Career in Commerce After 12th and Graduation
Commerce is arguably the most popular academic choice in India and is one of the three central academic streams, the other two being humanities and science. While pursuing a course in this field, one acquires knowledge related to corporate finance, stock markets and the inner financial functioning of various profit and non-profit institutions and the economy, on the whole. The concept of trade and commerce consists of a wide range of interdisciplinary branches such as Accountancy, Business Administration, E-Commerce, Economics and Taxation laws etc. Since the Indian economy is one of the fastest growing economies in the world, the need for gifted specialists, who can add to the economic growth of the country, is also snowballing. To serve this surging demand, innumerable commerce colleges around the country are now offering quality education and training, to millions of students in this field. A commerce student can pursue a wide range of courses at any of the colleges mentioned below and have a chance at molding the country’s future in the coming years.
Several colleges and institutes in India offer a number of courses in commerce at both undergraduate and post-graduate levels. At the undergraduate level, one can pursue Bachelor of Commerce (B.Com), Bachelor of Management Studies (BMS), Bachelor of Business Studies (BBS) and Bachelor in Business Management/Administration (BBM/A) - all of which are available as part-time and full-time courses. At the post-graduate level, one can pursue Master of Commerce (M.Com), Master in Business Administration (MBA) and other specialized courses in areas such as Finance and Banking, Marketing and Entrepreneurship etc. on both part-time and full-time basis. There are a number of professional institutions/universities providing courses like, Chartered Accountancy (CA), Chartered Financial Analyst Program (CFA) and Company Secretary Program (CS), etc. for those looking to get into specialized fields.
In order to get into an undergraduate commerce program, candidates must have cleared their 10+2, preferably in commerce, from any recognized state/national board. To apply for a post-graduate course, the candidate must have a Bachelor’s degree in commerce from any recognized institution.
Costs of Study
The fees structure for commerce courses generally depends on which college you wish to pursue the course in and whether it is a government or a private college.
In a government college, the fee structure for BBM/A courses is around Rs. 7,000-10,000 per year, while in medium-ranged private colleges it can vary from Rs. 60,000-1, 00,000 per year. Some of the renowned institutes like Christ University, Loyola College, WBUT, Amity University, Symbiosis University and Shri Ram College of Commerce offer both part-time and full-time courses and their fees vary between Rs. 80,000 – 1, 40000 per year.
The fee structure for a B.Com course in a government college in India would vary from Rs. 6,000 – 10,000 per year, while in a private institute the total course fee can be somewhere around Rs. 60,000 – 75,000. The course fee covers various costs like library fees, accommodation fees (if any) and the usage of other facilities along with tuition fees.
In a government college, the fee structure for this course would come up to Rs. 5,000-12,000 per year, including computer lab and library fees. In private institutes, like Amity University, Christ University and St. Xavier’s Mumbai, the fees can range between Rs. 16,000- 30,000 per year.
The course is available on both part-time and full-time basis and the fee structure in a government college could range from Rs. 3,000-10,000. However, in a private institution, the fee structure could range from Rs. 50,000 – 1, 20,000.
At the time of registration, candidates have to pay around Rs.1500-2000 to sit for the CPT (Common Proficiency Test), which is a pre-requisite to pursue CA. The course duration is 5 years and the average fee structure ranges from Rs. 17,000 – 20,000.
CFA is a three-year post-graduate program and the fee structure is nearly Rs. 20,000 – 25,000 per year.
The CS program is offered by all major ICSI institutes across India and for the commerce students, the entire fee structure can range between Rs.7,000- 10,000.
Scholarships/Arrangement of Funds
Now a days it is very easy to obtain scholarships for commerce courses, provided the candidate can produce their merit certificates and also display the right amount of potential on the scholarship test/form. The AOC Scholarship Program, Indian National Scholarship Scheme, J.P. Morgan Chase Scholarship Program, the Government of India Scholarship and the Apex Life Scholarship offer substantial aid to students at both undergraduate and post-graduate levels.
Students looking for financial assistance can also obtain loans from banks such as SBI (State Bank of India), Axis Bank, HDFC Bank, ICICI Bank, Bank of India and Bank of Baroda etc. These loans are available for higher education both in India and abroad. The quantum of finance available to students by way of educational loans depends on the courses they intend to pursue, their academic performance so far and, at times, on their score in the scholarship test. Such financial aid usually covers tuition fees, cost of books and accommodation fees. Till the repayment period of such aid starts, the parents or guardians of the student act as primary debtors for the loan.
Where to Study
Top Colleges Offering Undergraduate Courses
Some of the top commerce colleges for undergraduate courses in India are-
- Shri Ram College of Commerce (Delhi),
- Loyola College (Chennai),
- Stella Maris (Chennai),
- MOP Vaishnav College (Chennai),
- Symbiosis University (Pune),
- Christ University (Bangalore),
- St. Joseph’s College (Bangalore),
- Jain University (Bangalore),
- Narsee Monjee College (Mumbai),
- BM College (Pune),
- Amity University (Delhi) and
- St. Xavier’s College (Mumbai).
Prospective students can either apply online or directly fill in the forms at the colleges/institutions. In order to be able to get into a B.Com program or a BBA/M program, the student will require 10+2 certificates, from a recognized state/national board, along with any other additional certificates.
Top Colleges Offering Post-graduate Courses
Some of the top post-graduate commerce colleges in India are-
- Shri Ram College of Commerce (Delhi),
- St. Xavier’s College (Kolkata),
- Presidency College (Chennai),
- Symbiosis University (Pune),
- Hans Raj College (Delhi),
- Narsee Monjee College (Mumbai),
- DAV College (Chandigarh),
- Nizam College (Hyderabad),
- St. Francis College for Women (Hyderabad)
- R.A. Podar College (Mumbai).
Post-graduate students require a first-class (second-class in some cases) commerce degree from any recognized college/board in India. Any other additional certificates, letters of recommendation and statements of purpose may also have to be presented. Students can either apply online or directly fill in the forms at the colleges/institutions.
Today, Chartered Accountancy is one of the most lucrative options for students wanting to enter the financial sector. While CA is considered a coveted career, commerce students can also opt for the Chartered Financial Analyst Program (CFA), the Securities Market program or the Company Secretary Program (CS).
- Institute of Chartered Accountants of India (Delhi)
- Institute of Company Secretaries of India (Delhi)
- Institute of Cost and Works Accountants of India (Kolkata)
- CFA Institute
- National Institute of Securities Market (Mumbai)
- Institute of Actuaries of India (Mumbai)
While institutes like ICAI, ICSI and ICWAI are responsible for conducting examinations for their respective courses, other institutes offer both, part-time and full-time courses, along with conducting quarterly examinations. Before enrolling at any of the ICAI branches in India, the students should by and large have-
- Passed 10+2 examination (in any discipline, preferably commerce) or its equivalent from any recognized board and then appear for the CPT (Common Proficiency Test).
A bachelor’s degree with an aggregate of 50% or above (need not appear for the CPT).
- 3-4 years of professional work experience (to get into the CFA Institute).
In order to excel in all profiles of commerce, students need to have more than just ‘number-crunching’ skills. They would need to keep themselves abreast about the markets around the world and will have to be innovative in their thinking and work practices. Also, candidates will have to be articulate, meticulous and should also be able to network effectively. What sets commerce students apart from the rest is the understanding of social and ethical dimensions of business among all others. In order to be able to operate on a global platform, candidates should be evaluative, apply logical and rational thinking, be critical and flexible and should also, learn to make smart choices.
After completing their education, commerce students can join any private or government organization as financial analysts, management executives, junior executives or junior bankers. The study of commerce provides a springboard for work opportunities in a range of financial services, banking, IT & ITES, law firms, hotel management, accounting/audit firms, government services and entrepreneurial start-ups. Apart from this commerce students can also think of career in civil services in the central government and various state governments.
Salary & Remuneration
Remuneration for commerce students largely depends on the industry and the organization the person is working with. Private and government organizations have their own policies regarding salary of professionals working in various fields related to commerce. For instance, a fresher can anticipate a salary package of Rs. 10,000 – 15,000 for a junior analyst position. However, financial analysts can expect anything between Rs. 15,000 – 20,000 as their starting salary package. Senior employees or financial executives could earn anything between Rs. 30,000 – 50,000 per month. The average pay package of chartered accountants can be anything between Rs. 5, 00,000 – 10, 00,000 per annum. A number of multinationals may even offer remunerations above Rs. 10, 00,000 depending on the merits of the candidates.