Careers after the 12th are the most important decisions in life. There are many career options available after Class 12 such as engineering, medicine, management etc. A student with a background in commerce can opt for the CA and CS courses. Chartered Accountant, CA and Corporate Secretary, CS is among the popular options available for commerce students to choose as a career after 12. Some of the other popular courses are ICWAI, B Com Honors, Taxation & Accounting Honors, Banking and Finance Honors, BBA and BMS
Commerce education is the cornerstone of today’s economy as it is closely linked to business, commerce and industry. It emphasizes that developing people make optimal use of available resources. Globally, a professional degree in business training is the most popular career option among students.
Education on traditional trade has become irrelevant in the new era of globalization. There is an immediate need to reform the existing education system to address innovative dimensions in the context of growing international trade.
Commerce Stream | Courses offered & Prospect
Commerce occupies an important place in the education system and covers subjects such as accounting, business law, economics, management, auditing and taxation. This dissemination is offered through various courses like BBA, BCom, MCom, BMS, MMS, MBA and many others. Commerce graduates can acquire professional qualifications including CA, ACCA, CMA, CIMA, CFA and CS, which accelerates their career progression.
The Indian economy has remained remarkably stable despite the effects of the COVID-19 pandemic. The economy withstood this shock due to its self-sufficiency and the presence of various sectors.
According to the McKinsey report on the implications of Covid for business, 86% of people in India expect the economy to improve over the next 6 months.
IMF’s projection of a 12.5% growth rate by FY2022 for the Indian economy also supports their conviction, and there are therefore many opportunities for business students. seeking professionals in business administration and commerce, in particular audit and finance firms that hire graduates in accounting, auditing, law and taxation.
Auditing firms prefer applicants who have additional professional certification from recognized global certification institutes such as ACCA (UK), CIMA (UK) and CMA.
In addition, the new National Education Policy (NEP) encourages integrated apprenticeships and internships for students during graduation in order to prepare them for employment. Given the high demand for BBA / BCom and MCom graduates, sector skills councils encourage various sectors to offer internships / apprenticeships to students.
NEP has also opened avenues to initiate BBA and BCom (honors) by adding a research-oriented program in the fourth year of the UG programs. To meet business needs and the need to fit into a comprehensive curriculum, business education today also fuels the requirement for a multidisciplinary learning environment by offering open electives such as foreign languages (French, German and Spanish), amplifiers of creativity as the management of innovation, creativity thinking and conception of business thinking and culture.
The dynamic business world also demands the introduction of contemporary specialty courses such as health economics, financial economics, digital marketing, and analytics. Health professionals are expected to understand the economic valuation of the health system. To effectively use their business skills and gain a competitive advantage, a student can pursue a master’s program in business analysis.
The field of business analytics has risen to new heights due to the significant explosion of data available to businesses today. To keep up with analyst demand and close the talent gap, universities have developed graduate courses in business analysis. This course is suitable for graduates with a quantitative background such as science, mathematics, and business or engineering. Students’ chances of landing a job increase with a master’s in analysis.
Given the shortage of professionals capable of implementing key business strategies involving IFRS, GST, auditing, and regulatory compliance, there is an increased demand for business graduates and trained professionals in these fields.
Entrepreneurship education is particularly helpful for students who want to become entrepreneurs. Students can choose to run family businesses and develop their family business as next generation entrepreneurs.
Today, most of the best universities in the country also offer students the opportunity to pursue master’s programs in each of these specializations with partner universities abroad.
Careers in Commerce
Commerce is a job-oriented course and most of these jobs come with a high salary. Some high paying jobs in commerce are: Chief Financial Analyst, CEO, Chief Accountant, Corporate Secretary, Personal Financial Advisor, Research Analyst, Marketing Manager, Actuary, Cost Accountant, Sales Manager, Retailer, Investment Banker, logistics analyst, to name a few. The employability rate with a business degree has grown steadily between 2017-2021, despite pressure from the Covid-19 pandemic.
Interestingly, business is also a gender neutral field, as the number of female graduates in India with business administration degrees has increased in recent years (statista.com, March 2021).
With an ever-expanding reach of digital marketing, the demand for digital marketers will increase rapidly in the coming days. Generally, a bachelor’s degree in marketing and analytics can be a good way to enter the digital marketing course.
CA, CS or CMA | What is the best option for you?
There are many similarities when it comes to the curriculum of the three courses: CA, CS and CMA. However, CA primarily focuses on finance, auditing, and taxation. The main focus of CMA is an in-depth study of management and cost accounting, while CS provides you with a detailed study structure for company law and company secretarial work. At the end of the day, you should have a clear idea of your main goal in terms of what you want to study and what you want to accomplish by studying this course. A lot has to do with your aptitude and your interest. To take any of these courses, you must first understand what each job entails, and then you can decide which one is right for you and your personality.
A CA or Certified Chartered Accountant is a professional accountant who is hired by individuals and businesses to handle financial transactions such as auditing financial statements, filing corporate income tax returns, and providing financial advice.
In general, they help with all the financial requirements of a business. CAs can also choose a line of work in which they would like to specialize.
A chartered accountant is hired to do more with the outward appearance of a business.
In other words, the job of a CA is to assist and advise shareholders and investors on their financial needs.
To become a CA in India, you must take the CA Foundation, Intermediate and Final courses of the Institute of Chartered Accountants of India (ICAI).
A Company secretary, corporate secretary or simply a CS is a person responsible for the effective management within a company by ensuring that all employees, as well as the board of directors, comply with the legal requirements.
A CS is also responsible for ensuring that all decisions of the board of directors are successfully implemented within the company.
The job of a Company secretary is to supervise all employees: lower, middle and upper management act in accordance with the law; keep and maintain company records, communicate with shareholders and directors, among others.
To become CS in India, you need to take CS Foundation, Executive and Professional courses from the Institute of Company Secretaries of India (ICSI). The computer course offered by the institute has many advantages.
Cost and management accountant
A CMA or a cost and management accountant is responsible for the allocation, administration and regulation of funds in a company; any business.
A management and cost accountant is a person who performs these functions.
A job like CMA is rewarding and well paid, while still being respectable.
A CMA is more concerned with the responsibility for internal events of a company and the next steps within the organization.
To become a successful CMA in India, you need to take the CMA Foundation, Intermediate and Final courses from the Institute of Cost Accountants of India (ICMAI) and there are many benefits to taking this CMA course from such a respected institution and wanted.
Career options after CA Course
An ICAI CA course has many advantages. The Chartered Accountant position is held in high regard and the demand for CAs is increasing. So, if you have decided to become one, now is the best time.
- Integration into the business world: You can enter the financial and accounting services of companies. He could be in the audit. Tax audit. Maybe financial reporting is more of your cup of tea. You may want to focus on managing funds. Or even investment planning. Or you can handle mergers! A wide variety of options to choose from.
- Work in the banking industry: You can join a bank to work in the financial field. Forecasts, funding, strategies, etc. You can also use this experience to enter the business world.
- Work in industry or government services – You can join an industry or government organization. You can work as a business advisor to develop, analyze, and report the information needed for business decisions.
- Work as a Global Accountant – You can choose to work in the financial reporting field on a global scale. Avoid or detect fraud by scanning the financial statements of large multinationals. You could also work as an appraiser valuing assets and liabilities
- Work in the education sector: You could work as an educator for colleges and universities. You can even create your own educational center!
- Higher Education – You can also choose to pursue higher education if you want to become a CA professor or professor at reputable academic institutions.
Career options after the CS Course
There is no shortage of career options if you have completed all three CS courses. Almost every field and business, big or small, requires a CS and you can read more about what a CS is supposed to do below:
The scope of work of a corporate secretary includes:
- Be a lawyer; a compliance officer and works only for that company.
- Be an expert in corporate law, securities and financial market law and corporate governance.
- Be the principal advisor to the board of directors on best practices in corporate governance.
- Be responsible for all regulatory compliance of the company.
- Be the business planner and strategic manager of a business.
To develop further, these job profiles include the following:
Corporate governance and secretariat, Corporate governance services, Company secretarial services, Compliance audit / secretarial and certification services, Corporate law advisory and representation services, Consulting services in corporate law, Representation services, Arbitration and conciliation services
Financial market services: Management of public issues, quotations and securities, Acquisition code, use of inside information, mergers and mergers, Securities certification and compliance services, Financial and accounting services, Tax services, WTO international trade and services, Management services, General / Strategic Direction, Corporate communication and public relations, Human Resource Management, Information technology.
Career options after the CMA course
There is no shortage of jobs or career options for the CMA professional, or of industries. Almost every industry needs a CMA. Cost accountants are still in high demand in the public and private sectors, banking and finance, development agencies, education and research, etc. Here are some common job titles for CMA professionals:
- Finance manager
- Financial analyst
- Financial controller
- Chief Financial Officer (CFO)
- Certified Business Management Accountant
- Senior Financial Analyst
- Managing Director
- Executive Director
Frequently Asked Questions (FAQ)
Can I take all three courses: CA, CS and CMA at the same time?
As for the question of continuing with the three courses, there is no right or wrong answer. Yes, you can take all three courses simultaneously, especially if you are studying online. By doing so, you can weigh your strengths and weaknesses in all facets of accounting and finance and choose a career. However, the downsides to this are that you will have to bear the added cost of taking the courses at the same time (which can be a lot), as well as the added stress of administering the exams for all three courses. You may also need to obtain prior authorization from the respective institutes and adhere to their policies. It is better to eliminate all these worries before embarking on such a difficult business. In addition, each institute organizes its exams independently, so there may be conflicts with the dates of the exams. If so, you will be given priority in the course you want to complete first.
What are the advantages of the CS course?
- A well-paying job: A CS is a well-paying job. While beginnings may be small, there are many opportunities to enter larger companies and earn a substantial amount of money.
- Something out of the ordinary: In a world of doctors and engineers, a CS position is not only in demand, but also sets it apart.
- Collaborations: ICSI has Memoranda of Understanding (MoU) with renowned academic institutions such as IGNOU and ICAI, London – another advantage that you can add to your existing skills.
What are the advantages of the CA course?
Apart from all the points mentioned above, here are some benefits of an ICAI CA course:
- Financial Security: The average starter package for a newly created CA is around 7 lakhs per year. It ranks even with computer science graduates. And education is for a fraction of the cost.
- Excellent return on investment in training costs: ICAI CA course is much lower than any engineering course. You can expect to pay as little as Rs 50,000 if you pass all your exams on the first try! (As of 2018). Not only that, you will receive an allowance while you do your practical training. So you will get your education money back almost immediately!
- High AC Demand – ACs are always in demand. In fact, the demand is greater than the supply. Therefore, the accounting experience, for the foreseeable future, will never be saturated.
- Opportunities to work abroad: As a CA, you will have many opportunities to work abroad if you wish. Canada, United States, United Kingdom, Hong Kong, New Zealand, to name a few.
- More Study Opportunities – You can choose to take advantage of your CA qualification for higher degrees. For example, around 100 Indian universities recognize a CA degree as equivalent to a graduate degree to enter their PhD programs.
What are the advantages of the CMA course?
- Higher salary: CMA professionals also enjoy an excellent salary. Holders of CMA certification from an institute like ICMAI earn 67% more than their non-certified counterparts.
- Fast-growing career option: A CMA professional certification is considered one of the highest forms of professional certification in the field of accounting and management, and is also popular as a growing career option.
- Domestic and foreign options: With a globally recognized CMA certification, you increase your possibilities for growth, both at home and abroad.
We hope we have been able to help to some extent regarding the differences between the CA, CS, and CMA courses. Lastly, we suggest that you visit the respective course websites and find out more about what to expect in your chosen field. Other than that, you can also chat with people who have taken these courses, as well as these career options, to get a better idea of what’s to come. Choose wisely and do the best you can.