A variety of employment choices make BCom one of the most popular undergraduate programs in India. After earning a degree in commerce, one can pursue standard career paths like accounting, chartered accounting, company secretary, bank-PO exams, etc., or choose unconventional careers. After earning a BCom, one can decide to pursue a teaching profession by earning a B.Ed. and an M.Com. One needs to be aware of their area of interest because commerce is a broad sector that encompasses taxation, finance, accounting, banking, insurance, wealth creation, auditing, management, etc. For that reason, in this article, we’ll look at some of the Best Career Options after BCom.
Why Should You Pursue a BCom Degree?
BCom graduates are trained to start their own companies. The BCom degree, in comparison to BBA, which primarily focuses on preparing students for managerial positions, BCom prepares applicants for both the corporate world and entrepreneurship. Candidates acquire excellent commercial and financial knowledge that they can use to advance in their careers or company endeavours.
In contrast with other degrees, a BCom degree and other short-term courses listed offer a wider range of applications. BCom degree holders can find employment in various industries, including marketing, accounting, consultancies, investment banking, banks, capital management, etc.
A variety of employment choices make BCom one of the most popular undergraduate programs in India. Therefore, after earning a degree in commerce, one can pursue standard career paths like accounting, chartered accounting, company secretary, bank-PO exams, etc., or choose unconventional careers. After earning a BCom, one can decide to pursue a teaching profession by earning a B.Ed. and an M.Com. One needs to be aware of their area of interest because commerce is a broad sector that contains taxation, finance, accounting, banking, insurance, wealth creation, auditing, management, etc.
Best Career Options After BCom
Following are some of the best career options after BCom:
1. Banking: Best Career Options After Bcom
The government sector offers a wide range of job options, including the chance to work as an official in a government bank or in the finance, accounting, or management division of a business. After obtaining a BCom degree from any accredited institution that is UGC-DEB certified, the candidate has the finest employment potential if they are serious about building or entering the government sector.
2. Finance :Best Career options After Bcom
So, when I say finance I mean investment banking, equity research, and project finance. Believe it or not, but even with a B.com qualification, you can still start working in this field by just picking up a few skills required by the employer
3. Accounting: Best Career Options After Bcom
The scope of a BCom in accounting after graduation is broad. The potential for the field is excellent, and graduates are being hired by respectable firms with competitive compensation packages because commerce, finance, and other related fields are now recognized as a universal language on a global scale. As a result, there is a wide range of employment opportunities after BCom accountancy graduates. Graduates generally make roughly INR 4.78 LPA in income.
3. Insurance: Best Career Options After Bcom
So, if you are planning to pursue a career in actuarial, then you need to get a certification from the Institute of Actuarials of India. That is one of the most difficult exams to clear but at the same time rewarding.
4. Taxation: Best Career Options After Bcom
BCom. in taxation graduates have a variety of BCom career options, in addition to chartered accountants, financial risk managers, tax consultants, tax specialists, senior tax managers, tax compliance managers, cost estimators, lecturers, stockbrokers, financial analysts, and actuaries. Graduates can also find employment in the public and private sectors. Freshmen in BCom. Taxation can expect to earn an average of INR 2 to 4.5 LPA (PayScale), with experience and skill levels rising over time.
5. Education
After BCom, eventually, you can choose to do the relatively straight yet useful B.Ed. course. You can use the knowledge you have gained as a B.com graduate in your career as a lecturer.
The Bachelor of Education is likely one of the easiest professional routes after earning a BCom (B.Ed.). A BEd is a two-year postgraduate teaching degree. It is specifically created to enable students to pursue an academic career. It is one of the best courses available after BCom. Enrollment in this course is available after obtaining a graduation grade of 50% to 55% from a reputed Indian university.
6. Wealth Management & Etc
Companies search for a wealth manager who will oversee providing clients with financial services and guidance. Additionally, helping them with their financial endeavours. Relationship management, assisting clients with account information, and giving recommendations on financial investments are all duties of wealth managers.
You need to be confident, be able to communicate difficult material, and have strong sales as well as negotiating abilities to succeed as a wealth manager. Therefore, a top-notch wealth manager needs to be well-versed in wealth management, have effective communication skills, and be aware of customer relations strategies.
7. Risk Management Best Career Options After B.com
Since the 2008 crisis banks and financial institutions had to modify and comply with numerous regulation changes pertaining to risk management. Moreover, risk management is multifacet including operation risk, financial risk etc. There is a huge surge of outsourced risk management functions In India.
8. Law
As long as there are people and there is growth, problems grow too and hence there will never be a shortage of litigation. A Law career after B.com can be a very challenging and fulfilling career as long as litigation is your interest. Remember, however, that this field is not recommended for those, who wish to make their career working in a company. Eventually, a legal career is most fruitful, when you have a private practice.
Top Qualifications for Best Career Options After Bcom
1. Master of Commerce (MCom)
A master’s in commerce, or M.Com, is one of the most popular courses available after BCom. You can learn more in-depth information, especially on topics like accounting, taxation, business studies, statistics, economics, etc. in this course. Moreover, you can select a specialization from among business-related courses like M.Com in the areas of finance, accounting, taxation, etc.
2. Bachelor of Education (B.Ed.)
Following your BCom degree, you can pursue your Bachelor of Education (B.Ed.) to work as a teacher in a school. When you finish your BCom course and pass the UGC-NET, you can pursue an M.Com and then a PhD if you want to become a professor.
3. Master of Business Administration (MBA)
You can choose to specialize in finance in your Master of Business Administration (MBA) if you want to work in the finance industry. Moreover, you can work at managerial levels in finance, BFSI, FMCG, IT, consulting, and top companies after earning an MBA in finance. Following an MBA in finance, the best career options after BCom include those as a finance manager, consultant, financial analyst, credit risk manager, portfolio manager, and treasurer.
However, a small note here is that do not make the foolish mistake of enrolling in any college which falls below the 20th Rank in India.
4. Chartered Accountancy (CA)
Similarly, one of the top career options for graduates of commerce programs is chartered accounting (CA). Accounting, auditing, taxation, as well as financial assessment for an individual or organization, are all included in the practice of chartered accounting. Consequently, candidates who successfully finish the CA course are awarded professional certification by the Institute of Chartered Accountants of India (ICAI), which enables them to engage in professional practice.
5. Company Secretary (CS)
A company secretary is a popular career option that in fact requires a professional degree after receiving a BCom. The Indian company secretary profession is controlled by the Institute of Company Secretaries of India (ICSI). A company secretary manages tax returns, legal and statutory obligations, record-keeping, giving advice to the board of directors, as well as making sure the firm complies as part of their job description.
6. Chartered Financial Analyst (CFA)
The Chartered Financial Analyst (CFA) credential is a well-liked option among business professionals. The CFA Institute manages the CFA programme (formerly the Association for Investment Management and Research). Initially, the applicants must pass three levels of tests that examine their knowledge of accounting, economics, business ethics, money management, and security analysis. Moreover, candidates are certified as financial analysts and qualified to practice professionally after passing all three levels.
7. LLB 3 Years
You can take up, an LLB of 3 years from any recognised university, especially recognised by the BAR council of your state. Usually, each state will have its own Common Entrance test, based on which you can get enrolled in a college. Now, my recommendation is that if in case you do not get into an ivy league college, then start working as an intern with an advocate right from 2nd year onwards. This will make you ready for the job faster. Finally, a small note that I would like to add here is that you cannot practice as an advocate as a part-time job, and cannot run any other business or job side by side. So, if you are thinking about law, then think about it in a full fledge manner.
Moreover, you can also get into judicial services(Judge), after completing your LLB & registering with the relevant bar council.
8. Certified Management Account (CMA)
The Institute of Management Accountants offers this course as a certification, preparing the student for a wide range of positions in financial accounting and strategic management. A two-part exam covering decisions relating to external financial reporting, planning, budgeting, and forecasting, performance management, cost management, internal controls, technology, and analytics, financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, as well as professional ethics is included in the course schedule.
9. Certified Public Accounting (CPA)
The CPA is a well-known professional certification programme that focuses on financial planning, attestation services, and audits of financial statements. To protect the client’s financial health, a certified public accountant (CPA) is legally allowed to provide financial advice and audit services. Therefore, professionals who pass the exam covering Regulation, Financial Accounting and Reporting, Business Environment and Concepts, and Auditing and Attestation are awarded CPA certification by the American Institute of Certified Public Accountants (AICPA).
10. Financial Risk Management (FRM)
In the financial markets, FRM is a recognized profession on a global scale. The Global Association of Risk Professionals offers accreditation to professionals in the financial risk management sector (GARP). However, to become FRM certified, professionals with at least two years of work experience in financial risk management must pass a two-part exam.
There are many other options to pursue if you are a fresh BCom graduate. Do tell us your choice!
11. Institute of Actuaries of India
The Institute of Actuaries is a statutory body regulated by the actuaries act 2006. In order to enrol yourself with the Institute of Actuaries, you need to clear the Actuarial Common Entrance Test. The eligibility criteria for it is 10+2. Once you clear this exam, you can enrol on the actuarial course by the Institute of Actuaries of India.
Best Career Options After BCom: Government Initiatives
The Government of India has undertaken several initiatives to support the growth and development of BCom graduates.
National Skill Development Corporation
The National Skill Development Corporation (NSDC) offers various training programs along with certifications to improve the employability of BCom graduates.
Pradhan Mantri Kaushal Vikas Yojana
The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) provides financial support for skill development programs.
Startup India
The Startup India program offers funding, mentoring, as well as networking opportunities for entrepreneurs.
Make in India
The Make in India program promotes the growth of manufacturing industries in India, creating job opportunities for BCom graduates.
Conclusion: What are the Best Career Options After BCom
In conclusion, a Bachelor of Commerce (BCom) degree offers a plethora of career options for graduates. While traditional career paths such as accounting, chartered accounting, and company secretary remain popular choices, there are also unconventional options available to those who are interested. With the wide range of industries and specializations that the commerce sector encompasses, it is crucial for BCom graduates to identify their areas of interest and pursue their passions.
Apart from preparing students for the corporate world, a BCom degree equips them with the skills needed to start their own companies. This makes it an ideal choice for those who aspire to be entrepreneurs. In addition, a BCom degree and other short-term courses offer a wider range of applications, making it easier for graduates to find employment in various industries.
There are several career options after BCom. Graduates can pursue a career in banking, finance, accounting, insurance, taxation, or wealth management. Moreover, they can also opt for teaching or pursue a Master of Commerce (MCom) degree to gain more specialized knowledge in their field of interest.
Overall, a BCom degree is a wise choice for students who want to pursue a career in commerce. However, in today’s competitive job market, it is not enough to simply hold a degree. To stand out, students must acquire additional skills and knowledge through internships, certifications, and other training programs. With hard work, dedication, and a passion for their chosen field, BCom graduates can build successful careers in various industries and achieve their professional goals.
FAQs
Q: What are some of the best career options after completing a BCom degree?
A: Some of the best career options after completing a BCom degree include pursuing a career in finance, accounting, auditing, taxation, banking, or marketing. Other popular options include pursuing a career in consulting, human resources, or entrepreneurship.
Q: Can I pursue an MBA after completing a BCom degree?
A: Yes, many students choose to pursue an MBA after completing their BCom degree. An MBA can help students develop a deeper understanding of business and management principles and prepare them for leadership roles in various industries.
Q: What are some of the skills that employers look for in BCom graduates?
A: Employers normally look for BCom graduates with strong analytical and problem-solving skills, as well as excellent communication and interpersonal skills. Other valuable skills include attention to detail, financial acumen, and the ability to work well in a team environment.
Q: How can I prepare for a career in finance after completing my BCom degree?
A: To prepare for a career in finance after completing your BCom degree, consider pursuing additional certifications, such as the Chartered Financial Analyst (CFA) or the Certified Financial Planner (CFP) designation. Additionally, gaining practical experience through internships or entry-level positions in the field can be valuable.
Q: What is the average salary for BCom graduates in India?
A: The average salary for BCom graduates in India varies depending on the industry and location, but generally ranges from Rs. 3-5 lakhs per year for entry-level positions. With experience and additional education, BCom graduates can earn significantly higher salaries.
- National Career Service
The National Career Service is a government portal that provides information on various career options, job profiles, training programs, and job opportunities. You can visit the website at https://www.ncs.gov.in/ for more information.
- Ministry of Skill Development and Entrepreneurship
The Ministry of Skill Development and Entrepreneurship is responsible for the development of skills and entrepreneurship in the country. The website provides information on various training programs and job opportunities. You can visit the website at http://www.msde.gov.in/ for more information.
- Ministry of Labour and Employment
The Ministry of Labour and Employment is responsible for the formulation of policies related to employment and training. The website provides information on various schemes and programs related to skill development and employment. You can visit the website at https://labour.gov.in/ for more information.
- National Skill Development Corporation
The National Skill Development Corporation is a non-profit organization that works towards the development of skills in the country. The website provides information on various training programs and job opportunities. You can visit the website at https://www.nsdcindia.org/ for more information.
- Indian Institute of Entrepreneurship
The Indian Institute of Entrepreneurship is a premier institution that provides training and support to entrepreneurs. The website provides information on various training programs and courses related to entrepreneurship. You can visit the website at https://iie.gov.in/ for more information.
These government links can be a great help for BCom graduates who are looking for information on various career options, training programs, and job options.
