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Commerce Education

Commerce Education in India

In India, commerce as an educational stream is first opted at intermediate level i.e. at 10+2 level or after Class 10th. B.Com is awarded to students if he/she pursues commerce at the undergraduate level. For example, if a candidate chooses to study Accountancy as major at Bachelors level then B.Com. (Hons.) in Accountancy is awarded. The student who makes outstanding performance in the final examination is awarded with distinction.

As part of post graduate studies, a candidate chooses to do specialization from the subjects that he / she has studied as part of Under Graduate studies; Commerce / Accountancy / Business / Finance etc . Master of Commerce (MCom) is awarded in the relevant subject. Thereafter one can go for research studies viz.  M.Phil. and Ph.D. 

Honorary doctorate degrees are awarded for outstanding contributions in particular fields of study or work.

Commerce opens a lot of possibilities to students in India. Once can pursue a course in Chartered Accountancy, Cost Accountancy, Company Secretaryship or even Law. For careers in Commerce, click here.

There are quite good numbers of Universities / Institutions / Departments across the globe offering programs in Commerce through dedicated departments of Commerce. The number of universities offering traditional programs in commerce in India is more than 300. A number of Apex Organizations both in India and Overseas are also involved in providing education and training in commerce at various levels like Certificate, Diploma, and Degree etc. The qualification earned from a professional organization makes a person eligible to practice the profession.

Some universities / institutes / colleges / departments conduct written test, interview, group discussions etc for admission to postgraduate courses in commerce. The admission criterion varies largely depending on the institute / department profile, course popularity, marketability, and the number of applicants etc.

The Indian Universities / Institutions and Colleges offers admission into different B.Com and M.Com degree programs, or research programs etc according to guidelines laid by the University Grants Commission (UGC), Ministry of Commerce and Industry and Ministry of Human Resource Development (MHRD) of Government of India

New career avenues for commerce graduates

The field of commerce is no longer confined to hardcore accounting, finance and taxation, but has widened to include inter-disciplinary branches such as business administration, economics, marketing and advertisement. Some of the key employment sectors for commerce graduates including IT, manufacturing, healthcare, BFSI and retail (in particular) have seen a considerable growth.

In fact, the retail sector is among the top three employing sectors of the country. Says Barkat Charania, CEO, Beyond Talent Management Pvt Ltd, “With the coming of FDI and booming e-retail space, demand for fresh graduates at various levels, from store front to merchandising, IT, analytics, logistics, accounts and finance, has multiplied. There is a huge demand for graduates in the digital space.”

Some of the emerging career options for commerce graduates in India are:

FINANCIAL ANALYSTS

The profile is sought-after in IT, manufacturing, banking, consulting, BPO and KPO sectors. The job profile includes managing accounting transactions and system interfaces in general ledger and providing analytic support to business initiatives.

Skills required: Analytical and problem solving skills are essential along with knowledge of SAP

Salary: Rs 3-5 lakh per annum

MARKET RESEARCH

The role includes conducting secondary research, compiling, managing data, analysis and reporting. Sectors such as IT/telecom, BFSI, manufacturing and healthcare offer numerous opportunities in this area.

Skills required: Logical and analytical skills, creativity (in terms of presenting data in a graphical format), proficiency in MS Excel and power point

Salary: Rs 3-5 lakh per annum

BRAND MANAGEMENT

To sustain the stiff competition and attract top talent, companies are increasingly focusing on brand management. From retail (especially online) to IT and healthcare, every sector is making a beeline for brand management specialists.

Skills required: A creative mindset and the ability to develop branding strategies, audit and compliance competencies are desired too

Salary: Rs 3.5-8 lakh per annum

DIGITAL MEDIA

Since digital media is picking up significantly, one can do a short course in digital media along with graduation for a promising career as a digital media strategist.

Skills required: Creative skills to design, create and manage digital media promotions and ad campaigns, research and analytical competencies

Salary: Rs 3-6.5 lakh per annum

SALES AND MARKETING

With business expansion on the cards across key sectors, sales and marketing executives are in demand especially in the banking/insurance, IT and manufacturing sectors.

Skills required: Aspirants with good communication and interpersonal skills are desired

Salary: Rs 3-6 lakh per annum (plus incentives)

MEDIA COMMUNICATION

Jobs in the area of media communication encompass PR and corporate communication skills. The demand is high in sectors such as consulting, internet/dotcom and IT.

Skills required: Basic knowledge of online marketing and relationship management skills

Salary: Rs 3-5.5 lakh per annum

DATA ANALYTICS

The role of data analytics has become increasingly critical in business sustenance. Little wonder then, data analysts are now not only being hired by IT companies, but also non-IT companies including those operating in the BFSI sector in large numbers.

Skills required: One has to be good with numbers, data crunching and analysing 
Salary: Rs 3.5-7 lakh per annum

While opportunities are many, graduates must keep in mind that competition is immense too. Charania advises aspirants to focus on brushing-up on specialised skills and competencies (technical or operational). A short course or a diploma in emerging niche roles will be an add-on to a graduate degree and will help 

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. 

Courses

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.

BBM/A

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.

B.Com

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.

BMS

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.

M.Com

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.

CA

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

CFA is a three-year post-graduate program and the fee structure is nearly Rs. 20,000 – 25,000 per year.

CS

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.

Tackling financial crisis

At a time when the on-going financial crisis has undermined trust in financial services and left a vacuum which organisations, academics and regulators have struggled to address, a survey was conducted on understanding the global market sentiment. This survey was to gather feedback on performance, and market integrity issues in 2013 to promote ethical and trustworthy investment markets. Through the CFA Institute Global Market Sentiment Survey 2013, investors agree that to restore integrity in the global capital markets, change must come from within.

To bring change from within, CFA Institute, the global association for investment professionals and administrator of the CFA Programme, has launched the Claritas™ Investment Certificate (Claritas).

The programme will be conducted over a period of three-six months and will include 100 hours of study.

 

John Rogers, CFA, president and CEO, CFA Institute, says, “Building and maintaining trust in the financial services industry is at the heart of our mission. The certificate will enable those working across financial services to become more effective, knowledgeable and responsible professionals. This will benefit their employers, colleagues and society as a whole, as well as help support their own career development.”

Claritas is aimed at the broad range of people in the financial services industry who work alongside those in investment roles. Currently 68 organisations and over 3,000 candidates are taking part in the pilot programme. Participants are also globally diverse, with candidates taking part from a variety of countries including Australia, Canada, China, Denmark, Germany, Hong Kong, India, Ireland, Pakistan, South Africa, South Korea, Singapore, Switzerland, UAE, UK, Uruguay and US.

Options for Commerce graduate

Until a few years ago, a commerce degree with popular specialisations like accounting, finance, banking, etc, would automatically lead to a job in the banking sector. No longer. Today, a commerce graduate has a plethora of options to choose from.

Says Shobana Vasudevan, principal, RA Podar College of Commerce and Economics, Mumbai, “The traditional BCom course offers two major options — BCom with accountancy and BCom with management. However, students can now specialise in Bachelor in accounting and finance (BAF), Bachelor in banking and insurance (BBI) and Bachelor in financial markets (BFM). These unaided courses offer more career options than the traditionally popular commerce degrees. For instance, an upcoming field that graduates in accounting and finance can explore is actuarial sciences.”

According to Pratibha Jain, education counsellor, colleges are also offering advanced diplomas in tourism and travel management, advertising sales and marketing, and taxation along with the BCom degree. These diplomas present a 360 degree view of the chosen industry.

“The three-year Bachelor of Commerce with advanced diploma in Tourism and Travel Management, for instance, provides a comprehensive knowledge of commerce and accounts along with an understanding of the tourism industry, developing communication skills, customer relations and service,” informs Jain.

The programme has both theory and practical subjects. Pedagogy includes tools like lectures, case studies, presentations, discussions, debates and demonstrations. It has a strong institute-industry interface through guest talks, seminars, field visits, etc.

Thanks to these out of the ordinary specialisations and add-on courses, the industry too is keen on hiring commerce graduates. 

“The trend of campus placements is widely spreading to commerce colleges. Companies prefer to hire fresh graduates as they can be moulded as per the company’s requirements and are also cost-effective. Graduates get jobs in the accounting, auditing, banking and finance sectors. Major companies hire these graduates as analysts with a pay package ranging between Rs 2.5 and 8.5 lakh with an average pay package of Rs 3.5 lakh per annum,” informs Rajan Saxena, vice-chancellor,NMIMS.

Some Choices

• HR College of Commerce and Economics, Mumbai University
• Mount Carmel College, Bangalore
• St Joseph’s College, Bangalore
• Indian Institute Of Tourism and Travel Management, Bhubaneswar
• Christ University, Bangalore

Once upon a time, I wanted to take the engineering and the Special Class Railway Apprentices' exams. So, I opted for science subjects after class X. However, at some point of time in class XII, I lost interest in science. I thought commerce was a better choice. So, with good class XII scores under my belt, I followed in my father’s footsteps. I signed up for the BCom (hons) programme at Shri Ram College of Commerce, University of Delhi (DU).

I had one of the best times of my life in college. Besides study, which is extremely important, I dabbled in different extra-curricular activities to develop different skills. I was part of SRCC’s dramatics society and took part in college festivals. I was an athlete (100m and 200m), playing foot squash (playing squash with a football) and badminton as well. Upon graduation, I had the option of taking a non-IIM MBA or DU’s Master of finance and control (MFC) degree. I homed in on the latter because of its reputation.

My first job was as assistant vice president (business development – India) at the London Forfaiting Group, offering international financial services, in Mumbai. In the wake of the 1998 Russian financial crisis, the group, with exposure to that economy, folded in 25-30 countries, including ours. As a result, I lost my job after working there for about four years. However, DSP Merrill Lynch took me on as assistant vice president – private clients group. In 2001, I quit to join Deutsche Bank as assistant vice president (private banking), an interesting assignment just like my previous work.

From 1999-2000, I thought about starting an enterprise. It was the time of the dot-com boom (and bust later). So, I drew up a business plan. Some very affluent individuals have their family offices with CFOs and other such professionals to manage their wealth. We could offer a unique model of a multi-family office managing their riches. It was not an easy decision to leave a plum job, with neither a business family background nor any institutional backing. In 2002, my former classmate and colleague Rohit Sarin and I launched Client Associates, a multi-family office firm in a small office with a table and a computer plus an office boy, at Gurgaon, Haryana.

The first year was difficult because we were newbies on the scene and the economy was down that year. Finally, we had our client, from Delhi NCR, with an average investible wealth of Rs 25 crore.

Since then, we have grown to 500 clients, of which 200 are on the family office platform and the rest, on the private banking/wealth management side, served through seven offices around the country. Today, we advise on a total of about Rs 17,000 crore between these clients.

I think to be successful, a long-term vision is important. It takes at least 10-20 years to create value in a business. Young people should look at the entrepreneurial route. Commerce graduates especially have good basics to become entrepreneurs, preferably after a Master’s and a few years’ work.