Around 4.03 million students in India pursue a B. Com degree in India after completion of schooling according to All India Survey of Higher Education (AISHE) published by the Human Resource Development (HRD) ministry.
Obtaining a chartered accountant articleship after graduation is most popular among aspirants. Nonetheless, several other career options are available for such students, which ensures high earnings in the future.
List of career options after B.Com. can be listed as follows
Students having a knack for education and research can choose this profession. Students need to get a master’s degree as well as a PhD degree subsequently to become a professor. Such career options come with several benefits, such as increased number of holidays and flexible routine.
After completing B. Com degree, students can enrol for LLB courses in major universities in India. Common-Law Admission Test (CLAT) has to be cleared by the student for this purpose.
It should be noted that students having a minimum 50% aggregate marks in graduation can apply for a law degree subsequently.
Obtaining an MBA degree increase the skill set of a student, thereby effectively increasing his/her employability. Students can pursue an MBA degree in various fields at their discretion, such as finance, marketing, human resources, etc.
A career in management accounting can also be pursued after obtaining an MBA degree.
The average median salary of individuals with an MBA degree is considerably higher as well, depending upon the skill set and university from which the degree is obtained.
- Chartered accountant
Chartered accountancy degree is one of the most sought-after courses for B. Com students. This can be attributed to the linkage of the two courses, as well as high demand for CA articleship jobs in India.
Chartered accountants have varied duties in a business organisation. They are responsible for financial planning, tax calculations, internal audits, etc. ensuring smooth functioning of the finance department of a company.
Chartered accountant articleship poses as a 3 year practical training period allowing students to learn the method in which these financial calculations are performed. CA articleship importance and expectation is massive for every chartered accountancy student.
After successfully completing the training period through CA articleship and qualifying relevant exams, CAs can join a chartered accountancy firm or alternatively start their own business.
The latter is more preferable to most individuals as the average income is substantially higher.
To successfully launch a start-up CA firm, individuals can avail a loan for chartered accountants for the necessary funding. Such credits are more beneficial when compared to a standard business loan, as they are tailor-made to fulfil all needs of a CA business.
Most financial institutions such as Bajaj Finserv offer such loans catering to various kinds of needs of chartered accountants all around the country.
- Cost accountant
Such a degree is similar to chartered accountancy but has different job roles. Cost accountants are responsible for determining the overall expenses incurred by a business for launching a new product in the market. Such professionals carefully analyse both internal and external factors before disclosing the final MRP of the product.
Extensive software is available to cost accountants to capture accurate market information successfully. They generally use one of the top 5 software packages in India for this purpose.
The business sector of India is witnessing exponential growth in recent years with numerous start-ups coming into existence. For maintenance of proper financial statements of such companies, chartered accountants are required.
Thus, individuals successfully completing CA articleship are in high demand in the Indian market. Job prospects of such individuals are not restricted to India, as they can gain employment in foreign countries as well.Read Full Article