Finishing the 12th grade with good marks somewhat determines what your career future will be like. In today’s world, there are a lot of choices for science, arts as well as commerce streams. The reason is the emergence of the extra-curricular activities that aren’t determined as extra anymore. Some students deviate from their actual streams to practice something else.
Instead of getting confused, one must go through a proper guide to select a career. This can help the student understand what each course offers, the eligibility criteria, as well as the scope of the subject in the next 5 years. Beyond that it does not matter since in today’s fast changing world, everyone needs to stay up-to-date by picking up new skills every few years.
Here is a guide to determine a career choice for commerce students after 12th grade:
The popular career options
Economics
Career Options (Strategist, Economist, Statistician, Operation research analyst, Risk management analyst, budget analysis, insurance underwriter, and many more).
Commerce students can choose Economics as their major and then go on to pursue degrees such as B.A/B.Sc. (H) in the field of economics itself. Master’s in Economics is also a viable option after completing graduation.
Eligibility:
- For commerce students with the Maths option (In majority of the colleges/universities)
- Completed 12th with passing marks in the field of commerce from a recognised university/board.
Scope of the subject:
With a vast list of options available in the field of Economics, the role of being an analyst or an economist etc. is very high. The reason is the emergence of the corporate sector that requires many people with an Economics major to carry out their daily operations.
Courses offered (4 years):
- Agricultural Economics
- Macro Economics Indian Economics
- International Trade
- Econometrics
- Environmental and resource economics
- Political economy
Management
Career Options (Marketing, Operations, HR, International Business, Sales, Finance, and many more). Management is on a high-rise today because of the corporate sector that has a demand for all types of managers. One can pursue BBA/BMS, which is a 3-year degree course. After this, an MBA can be a viable option too.
Eligibility:
- For commerce students with/without Maths option (Depending on the stream that they choose)
- Completed 12th with passing marks in the field of commerce from a recognized university
Scope of the subject:
Although the scope for Management graduates is quite high, most of the companies ask for an MBA degree in management roles. That is why, pursuing an MBA after completing a degree can be helpful.
Courses offered (3 years):
- E-Banking and Finance
- Financial Markets
- Professional
- Logistics & Supply Chain
- Human Resource
- Marketing
- Insurance & Risk Management
- Family Business Management
Commerce
Career Options (Auditing, Accounting, Taxation, Finance, and many more). Pursuing graduation in Commerce opens a wide range of options not only in terms of university degrees such as B. Com (H) but also in professional courses such as CA, CMA, CS. These are some of the most sought-after career options that commerce students seek after passing the 12th grade.
Eligibility:
- For commerce students with/without Maths option (Depending on the stream that they choose)
- Completed 12th with passing marks in the field of commerce from a recognized university
Scope of the subject:
In case you have an honours degree in B. Com, then the scope is quite good. There is a good demand for accountants and specialists in Finance and taxation; however, in case you pursue professional courses such as CA, then the scope is simply tremendous.
Courses offered (3 years):
- BCom/BCom(H)
- Chartered Accountancy
- MCom/MCom (H)
- Company Secretaryship
- MA in Economics
- CFA
- MSc Economics
- Cost Accounting
- MPhil
- BEd
- MBA
- BA Economics
- BBA/BMS
- BCom LLB
Chartered Accountancy (CA)
The only national professional body in India related to accounting is the ICAI. 1 July 1949 was when ICAI was established as a statutory body. According to the CA Act of 1949, Chartered Accountants enjoy a statutory monopoly in the audit of financial statements under the Companies Act, 2013, Income Tax Act, 1961.
Becoming a CA isn’t an easy task, but still, almost 10 lakh commerce students appear for this professional course every year. If one can clear all the exams (CPT, IPC, and CA finals), the rest of the career journey for them becomes a lot easier. The business domains that they can work with are investment, finance, taxation, audit, and much more.
Eligibility:
- For students who have completed their 10th/12th from a recognized university or board
- Cleared two interims that are CPT and IPC.
Scope of the subject:
Because one can set up their professional practice after gaining the certificate of CA from ICAI, this is one of those career options that have an unlimited scope.
Company Secretary (CS)
Companies Bill, 2011, and the changes made in
it. The importance of CS in the field of corporate operations has increased
significantly after the changes made in Companies Bill, 2011. Clause 2(51) of
the Bill, a CS is included as the “key managerial persons” apart from the MD,
CEO and CFO. Just as ICAI administers the examinations for CA, ICSI is the body
that governs the CS exams.
The major domains that company secretaries work in are, corporate strategy,
financial reporting, advisory on company law, assistance in planning, and much
more.
Eligibility:
- Passed 12th or an equivalent course
- For the Executive program, must have cleared graduation in any field
- For the Professional program, must have cleared the executive program
Scope of the subject:
This career option also allows the private practice, but most of the professionals join the big companies after having cleared the stages of CS. The scope for the next 5 years is better than the scope of CA.
LLB (Bachelor of Law)
Although this is a graduation course as well, it is associated with becoming a lawyer. To pursue a career in this field requires a lot of focus and interest in Indian politics. Students who think of bringing about a change in society are a perfect fit for the career. The BCI (Bar Council of India) governs these exams, and one also becomes a member of the Bar Council after having cleared the degree of BA LLB.
Eligibility:
- For commerce students with/without the Maths option
- Completed 12th with passing marks in the field of commerce from a recognised university
Scope of the field:
With the emergence of a lot of verticals in the field of law, such as cyber crime, etc, this career option has a good scope if taken seriously. It may take a longer time than the other career choices for one to establish themselves by choosing this profession; however, once that path is clear, they have various other doors open for them, such as being a judge, etc.
Courses offered (3 years):
- Company Law
- Business Law
- Corporate Law
- Criminal Law
Additional Career Options
Cost and Management Accounting (CMA)
This is also a professional course that is conducted by ICAI. It relates to all the fields of management accounting such as controlling, planning, costing, performance, evaluation, etc. As the name suggests, CMA professionals help prepare the financial strategies and plan and manage the cost. One can get the most lucrative deals by cracking the course that is the director of finance, controller of finance, controller of cost.
Eligibility:
- 12th pass (with/without Maths) + a graduate from a deemed university
- Cleared two exams for CMA, i.e., Foundation and Intermediate.
Scope of the subject:
Becoming the head of the company, such as a director has a big scope. This is what you get by clearing the CMA finals. One has the option to start their private practice.
Stockbroking
This is one of the most interesting career choices for commerce students after passing the 12th. If the student has an affinity for financial markets and can think on their feet, then this is the correct career path. Big organisations such as investment banks, brokerage firms, pension funds, and other financial institutions hire stockbrokers on a very good package.
The fascinating fact about the word ‘Stock’- This word came from a person who was named Stock. The real name of the man was P.J.Stock, and he was the first one to start trading in shares.
Eligibility:
12th pass (with/without maths) + graduate (B. Com, BBA, CA or MBA in Finance)
Scope of the subject:
Stockbroking is a very administrable sector where a person can have a huge income. Since the Sensex and Nifty markets will never cease to exist, the scope of building a career in Stockbroking is endless.
Entrepreneurship
One does not need to study entrepreneurship to be an entrepreneur; however, in case one pursues this as a career option, it is better to learn about the objectives and rules that are involved in entrepreneurship. One can choose a degree course such as BBA and MBA in the related field. Selling products and services, as well as the fast-building of start-ups, are some of the major domains of this field.
Know Some Interesting Facts about Entrepreneurship.
The rise of Entrepreneurship- The shocking fact is that above 400 million entrepreneurs exist out of the 7 billion population in the world, to date. According to the statistics provided by dealsunny.com, one in every 18th person runs a business.
Eligibility:
- 12th pass in commerce stream from a deemed board
- Knowledge of business is beneficial
Scope of the subject:
Since one can start their start-up after pursuing this career option, the scope of the subject is limitless. This is one such field where one can have an unlimited income if they apply the correct planning and strategy.
Statistics
Statistics is a field associated with the understanding, examination, and portrayal of numerical information. Analysts gather and investigate information to tackle different issues and make suggestions in associations, both in the general population and private area. The roles available in this domain are the analysis of data, market research, risk and research analysis, investment analysis, etc. BA/B. Sc in Statistics that one can choose, in the relevant field.
Eligibility:
- For commerce students with Maths option
- Completed 12th with passing marks in the field of commerce from a recognized university
Scope of the subject:
Analysts lead information assortment, arrange information, utilize different factual devices and strategies to investigate the information on the information, and further make proposals to partners and policymakers dependent on the outcomes. This is a difficult, yet fulfilling profession with the adaptability of work openings and potential outcomes to work.
Hotel Management
With the emergence of the hospitality industry in the late ’90s, hotel management courses have become a serious career option. It is no longer taken as a side-hobby because of the demand that hotels, as well as companies, have for students with a degree in Hotel management. The average earning of an HM professional is above $52,000, which makes this field furthermore exciting. According to studies, by 2022, 1 out of every 10 professionals will be in the hospitality industry, out of which 55% of the employees are estimated to be women, as per the report by the international labor office.
Eligibility:
- For commerce students with/without Maths option.
- Completed 12th with passing marks in the field of commerce from a recognized university
- English as a subject is mandatory on the 12th.
Scope of the subject:
With so many colleges offering courses in hotel management, the scope of the subject has now reduced. Numerous students with the degree roam about without any jobs; however, if someone has a passion for it, then the sky’s the limit.
Courses offered (3-5 years):
- Bachelor of Hotel Management (BHM)
- Bachelor in Hotel Management and Catering Technology (BHMCT)
- BA in Hotel Management
- BA (Hons) in Hotel Management
- BBA in Hospitality, travel & tourism
- BA (Hons) in Culinary Arts
Certified Financial Planner (CFP)
CFP is an infamous field, and not many people know about it. Students who like dealing in financial matters can go for this course. It is a professional course and requires clearing of exams. The board associated with it is FPSB (Financial planning standards board. Areas of expertise are in the management of wealth, personal finance, investment in mutual funds and much more.
What is the minimum amount a CFP can earn?
Depending upon the type of clients and preparation of the reports, a CFP gets some percentage of the profit or a fixed salary. As of Feb 2017, the Certified Financial Planners that fell in the range of 10th-90th percentiles made between $43,100 and $138,357 on an annual basis.
Eligibility:
- For commerce students with Maths option.
- Completed 12th with passing marks in the field of commerce from a recognized university
- Completed graduation in the related field
- 3 years of experience in the financial planning industry
Scope of the subject:
Dealing with finances is something that everyone does. Some companies need professionals to manage the finances of their clients. Once the students clear the certification, the possibilities for them are endless. Also, there isn’t much competition in CFP so students have various options to choose from when it is about getting a job.
Conclusion
Although there are a lot of other options for commerce students the above ones are specific to their subject of study. In case the student wants to pursue a career in commerce itself, or wants to hold on to the subjects, they can easily for one of the above career choices as ACHIMO guides you through the process. Another factor to keep in mind while choosing any degree program is to ensure that the degree is obtained from the topmost universities.
This way, the student’s future also gets secured. They get quality education and then many other options become available to them. Based on the above options, a passionate student, who wants to make it in life, can go for the professional courses. By pursuing a professional course such as CA, CS, CMA, CFP, etc. the student secures their future to the best.