Careers in Commerce

Introduction

After clearing the 12th boards, you must have faced the impending question to select a particular course. 

If you are trying to find courses after 12th commerce, you have courses where you learn accounts, finance, and business aspects, and always have an opportunity to switch to Arts based on your interests in the field. Commerce based jobs have the ability to provide a high salary if you choose the right path. 

Commerce is a well-structured course to start your career plan with. Before taking the commerce field, check out all the commerce courses available and decide which one would be more suitable to you. Most of the commerce stream jobs require on-the-job experience and some skills sets to help you grow. Courses in commerce have a lot of scope and advantage if taken correctly.We shall discuss the same in detail in the following sections.

What is Commerce?

Commerce is all about the understanding of business or trade. It deals with studies of market, economics, fiscal policies, industrial policies and so on. Commerce is a broad orbit of interdisciplinary branches viz. accountancy, business administration, finance, economics, marketing, advertisement, e-commerce, and so many. The overall economic health of a nation largely depends on advanced commerce studies. This stream offers a wide range of career options.

Students having studied Commerce can pursue their professions in any of the following with the commerce degree courses offered:

DEGREE COURSES IN COMMERCE

Bachelor of Commerce (B.COM)

BCom or Bachelor of Commerce is a three-year undergraduate course .It can be pursued both in regular as well as distance education mode.In the course, students learn subjects related to commerce and finance. The B.com degree program is spread over six semesters during which the student is taught topics like financial accounting, corporate tax, economics, company law, auditing, business management, etc.

B.com is the best option for students who want to make a career in commerce, accounting, finance, Taxation,Finance,Banking and insurance. B.com is also ideal for those who wish to pursue Chartered Accountancy, Cost Accounting and Company Secretaryship.

After completing B.com, students can also pursue career in management, teaching, advertising, law, journalism, mass communication, law, design, etc. The average starting salary of a B.com graduate is Rs 3 lakh and onwards.

Career Path: B.com can be a stepping stone for further degrees like Chartered Accountant (CA), Company Secretary ship (CS) and Cost and Work Accountancy (ICWA).

B.Com in Accounting and Finance

Specializing in accounting and finance trains students to pursue a career in banks, insurance companies and industries.Various colleges/Universities have separate course in accounting and finance for those students who are focused on getting into the fields. Some of the subjects students study include financial accounting, cost accounting, auditing, taxation, business law, economics, business communications, etc.

B.Com in Auditing

For those who want to find a career as a Certified Public Accountant, Finance Manager or Chief Financial Officer, majoring in the field of Auditing is a good idea. Subjects studied under this specialisation are advanced financial accountancy, auditing, financial markets, corporate financial policy, financial service, etc.

B.Com in Taxation

Subjects studied under the specialisation of taxation include financial accounting, economics, business mathematics and statistics, direct and indirect taxation, public finance and taxation, and more. This course prepares students for a career as a business tax consultant or a property tax consultant. Other job roles include Manager of Accounts and Direct Taxation, Manager of Employment Taxation, Manager of Corporate Taxation and others.

B.Com in Advanced Accountancy

Advanced accountancy prepares a student for work in the areas of accounting operations, patterns, merger of public holding companies, foreign currency operations, etc. It also helps provide an understanding in advanced financial accounting issues such as lease contracts, pension funds, end of service severance payments, etc. After completing this course, it is possible to have a career as a public accountant or a financial consultant.

B.Com in Banking and Insurance

Majoring in banking and insurance will train students into professionals who can manage various financial activities connected to banking and insurance, work flawlessly in the Banking and Insurance surroundings in the financial services, be informed of various technologies needed in the field of Banking and Insurance.The course subjects include life insurance, legal framework, non-life insurance, etc.

B.Com in Marketing Management

Specializing in marketing management can provide multiple job opportunities starting from Marketing Executive up to Marketing Manager. It is also possible to start a consultancy firm that advises corporate companies on marketing strategies.

B.Com in Human Resources Management

This specialization helps candidates to understand their work environment and processes of recruitment and selection, implement concepts and techniques to promote or adapt change, manage and equip people, and apply the right amount of occupational health and safety practices in the respective organizations they work.

B.Com in Computer Applications enables students to have a clear understanding in the field of commerce and a part from that it covers the use of software technology application.That is,in this course the candidates are taught the fundamentals of Commerce like accountancy, macroeconomics,finance and also it includes the basics of computer language, computer applications in business, etc.

While a B.Com degree is seen as having little to no value in today’s industry, it provides a base for a CA or MBA course B.Com is a course which is available in most colleges across the country but the specialisations may vary from institute to institute.

OTHER RELATED COURSES

There are other courses related to B.Com students should be aware about these courses as well before choosing B.Com. to have an idea of the education options available. Some of the related courses are: –

1. BBA (Bachelor of Business Administration)

2. BBM (Bachelor of Business Management)

3. BMS (Bachelor of Management Studies)

4. BBS (Bachelor of Business Studies)

5. BCA (Bachelor of Computer Application)

6. BA (Economics), and much more

Many students choose these courses as well, as they are business and commerce related just like B.Com. 

Job Opportunities:

Scope 

Commerce stream opens up many career avenues. Globalization, foreign insurance and foreign banks have created enormous job opportunities for commerce students. Chartered Accountant (CA) is still a coveted career. On successful completion of a Bachelor's degree in Commerce, students get jobs relating to Business and Finance. Professionals can apply for employment in the finance sector like Banking, company secretaryship, chartered accountancy, Cost and works accountancy jobs, etc. and in non-finance sector in the fields like mass communication, law, hotel management, etc. B.Com degree also serves as the stepping stone for MBA (finance). Commerce students can take a route of teaching after graduation and post graduation. Commerce students find career opportunities even in public services viz. Civil Services, Indian Economic Service, Indian Statistical Services, etc. Commerce graduates have a very exciting career option such as e-commerce. This career is well- suited to commerce students because of their sound understanding of business transactions.

Career Eligibility:

Graduation and post-graduation is desirable for the higher posts. It is mainly based on the type of career to be pursued. The certifications and licensing from professional bodies is required for CA, CS, CFA, etc. MBA (finance) is also preferred in many jobs including Foreign banks.

Some popular career avenues in Commerce

1. Higher education: B.Com students can go for higher education (MBA, M.Com, MCA, Ph.D,) or immediate jobs. There are some prestigious certification courses in Commerce viz. Chartered Accountancy (CA), Certified Financial Analyst (CFA), ICWA, CFP and Company Secretary Ship (CS).

2. Banking: Career is chosen as they assure job security, Good Salary and high social acceptance. Many local/national/foreign banks provide good job opportunities.

3. Insurance: It is showing exponential growth due to liberalization policy in India. The public and private insurance companies in life and non-life insurance providing enormous career opportunities. It also offer jobs in actuary and risk management sectors.

4. Investment Sector: One can get job as equity research analyst, investment banker, mutual fund executive, capital market manager, asset manager, venture capitalist and real estate.

5. Capital market: Liberalized Indian economy has opened up capital market for foreign investors along with domestic investors. The heavy flow of capital into the capital markets has generated many employment opportunities. 

6. Management: B.Com and BBA courses provide good background for MBA course.Commerce graduates have a high demand in Management sectors from high to executive level.  

7. Accounting: Demand for skilled accountants has increased considerably in the domestic and international job market.

8. Taxation: Many jobs related to taxation has been created in recent years.

Self-employment Opportunities:

1. Business firm

2. Stock broker

3. Trade consultant

4. Management consultant

5. Entrepreneur

6. Financial analysts

7. Tax consultants

Professional courses and its scope:

Chartered Accountant (CA): 

Chartered Accountancy professionals are required across various business organisations in India both private and public . A qualified CA is hired to deal with the account details, tax dues, and investments of an organisation. CA also assists in solving disputes and avoiding bankruptcy.

A Chartered Accountant serves as a corporate caretaker and occupies a respectable position in the corporate world. The demand for CA has increased in these evolving times.

Eligibility: The candidate has to complete 10 + 2 pass or equivalent examination. The CA Program has three sections viz. Common Proficiency Test (CPT), Professional Competence Course (PCC or PCE) and Final examination. Institute: The Institute of Chartered Accountants of India (ICAI) is an examining and a licensing body.

www.icai.org

Cost and Work Accountant (CWA): 

A Professionally certified Cost and Work Accountant maintains cost accounting records, does cost auditing for companies, certify import and export documents under the EXIM Policy, and serves as executor, administrator, receiver and Valuer. A CWA also plays an important role in making and facilitating strategic decisions with regard to diverse economic activities of the organization.

Eligibility: The ICWAI examinations are held in three stages: Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing the 10+2 examination. Candidates passed in the final examination with a minimum work experience of three years are eligible to become members of ICWAI. Institute: Institute of Cost and Works Accountants of India (ICWAI) conducts and regulates the course. Further details: www.icwai.org

Company Secretary (CS): 

A Company Secretary coordinates various departments, ensures compliance of company legislations and advises directors on statutory requirements of the company. Apart from this, a company secretary also looks after finance, accounts, legal, personnel and administrative functions. CS is a well remunerated career option because of its multifaceted nature. 

Eligibility: The Institute of Company Secretaries of India (ICSI) offers a three-stage course to qualify as Company Secretary. Foundation course is of 8 months that can be joined after the 10+2 exam. 

Institute: The Institute of Company Secretary of India conducts and regulates the course of Company Secretary.

http://www.icsi.edu

Chartered Financial Analyst: 

A Chartered Financial Analysts utilize their proficiency in the core areas of financial and hedge fund research, portfolio management, investment consulting, investment banking, investment management, international finance and research. CFAs additionally trained with IT skills get high-end packages and are in more demand. CFA is regarded as the key position by financial professionals and gets well paid.

Eligibility: To become a CFA, a graduate requires clearing three levels of examination. A minimum of three years of investment/financial experience is essential.

Institute: ICFAI conducts CFA program in India. This course is offered through classroom as well as distance learning packages. Further details: www.icfai.org

Banking: 

In recent times the banking sector recruits MBA graduates, CAs and CFAs to enhance the efficiency of banks. Banking sector has expanded their horizon and it has increased their work area in the mutual funds,credit cards, security business and consumer loans, housing loans and E-commerce this has led to increased career opportunities.

Eligibility: Public sector Banks recruit mainly graduates for Clerical and Probationary Officer posts on the basis of All India Level examination. 

(for more information Check website of Institute of Banking Personnel Selection : https://www.ibps.in)

PS: Graduates with commerce/economics are desirable candidates but any one from any stream can enter into this service by qualifying the exams conducted by banks. 

Investments: 

In the investment sector one can join as an equity research analyst, investment banker, mutual fund executive, capital market manager, financial planner/asset manager, venture capitalist and real estate.

Insurance: 

Insurance field offers jobs in actuary, risk management manager, insurance surveyor, underwriter, etc. Private sector companies prefer management graduates for marketing areas and they are highly paid.

Eligibility: To pursue a career in the insurance field one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. 

Students who have passed 10 + 2 or equivalent exams are eligible. License is needed to work in this field which is provided to the candidate after a training.

ping a track of the stock market, keeping tabs on tax schemes and much more.

Skills :

Some of the skills required which will help to excel in the field are: 

1. Communication Skills 

2. Accounting Skills 

3. Presentation Skills 

4. Management Skills 

5. Good knowledge of Current affairs 

6. Time management

7. Perseverance

B.Com. is the right course to pursue if you want to work in the ever-growing commerce industry of the country. There are many careers you can pursue, and most of these careers come with good salaries and benefits. 

These are just a few examples of the many courses available for commerce students after Class 12th. The choice ultimately depends on your interests, career goals, and academic background. It's essential to research thoroughly and choose a course that aligns with your long-term aspirations.

Written By :

Swathy Kishore