Career Options In Commerce

Acknowledgements

I would like to convey my sincere thanks to my Economics teacher, Mrs. Poonam Goel who helped me choose the topic and gave me some valuable inputs. I also thank her for her motivation and guidance during the project and during my studies in general.

Why Commerce? Contrary to the perception, careers in

commerce provide a high earning and a respectable job.

Students interested in numbers and the financial aspect of life should choose commerce.

For most part of studies, commerce requires common sense and logic instead of ‘rote learning’

Various Career Options

Today, there are a wide range of topics to choose from to pursue a career as compared to few years ago. Some of them specific to the stream of commerce are :-

1. Actuarial Science

2. Company Secretary

3. Cost and Work Accountant

4. Chartered Accountancy

5. B.Com/ B.Com (Hons.)

Actuarial Science An actuary is an expert in assessing the financial impacts of

tomorrow’s uncertain events. They enable more informed decisions.

Eligibility :-1. Should have completed 18 years of age

2. Should have attained anyone of the following Educational Standards-

Passed 10+2 or equivalent with at least 85% in Mathematics / Statistics

Graduate or Post Graduate in Mathematics/Stats/Econometrics Any Engineer / CA / CS / MBA (Finance) / MCA Fully qualified members of following Professional bodies such as :- The Institute Of Chartered Accountants of India (ICAI) The Institute of Cost and Works Accountant of India (ICWAI) The Institute of Financial Analyst of India (IFAI) The Insurance Institute of India (III) passing with subjects 81-

mathematical Basis of Insurance and 82- Statistics.

3. An application should be recommended by a member of professional body like such as ICAI, ICWAI and ICSI.

Salary- Rs.6-30 Lacs per annum

Core Technical Stage- 8 compulsory papers (CT1-CT8) with one paper of 100 marks

Core Application Stage- 2 compulsory subjects (CA 1 to CA3), CA1 consists of two papers whereas CA2 and CA3 shall have one paper each.

Specialist Technical Stage- 6 papers (ST1 to ST6) and the students have to choose any two.

Specialist Application Stage- 6 papers (SA1 to SA6) and the student has to clear any one.

Specialist ApplicationStage

Stages Of Examination

Core ApplicationStage

Specialist TechnicalStage

Core Technical Stage

Future Prospects:1. Insurance companies [be it private or public- life or

general]

2. Firm of Consulting Actuaries

3. Authorities like IRDA, PFRDA & TAC.

4. Asset liability Management Companies

5. Large banks and Investment Firms like World Bank, ADB, etc

6. Pension Banks and Employee Benefit Companies- likely to be opened in India soon.

7. Large Capital & Turnkey Project Handling Companies

8. Software Development Companies

9. Actuarial BPO Companies

1. In addition to the above, employment opportunities are expected to arise in future in the offices of:

2. Insurance Intermediates

3. Pension Providers other than insurance companies.

4. Education Institution (Providing Courses on Finance & Actuarial Science)

5. Re-insurances

Institute of Actuaries of India

Institute of Actuaries of India (IAI) is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India.

It is a member of the umbrella body International Actuarial Association

Objectives1.Advancement of the Actuarial profession

in India.

2.Providing opportunities for interaction among members of the profession.

3.Facilitating research, arranging lectures on relevant subjects.

4.Providing facilities and guidance to those studying for the Actuarial exams.

Company Secretary

A CS is a person who is:- 1. An expert in corporate laws, securities laws &

capital market and corporate governance. 2. Chief advisor to the board of directors on best

practices in Corporate Governance. 3. Responsible for all regulatory compliances of

company. 4. Corporate planner and strategic manager.

Stages in CS

ProfessionalFoundation Executive

Foundation Programme Eligibility:- 10+2 or equivalent Provisional admission is allowed to a candidate who

has appeared or enrolled for appearing in Senior Secondary (10+2 or equivalent) examination , provided proof of passing the examination is produced within 6 months of making the application.

Admission- Making an application in the prescribed Form FC-1 together with documentary evidence in support of date of birth and educational qualification.

Duration- 8 months, excluding the months of admission and the examination.

# Students are required to pass the Foundation examination within 3 years from the date of their admission

Exemption:- Pass in the Final examination of the ICWAI or ICAI or

any other Accountancy Institution in India or abroad recognized by the Council.

A degree or master's degree in any discipline other than Fine Arts.

FoundationSubjects

Elements ofBusiness Laws

And Management

EconomicsAnd

Statistics

FinancialAccounting(100 Marks)

BusinessCommunication

(50 Marks)

English(50 Marks)

Statistics(50 Marks)

Economics(50 Marks)

Elements ofBusiness

Laws(50 Marks)

Elements ofManagement(50 Marks)

English andBusiness

Communication

Executive Programme Registration Period:-

1. Five years from the month in which his application, complete in all respects, is accepted for registration.

2. A registered student is required to complete the Executive and the Professional examination within the registration period. Subjects

Module IIModule I

General & Commercial Laws

Company Accounts and Cost & Management Accounting

Tax Laws

Company Law

Economic And Labour Laws

Securities Laws and Compliances

$ All papers are of 100 marks

Professional Programme

Eligibility- Passing the Executive Programme examination.

Subjects

Module IVModule II Module IIIModule I

Drafting, Appearances

&Pleadings

Company Secretarial

Practice

RestructuringAnd

Insolvency

Financial, Treasury

&Forex

Management

Advanced Tax Laws and

PracticeModule

Strategic Management,Alliances andInternational

Trade

Due Diligence

&Corporate

Compliance Management

Governance, Business

EthicsAnd

Sustainability

$ All papers are of 100 marks

Future Prospects Employment : Companies with a paid up share capital of Rs.5 crores

or more are compulsorily required to appoint a whole time Company Secretary who is a Member of ICSI

All companies seeking listing on Stock Exchange are required to appoint a whole time company secretary

Membership of the Institute is recognized for appointment to superior posts and services under Central Government.

Self-Employment After obtaining a ‘Certificate of Practice’ from the

Institute, members of the Institute can go in for Independent Practice.

The Institute of Company Secretaries of India is constituted under an Act of Parliament i.e. the Company Secretaries Act, 1980 (Act No. 56 of 1980).  ICSI is the only recognized professional body in India to develop and regulate the profession of Company Secretaries in India.

Vision- To be a global leader in promoting Good Corporate Governance

Mission- To develop the high calibre professionals facilitating good Corporate Governance

Cost and Work Accountant

A cost accountant ensure that managerial decisions are well within the cost prescriptions. He is expected to give a prognosis for projects to be undertaken based on past and present financial performances

Eligibility- 10+2

Duration- 6 yearsStages in CWA

FoundationCourse

FinalCourse

IntermediateCourse

Pass percentage- Minimum of 40% in each paper and an aggregate of 50% in all the papers together.

Foundation Subjects

FinancialAccounting

Fundamentals(100 Marks)

Management(70 Marks)

Organisation(30 Marks)

Organisation &ManagementFundamentals

Economics &Business

Fundamentals

Economics(50 Marks)

BusinessFundamentals

(50 Marks)

Basic Mathematics& Statistics

Fundamentals

Arithmetic(15 Marks)

Mensuration(30 Marks)

Algebra(25 Marks)

ElementaryStatistics

(30 Marks)

Intermediate Subjects

Applied DirectTaxation

(100 Marks)

Financial Accounting(100 Marks)

Commercial &Industrial Laws

& Auditing

Commercial &Industrial Law

(50 Marks)

Auditing(50 Marks)

Cost & ManagementAccounting(100 Marks)

AppliedIndirectTaxes

(100 Marks)

OperationManagement(50 Marks)

OperationManagement& Information

Systems

InformationSystems

(50 Marks)

Group IIGroup I

Final Subjects

Strategic TaxManagement(100 Marks)

AdvancedFinancial

ManagementAnd

International Finance

(100 Marks)

Operations &Project

ManagementAnd Control

OperationsManagement(50 Marks)

ManagementAccounting-

DecisionMaking

(100 Marks)

ManagementAccounting-

FinancialStrategy &Reporting

(100 Marks)

Cost Audit(50 Marks)

Cost andManagement

Audit

ManagementAudit

(50 Marks)

Group IVGroup III

ProjectManagement(50 Marks)

StrategicManagement

And Marketing(100 Marks)

ValuationManagement &

Case Study

ValuationsAnd

Management(70 Marks)

Case Study(30 Marks)

The ICWAI came into being by "The Cost and Works Accountants Act" a special act passed by the parliament in 1959 on 28th May 1959

It specializes in the field of Cost and Management Accountancy.

Objective- Promoting, regulating and developing the profession of Cost Accountancy.

Career Prospects Own practice

Auditing

Maintenance of cost records

Employment in private sector as managers, internal auditor, etc.

Chartered Accountancy

Accounting, auditing and taxation are the core areas dealt with by chartered accountants.

They are also capable of expert level services in the areas of General Management, Personnel Management, Financial Management, Operations Management, HR Management

Course Structure

Stages in CA

CommonProficiency

Test

Integrated ProfessionalCompetence Course

(IPCC)

Final

4 subjects-2 papers 9 subjects

4 papers- group I3 papers- group II

Articleship + ITT

ApprenticeshipUnder a practicing

CA for 3 years+

100 hours of IT training

8 subjects4 papers- group I4 papers- group II

GeneralManagement

Course

CompulsoryGMC courseDuring/ after

Finals

• Academic Qualification- 10+2 or equivalent as recognised by ICAI

Common Proficiency Test (CPT)

Pass Marks- To pass/qualify at the examination a student has to obtain a minimum of 50% marks in all the papers together.

Re attempting- Failing to get the pass mark requires the student to reappear in all the papers again.

No Exemptions- There are no provisions for exemptions, even in conditions where the student has obtained high marks.

CPT duration is minimum 2 months. Each session is of 2 hours.

Subjects

Session IISession I

Mercantile Laws(40 Marks)

FundamentalsOf Accounting

(60 Marks)

QuantitativeAptitude

(50 Marks)

GeneralEconomics(50 Marks)

Integrated Professional Competence Course (IPCC)

Pass Marks- Minimum of 40% in each paper and an aggregate of 50% in all the papers of both the groups together if attempting both the groups or all the papers of a single group, A student has to get through both the groups either at once or separately to be eligible to go for the next level i.e. Final.

Exemptions- In cases where the student has obtained high marks in one or more papers and has failed the group.

Minimum duration of IPCC is 9 months.

Time duration of each paper is 3 hours.

Subjects in IPCC

Group IIGroup I

Law, Ethics and

Communication

AdvancedAccounting(100 Marks)

IT and StrategicDevelopment

Auditing and Assurance

(100 Marks)

InformationTechnology(50 Marks)

StrategicManagement(50 Marks)

BusinessCommunications

(20 Marks)

Business Ethics(20 Marks)

Law(60 marks)

Cost AccountingAnd FinancialManagement

Cost Accounting(50 Marks)

FinancialManagement(50 Marks)

TaxationVAT

(25 Marks)

Service Tax(25 Marks)

Income Tax(50 Marks)

Final Pass Marks- Minimum of 40% in each paper

and an aggregate of 50% in all the papers of both the groups together if attempting both the groups or all the papers of a single group, A student has to get through both the groups either at once or separately to be eligible to go for the next level i.e. Final.

Exemptions- In cases where the student has obtained high marks in one or more papers and has failed the group.

Minimum duration of Finals in 3 years.

Time duration of each paper is 3 hours.

Subjects in Finals

Group I Group II

Corporate &Allied Laws

Company Law

(70 Marks)

StrategicFinancial

Management(100 Marks)

FinancialReporting

(100 Marks)

Allied Laws(30 Marks)

AdvancedAuditing andProfessional

Ethics(100 Marks)

AdvancedManagementAccounting(100 Marks)

InformationSystemsControl &

Audit(100 Marks)

Direct TaxLaws

(100 Marks)

IndirectTax

Laws

CentralExcise

(40 Marks)

Service TaxAnd VAT

(40 Marks)

Customs(20 Marks)

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India.

ICAI now is the second largest accounting body in the whole world

B.Com/ B.Com (Hons.)

B.Com is an undergraduate commerce course. It covers the study of principles of accounting, micro and macroeconomics, money and banking systems, economic theory, etc.

Duration- 3 Years

Eligibility- 10+2

Job and Employment Prospects

Employment Prospects:-

1. Import/Export Companies

2. Customs Department

3. Economic Consulting Jobs

4. Finance, Banking Sectors

5. Consulting Firms

Job Prospects:-1. Finance Manager

2. Corporate/Business Analyst

3. Executive Assistants

4. Financial/ Investment/ Market Analysts

5. Investments Banker

6. Senior Accountant

7. Operations Manager

8. Money Manager

9. Risk Analysts

Top Commerce Colleges

SRCC, DU

St. Xavier’s College, Mumbai

St. Xavier’s College, Kolkata

Symbiosis, Pune

LSR, DU

St. Joseph’s College, Bangalore

Presidency College, Chennai

Hindu College, DU

Hans Raj College, DU

Indian Institute of Management & Commerce, Hyderabad

Shri Narsee Monjee College of Commerce and Economics, Mumbai

Loyola College, Chennai

BM College, Pune

HL College of Commerce, Ahmedabad

Other Career Options Other than the careers discussed above,

there are careers which can be pursued by a student from any stream. Some of them are:-

1. Law

2. Hotel Management

3. Indian Administrative Services

Law

Eligibility- 10+2, CLAT

Duration- 5 Years, 3 Years, 2 years

Careers:-1. Advocate2. Advocate General3. Attorney General4. District Attorney5. Legal Advisors6. Magistrate7. Notary8. Public Prosecutors

Law Courses B.A LL.B (Undergraduate Law Course)

Eligibility- 10+2 50% in all the core subjects and English put

together.

LL.B

Bachelor of General Law (BGL) / Bachelor of Academic Law (BAL)

Master of Law (LLM)Eligibility- LL.B. degree or its equivalent from a recognized University

Master of Business Law (MBL)

Reputed Law Schools Symbiosis Law College, Pune

Faculty of Law, BHU, Banaras

University Law College - Bangalore University

NLSIU Bangalore

NLIU, Bhopal

KLE Society’s Law College, Bangalore

NALSAR, Hyderabad

Faculty of Law, DU, Delhi

Lucknow university, Faculty of Law, Lucknow

University of Calcutta, Kolkata

Amity Law School, New Delhi

Hotel Management Hospitality management studies provides a

focus on management of hospitality operations including hotels, restaurants, cruise ships, amusement parks, and related industries.

Eligibility- For certificate, diploma and bachelors courses 10+2 is sufficient.

Duration- Certificate courses- six months to one year. Bachelor and diploma courses- 1.5 - 3 years. Post graduate diploma courses- 1 year.  Selection to most government recognised

institutes is based on CAT.

Premier Hotel Management Schools

Some of the premier hotel management schools in India are:-

1. National Institute of Hotel Management and Catering Technology

2. Taj Group’s Institute of Hotel Management (IHM), Aurangabad

3. WelcomGroup’s Graduate Hotel Administeration School, Manipal

4. STEP- Oberoi Center for Learning and Development

1. Indian Institute for Hotel Management (IIHM), Kolkata

2. Instittue for International Management and Technology (IIMT), Gurgaon

3. Federation of Hotel and Restaurant Associations of India (FHRAI),Greater Noida

4. Banarasidas Chandiwala Institute of Hotel Management (IP university)

Jobs and Prospects in Hotel Management

Jobs:-1. Manager

2. Front Office

3. Food and Beverages

4. Housekeeping

5. Restaurant Managers

6. Executive Housekeeper

7. Marketing Department

Prospects- Besides working in hotels, there are other areas where hotel management is required

1. Restaurant Management

2. Club Management/Recreation & Health Centre Management

3. Cruise Ship Hotel Management

4. Hospital Administration and Catering

5. Institutional and Industrial Catering

6. Airline Catering and Cabin Services

7. Catering Departments in banks and insurance houses

8. With government owned catering departments, for example railway, armed forces, ministerial conventions, etc.

Indian Administrative Services

The Indian Administrative Service (IAS) is the administrative civil service of the Government of India.

The officers of the IAS play a major role in managing the bureaucracy of both the Union Government and the State governments, with its members holding strategic posts across the country.

Eligibility- 1. A citizen of India

2. A candidate must have attained the age of 21 years and must not have attained the age of 30 years.

3. A degree with any recgonised university.

Test Pattern-1. Civil Services Aptitude Test

2. Main Test

3. Interview

Job Prospects1. Depending upon his rank, a candidate is

recruited to services such as the Indian Administrative Service (IAS), Indian Police Service (IPS), Indian Foreign Service (IFS) and other departments including Finance, Post and Telegraph, Revenue, Secretariat and so on.

2. The appointment offers executive power.

3. Promotions are time bound and increase in privileges are automatic.

Sources

www.futureaccountant.com www.icai.org www.actuariesindia.org www.icwai.org www.icsi.edu www.google.com www.careerlauncher.com www.career.webindia123.com www.targetstudy.com

THANK YOU