There are ample choices for the career paths to follow after a B.Com. (Hons.) degree. As a B.Com. graduate, you should be well aware of these alternatives. The list flows from the most conventional to more progressive career options. It is highly likely that you are familiar with the options discussed in the beginning but as you will go down the list you will find a range of opportunities.
It is an active choice for graduates to opt for a master’s degree to gain a specialization in the field of their interest.
Chartered Accountant (CA) is the most aspired certification for accountancy and tax enthusiasts. CA has three stages, namely CPT, IPCC, and CA Finals. It is mandatory to complete 2.5 years of auditing internship after the clearance of exams. The journey from a CA Aspirant to a Certified Accountant can be challenging, as it requires a lot of hard work and perseverance. The scope of work is wide-ranging from working independently/ in a CA firm to a corporate job. A handsome income of 12-22 lacs per annum can be expected and it grows tremendously as you move further in your CA professional career.
Company Secretary (CS) is a three-year-long course which involves three stages- foundation, intermediate, and finals. The papers require an in-depth study of law accompanied by fundamentals of accountancy. As a qualified company secretary, one can find positions in the private/public sectors, banks, and financial institutions. On average the earning capacity of a CS ranges from 4.5 – 13 lacs per annum with steady growth.
Chartered Financial Analyst (CFA) comprises three levels and is offered by CFA Institute in America. As the name suggests, it requires an in-depth study of equity, investment, risk management, and ethics. It is considered the highest standard for becoming a financial analyst, a statistician, or a market research analyst. A lavish income of 10-25 lacs is offered to a certified analyst.
One of the good career options after B.Com is the budding certifications with increasing demand in the market. The study involves the application of mathematical and statistical tools to assess and control risk in finance, insurance, investing, etc. One has to clear approximately 15 papers to become a member of the Institute of Actuaries of India (IAI). The conversion rate is low but clearing 3-4 exams will put you ahead in the league. The certification is highly in demand and boosts a career in finance very positively. One can secure a job in a corporate with a solid package of 8-15 lacs depending on the profile.
One of the career options after B.Com. is to become a Financial Risk Manager. FRM is a globally recognized certification for finance and banking professionals by the Global Association of Risk Professionals -GARP, USA. It opens doors for many lucrative jobs in the field of risk management, wealth management, finance, etc. A steady candidate can earn up to 18 lacs per annum in this field.
A B.Com. (Hons.) graduate is offered a role of junior analyst positions after the completion of their degree. A fresher can work in auditing, marketing, digital media, call centers, etc. Human resource departments are increasingly working on the improvement of work culture in big Multi-National Corporations (MNCs) as well as private organizations. A job will not only make you financially independent but also provides you with immense growth opportunities.
A B.Com. graduate can land a package of 3.5-8 lacs per annum depending on their expertise and background working as a business analyst. One can always take up certificate courses/ short term courses/distance MBA. As you keep building your profile, higher packages and perks are offered as you move up in the corporate ladder with adequate job experience.
It is a budding career due to the growing importance of digital media as a marketing tool. Almost all brands producing consumer goods and services heavily rely on digital means to market their products. In fact, a less known fact is, by the end of the year, 2020 it is expected to generate over 20 Lac jobs per year. Formal education is also being made available as short term diploma courses at various institutes to provide a solid certification to boost careers in this field. One can opt for online courses as well to up their skills as well. If after B.Com. Hons, one wishes to pursue a career in the creative field, Digital marketing can be an attractive choice. The average money offered ranges from 4-8 lacs per annum. One can work as a freelance digital marketer while pursuing an alternative too.
Remote learning has become a widely accepted phenomenon. As a B.Com.( Hons.) graduate, one has sound practical knowledge of subjects. After the completion of your degree, you can freelance or work full-time as an online tutor. A site worth mentioning which provide a platform to work as a subject matter expert is: Chegg: They provide a 24/7 service with an up-to-date lesson suite and scheduling tools. One can earn upto 50,000 per month as an online tutor.
It is an off-beat alternative to pursue after a B.Com (Hons.) degree. If one possesses a knack for creating alternative-offbeat ideas that aim to solve a problem in society, it surely is the most rewarding choice. One studies entrepreneurship, finance, marketing, advertising, etc as part of their curriculum. Once this knowledge is combined with practicality, it can do wonders.
As a student, you should have plans to have a career after B.Com throughout your college life. The correct team and investment can turn those plans into reality. Once adequate research work is done, potential investors can solve the problem of finance. One such example is Oyo Rooms, one of the fastest-growing hospitality chains. Mr. Ritesh Aggarwal, CEO of Oyo presented his idea at the Thiel Fellowship – a global contest intended for students under the age of 20. He managed to reach amongst the top ten winners who received a sum of $100,000 [over two years (about Rs 2.7 lakhs/month)] as well as guidance and other resources, to drop out of school and create a start-up, from PayPal co-founder and Facebook investor – Peter Thiel. It won’t be fair to compare the monetary advances in a startup with other career options but I bet it is one of the most self-fulfilling paths that one can take.
In conclusion, as you have seen, there are a plethora of options available for a B.Com. (Hons.) graduate. Whether you go for higher studies, certifications, corporate jobs,s or a start-up, in this fast-paced world there is always room for innovation. We have tried our best to cover these career aspects from a versatile interest point of view. In the end, a piece of small advice from Chegg will be a career-driven by true interest and passion will always go a longer way than a career chosen in lieu of its perks.