Commerce is a branch of business. According to James Stephenson, Commerce is an organized system for the exchange of goods between the members of the industrial world.
It includes all activities that are involved in the exchange of goods and services considered to the money. It is the only backbone forming the market and the economy of the company & ultimately the nation.
In today’s time, career options are no longer limited. Recently, The Maharashtra State Board of Secondary and Higher Secondary Education announced the results of the Aptitude Test 2018 for Secondary School Certificate. More than 17, 36,104 students across the state had taken the online aptitude test, out of which 21% students have shown interest in commerce education which is highest amongst all the technical & non-technical branches. It shows changing trend towards commerce education. If the student has the knack for it, the sky is the limit. If you love numbers & have a logical and an analytical bent of mind, then a career in commerce is the perfect selection by you.
Due to recent policies of the Indian government, commerce sector is growing at an unbelievably fast pace. Career options for commerce students include those in the accounting, auditing, finance, and banking sectors as well as Government service opportunities like I.R.S., I.A.S., I.F.S., etc. Pay package at entry level begins somewhere between Rs 3 to Rs 8 lacs per annum which may raise to crores if you play to your strengths with talent, skill & experience.
Top Career Options for Commerce Students after 12th
It is the study of the production, transfer, use of goods, services, and resources. It is a research-oriented career requires learning and making use of various theories, principles, and models. Economists conduct researches and analyse data to predict market trends, build economic theories and models, and make recommendations for resolving economic issues. Career opportunities in this field are economist, statistician, strategist, risk management analyst, operations research analyst, insurance underwriter, budget analyst, etc, both in India and abroad.
- Actuarial Science
Deals with the analysis of risk such as insurance, business, finance, and healthcare. Professionals in this field (Actuaries) use mathematical equations, statistics, and financial theories to determine risk and uncertainty associated with various future events that can impact business to introduce numerous lucrative business strategies. It can be an excellent career option if you love numbers, statistics, and data analysis.
For effective functioning and growth of a company, it involves coordination, planning, forecasting and organizing processes. It includes operations, marketing, HR, finance, international business, sales, service, events, etc.
It involves the study of accounting, auditing, finance, taxation, etc. The flourishing trade and commerce of the country, as well as the growing economy, make this an in-demand field with a number of respectable and lucrative career options by way of opting for a degree in B. Com. (Programme and Hons.).
- Chartered Accountancy
One of the most popular, demanding & mile stone for commerce students. Chartered Accountant (C.A.) is an internationally recognized professional certification conducted by the Institute of Chartered Accountants of India (ICAI).
A Chartered Accountant handles various domains of business such as audit, taxation, investment, finance, etc. to increase the profitability of the company. Student can only enter after passing out the entrance examination i.e. Foundation Course Examination after 12th. It is followed by IPCC, internship training, & at last final year examination. Candidate can opt for professional opportunities in government and private organizations & also have the option to set up private practice after a few years of experience.
- Company Secretary
Company Secretary is a professional course administered by The Institute of Company Secretaries of India (ICSI). The Company Secretary takes care of the efficient administration of a company, particularly with respect to ensuring legal and statutory compliance, and governance-related issues such as ensuring that the decisions of the board of directors are implemented. Their job profile includes giving suggestions on conducting business, dealing with situations involving the conflict of interest, ways to prepare financial reports, developing corporate strategy, assisting in planning, and advising on company law.
A career in the finance domain involves helping businesses and individuals in making various financial planning decisions, monitoring cash flow, managing assets and liabilities, raising capital for expansion and running business operations. A common set of skills required across finance careers include a good grasp of economics and accounting concepts, a knack for numbers and data, and analytical thinking.
- Cost and Management Accounting
Cost and Management Accountants are responsible for budgeting, cost management, performance evaluation and asset management within an organization. It is a certification course provided by the Institute of Cost Accountants of India (ICAI). Cost and management accountants work alongside corporate executives to prepare the financial plan and strategy of the company, and also prepare financial reports for various regulatory authorities, creditors, tax authorities, etc.
Stockbroking involves buying and selling of stocks on the financial market such as Nifty and Sensex. Stockbrokers manage investments in stocks, bonds, mutual funds, and derivatives for their clients, and advise them about market fluctuations. Recently, due to steady growth in the Indian stock markets, this field is predicted to witness a good growth in demand for qualified professionals. One can work with brokerage firms, insurance companies, banks, investment banks, pension funds, other financial institutions, and work as an independent broker with expertise over the years.
To set-up own business, referred to as a start-up. Entrepreneurs conceptualize the business idea, build the structure, function, and strategy, and subsequently design and launch the company to sell products, services, or processes. Government is extremely positive in supporting start-up initiatives. However, this can prove to be a very risky path to pursue and is relatively more challenging than many other career options.
About the Author
Dr. Nitin I. Kochar, M. Pharm. and Ph.D. Currently he is serving as a Head of the Department and Professor in Department of Pharmacology at P.Wadhwani College of Pharmacy, Yavatmal, India. He has made massive contribution to education sector and research.