careeroptionsin commerce
TRANSCRIPT
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