What after Std 12th: Commerce

Route A: Entrance Exam
Route B: Graduation from Degree Colleges
Route C: Professional Courses

There are many graduation, professional diploma and degree courses and career options available to students after 12th std class in commerce stream.
Route A: Entrance Exam
Route B: Professional courses
Route C: Graduation
Number of subjects can be studied under disciplines of Commerce in conjugation like; accountancy, economics, mathematics, business, finance etc. Most commerce colleges in India offer the following subjects:
Business economics: This would cover concepts like the laws of demand and supply, law of returns, elasticity, theory of pricing under different market forms etc.
Financial accounting: This subject would deal with the preparation of profit and loss statements, balance sheets and final accounts of a company, knowledge of Indian and international accounting standards, calculation of depreciation and valuation of shares and goodwill of a company.
Cost accounting: This would include process, job and contract costing, costing of overheads, standard and variance costing and budgetary control.
Income tax: This would encompass the nature and basis of charge of income tax, tax planning, tax deduction, incomes not taxable etc.
Auditing: This would deal with vouching, valuation and verification of transactions, assets and liabilities. It will also include studying the auditing of different organizations like clubs, hospitals and charitable concerns.
Business finance: This would include in its scope financial analysis as a diagnostic tool, the management of working capital and its components as well as capital structure leverages.
Business law: This subject would discuss the different laws in India relating to, among others, the Companies Act and the Consumer Protection Act.
Marketing: This subject would deal with products, pricing methods, promotion, channels of distribution, logistics etc.

Careers in Commerce

Commerce offers foundation for many professional careers like Finance, Planning, Accountancy, Tax Practitioners, Banking and Broking etc, besides academics, research, and many more. Commerce as a stream of study after Class 12 is best suited for individuals having flair for accounting, finance, commodities, marketing and trading.
Educational career directly links with professional career. However in some cases it is not true but in most cases one who opts for a particular academic program wants to do jobs in that field. Hence the decision should be taken at the very beginning of the intermediate level. Students who have an interest in working with numbers, and enjoy reading and analyzing numerical data and who aspire to make a career in the financial and business world are ideally suited for commerce. One who prefers Commerce as a field of study can make career in the following subjects. Please click on any of the following career options to know the details about that particular field.

• Economics
• Mathematics and Statistics
• Accounting
• Banking
• Chartered Accountants
• Company Secretary
• CWA
• Stock Broking
• Agriculture Economics
• Management

Top Commerce College in India

• Loyola College, Chennai
• Sri Ram College of Commerce, New Delhi
• Lady Shri Ram College for Women (LSR), New Delhi
• St. Xavier's College, Mumbai
• St. Xavier's College, Kolkata
• Christ College, Bangalore
• Madras Christian College, Chennai
• Presidency College, Chennai
• Symbiosis Society's College of Arts & Commerce, Pune
• Indian Institute of Management & Commerce, Hyderabad
• Mount Carmel College, Bangalore
• K.J. Somaiya College, Mumbai
• H.L. College of Commerce, Ahmedabad
• B.M. College of Commerce, Pune
• Hansraj College, New Delhi

Entrance Exam after 12th Commerce

CLAT	NIFT	NID
UG MAT	SET

 

Graduation from Degree Colleges

• B. Com (Hons) Account                                                                           BBA
• B. Com (Hons) Finance
• B. Com (Hons) International Business

Professional Courses

♦ Career in Accounting

♦ Career in Hotel Management

♦ Career in Aviation

♦ Career in Journalism

♦ Career in Counselling

♦ Career in Fine Arts

♦ Career in Music

♦ Career in Animation

There are other professional courses which are highly favored in the current day situation. Some of them are as follows:

• Chartered accountancy (CA) is one of the most popular choices of a student. The main duty of a chartered accountant is auditing company's books, stock brokers and income tax assesses. A student who has avid desire to become a chartered accountant should try to join a CA course either after the 10+2 board examination by registering for the Professional Education (PE)-I course (a 10-month course) or after graduating (with the specified percentage) by registering for the PE II course (also 10-months long).

• Mater of Business Administration (MBA) is another popular choice among the students. Through the course Students learn how to manage a business professionally and can opt for a degree or diploma in management. The duration of a regular MBA course is 2 years and an Executive MBA course is of 1 year. One can complete their MBA through correspondence also.

• Chartered financial analyst (CFA) is another exiting course for Commerce pursuer students. The chief responsibility of a chartered financial analyst is to manage in the areas of financial accounting, management accounting, financial management, investment management, security evaluation, project planning, venture capital management and credit rating. The duration of the course is 3-years after post graduation degree.

• Company secretary (CS) is other interesting career which a person has certain liability for ensuring the company meets its statutory obligations. Student can apply for a company secretary course after passing (10+2) examination.

Cost accountant course can take a student who passes the Senior Secondary Examination (under the 10+2 scheme) of a recognized board.

Commerce stream is very useful to one's career prospects as it encompasses financial markets, economics to the latest management practices. Studying commerce can provide the proficiency and knowledge to even starting one's own venture.

 

 

Charter Acountancy

Chartered accountancy is the core of all business, be it big or small. A chartered accountant's work involves auditing, taxation, accounting and financial planning. It can be a very challenging and rewarding job.
Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres.
Step-by-Step
The qualifications for becoming a CA have changed over the years. Initially - and that was decades ago - one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA programme. In October 2001, ICAI introduced PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC and FC.
The unique feature of the chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.

Common Proficiency Test (CPT)

CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.

Integrated Professional Competence Course (IPCC)

This is first stage of CA curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.

CA Final

CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. In addition, principles of e-governance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.

Articleship

The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.

Start Early

In today's cut throat competitive world, it is advisable that a student starts planning right after class 10. For chartered accountancy, a student can register with the Board of Studies and prepare for entry level test while pursuing 10+2. It is better to take mathematics at this level. Students of commerce stream definitely have an advantage while pursuing this career. The latest scheme of CA is designed to encourage young talented students having aptitude for accounting education to make an early entry into the profession.

Is it the Right Career for Me?

It is generally believed that only students of commerce should pursue CA course. However, CA being a very practical course, the students from science and arts streams can equally benefit and make a successful career. Students of science and arts stream have to make extra efforts in order to understand some complex accounting nuances and have to get basic knowledge of various management topics. But it can be easily concluded that students of science and arts streams can be successful CAs, if they are ready to toil.

What would it Cost Me?

Unlike other professional courses, the fee for becoming a CA is very less, which is inclusive of the cost of study material. For registering with IPPC you have to shell out Rs 9000 while the fee for CPT is Rs 6700.

Funding / Scholarship

There is not much scope for any scholarships while pursuing chartered accountancy.

Job Prospects

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once the membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations. More information on enrolment or the examinations can be requested from the Institute's offices or the Headquarters at Indraprastha, New Delhi or the Board of Studies, C1 - Sector 1, Noida - 201301.

Pay Packet

For CA Inter: Generally candidates holding CA inter-qualification are paid somewhere between Rs 7,500 and 15,000 depending on the type of firm. Payments can be higher for candidates possessing other qualifications such as MCom or an MBA. On the other hand starting salaries can be as little as Rs 4,500 to 5,000 in some small towns of the country. For CA Final (FCA): Starting salaries range between Rs 12,000 to 30,000 depending on the type of firm and nature of the economy. A full fledged CA can expect a salary between Rs 30,000 to 75,000 after serving a stint of more than 5 years at a top firm.

Demand and Supply

It can be easily concluded that the country needs about 7,500 to 10,000 fresh CAs every year seeing the growth of Indian economy in the last 5 years.

Market Watch

Chartered Accountants have been one of the most sought after professionals in India. Much of the reputation of CAs is due to the fact that their rigorous training (both theoretical and practical) makes them practically jack of all trades as far as the domain of finance is concerned. In spite of the sea change in global trade systems and practices, the requirement of CAs has remained steady. The demand for CAs has been growing between 10% to 15% over the past 3 - 4 years. The demand however depends on the state of the economy and there is direct bearing on the demand of CAs when the economy is in downtrend. But the statutory clause for mandatory appointment of CAs provides substantial cushion support to the CA fraternity as compared to other comparable peers.

International Focus

The qualification of CA is globally recognized hence industry outlook for CAs is bright indeed. Much recognition for CA degree is due to the fact that the CA course has been able to keep pace with changes in industry scenario. Several new modules and topics have not only been incorporated into the CA course but have been very effectively implemented to give increasing more power to the CA degree. In spite of the fact that several top-notch B-schools (including IIMs) have produced some of the most brilliant B-school grads, it is noteworthy that CAs has been able to retain their prominence in present world order.

Different Roles, Different Names

A Chartered Accountant�s work area has become so wide and involves so many activities that sometimes a CA is perceived as almost an enigma. A CA can start career with auditing activities, which is the basic work area of a CA. From here a more fulfilling career in finance can be pursed after getting enough exposure of intricacies of finance. As an investment consultant and as a fund manager a CA can play the role of a top decision maker. CAs also work in project management and consultancy services.

Top Companies/Verticals

Following are the areas where CAs find an opportunity:
Banks (Both private and public) Public Limited Companies (mandatory for the purpose of law)
Auditing Firms (such as KPMG, Price Waterhouse, etc.) Finance Companies, Mutual Funds, Portfolio Management Companies, Investment Houses, Stock Broking Firms
Legal firms, Legal houses, Patent Firms, attorneys, Trade Mark and Copyright Registers