Commerce can be defined as the study of trade and business activities such as the exchange of goods and services from the producer to the final consumer. Since good commerce plays a significant role in a country’s economic development, commerce as a subject also plays a significant role in the career development of an individual. After completing Class 10th, most students opt for commerce stream to pursue during their Class 12th for lucrative career opportunities as they believe that this will easily lead to success and financial security.
However, most students are unaware that, like the science stream, a student must have a certain aptitude for commerce in order to be completely successful in it. Therefore, if they have a mind that is better suited to a career in the Humanities or even Science, they will find it difficult. In today’s article, I will explain why Commerce is the best option to assist you in determining whether you are suited for a profession in commerce along with its importance, scope, and opportunities for career development.
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Why Study Commerce?
Today, commerce and finance are the backbones of every business since industries function on finance and can only be handled by those who have a thorough understanding of it. After 12th commerce, you must choose job-oriented courses to look forward for career development prospects. For a student, the commerce path provides up a number of possibilities. Banking, insurance, accounting, Chartered Accountant, Cost Accountant, Financial Analyst, and more careers are available.
A student can learn about the complexities of business, business methods, entrepreneurship, and so on. Commerce is a field with a lot of job prospects. Business executives, accountants, data analysts, investment bankers, wealth managers, project managers, and research & development managers are just a few of the occupations available to students who choose Commerce as their major. If you study commerce, you will have a natural talent for business and accounting. You can start a company or work in management. You will be an excellent analyst.
Top 7 career opportunities after pursuing Commerce in class 12th
1. Chartered Accountant (CA)
A chartered accountant (CA) is an international accounting designation awarded to accounting professionals in many countries other than the United States. A certified public accountant is the equivalent to the CA designation in the United States (CPA). Following liberalization, privatization, and globalization, chartered accounting has become an extremely rewarding career in terms of prospects in India.
Given the numerous benefits of becoming a chartered accountant (CA), it is understandable that many people would want to pursue this career path. Chartered accounting is not only a respected and dignified profession, but it also guarantees a stable and lucrative career.
CAs can choose to start their own independent practice or accept clients on merit. They can also apply for Chartered Accountant positions in existing firms. They can also provide capital market services. A qualified CA can apply for jobs in the government, public, or private sectors. With India’s thriving industry and entrepreneurship scene, there is an increasing demand for good CAs to oversee accounting and finance to ensure good business. Unrestricted Industry Options – As a CA, you can manage the finances of almost any business, large or small, from any industry.
It is unusual for a CA fresher to start with a minimum salary of INR 3-4 lakhs per year. Most CA graduates earn between 6-7 lakhs per year as their starting salary.
2. Certified Management Accountant (CMA)
The designation of certified management accountant (CMA) denotes skills in financial accounting and decision-making. This certification trains professionals for a wide range of jobs. CMAs must follow a strict set of professional standards in addition to passing a difficult two-part exam.
The CMA exam is extremely difficult and will put your intellect to the test. The industry average CMA pass rate for both sections is only 45 percent, which means that only about half of those who take the test will pass. The CMA exam is notorious for its rigor and difficulty, and you must prepare if you want to pass. After completing the US CMA course, one can work as a Finance Manager, Financial Analyst, Financial Controller, Internal Auditor, Relationship Manager, Cost Manager, Chief Financial Officer (CFO), and Cost Accountant.
In the corporate accounting world, the CMA USA designation is highly regarded. In India and abroad, qualified, trained, and experienced accountants are in high demand in various industries and government departments. Various Ministries of the Government of India have authorized CMA professionals in practice to certify various returns and issue Compliance Certificates in accordance with their formats.
Employers value the CMA because it demonstrates that you have future-oriented skills such as strategic thinking and data analytics. Freshers who pass the CMA exam on the first try can expect an annual starting salary of Rs 7 lakh. These figures can also reach Rs 40 lakh. Those who pass the CMA exam on their second attempt can expect to start with an annual salary of Rs 3-4 lakh.
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3. B.com (Hons.)
Bachelor of Commerce (Honours), also known as B.Com. Hons., is one of the most popular undergraduate degree programs in Commerce. B.Com (Hons.) is a hands-on curriculum that prepares students for careers in business and finance. This is a traditional undergraduate programme for commerce students. After completing the course, students with the right ability, work ethics, and attitude can earn up to INR 6-8 LPA as freshers in a large company or as a financial consultant. Accountant, Business Executive, Accounts Manager, Tax Consultant, Financial Analyst, Financial Consultant, Account Executive, Business Consultant, Sales Executive, Business Development Executive, and other positions are available to candidates who complete the BCom Honours course. A B.Com (Hons.) degree also opens up a number of career opportunities.
Successful course graduates keep track of an organization’s profit and loss records as Accountants, with proficiency and training in Basic Principles of Accountancy, Cost Accounting, and Management Accounting. Salary packages after completing a B.Com (Hons.) are quite good because the program is in high demand in the industry. Jobs after completing a B.Com. Hons courses in India and the salary for the course are varied, with good placements and a decent annual salary package. Graduates can expect to earn between Rs. 25,000 and Rs. 45,000 per month as an entry-level salary.B.Com (Hons) is more business-oriented and in-depth, and it is ideal for pursuing a lavish career in the field of finance and accounting.
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4. BFM (Finance Market)
Bachelor of Financial Markets (BFM) is a three-year undergraduate degree that specializes in financial market nuances and covers a variety of related fields such as economics, financial risks, investments, and so on. The course provides theoretical and practical knowledge of efficiently planning, organizing, monitoring, directing, and controlling an organization’s/capital company’s resources
After completing the BFM, the individual has several career options, including becoming an auditor, accountant, export or import manager, tax consultant, stockbroker, Financial Risk Manager, or continuing their education by completing a Financial Risk Manager, MBA course (Finance). BFM is ideal for those interested in making their career in finance. As per capita income in India rises, so will the financial market. As a result, the future of financial market participants and support service companies, as well as financial technology players, appears promising. It will benefit the students if it matches your career aptitude, career goals, interests, knowledge, and skills.
The national average salary for a BFM is approximately INR 10,00,000 in India. Best BFM Colleges in India are ICLES Motilal Jhunjhunwala College of Arts, Commerce, and Science, Jai Hind College, K. J. Somaiya College of Arts and Commerce, Kandivli Education Society’s B.K. Shroff College of Arts, Kishinchand Chellaram College, Maharshi Dayanand College of Arts, Science, and Commerce and Mithibai College. The average annual fee for a Bachelor of Financial Markets (BFM) is INR 50000.
5. BAF (Accounting and Finance)
Bachelor of Accounting and Finance (BAF) is a three-year undergraduate course that provides in-depth knowledge in accounting and financial subjects through a variety of methods such as classroom instruction, seminars, projects, practical training, industrial visits, conferences, expert talks, and so on. If you are looking for a more career-oriented course, BAF is a better option for you. After completing the BAF, the individual has several career options, including becoming an auditor, accountant, export or import manager, tax consultant, stockbroker, Financial Risk Manager, or continuing their education by completing a Financial Risk Manager, MBA course (Finance).
BAF’s scope is extremely broad and comprehensive. It covers a wide range of fields and can be an excellent starting point for someone aspiring to become a CXO level officer. The course teaches aspirants about accounting, taxation, auditing, risk management, financial accounting, taxation, managerial economics, business law, and business communications. The BAF course is available at a number of colleges across the country. If you want to become a chartered accountant, BAF is a better option because it provides a solid foundation in accounting.
6. BBI (Banking and Insurance)
Bachelor of Banking & Insurance (BBI) is a three-year undergraduate program divided into six semesters. It is designed to provide training in areas such as finance, banking, accounting, insurance law, and insurance regulations, among others. Bachelor of Banking & Insurance is an excellent career path for those interested in working in the banking industry. The course’s goal is to give students a comprehensive understanding of the banking and insurance industries. It not only provides theoretical knowledge but also aids in its practical application and provides students with ample exposure to market reforms, new banking policies, and regulations.
The primary goal of BBI is to provide candidates with theoretical and practical insight into the world of banking and insurance. It focuses on analytical skills development and professional competence. It provides students with numerous opportunities. Students who complete the course will be able to find work as an Accountant, Broker, Cashier, Credit Risk Manager, Auditor, Equity Research Analyst, Loan Officer, Market Analyst, Sales Officer, Sales Manager, and so on in a variety of private or government organizations.
BBI graduates can also work as: Bank Managers, Finance Office, Consultants, Insurance Managers, Treasurers, Risk manager, Credit and cash manager, KPO Executives. Banking and insurance graduates can build a successful career with only a bachelor’s degree in the field. The banking and insurance industries have long been regarded as among the best places to pursue a lucrative career.
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7. B.Com – LLB
A B.Com LLB is a dual degree integrated undergraduate program. B.Com – LLB is a professional law program that lasts five years. Bachelor of Commerce and Bachelor of Legislative Law (B.Com – LLB) is a combined course that teaches both commerce and law. Candidates are admitted to this course based on their performance in various law entrance examinations. The course is ideal for those who want to study management and business subjects in addition to law.
In India, B.A LLB or B.Com LLB are very popular legal courses. B.A LLB or B.Com LLB are good choices for those who want to practice law along with their graduation subjects of respective fields. You can be a legal accountant and finance practitioner with a combination of a B.com and an L.L.B. As a legal practitioner, you will have more career options.
As a legal advisor, you can enter the corporate world. L.L.B is the professional course that leads to a career as a lawyer. an average annual salary of Rs 4 to 6 lakhs per annum (LPA), these professionals are open to working in a variety of industries such as law firms, government agencies, MNCs, judicial bodies, banks, litigation, and so on.
Many lawyers wish to earn one lakh rupees per month. I want to assure you that it is a very attainable goal, especially if you work for yourself. You’ll need skills, know how to get clients, and be willing to hustle, but it’s completely doable. There are numerous routes to take. “The money is huge,” Singhvi admits, “the best lawyers in the country earn more than the best doctors, architects, or other professionals.” According to one estimate, there are approximately 500 lawyers in India today who earn more than Rs one crore per year, with a dozen in the capital earning eight to ten times that amount.
Hope the career opportunities presented here, will give you an idea to choose a course of your interest for your career growth. If you liked this article, then also share it with your community using social media and help others in getting benefitted with it.
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Wishing you all a splendid and exponentially growing career journey ahead.
My name is Jaya Deo. I am from Nepal. Recently I am studying Computer Engineering in Delhi Technological University.