, advise on exemptions, and get you into the right programme for your exam.