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Careers in Commerce
Commerce is one of the three fundamental academic streams, the other two being humanities and science. While pursuing a course in the field of commerce, one acquires the knowledge of business or trade, nature and fluctuations in market, basics of economics, fiscal policies, industrial policies etc. The concept of commerce consists of a wide range of interdisciplinary branches including Accountancy, Business Administration, E-Commerce, Finance, Economics and Marketing. Since the Indian economy is one of the fastest growing economies among the third world countries, the need for talented professionals, who can contribute towards the growth of the economy, is increasing. To serve the purpose, many commerce colleges in India are imparting quality education. A commerce aspirant can pursue course related to the field at any of the colleges and work in organizations that deal with finance and commerce. Course Several commerce colleges and institutes in India are imparting courses in the field of commerce at the undergraduate and postgraduate levels. At the undergraduate level, one can pursue Bachelor of Commerce (B.Com), a three-year full time program and Master of Commerce (M.Com), at the postgraduate level. To be eligible for undergraduate course, the candidates have to pass 10+2 level examination in commerce stream, from any recognized state/national Board. For the PG level program, one should have done Bachelor of Commerce (B.Com), from any statutory University/Institute. Details
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B Com M Com
Career Prospects After completing course in the field of commerce, a student can join any private or government organization as a specialist in any of the streams of commerce, such as economics, accountancy or work as management executive, accounts executive, junior accountant or pursue a career in auditing or banking. Institutes Offering Some of the top commerce colleges in India are Shri Ram College of Commerce (SRCC) Delhi, Loyola College (Chennai), St Xavier's College (Kolkata), Presidency College (Chennai), Symbiosis Society's College of Arts & Commerce (Pune), St. Joseph's College Bangalore, Narsee Monjee College, BM College of Commerce (Pune) and St. Xavier's Mumbai. Remuneration Remuneration in the field of commerce largely depends upon the standard of organizations and the area of specialization. Private and government organizations have their own policies regarding salary of professionals working in the field of commerce.
Careers in Insurance Career in Cost and Work Accountancy Career in Capital Market
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B Com M Com
Career Prospects Investment banking is one of the most popular career options among the youth of India, since it is a money-spinning job that provides opportunities to grow. Numerous opportunities are waiting for specialists in this field. Banks are always in need of skilled investment bankers, who can contribute more towards the growth of the organization. With globalization, the scope of investment banking has widened. Institutes Offering In the current scenario, career as an investment banker can be a good option. Several institutions are now offering training and education in this field. Some of the prominent institutes are Institute of Chartered Financial Analysts of India University (ICFAI) (Tripura) and The Society of Certified Investment Bankers, (Hyderabad). Remuneration A beginner can earn anywhere between Rs20000-Rs30000 per month, in the field of investment banking. With experience, an investment banker can get higher salary package.
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B Com M Com
Career Prospects Forensic accounting offers wide range of scope for people, who possess sound knowledge in financial procedures and have investigative skills. One can find a job with clients, who are charged with allegation of fraud against the government, public, or private business, or a fraud involving insurance claims, real estate, investments and financial instruments. The proficiency of a forensic accountant is used to detect any financial crime. A person can utilize his/her forensic accounting skills to solve divorce disputes, business carelessness investigation claims, and personal injury claims. Forensic accountants are also hired by accounting companies. Numerous government agencies like the FBI, IRS, CIA, and local government offices at times require their services. Institutes Offering In the current scenario, career in forensic accounting has emerged as a lucrative option in India. Several institutions are offering training and education to become a good forensic accountant. The Institute of Chartered Accountants of India is among the few, which conduct certificate course on forensic accounting and fraud detection. The Institute of Chartered Financial Analysts of India University Tripura also offers post graduate diploma program in forensic accounting. Remuneration Forensic accounting is one of the highly paid jobs in India. A beginner can earn a salary between Rs. 25,000-30000 per month, while an experienced person can earn a lot more than that, probably in six figures.
Careers in Banking
Banking is one of the most important career choices among students because it is well paid, secure and high status career. Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education like Arts, Science and others. The all round demands for professionals has made banks: Public Sector, Foreign and Multinational to recruit more and more MBA graduates, CAs and CFAs to enhance efficiency. Nevertheless bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted themselves by banks. Emergence of technology-driven new private banks and entry of Financial Institutions into short-term lending business has created the requirement of more professionals. Now banks are in the mutual funds, securitization business, and credit cards, consumer loans, housing loans besides trading in gold and forex activities. Career Prospects Public sector Banks recruit mainly graduates for Clerical and Probationary Officer posts on the basis of All India Level examination. However professionals like engineers, doctors, technologists, lawyers, ex-defence officers etc are recruited on senior positions through All India tests. Graduates with commerce/economics are desirable candidates but any one from any stream can enter into this service by qualifying the exams conducted by banks. Private sector/Foreign Banks prefer to take MBAs, CAs, CFAs etc at junior positions through Campus recruitment and interviews. However, at the senior positions they opt for experienced bankers. Thus the officers from Public sector Banks become the natural choice for such positions. Besides academic background banks generally look for good communication skills, good interpersonal skills, and the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialisation in some specific areas like project analysis, credit appraisal skills, managing huge loan portfolios and foreign exchange. Good computer knowledge is also always preferred. Remuneration Most Public sector banks clerks can get around Rs 10,000 - 12,000 while officers can begin in the Rs 12000 - 18000 per month scale. Professional like MBAs, CAs and CFAs recruited by public sector banks can have higher salary. But same professionals recruited by private and foreign banks are given pay packages to the extent of about Rs 25000-30000 a month.
Careers in Insurance
In the liberalization era the Indian insurance industry has witnessed exceptional growth with participation of both public and private sectors players. There are many public and private players both in the field of life and non-life insurance business. The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. Private players like Om Kotak Mahindra, Birla Sun-Life, Tata AIF Life, Reliance, HDFC Standard Life-Insurance Co., Max New York Life, Royal Sundaram, Cholamandalam, IFFCO Tokyo and Tata AIG are also there. This sector not only provides a protective shield to the lives and assets of the nation but also generate thousands of jobs and career opportunities. Course Details To pursue a career in the insurance industry, one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. Students who have passed 10 + 2 or equivalent exam are eligible. License is needed to work in this field which can be achieved through a training programme. Insurance Institute of India conducts Licentiate, Associateship and Fellowship plus other training programmes for insurance services. Career Prospects Post-graduates in any discipline can be recruited as Asst. Administrative Officers through the recruitment exam conducted by the insurance companies. Graduates can apply for Development Related Courses Officer in insurance companies whose main task is to market and Diploma procure business. Besides this people who are certified by Certificate Course Actuarial Society of India can be an insurance agent. They are the people who advice the individuals and enterprises about insurance protection to their health, life and properties and sell the policies to provide protection against financial loss. Depending on their educational qualification and strengths, the agents have a good chance of becoming an employee of the company. Insurance agencies also employ independent professionals like mechanical engineers and doctors as insurance surveyor to access the actual loss and avoid the false claim made by insured. The post of Assistants, Typists, Machine Operators, Stenographer, Telephone Operators, Clerks etc. are open to graduates and school-leavers and the age limit is between 18 to 25 years. Institutes Offering Actuarial Society of India, Mumbai; Amity School of Insurance and Actuarial Science, Noida; Birla Institute of Management & Technology, New Delhi; College Of Insurance, Mumbai; Institute of Insurance & Risk Management, Hyderabad; International Institute for Insurance and Finance, Hyderabad; International School of Actuarial Sciences (ISAS), Hyderabad; National Insurance Academy, Pune; The ICFAI School of Finance and Management, Hyderabad etc Remuneration The pay scale in the government sector is as per government rules depending on each position. In the private sector, the salary scales are more lucrative. They take in management graduates to work mainly in the areas of marketing and sales with an initial salary ranging from Rs 15,000 to Rs 25,000 per month. Commissions are the most common form of compensation for insurance agents and the amount depends on the type and amount of insurance sold. Earnings of surveyors depend upon nature of work and assignments.
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Career Prospects In the present scenario, CWAs are in great demand in private enterprises, government sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Because of Universities in India their quality training, they can hold even top management position in private enterprises like Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager and Chief Internal Auditor. Options Andhra Pradesh are also open to CWA to directly register in M.Phil and Ph.D. courses in commerce as decided by the Association of Indian Tamil Nadu Universities. All India Council for Technical Education decided that Fellow members of ICWAI will be treated at par with the Assam persons holding Ph.D. degree for appointment in the posts of Professor and Lecturer in Professional and management Delhi Institutes. CWAs also can enter into Cost Accounting Services of the Central Govt. Besides this, CWAs can take up their Gujarat independent practices. The types of service that practicing CWAs can offer are varied. Certified CWAs can maintain cost Himachal Pradesh accounting records, and do cost auditing for companies. CWAs also can certify import and export documents under the Karnataka Exim Policy. They can do excise audit and can act as a trustee, executor, administrator, receiver, valuer, etc.
Kerala
Institutes Offering Madhya Pradesh The Institute of Cost and Works Accountants of India is the only statutory body of Government of India conducting and Maharashtra regulating the CWA course in India. The institute has four regional Centres at Mumbai, Calcutta, Chennai and New Delhi. Punjab
Uttar Pradesh
Remuneration Uttarakhand Cost and Works Accountancy is a profession where returns are quite high be it public, private sector or own consultancy firm. Salaries of CWA employed in public or private sector companies vary depending upon qualification and experience. Average salaries at junior level are 10000 to 15000 per month while a senior most CWA can expect to get 30000 to 35000 Latest in Banking & Finance per month in domestic markets. Cost and Works Accountants who are engaged in consultancy and private practice are Forums also earning handsome returns depending upon the numbers and kinds of clients they have.
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mutual fund schemes. Relationship Managers / Advisors assist investors in their financial planning by recommending them ideal investment portfolio and build a customer relation. Likewise graduates having NCFM certification can work as an assistant to stock broker or become an independent stock broker. Graduates also can choose to be agent/advisor/distributors and sell various schemes launched by mutual funds. Besides highly qualified professionals from Commerce, Economics, Finance, Mathematics and Management background are required as Fund Manager or Portfolio Manager who decides about the investment of the fund's underlying securities (money received from investors for investment), realizing capital gains or losses, and collects the dividend or interest income. There are also wide job opportunities in capital markets for Chartered Accountants, MBA Finance, Financial Analysts, Economics Masters, and Statistics Masters. Besides people with deeper knowledge in the working of capital markets can choose consultancy as a good option. Remuneration Capital market is a lucrative field for youngsters because it is highly remunerative. The income of share market brokers and mutual funds agents depends upon the number and type of scheme they sold to costumers. But it can be expected that they can easily earn Rs 1 lac to Rs 1.5 lac per annum with little effort. The remuneration of highly qualified professionals is even more depending upon the nature of the company they work with. Expected salary of CAs, MBAs, and CFAs can be within Rs 3 lacs to Rs 6 lacs. The private finance planner/advisors are earning good returns out of their consultancy service in capital markets.
Careers in Taxation
Taxation is a process of imposing financial charge (tax) on the citizens who earn taxable income. Tax is levied upon the tax payers by the Central Government, State Government or any authority of a state, such as the Municipality or the Local Council. Tax collection is an important role of the government, because the tax paid by the citizens forms its integral source of income. Commerce graduates and post graduates are generally hired for jobs in the field of taxation. Many institutes in India are conducting courses in the field, to produce competent professionals who can work in the field of taxation. Course Many colleges and universities in India are conducting courses in the field of taxation, at diploma and certificate levels. To pursue the undergraduate level courses, the aspirants must have passed Higher Secondary Certificate Examination or 10+2 from any recognized state/national Board. To be eligible for the PG courses, one has to complete graduation in the relevant stream. Details
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B Com M Com
Career Prospects Public sector undertakings are always in demand of efficient professionals who can deliver good performance in the field of taxation. The aspirants can join any related organizations as Tax Accountant, Employment Tax Specialists, State Local Tax Attorney specialists, Tax Policy Analyst, Tax Recruiter, tax advisor, Tax Manager, Tax Examiners, Collectors, Revenue Agents etc. Institutes Offering Many educational institutes in India are offering education in the field of taxation. Some of the prominent institutions are Annamalai University, Nagpur College of Taxation, Institute of Chartered Accountants of India and Indian Institute of Taxation. Apart from this, commerce colleges have included taxation as an important part of their curriculum. Remuneration Remuneration in the field of taxation varies from one organization to the other. However, beginners can earn a salary of Rs 200000-Rs500000 per annum.
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Career Prospects A career in financial analyst offers ample opportunities at junior as well as senior level. One can specialize and can expect a good career as any one of the following - Budget Analysts, Credit Analysts, Investment Analysts, Mergers and Acquisitions Analysts, Money Market Analysts, Ratings Analysts, Risk Analysts, Security Analysts, Tax Analysts, Chartered Accountant trainee and Wall Street Analysts. Job options in this field are not restricted to India itself, bright future prospects are available overseas. Banks and reputed firms are always in need of good financial analysts. Institutes Offering Various institutions all over the India offer specialized training and programs for financial analysts. Some of the reputed institutions are Birla Institute of Technology and Science (Rajasthan), Narsee Monjee Institute of Management, (Mumbai), International Management Institute (New Delhi), SP Jain Institute of Management and Research (Mumbai), Xavier Institute of Management, (Bhubaneshwar), ICFAI Business School (Kolkata, Chennai, Ahmedabad, Bangalore, Mumbai), The
ICFAI
University
(Hyderabad).
Remuneration A beginner can expect a salary between Rs15000-Rs20000 per month. An experienced person can earn a lot more.
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Career Prospects Certificate Course Graduates having the AMFI certificate can work with many public and private sector mutual funds. They can join as Manager, Relationship Manager and Advisor in mutual funds and work for marketing and distribution of mutual funds schemes. One can also work independently as a mutual fund agent or financial planner by suggesting ideal policy to customers. Institutes Offering The Associations of Mutual Funds in India (AMFI) is the only institute in India which offers certificate courses in mutual funds. Securities and Exchange Board of India has made it mandatory for persons or entity associated with mutual fund industries to obtain a certificate and registration number from AMFI. Remuneration Mutual Funds industry is a promising field for youngsters because it is highly remunerative. The income of mutual funds agents depends upon the number and type of scheme they sold to costumers. But it can be expected that they can easily earn Rs1 lacs to Rs 1.5 lac per annum with little effort. Those who are working with various mutual funds can earn Rs 10,000 to Rs 25,000 per months.
The growth and expansion of corporate sector due to liberalization and globalization has resulted growth in demand for specialists in almost every sphere. Company Secretary is such a specialized professional. A company secretary is one who is responsible for efficient management of the corporate sector and act as an advisor in legal matter. He co-ordinates various departments of the organization, ensures compliance of company legislations and advises directors on statutory requirements of the company. Apart from this, he also looks after finance, accounts, legal, personnel and administrative functions. Courses Detail The Institute of Company Secretaries of India (ICSI) regulates the profession of Company Secretaries in India. It offers a three-stage course to qualify as Company Secretary. The Foundation Course is of 8 months that can be joined after 10+2 examination. After this, one can only be enrolled to the Intermediate Course, which is of 9 months. The last stage is the Final examination after which candidates required to undergo practical training. Thereafter candidates become eligible for Associate Members of ICSI. Career Prospects As per the Companies Act 1956, a statutory requirement is that big companies are required to appoint a Company Secretary while the small companies are required to engage the services of a CS in whole time practice. In addition, the companies seeking listing on stock exchange are required to have a full-time qualified company secretary. Hence, there are ample career opportunities for Company Secretaries. A Company Secretary can aspire to get employment opportunities in government accounts as well as in law departments. Most of the qualified company secretaries can find well-paid positions in the public sector and corporate sector, banks and financial institutions, stock exchanges, company law boards and government departments. Exposure to detailed study and practical training in various fields adds to versatility of a company secretary. Small firms usually employ company secretaries on retainership basis for professional advice and support e.g. licenses, registrations, loans, taxes, partnership deeds etc. There is plenty of scope for specialization and moving into general management and administration at the highest level in business houses or CS firms. Institute Offering The Institute of Company Secretary of India is the only recognized and professional institute to conduct and regulate the course of company secretary. The institute has its headquarter at New Delhi with other three branches at Mumbai, Chennai and Calcutta. Remuneration Company Secretariship is a well remunerated career option because of its multifaceted nature. For those who are employed in public and private sector should expect 10000 to 15000 per month at junior level and 30000 to 35000 at senior level. Company secretaties preferring foreign companies can have even higher. Besides this privately practicing C.S are also getting good returns depending upon numbers of clients they have.