A Career in Commerce – Planning for Next 10 Years
One of the most important milestones in a student’s life is clearing the higher secondary examination or the plus two levels. This point marks the beginning of the professional phase for the student.
While it is not the end of academics, the next course of action determines where the professional life of a student will be going. This is why it is important to make the right career choice at this point.
Sometimes students feels overwhelmed by the whole new range of possibilities before them. At this juncture, there are a variety of diplomas, courses, certifications.
The difficulty is not in choosing, but in making the right choice. Students in this phase emerge from either of the three streams – science, arts, and commerce. Traditionally, most non-experts in India believe that science is for brainy people, arts for the not so brainy class, and the commerce stream is for those without any other choice in life!
However, this classification is not just ridiculous, and it is widely incorrect. Arts need as much innovation as science needs and commerce requires as much analysis too. No stream is less or more than the other. It is just about making the right career choice.
Some of the careerists’ courses which a commerce student can choose from are enlisted below:
- BBA (Bachelor of Business Administration)
Regardless of their previous course of study, a large number of students apply for BBA each year. This graduation course has immediate placement opportunities due to its course content. Below is an applicant’s eligibility criteria for this course:
- An aspiring candidate must have cleared his or her higher secondary examination in any stream with required cut off marks for the colleges which offer the course.
- Some colleges/universities have their entrance examination and/or interview for entry into the BBA program, which the candidate must clear.
About the course:
Following the success of the MBA as a postgraduate course, this course has become quite popular, although this is a course for undergraduates.
BBA students need not study MBA, contrary to popular belief. Also, completing a BBA course does not guarantee admission to the same college’s MBA program. BBA is a three-year graduation course.
Students who are interested in venturing into business should definitely study BBA. Finance and Accounting, Marketing, Organizational behavior, Statistics, Business Economics are some of the subjects students are taught in BBA.
Although this does not mean an MBA entry, BBA prepares a student for the MBA groundwork. A student who has learned BBA would definitely find it easier to understand the MBA course.
Many colleges also focus on learning experientially over textbook lessons. Their acumen for business and concepts related to it significantly increases after BBA.
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Although there are placement opportunities directly after BBA, many students find it in their interest to go for an MBA course. Some colleges offer campus placement with starting salaries pegged at 3 lacs INR per annum.
- B) LLB (Bachelor of Law)
- An aspiring candidate must have cleared his or her higher secondary examination in any stream and meet cut off marks of the College of admission
- There are some national level entrance examinations conducted every year. The score in these tests determines entry. LSAT, AILET, CLAT are some of the entrance exams for the law.
About the course:
LLB is a three-year course for students to enter the legal field.
There are two kinds of Law programs in India – the Integrated LLB (BA LLB or BBA LLB) and the regular LLB program. The regular LLB requires a student to have completed graduation, whereas the integrated LLB accepts 10+2 students.
The former is of 3 years duration and the latter is for 5 years. The Bar Council of India or BCI governs and regulates the course. A law College should have BCI approval.
Students with high Analytical and logical reasoning skills, excellent communication skills should definitely consider law as a career option. India needs good lawyers. The course includes property law, Constitutional Law, Contract Law etc, taxation, family laws, business law.
LLB students can start practicing immediately after the course. However, many go for an LLM or a post graduation course in Law.
Students also go for an MBA degree after their LLB (especially those with BBA LLB). The understanding of business law is beneficial for those moving into the business field by doing an MBA.
LLB students post-completion, of course, can start working as – Lawyers, Legal Advisor, Public Prosecutor, Attorney, Lecturer, Solicitor General, Public Prosecutor, a Tax lawyer.
Some LLBs apply for State government and Central government jobs. In the government sector, the candidates have options to work in defense, tax, labor, contract.
- C) B.Com (Bachelor of Commerce):
A huge number of students directly move into the Bachelor of Commerce courses offered in numerous colleges across India after 10+2. The eligibility criteria to take admission into B.Com course is as follows:
- Students must clear their higher secondary with Economics, English, Mathematics, Accountancy, Business Studies
- Every college depending on its rank, has a different cut off criteria for application. A student must meet the cut off marks criteria of that college and clear entrance tests, if any.
About the course:
- B.Com is one of the most traditional and widely popular degree course pursued by Commerce students after 10+2. It is a three-year graduation course and is taught in most undergraduate colleges. Apart from Finance and accounting, other subjects which are part of the curriculum of a commerce degree are- Taxation, Income Tax, Entrepreneurship, Corporate Accounting, Economics, Audit, Business Communication, Mathematics, Computer Applications Accounting, Company Laws, Business Regulatory Framework, Business Environment, Marketing.
The course is semester based and is divided into 6 semesters. Students who seek a career in finance set, create their foundation through a B. Com degree.
A B.Com student can pursue a Masters in any of the subjects from graduation and get into academics and research.
You can also prepare for a number of examinations, such as public service and administration. Many students target the CA or Chartered Accountancy examination after completing the course.
MBA is yet another option for B.Com students who mostly then specialize in MBA Finance, although it is not a mandate.
CS (Company Secretary) and CMA (Cost Management Accounting) are some of the other options for B.Com students.
There are multiple opportunities for students who have studied B.Com. Jobs are available after completing B.Com but they are at the entry-level.
Hence, they may not earn a lot of money. Further studies after B.Com (as mentioned above) such as MBA, CA, CFA (in the US), M.Com can lead to below roles:
- Chartered Accountant
- Financial Analyst
- Accounts Manager
- Business Consultant
- Tax Consultant
- Business Executive
- Financial Consultant
- Treasury officer
- Finance manager
Some banks and financial institutions hire B.Com graduates for entry-level positions. A B.Com graduate can also prepare for bank examination as PO (probationary officer) after B.Com.
These exams are held by different banks at different times, which are announced in all national dailies.
- D) Bachelor of Arts in Economics:
Bachelor of Economics (BA in Economics) is a course that is offered in most colleges and universities across India. A student has the option of studying a regular or full-time course or as distance education mode.
- An aspiring candidate must have cleared his or her higher secondary examination in any stream but with Economics as a subject in either 10th or 12th.
- The cut off criteria for every college varies and a student has to meet the respective criteria along with clearing the entrance tests, if any.
About the course:
The three-year degree given by most colleges for a major in Economics is Bachelor in Arts. Although some colleges also give Bachelor of Science Degree.
The B.Sc course has more focus on Statistics and advanced mathematics as compared to BA with Economics.
Nobody can question the importance of economics after the recent Nobel Prize award to Mr. Abhijeet Banerjee. Economics is the world and definitely the country’s backbone.
Without economics, it is impossible to run the economy of an institution small or large, efficiently.
Statistics, International Trade, Macro Economics, Agricultural Economics, Indian economics, Mathematics are some of the subjects taught in Economics. Students who pursue the study of Economics can specialize further in post-graduation.
Students studying Economics can pursue any of the below-mentioned career options or can pursue higher education:
- Actuarial Science – Statistical skill and mathematical finesse help in determining risk in financial matters, which is what Actuarial Science is about. It is quite a popular choice among students of Economics.
- Indian Economic Services – Jobs in the public sector or in the Indian government are many. Students aspiring to be civil servants can opt for this , as it gives them the opportunity to work for the Indian regulatory committee, policies, planning commission, price fixation. All regulatory bodies hire candidates from Economics background.
- Agricultural Economics
- Business Economics
- International Economics
Economics is a highly sought after discipline, not only in India but throughout the world.
Because of economic equilibrium, the whole world functions, and this is accomplished through the concepts and guidance of some of the economists of great minds. Some of the roles which an economics student can target are:
- Investment analyst
- Risk analyst
- Economic consultant
- Financial manager
- Public services
- Independent economist
While a commerce student has many other options, these four are the most popular choices after the 12th. While many colleges teach these courses, it is important to choose the best college for the purpose. The choice of academic institutions is as important as the choice of subjects.
Below are some criteria which a student can and should look at before applying.
- The rank of the College
- Is there an affiliation to any foreign university?
- Is it approved by the national regulatory boards?
- Placement record
- Opportunity for higher studies and research
- Faculty profile
Applying to colleges is a critical process; it requires time, effort and information. A student is expected to be well informed before investing in his or her own education, whether they are self-funding it or not.
The type of teaching methodology or pedagogy followed is also an important criterion. Textbook-oriented courses fail to fit the benchmark of industry readiness and also come short of corporate expectations.
Institutions like BML Munjal University follow an experiential learning technique and 45% of their curriculum is based on practical learning. They offer all of the above four courses.
Also, BMU has a tie-up with the Imperial College London, which not only provides mentorship to students and faculty, but also help in content management of courses, research activities, and maintaining a global benchmark.