Commerce is one of the most sought after and popular courses among students in India. Not only it encourages and promotes the general understanding of economics, accounting and business management from a very young age, but also opens up the doors of great careers and success in front of students. In this blog, we will introduce you to some of the best career opportunities provided exclusively by commerce stream. We will also make you familiar to the role and responsibilities of that particular domain and educational and personal skills required to pursue it. The average pay scale throughout the country will also be checked for each career domain.
- Entrepreneur
In a country like India where unemployment persists on a large scale, an entrepreneur can secure the lives of thousands of other people by generating employment, while securing his own life.
An entrepreneur is a person who starts a business, with the motive of making profits and bearing losses. He is the creator and owner of a business entity. Being an entrepreneur is one of the most difficult, risky and a highly – awarding work to do.
Roles and responsibilities:
- Building, managing and assigning roles to team members.
- Being and acting as the leader of the company.
- Making all major decisions relating to finance and working of company.
- Monitoring the work culture and environment of company.
- Bearing all expected risks to his name and managing the situation in times of crisis.
Skills Required:
- Risk taking and managing ability.
- Leadership Qualities.
- High management skills.
- Deep understanding of market and finances.
- Patience
Academic Qualifications: None. However, studying commerce will definitely give a person a big edge over others.
Expected Income: Infinite.
- Chartered Accountant (CA)
Chartered accountancy is one of the most popular, respected and elite services of the country, and the dream of lakhs of commerce students. It is also one of the most difficult courses to pursue in the country.
A CA is basically indulged in auditing accounts, accounting of financial statements and advising on or maintaining tax returns, for their clients, whether individual or a company/organisation. He/she may also start a separate firm for the purpose.
Roles and responsibilities:
- Preparing financial statements and maintaining accounts.
- Company/Organisation audit.
- Cost accountancy in production firms.
- Advising and preparation of tax returns.
- As a management consultant
Skills Required:
- In depth knowledge and awareness of business and related laws.
- Problem solving approach.
- High Accuracy and self confidence.
- Technology proficiency.
Academic Qualifications: Although the minimum eligibility to appear for CA foundation exam is class 12th, many candidates prefer to go for a bachelor’s degree in commerce before appearing for the exam.
Expected Income: 5 LPA – 30 LPA
3. Company Secretary (CS)
The post of a company secretary is one of the most significant posts in a company. A CS is required to handle the tax filing and returns, keeping company’s financial record, handle all other legal aspects and ensuring that the company is following all the statutory and legal obligations while functioning.
Roles and responsibilities:
- Handling and advising the directors of company on legal matters and obligations.
- Filing and advising on tax returns.
- Rendering advise and cautions on business and corporate laws.
- Advising on share issues and market.
Skills required:
- Good knowledge of business and corporate laws.
- Effective management and planning.
- Ability to deliver sound judgements and advice.
- Good communication skills.
- Ability to multitask.
Academic Qualifications: Minimum eligibility to appear for foundation programme is class 12th. Students who pursue graduation in commerce are not required to appear for foundation programme. They can directly skip to the other two levels.
Expected Income: 6 LPA (Average). It can go as high as 15-16 LPA.
4. Investment Banker
Investment banking is one of the highly paid jobs globally. An investment banker is required to bring in and raise additional capital for the financial corporation he is working in. He may do so by persuading the investors to invest in that particular company, or underwriting debts and securities for the company. In India, ICICI securities, Axis bank, etc are examples of investment bank.
Roles and responsibilities:
- Raising capital for any entity.
- Managing sale and purchase of securities.
- Maintaining customer relations and solving grievances.
- Planning strategically to minimise loss and maximise profits.
- Managing and maintaining the investment portfolio of the entity.
Skills required:
- Strong communication, persuading and networking skills.
- Ability to analyse investment market.
- Good knowledge and experience about investment and securities.
- Ability to grasp the changes in market and work accordingly.
- Management and leadership skills.
Academic Qualifications: A bachelor’s degree in commerce/economics/finance may fetch entry-level opportunities. Higher education in the same field can attract good opportunities.
Expected income: 9 LPA (average). It can go as high as 70 LPA.
5. Marketing Manager
A Marketing manager is required to promote the business of the corporation/entity he is working in by various means. It includes advertising, organising events and campaigns, social media marketing, and any other means to promote and extend the reach of the business corporation.
Roles and responsibilities:
- Strong communication, persuasion and management skills.
- Efficient tech-oriented skills.
- Leadership qualities.
- Ability to multitask.
- Creative writing and presentation skills.
- Ability to adapt in different circumstances.
Academic Qualifications: Minimum requirement = a bachelor’s degree in finance/marketing/economics/commerce.
Expected income: 7 LPA (Average). Can be as high as 45-50 LPA.
6. Human Resource Manager
As the name suggests, a human resource manager is responsible to manage all the ‘human resources’, i.e., staffs and related teams for better and efficient output. He is required to recruit members, organise them into teams, training and maintain relations among them. He acts as a bridge between the employees and the directors or managers of the company.
Roles and responsibilities:
- Recruitment of employees.
- Organising and planning training periods.
- Listening to employee grievances and conveying it to the management.
- Ensuring that employees are following ethical and legal norms of the company.
- Design policies and norms for workplace.
Skills required:
- Leadership and persuasion skills.
- Good communication skills and patience.
- Effective decision making.
- Empathetic nature.
Academic Qualifications: undergraduate degree
Expected income: 7 LPA (Average). Can be as high as 40-45 LPA with experience in reputed companies.
7. Budget Analyst
The role of a budget analyst in a private organisation or company is of considerable significance. He is required to analyse the expenditure and receipts, debits and credits of the company and help it to keep its finances on track. He also advices on strategies to increase profits for the company from limited sources.
Roles and responsibilities:
- Monitor organisation’s expenditure and receipts.
- Work with the managers and executives to come up with the best budget for the company.
- Developing strategies and plans in accordance to the budget.
- Advise on effective usage of resources and maximisation of profits.
- Identify weaknesses in the budget and developing plans to overcome them.
Skills required:
- Good analytical skills and problem solving approach.
- Ability to make futuristic plans.
- Good knowledge of budgeting and finance.
- Ability to process multiple information and come up with effective conclusions.
- Ability of maximum utilisation for maximum benefit.
Academic Qualifications: undergraduate degree in commerce/finance/economics. Higher education is preferable.
Expected income: 6.5 LPA (Average). Can be as high as 35-40 LPA.
8. Cost Accountant
Cost accountants are the professionals who are required to analyse and review the costs of different products that are being sold by a particular company in the market. They also analyse the cost of similar products already in the market and then come up with a suitable and most profitable conclusion.
Roles and responsibilities:
- Creating standards for cost analysis.
- Keeping an eye on product inventory.
- Analysing the cost of different products in the market.
- Advising and recommending the company to increase or decrease the cost of its products according to market condition and other factors.
Skills required:
- High analytical skills.
- Deep knowledge of market and demand.
- Proficiency in presentation and analysation of data.
- Technology proficiency.
- Ability to research effectively and problem solving approach.
Academic Qualifications: Bachelor’s degree in accounting for entry level jobs. MBA in accounting stands most preferable for higher positions.
Expected income: 4 LPA (Average). It can be as high as 16-18 LPA.
9. Export Import Manager
The primary task of an export import manager is to supervise all international trade activities carried out on ports. This includes planning of export and import shipments, organising them, ensuring that these activities are carried out within the purview of national and international trade laws, etc.
Roles and responsibilities:
- day to day planning and organisation of export and import shipments.
- Coordination of various formalities required therein.
- Ensuring the legality of shipments.
- Delivery and handling of shipments to correct place.
- Act as link between sellers of domestic country and buyers of other countries and vice versa.
Skills required:
- Stress management and patience.
- Good analytical and management skills.
- Understanding of global laws and trade compliance.
- Understanding of foreign exchange.
Academic Qualifications: Bachelor’s degree in commerce. Higher education in international business or international marketing is preferable.
Expected income: 5 LPA (Average). Can be as high as 15-16 LPA.
10. Banking
Banking requires a deep understanding of accounts and economics, and thus is one of the most preferable choices for commerce graduates. A banker is generally engaged in sanctioning loans, accepting deposits, and providing other general utility functions to the customers. Banks are considered as the backbone of financial system of a nation.
Roles and responsibilities:
- Evaluating and sanctioning of loans to eligible customers.
- Making withdrawals and payments to customers as per demand.
- Providing financial advice to customers and clients.
- Maintaining accounts of customers and resolving the disputes therein.
- Ensuring the functioning of duties as per RBI guidelines.
Skills required:
- Good communication skills.
- Ability to analyse loan proposals and arrive at effective decisions.
- Public handling and management.
- Technology proficiency.
- General commercial and economic awareness.
Academic Qualifications: under graduation. There are different procedures of recruitment for government and private banks.
Expected income: 6-7 LPA (Average). Can be as high as 16-17 LPA at a senior level.
