Best Career Options For Commerce Students

Introduction

Having cleared your boards, one has to decide various career options for commerce students that an individual can avail through their course. Gone are the days when job opportunities were restricted to certain fields. But now students can choose from a plethora of options., they can look out for thor passion and interests to get into their desired job profile.

Various engraved norms need to be erased from the mindset of people. The basic motive of this article is to provide an experience to the aspirants and to be able to give them a roller coaster ride every day for that the most important job for an individual is to go for that one career option for commerce students that will provide an ample opportunity to follow one’s passion mixed with one’s aspiration.

List of Career Options

Here is the list of best career options for commerce students background can opt for:

CHARTERED ACCOUNT

A Chartered Accountant is one of the best career options for commerce students. A person from a commerce background is likely to get into a Chartered Accountancy professional course. A candidate can easily get into this job through a series of examinations, internships, and additional qualifications. The Institute of Chartered Accountants of India or ICAI nominates an aspirant as a chartered accountant. The job of a CA is to handle company accounts and finances to maintain the records and rescue an organization from an uncertain and unpredictable business environment.

The role of a Chartered Accountant is one of the most important roles in an organization; it is an indispensable job description for a business. Therefore, it is one of the highest-paid jobs in India. One can expect a salary of 6 to 7 lakh rupees per annum, and the value keeps on increasing as the qualification of an accountant increases. The level of difficulty under this source keeps on increasing. As a result, it requires immense hard work and practice. This course includes varied subjects such as taxation, auditing, financial management, and accounting. This profession is as lucrative as demanding. Therefore, one needs to work hard to avail yourself of the best opportunities coming your way.

career options for commerce students
January 22, 2022
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Table of Contents

INVESTMENT BANKER

An investment banker holds the most lucrative and vital position in a business organization. Therefore, it is the best career option for commerce students. Since commerce students deal with numbers and finances, they have deemed advising or suggesting the organization on investment, money, or savings. The main job description for an investment banker is to provide financial recommendations to help business organizations optimally use their resources and to be able to reach their goals. A person with good knowledge of financial assets and investments can opt for this occupation. This occupation has varied roles, such as analysts, associates, etc.

This field requires individuals to stay updated and on their feet, since they need to monitor the market as several factors constantly can cause an upward or a downward movement in the market. Investment bankers help companies make sound decisions regarding investment to increase the value of their assets.

An investment banker can earn a handsome salary of approximately 26 lakh rupees per annum.

COST ACCOUNTANT

A cost accountant emphasizes the fundamental and conceptual basis of accounting. It relates to financial analysis, business organization, money, the principle of economics and various other elements of the business financial world. If Managing cost operations of a company and optimizing resources is what excites one the more, then cost accountant can prove to be the best career opportunity in commerce.

The job of a Cost Accountant is to prepare the budget and evaluation of the company’s performance. To become a cost accountant, one needs to go for a bachelor’s degree and then for other higher degrees for higher positions. Accounting is one of the career options for commerce students that need hard work and practice. Preparation of financial reports for various stakeholders such as tax holders and other regulatory bodies is an important part of accounting. A beginner can earn a handsome salary of 4 lakh rupees. This sum helps to push the aspirants to get into the job. This occupation helps individuals apply their commerce knowledge practically into real-life business situations and, thus, help an organization to maximize their profitability with such potential candidates.

ACTUARIES

Actuaries are the ones who regulate various financial management of resources. They study the impact of financial risk and financial uncertainties in the changing business world. An actuary is the most responsible and the innermost part of the financial department of an organization. Thus, every action heavily impacts the overall fate of a business organization. It can be one of the most flourishing and best jobs in commerce.

They assess various financial assets and security systems and constantly monitor the day to day complexities. It deals with numbers, analysis, assumptions and other parameters to jeopardize business risks.

The skills required for actuaries are analysis, valuation, asset and liability management. A good understanding of the market and its mechanisms are important elements that need to be studied to assess assets and control risks. A student should have a background in economics, business studies, and finances.

An actuary gets an annual salary of 10-14 lakh. As soon as the candidate goes for a higher qualification, this amount increases, benefiting both actuary and business organizations.

FINANCIAL PLANNER

Finaincial Planner

A financial planner is a company’s planning partner and an educator. They may help an organization meet short term and long term goals. Therefore, they cure a business organization’s financial health and can be categorized as one of commerce students’ most important career options.

A financial planner works to get a complete picture of your assets, liabilities, income, and expenses through rigorous analysis and interpretation of the data available. It deals with numbers, assumptions and an insight into the business world. Hence, it requires a good commerce background to fulfil these obligations. A financial planner is responsible for just financial decisions, but the latter also strategizes tax issues, savings, budget, and evaluation of current and future situation of the business firms.

The job of a financial planner is to synthesize various initial premises. After that, then evaluate every alternative and select the most viable one. This procedure requires a good understanding of the business elements responsible for performing the task. Financial decisions directly impact the working of a business firm. Therefore, any decision taken should be evaluated with utmost care and intelligence.

BANKING

Banking is one of the most common and demanding careers in India. A student from a commerce background will always prefer to get into this economic sector.

The demand for banking as a career is growing day by day. This is because they are truly the backbone of a country’s economy. There is a rapid growth in employment opportunities in the banking sector. It has paved the way for many aspirants who want to get into it. As a result, a Huge demand has created opportunities in the form of jobs for several candidates. There are many vacancies in both the public and private sectors. Both these sectors require good qualifications as well as a good educational background. A candidate needs to go through various banking examinations to get selected.

A convenient, government job with a good salary and high social acceptance is all that an individual aspires for. With the emergence of new local/foreign/national banks, the job market is continuously booming for commerce students. Traditionally students with a commerce background automatically find themselves associated with banking as a job. Other course students have not ventured into it, but nowadays, any student with a bachelor’s degree can get into the job, thus making it the best career option in commerce.

COMPANY SECRETARY

A company secretary acts as a conscience seeker for a company. They hold a principal position in an organization.

The job of a CS is to keep track of tax returns keeping returns. They have to advise the board of directors and make sure that the company works within legal and ethical compliances. They act as mediators between different company stakeholders such as the shareholders, government, board of directors, etc. The ICSI, i.e. the institute of company secretaries of India, is a statutory body that regulates the profession of a company secretary. They provide training and education to millions of aspirants and is a recognized body responsible for making an aspirant a CS.

A candidate has to complete three levels of examination under ICSI. The field requires expertise in company law. Good command of language is also necessary. They should be competent with numbers and, at the same, should be meticulous planners. Thus it can be categorized as one of the best career options for commerce students. It can also prove to be one of the best jobs in commerce. One can expect a hefty salary of 6- 7 lakhs per annum.

INSURANCE

Insurance professionals are in high demand nowadays. They act as a mediator between the insurance companies and the customers. They communicate a company’s schemes and offers to the customers helping them to choose the best out of available and at the same time communicating customer’s grievances to the company. It will help a business organization constantly change their policies according to customers’ choices as their ultimate goal is to serve customers.

This sector has shown a growth spurt in the past few years. The job prospects in his field are also booming day by day. An aspirant can perform various roles, ranging from an insurance agent to a sales manager or as an insurance underwriter. The skills required for the job are good communication skills, a good understanding of business terms, and at the same time, explicitly convincing power is all that is required in the job. This job can prove to be one of the best career options for commerce students. A commerce student is more clear and straight with various policies and schemes of the business world they have a good understanding of future financial situations.

STOCKBROKER

Stockbrokers are the most flourishing market for both investors and companies. Stockbrokers sell financial securities or stocks in the market. The market keeps on changing constantly. Therefore, a stockbroker needs to monitor the market’s upward or downward movement constantly. It is the best opportunity for an aspirant. For this job, you need to keep a close look at the functioning of the market. Moreover, it would be best to understand how SENSEX and NIFTY work.

This job is accessible for every individual irrespective of their study background. However, it is more feasible for commerce students as they have a deep insight into various financial terms. They are studying the subject in their schools and colleges. They can easily grasp the complexities of various investing mechanisms. One can get into various positions being a stockbroker. For instance, financial advisor, dealer, investment advisor, fundamental analyst, equity advisor and many more. A stockbroker is the most lucrative career option for commerce students.

MANAGEMENT ACCOUNTING

Management accounting is also known as managerial accounting. It is one of the best career options for commerce students. The basic work in this field is to provide financial information and needed resources to the company managers. They help in the decision-making process of a firm. In this procedure, the financial department shares various financial statements, invoices and other important pieces of financial information with them. The main motive behind managerial accounting is to enable the management staff to make accurate decisions using accurate statistical data. They help run the business decision operations of the company smoothly.

The role of management accountant plays a vital role in finding out various business risks. Only the internal members of the company use this form of accounting. This makes it different from financial accounting. It is the best opportunity for a commerce student. This job implements theoretical knowledge practically in real business life situations.

Careers in Commerce after 12th

Hospitality Diploma Courses

The hotel and Hospitality industry in the present era is turning into a lucrative professional alternative. In India, numerous government and private schools offer hotel/hospitality management diploma courses. The course will help students to pick up information and necessary skills. Moreover, it will also give them an outlook to handle the management and supervisory responsibilities in the hotel/hospitality sector proficiently. After pursuing a hotel/hospitality management diploma, there are abundant open doors for applicants since the industry is growing very rapidly.

Applicants can discover different jobs in departments such as operations, front office, food and beverages, accounting, sales and marketing, engineering/maintenance, and so forth. One can pick any field according to their inclination, pursue a career, and grow successfully. Lateral entry after class 12th is conceivable if somebody is keen on pursuing a career in India’s hospitality and tourism sector. IIHM is the leading name in colleges that offer Hotel Management degrees. The applicants must score the cutoff marks in the entrance test – NCHMCT-JEE, which represents – National Council for Hotel Management – Joint Entrance Exam.

Journalism and Mass Communication

Mass Communication is a mode of scattering information to an enormous population. This course spreads its branches to various other media fields. For instance, news gathering and reporting, film direction and production, event management, public relations, advertising, corporate communication, etc.

As of late, the field of broad communications and correspondence has advanced into a partially interactive concept that touches almost every aspect of human life. Also, with the sheer multiplication of media into our lives through paper, television, and the web, the field of mass correspondence is picking up prominence more than ever.

Journalism and Mass communication has picked up popularity in the recent decade, and a few candidates are opting for the course after class 12th Commerce. If a student is good at writing and can commute to tell individuals’ stories to the world, then Journalism and Mass Communication is the perfect option. There is no all India selection test fundamentally, yet a few universities accept either the grades/percentage of marks secured in class 12 boards. The course offers various career opportunities to aspirants that are lucrative and bring in job satisfaction with imagination.

Integrated Corporate Law 

Corporate Law is one of the most well-known law specializations. A lot of students opt for this field nowadays. One can take up Integrated Law with a career in commerce by opting Bachelor of commerce or Arts. Corporate Law incorporates the guidelines, practices, and rules that govern the formation and operation of corporate firms. Subsequently, in simple words, Corporate Laws manage to form, own, operate, and manage a corporation. Corporate Law typically regulates corporations, investors, employees, shareholders, directors, and creditors. In addition, it also upholds other stakeholders like the community, consumers, and the environment interacting with one another.

A Corporate Lawyer can work in a typically large or mid-sized firm. A Corporate legal advisor usually counsels clients and handles business transactions that include negotiation, drafting, and a review of contracts and other agreements associated with the activities of the company/ business, like mergers, divestments, acquisitions, etc. Aspirants can pursue undergraduate (UG) and postgraduate (PG) level projects in the field of Corporate law. In UG level courses, applicants need to pursue integrated law courses wherein one can specialise in corporate law after completing a basic graduation degree. On the other hand, applicants can straightaway work in a PG level law course in Corporate Law. For this, you need to appear for an entrance exam called – CLAT (Common Law Admission Test).

Cost Accountant

Cost accountants’ significant role lies in the assembling procedure of a plant or essentially in the organizations that manufacture products. They do the essential decision making in setting the cost of the item that has been manufactured. They need to ensure that the company is benefiting while selling every unit of the product. In India, ICWA (Indian Cost Works Association) has made it compulsory for students to pass class 12, to begin with, the Foundation course of CWA(Cost and Works Accounting). Direct entry to the course should be only possible after graduation.

There are three phases to turn into a Cost Accountant:

  1. Foundation
  2. Inter
  3. Final

Final Thought

These have been the top 10 career opportunities and the most highly paid jobs for a commerce student. So if commerce is one’s calling, they don’t need to buck under traditions and various societal pressures. Look for opportunities—an experiment in your field. Go for the role you want to play in this economic world and fly with successful colours. One needs to look out for their passion and rely on the stuff that beckons.

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