Career choices for B.Com students

Commerce has always been regarded as one of the best academic streams to pursue if you are interested in getting excellent employment opportunities. If you choose commerce, you also have the opportunity to choose an out-of-the-box career option, like one in travel and hospitality, depending on the path and degree you choose.

Career options for commerce students are vast and you will always have interesting profiles to work at if you play to your strengths. While many B.Com graduates choose the much tried and tested path of CA, CS and other related fields of study, many who are unable to make the cut for these programmes are left in a lurch with respect to employment opportunities.

If you are one among them, worry not; there are several others options, which B.Com graduates, can opt for. Commerce in the financial sector In the presents times the Chartered Accountancy qualification is not the only option for commerce students to enter the financial sector.

While a CA is still a coveted career, commerce students can also try for jobs as financial analysts, cost and work accountants, bankers, various financial services in banking and non-banking services, tax consultancy, stock broking, financial management and many other related jobs that are being continuously created in this area.

Other than taking care of people’s savings, financing projects, and extending loans and credit services, banks have diversified their activities into a range of corporate and personal financial services, and non-banking financial services including housing finance, leasing and hire purchasing.

Moreover, with the increasing entry of foreign banks and their aggressive marketing, job opportunities have grown significantly. For nationalised banks, most of the selection is done through the Bank Probationary Officers exams conducted by the respective Nationalised Banks.

Most foreign banks prefer MBAs or professionals in accountancy, finance experts and economists with post-graduate qualifications.

Chartered Financial Analysts provide expertise in the area of management accounting as also a range of financial services, covering project planning, merchant banking services, portfolio management, venture capital, leasing, hire purchase, new issue management, credit rating and other allied areas.

The CFA course is a PG programme conducted through postal tuition, and admission is on the basis of an entrance test. Costs and Works Accountants monitor all costs involved in making a product or providing a service, from raw materials and labour to administrative costs and overheads.

In other words, the cost accountant collects, collates, and interprets data relating to the organisation’s business activities and converts them into money terms, thereby guiding managerial decisions and enabling the organisation to maximise profits.

The Institute of Cost and Works Accountants of India (ICWAI), ICWAI Bhawan in New Delhi provides training in this area to students who have completed plus two. Graduates are exempt from doing the foundation course. ICWAI has several branches all over the country.

Stocks and Securities; As the Indian stock market goes global this is another area which provides ample opportunities for those with a financial bent of mind, and information management skills, as all trading is now computerised. A degree in Commerce/Economics is required to be eligible for the postgraduate course in Stocks & Securities.

Financial Planning is yet another professional opportunity for commerce graduates and required mainly in the financial services sectors of Banking, Insurance and Investment Advisory Services. The International College of Financial Planning in New Delhi (with branches in Mumbai; Chennai; Kolkata; Bangalore; and Hyderabad) provides training in Certified Financial Planning.

The Institute of Financial and Investment Planning, MV Road, Andheri (East), Mumbai, offers a diploma course in Financial and Investment Planning. Business Finance is another specialisation in finance, which includes aspects not just of conventional auditing and accounting, but also a vast range of activities like fund raising, foreign exchange, treasury management, investment banking, money market operations and stock broking.

The Department of Financial Studies, University of Delhi, and Punjabi University, Patiala, and Aligarh Muslim University offer a Masters degree in Finance and Control (MFC) essentially to commerce/ economics graduates. Several universities offer PG courses in financial management.

Commerce in the non-financial sector
There are a host of opportunities for commerce students in a multitude of careers in the non-financial sector. The most sought after however, still remains the evergreen MBA. Whatever the area of work, business managers with their specialised knowledge of business and industry, and of financial and economic policy will always be at a premium.

Commerce and economics graduates can also join the Civil Services or, in particular, the Indian Economic Service / Indian Statistical Service. The Union Public Service Commission (UPSC) conducts the entrance exam to these services in November every year.

One of the most promising avenues for commerce students is Insurance. With increased business activity and the entry of foreign insurance companies, insurance offers lucrative opportunities for commerce students with appropriate knowledge and training. Universities and private institutes offer graduation in actuarial science and insurance.

The Actuarial Society of India conducts a qualifying exam, while some institutes, including Amity University, now also offer training in risk and insurance management Company Secretary is another area worth looking at, as every company requires having a Company Secretary who ensures the efficient management of the organisation.

The Institute of Company Secretaries of India (ICSI), New Delhi conducts training for the course of Company Secretary through postal tuition. It has four regional offices at Kolkata, Delhi, Chennai and Mumbai and several chapters located in various cities. You can join the course after 10+2 with any subject.

However, if you are a graduate, you can directly enroll for the intermediate examination. Here’s a list of employment opportunities that open up a path to excellent professional career and a rewarding future:

Accountant: This is one of the most immediate and ideal employment choices available to commerce graduates after completion of their B.Com programme. Accountants are required in every industry and in the field of business; therefore, there is no dearth of jobs for B.Com graduates.

Even smallest of companies like recently sprung up start-ups would require services of an accountant to keep a check upon the profit and loss balance sheet of their company. As far as payment is concerned, B.Com graduates can expect moderate pay initially, but they can also work on a freelance basis for multiple companies to enhance their earning potential.

Tax Consultants: Taxation is a field that affects everyone, be it a multinational company, a small business house or an individual. With rising complications and dearth of time among people, the job of tax consultant has become a very lucrative option for B.Com graduates. B.Com graduates are already familiar with basics of governmental taxation policies and, therefore, tax consultation becomes a natural job choice for them.

Just like Accountants; tax consultants also start with a basic pay band and then move up the rank with experience and clientele. They also have the option of working as freelance consultants or setting up their own firm in future.

Banker: Banking is another sector that is very closely related to the field of business commerce and finance. The majority of Public Sector Banks hire human capital on the basis of an open competitive recruitment test. The test is based upon numerical, quantitative and logical reasoning ability of the candidates; which makes it easy for B.Com graduates to crack them.

In case you are not interested in appearing for a Bank exam, you can apply to different private banks that hire B.Com graduates for entry-level positions within their structure. In both public and private sector Banks, the salary and promotion policy is quite extensive and, therefore, makes for an excellent employment opportunity.

Auditor: Financial Auditors are one of the most important positions within the financial infrastructure of any company / organisation. An auditor keeps a check upon financial statements and accounting ledger of companies and organisations. This position is generally considered above Accountants and, therefore, attracts higher pay and better perks.

Stock Broker: Stock Broking is another very interesting career choice for commerce graduates after completion of the B.Com programme. Students who have a keen interest in stock management, investments, securities market, finance, economy, mathematics and other related subjects can join this profession by completing a short certificate course in stock broking.

Again during the foundational B.Com course, the basics of stock market and its operations are already covered in the syllabus; which makes it another natural career choice for B.Com students. Finance Consultant: It’s another very lucrative profession for commerce graduates.

Financial consultants help individuals and organisations to plan their financial future by directing investments in different sectors like saving banks, retirement planning, stock portfolio planning and others. With the rise in total income and enhance savings capacity of people; this professional has emerged as one of the fastest growing career choices among Commerce graduates today.

Insurance Consultant: The profile of insurance consultant is very similar to the one of financial consultant. Insurance consultants help individuals and organisations plan for any accidental untowardly incident and create financial backups and contingency funds to handle any such situation. Insurance advisors are also hired by insurance agencies at a healthy pay.

The profession also attracts a lot of perks like commission based rewards and others. Export-Import Manager: It is another sector that B.Com graduates are trained quite well in, during their commerce graduation degree. Any company which deals in export and import of goods/services will need a dedicated export-import documentation, taxation and accounting specialist.

This is where Export-Imports Managers step in. Students can join at an entry level position within an organisation’s export-import wing or can opt for a certificate or diploma course with specialisation to hone their skills.

As far as pay goes, Export-Import Managers attract excellent pay, considering that they work for multinational corporations and large business houses involved in overseas trade business.

Government Jobs: B.Com graduates also have the opportunity of joining a government job through different entrance exam announced by either national level govt recruitment agencies like UPSC/SSC or various state public service commissions. Many jobs within the government infrastructure like IRS, CBDT, Commerce Ministry and Finance Ministry are focused upon aspects that require a thorough understanding of concepts of business and finance.

Therefore, such jobs are ideal for B.Com graduates who are already familiar with such topics. As far as pay is concerned, Government jobs are always known for their excellent pay and even better perks as well as social status attached with them. Apart from this, the recently announced 7th Pay Commission has again announced a hike in all central government jobs, making them more lucrative career opportunities.

Entrepreneur: B.Com graduates are already familiar with basic knowledge about accounts, tax, marketing, and finance and insurance also. In addition to this, they also study in detail the Companies Act, Financial concepts and basic management principles.

The combination of all these aspects makes a B.Com graduate an ideal candidate to be CEO for a small scale business unit. Students who are keen on starting their own business or joining or managing a family business should also look at B.Com as an ideal academic programme to train young entrepreneurs for small scale business houses.

Source: jagran