Careers in Commerce – Gone are the days when career choices were limited to Science, Arts and Commerce. Students now have a plethora of options to choose from. Apart from the conservative engineering, medicine and accountant, students can now look up to a vast majority of diverse fields to make a mark in. And no more worrying about what the others might be thinking and how much will you earn.
Societal pressure is a norm, ruining your life by choosing a career which will never give you the satisfaction of achieving a milestone is of no use. Every day has to be a thrilling experience and for that to happen to choose something you like is very important. How much will you earn? There is ample of money in the world and your confidence mixed with your ability is a deadly combination which is sure to make you the next Mark Zuckerberg in the world.
So, if Commerce is your calling doesn’t buck under the societal pressure and the traditions, get a grip, look out for your passion and do something which beckons you. Commerce is definitely more than B.com and this is what you need to learn.
List of Top 10 Careers in Commerce
#1 – Banking
Amazing salaries, job security, and high social acceptance often drive the conventional choice but jobs are secured and with the spate of new local/national/foreign banks job market is booming for the commerce students.
#2 – Investments:
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#3 – Insurance:
A sector which has shown an exponential growth due to the liberalization policy in India. There are enormous opportunities to be exploited to make a great career.
#4 – Capital market:
A Liberalized Indian economy has been welcomed by capitalists with a great deal of investment and superb projects. This has definitely brought about a spurt of opportunities.
#5 – Accounting and Taxation
Opportunities in this field will never diminish so be thoroughly prepared. KPO and BPO sector is growing and can meet the demand of talent. Skilled accountants are greeted warmly with open arms in both the domestic as well as the international job market.
#6 – Company Secretary
A Company Secretary (CS) is an important accounting designation in a company. A CS in a company is the mediator between the board of directors, shareholders, government and other agencies. The CS has the required expertise in legal matters, securities law, capital market and corporate governance to regulate a company according to the compliance charted out.
A candidate requires to successfully clear 18 papers divided into three programs to attain the CS designation. The Foundation Program has four papers and the Executive Program has six, while the Professional Program comprises of ten papers. In addition to this a student is required to undergo 15 months of training after passing the executive or professional program.
#7 – Cost and Work Accountant
These professionals are mostly involved in the auditing of the companies and are required to maintain cost accounting records, certify import and export documents under the Exim Policy, serve as executor, administrator, receiver and valuer. They are integral to any business house’s working with respect to the strategic decisions that they help in facilitating, in respect of diverse economic activities of the organization.
#8 – Cost & Management Accountants
This course is a result of the Cost and Works Accountants Act, 1959 which regulates the profession of cost and management accountancy. A Cost and Management Accountant (CMAI) is responsible for enlisting the cost of manufacturing and keeping a book of accounting on it. He is involved in the pricing of the goods and services produced, verification or certification of taxation, especially with respect to indirect taxation.
This career is not a hot selling cake but the position is very essential to the marketing department. The main job of cost and management accountant is to prepare quotations for tender responses; the production department requires the person involved to make sound decisions profitable product mix. The purchase department is always at a loss without the cost accountants advice for making any decisions regarding buying. They play a crucial role in identifying business risks and their mitigation.
#9 – Actuary
Actuaries are involved in the assessment of the financial impact of risk and uncertainty. They assess the financial security systems, and regularly monitor their complexity, the mathematics involved in the same and their mechanisms. An actuary in other words is the caretaker and onlooker of the company ensuring no mishaps or risks arrive jeopardizing the harmony of the current working conditions in the company. They use mathematics to evaluate the probability of events in order to ensure stability and minimization of financial losses associated with an event that is not only uncertain but is undesirable. Events such as death and accidents are unpredictable and risks involved in such cases are immense yet the less possible impact on the balance sheet of the company needs to be ensured and this is primarily the job of an actuary.
The pre-requisite qualities to become an actuary are asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior are necessary to design and manage programs to assess and control risk.
#10 – Certified Financial Planner
CFP or Certified Financial Planner is a certificate course for financial planners who are looking to specialize in the strategic financial planning or advisory role in the financial services industry. The certificate is conferred upon by the Certified Financial Planner Board of Standards (CFP Board) in the United States and by its affiliated body FPBS in India. CFP is a mark of excellence, recognized and respected worldwide by the financial professionals. A career in wealth management is an ideal situation for a CFP. The course trains a professional in the various aspects of personal finance like tax planning, insurance planning, estate planning. A CFP finds employment opportunities in banks, wealth management companies, insurance companies, mutual fund and other financial intermediaries. CFPs are in demand in India as we need to meet at least 50,000 financial planners, and not even 10% has been met.
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This has been a list of top 10 careers in Finance. You may also have a look at these articles below to enhance your knowledge on different areas in Finance.