5 Professions that Every Commerce Student can Consider
• You choose commerce when you cannot aim for science.
• You take commerce if you want to become a CA.
• Oh, you are good with numbers, you should certainly take commerce.
Have you heard this? Well, according to the Meme statistics in India (pun intended), every student who opts for commerce goes through this ‘taunt torture.’ So factually, you are not alone. However, we totally understand why you are here. In a world of Zuckerberg and Bill Gates, it is absolutely correct to find how, why and where the commerce junkies end up.
And before we deep dive, here are some statistics for you.
• In India, there are a total of 40.14 Lakh enrollments for commerce out of which 52.5% are males and 47.5% are females.
• Commerce stream has 4,493 students enrolled in it for Ph.D. with 46.65% male students. At PG level, 4.59 lakh students are registered with 58.9% female students.
So, there is no dearth of commerce students; it is just the dearth of good reasons to take up commerce.
In this blog, we have collated five best professions for commerce students. Now, you will have valid reasons to go for commerce in the 21st century!
So, let us get started.
Profession 1: Actuarial Science
You must have heard about this. This field has started to gain popularity in India. Actuaries, in general, analyze the financial costs of risk and uncertainty for a business. This field is an amalgamation of statistics and mathematics, making this filed more analytical than theoretical. Actuaries hold more than 23,000 (approximately) jobs. There are two regulatory authorities, Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) which provide two types of certifications, namely associate and fellow. It takes 4-7 years for an actuary to become an associate and 2-3 more years to get the fellowship status. The average annual wage for actuaries is $100,610 approximately.
Profession 2: Law (LLB)
If there is a war someday, lawyers would still be needed. Not just in the Netflix series ‘Suits’ but also in the real world scenario, lawyers are indispensable. With some missing stats here and there, an RTI of 2013 revealed that the BCI had 1.3 million advocates on the rolls of various state bar councils. If you want to be a lawyer in India, you are probably aware of a couple of common terms like CLAT and NLUs. CLAT is the common law admission test and NLU is the National Law University. Every year approximately 50,000 students give CLAT to get into the top NLUs of the country. A lawyer can earn between Rs. 127,000 to Rs. 4,105,000 per annum, depending upon his/her experience. To know about the profession, read EduThrill’s blog https://www.eduthrill.com/are-you-thinking-of-pursuing-a-career-in-law-important-things-to-know-first/
Profession 3: Chartered Accountant
CAs are an essential part of any business. From auditing, taxation, accounting to financial planning, their job role cannot be compromised. Hence, every year thousands of students run the race for acing exams conducted by Institute of Chartered Accountants of India, the statutory body for CAs in India.
To practice chartered accountancy in India, a candidate must be a graduate. The unique part of the process of becoming CA is that it is a combination of theoretical education with compulsive/complementary practical training.
Four Steps to becoming a certified CA are as follows:
• CPT (Common Proficiency Test): It consists of four main subjects namely Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.
• IPCC (Integrated Professional Competence Course): The curriculum of IPCC is classified into two groups for which students can study and appear in the examination either group-wise or for both the groups together.
• CA Final: CA Final covers advanced application knowledge of core subjects related to the advance financial planning and reporting.
• Articleship: A candidate had to complete five years of articleship training to practice Chartered Accountancy.
An average CA earns 2.93 Lakhs to 15.18 Lakhs per annum.
Profession 4: Bachelor’s in Economics
The sure shot course in Delhi University is one of the most ‘in demand’ course for students of commerce. With a glossy future because of the fluctuating economy, BA (Economics) has its own place in the career options pie. With all the micro, macro, national and international subjects being covered, this course is for someone who loves to read and practice. This course is an amalgamation of both theory and huge calculations. Most of the students enroll for MA (Economics) after BA (Economics) and secure the top positions in the B-4 companies as analysts.
Profession 5: Management (after any graduation degree such as B.Com, Economics, English etc)
Who can beat the managers? They are everywhere!
Yes, MBA is one course which is never going out of the checklist. MBA is a 2-year degree course (can be done after graduation). CAT is the first basis of getting in one of the top B-Schools in India post which students have to crack a GD-PI round. Doing management courses from the top B-schools easily backs a student with a starting salary package of 10 – 20 lakhs. So, yes! The suits, ties, and files are not just in dreams. Management is as evergreen as Shark Tank over Netflix.
To conclude, you do not have to take up science to get into the top colleges and hold the top ranks in the corporate pyramid. All that you need to do is a bit of planning to hit the right career after choosing commerce.
One piece of advice: Before choosing a stream, look at the long-term picture to streamline the whole process. To gain more insights about courses, streams and career options and winning scholarships, visit https://www.eduthrill.com/college-admissions-scholarship-carnival-2019/
Source: Source: https://collegegrad.com/careers/actuaries