In a previous article and video, we covered what career pathways are there for you to explore in the stream of Arts and Humanities. In this article, we will see what are the various career paths available for you if you choose commerce as your stream. Read on.
Top Career Options Commerce Stream
The Commerce stream is among the four that is offered when we enter our 11th and 12th standards. At that stage, we are not sure what our future holds but still have to pick these vast options.
If you still feel confused as to what the Commerce stream has to offer, do not worry I will clear things out in this article by laying out the various career options within it. Bear in mind, I will not cover careers via various competitive exams like Bank PO or IBPS Clerical exam, as they will be covered in a different post and video.
What is Commerce all about?
Commerce is a field that caters to the overall flow of money in an economy. It’s a stream that tries to analyze and predict the economy and the overall sentiments of the market.
This implies that it’s a field which revolves around numbers – often big numbers. So, you will eventually have to analyze and predict their behavior.
Some of the key subjects of Commerce are:
Economics: As a student of Commerce, you’ll have to deal with financial and economic concepts and this is where the subject of economics comes in. It is one of the essential subjects within the commerce stream.
Accountancy: Accountancy is another central subject to the commerce stream. It focuses on the basics of financial accountancy, accounting standards, tax regimes, recording of business transactions and various other accounting duties.
Business Organisation: This is another critical subject within this stream. The scope of this subject ranges from the nature and purpose of a business, forms or types of business, types of business models, social responsibility, business ethics, international trade and much more.
Maths: Maths is among the optional subjects. But nevertheless, an important subject in this stream as the overall field of commerce revolves around big numbers and analysis of them.
Information Practices: Another optional subject is Information practices. This deals with the basics of computing and covers topics like database management, computing theory etc.
Now, let’s move on what are the various career paths available for you within the commerce stream. Again, I will remind you that I am not covering competitive bank exams or other exams. The idea is to explore the careers that are available within the stream of commerce which focuses on its subjects.
Private and Investment Banking
First up, is the lucrative sector of private and investment banking. If you happen to do your B.Com or B.Com Hons from a reputable college, or even M.Com then you can land a job in some of the biggest consulting firms like EY, Pantheon, Mckinsey, and others.
But for you to make that possible you will need to get admission in a top college like Shir Ram College of Commerce, Lady Sri Ram College, Delhi School of Economics and various top colleges spread across India. Getting admission in these colleges is a tough nut to crack at the first place as some of the cut-offs go as high as 98% or even 100%
Logistics and Supply Chain Management (SCM)
Another upcoming career that falls within this stream is in Logistics and Supply Chain Management (SCM). There has been an annual increase in online retail sales. This has also resulted in an increasing number of customers wanting early deliveries of their items.
Various big employers are on the lookout for skilled logistics and supply chain graduates in order to fill a variety of roles within their organization. Some of the things that this job entails are:
- Supply Chain design and planning
- Procurement and Supply Management
- Freight Transportation
- Warehouse Design and Management
- Distribution Network Design and Planning
- Inventory Management and control
One of the most important career paths within this stream is the field of Actuarial Sciences. Actuaries are people who analyze the overall financial cost of uncertainty and risk factors. They use a combination of Statistics, Maths, and Financial theory to compute the risk of potential events.
This assessment, in turn, helps businesses and their clients formulate policies in a way to minimize the cost of that risk. This field is one of the most essential in the overall Insurance industry.
Another job that opens up for you is in Retail Management. A retail manager is largely in charge of a store. These days various big stores keep coming up who need graduates from a commerce background.
The job requirement entails researching retailing trends, pricing and merchandising, segmentation, relationship marketing, and also information technology in retail. Some of the top recruiters in this sector are:
- Shopper’s Stop
- Big Bazaar
But probably one of the most sought-after job in the commerce field is the job of a Chartered Accountant (CA). Although a person with relatively any background can go into the lucrative field of CA it is ideal if you are from the Commerce background.
It is a highly reputable job and comes with a very good pay package. But it requires hard work and patience. You could start the CA journey by taking a CPT exam after your 12th, which is conducted by the Institute of Chartered Accountants of India (ICAI).
After you clear the exam, you will have to complete various modules and after competing for the final exam you will become a CA.
Another popular course among the commerce students is of Company Secretary. A Company Secretary handles the efficient administration of a company or any organization, particularly ensuring the company’s compliance with various statutory and regulations.
It is offered by the Institute of Company Secretaries of India (ICSI) and has overall three programmes. The foundation course is the first one you can apply for after your 12th class. Second, the executive program, which you can apply for after your graduation and the last is the Professional program.
Certified Financial Planner
Another exciting career path for you is the Certified Financial Planner. A Certified financial planner deals with taxation policies and lays out a path for companies or individuals to navigate taxes. One needs to have an immense knowledge of taxation policies.
In order to become a CFP, you’ll need to a clear a course and obtain a certificate from Financial Planning Standards Board of India (FPSBI). It offers a range of technical programs of modules to teach the art and science of financial planning, personal financing etc. There are overall 6 modules and there is an exam for each, which is held online.
Cost and Management Accountant
Another career path within the Commerce stream is the Cost and Management Accountant. A CMA works with big corporates and deals with cost accounting, financial planning, and management issues.
The course is conducted by the Institute of Cost Accountants of India (ICAI) and is divided into three stages. After completing the entire course, you will become a certified Cost Accountant.
So, there you have it, friends. Various exciting career paths in store for you if you are from the commerce background. In a future post, I will focus on other streams like Non-Medical and Medical. And if you haven’t watched our video on career paths on Humanities and then watch it now! Till then cheer and keep exploring yourself with Brainpundits!