While planning for their careers, students sometimes commit the mistake of underestimating the commerce field. Commerce is one of the best-paying professional fields in India. A commerce graduate can quickly start a career in Banking, Finance, Data Analytics, Business Operations, Logistics, Accounts, etc.
A B.Com degree is one of the best decisions students can make to start their career journey. This piece will discuss how students can make a lucrative career with a degree in B.Com. This article will help students who are planning their career journey to consider B.Com as a career choice and for commerce students to know about the various opportunities ahead for them.
What is B.Com?
Bachelor of Commerce or B.Com is a 3-year Undergraduate program. This degree course helps students acquire accounting skills, a good understanding of the financial sector, Business and Company Laws, Taxation laws, etc. It’s one of the best courses to make students job-ready in the Accounting, Banking, Insurance, and Finance fields.
How to get admitted to a B.Com program?
Students can pursue the B.Com program after clearing their class 12th, with at least 50% marks. Students have to clear the university entrance exam tests to secure their admission to the B.Com programme. Some universities also take recruitment based on the class 12th score.
When it comes to course selection, students have some options like- B.Com, B.Com(Hons), B.Com (Foreign Plus), etc. B.Com (Foreign Plus) is offered by RIMS management college in Indore and has some unique features and offerings.
Many good colleges for commerce are spread all over India. Students can easily find good B.Com colleges in Indore, Delhi, Pune, Bangalore, etc.
Journey to building up a lucrative career with a degree in B.Com
Following are some of the best measures that students can take to build up a successful career with their B.Com degree-
- Focus on the subjects well.
The aim of the B.Com program is to introduce the students to all the relevant concepts and principles of accounting, taxation, commerce, etc. Students should focus on building a solid conceptual background. It will help them build up a strong foundation for their career.
- Prepare for the CA exam.
CA is one of the most preferred career choices for commerce students. Students can give the preliminary IPCC exam, enrol for the foundation course and start their apprenticeship. During the three years of the commerce program, students will have enough time and opportunities to prepare well for the CA final exam.
Having a CA certification is one of the best assets for B.Com students; it exponentially raises their professional profile and earning prospects.
- Prepare for other certifications like CS, CFA, etc.
CA is a must-have certification for commerce graduates, but apart from that, there are also other essential certifications like CS, CFA, CFP, etc. Having a good number of valuable certifications help you attract a higher pay package.
Students pursue the Company Secretary or CS certification program. To become a CS, students after 12th have to register with ICSI, get admitted to the course and clear the final exam. CS are specialists in corporate law, securities law, capital market, corporate governance, compliance management, business advisory, etc. CS also function as Law experts, compliance officers, strategic planners, and advisors in the corporate world.
Chartered Financial Analyst (CFA) is a globally recognised professional certification offered by the CFA Institute. The course duration is 2.5 years and is recognised internationally. Here students learn portfolio management, advanced investment analysis, financial analysis, security analysis, etc. CFA has a three-tier exam which students need to clear. Having this certification almost confirms your chances of getting a job in foreign financial firms.
CFP or Certified Financial Planners is one of the best professional certifications for B.Com students. The Financial Planning Standards Board India (FPSB) supervises and provides this certification. As CFP professionals, students can advise their clients on- financial planning, taxation, insurance, estate planning, retirement plans, etc.
Internships are one of the best ways students can kickstart their professional journey. Students can apply as accounts interns, business development interns, sales interns, etc. As many times internships get transformed into permanent job offers, students should try their best to get an internship offer from the company of their choice.
- Get placed
Some colleges offer placement opportunities for students. But students should not wait for placement offers or depend solely on them. Experience matters a lot in the commerce field, so students must get a job as soon as possible. Having certifications quickens and eases the selection process. Even without certifications, students can get job opportunities. Students can give government recruitment exams also to get a job.
MBA is one of the penultimate career goals for B.Com. It is better advised that students pursue MBA after getting certifications like CA or CS to get lucrative placement offers. Pursuing MBA opens up the prospects for building up a lucrative corporate career. Some of the best specializations for commerce students are- financial accounting, marketing, foreign trade, business analytics, etc.
Best Job roles after B.Com.
- Private firms
Students can look for job positions like managers, accountants, insurance consultants, stockbrokers, tax consultants, etc. After gaining sufficient experience, students can also go for an MBA to join as consultants.
- Chartered Accountant (CA)
CA handles the financial work of their client, counsels clients on investment opportunities, files their tax returns, handles tax disputes, develops accounting standards for firms, etc. The average salary for a CA in India is around Rs. 8,50,000 /year.
- Investment banker
Investment bankers explore investment opportunities, approve the investment projects, analyze the risk connected with the project, calculate the credit rating of the project, etc. The average salary for an investment banker in India is Rs. 12L/year.
- Business managers
Business managers are involved in general management, supervision, leadership roles, employee management, business strategies, etc. They ensure that the company remains productive, efficient, and profitable. The average salary for a business manager in India is Rs 9,96,815 /year.
- Government Jobs
Many exclusive vacancies are released for commerce graduates every year. Moreover, students can also apply for UPSC, SSC, State PSC exams, etc. Some institutes like RIMS commerce college in Indore provide students with the best preliminary coaching to crack the UPSC civil services.
Opportunities with a degree in B.Com are many; students planning their career journey should definitely consider it a viable option.