Many of you must be wondering what is the best career option to go into post degree in India. How can you ensure that you have a thriving career post your graduation? In this blog, we will be taking you through the most in-demand courses/ career options available to students.
Getting a degree in today's day and age is a requirement and not an aspirational goal to have. It is also not viable to get a high paying job once you graduate, especially if you have not chosen the right degree. In this article, we will dive deep into the various courses/career options available and the salary details. It is always a wise decision to take a course after your graduation, having a post graduation or a professional certification will enable you to have a well established career after your degree.
If you are looking to foray into the commerce field then you will have been dealing with accountancy, money, monetary source, investments etc you will be able to have a high paying career as well. Most of the highest paying jobs in India are in line with the commerce stream.
The top two things which determine a great job for any individual are job satisfaction as well as salary. Job satisfaction refers to the working conditions like hours, colleagues, etc. The primary thing that matters is if the skill and talent are being utilized in the right manner by the organisation or not.
There are many career options available for students once they complete their graduation degree, but most of the students are not aware of the different routes that open up with each course which will lead you to establish a successful career. Let us look at the various career options after a degree that you can consider.
Top paying jobs for commerce students in India
- Chartered Accountant
If you are in the commerce field then you are aware of the Chartered Accountancy professional course. The ICAI or the Institute of Chartered Accountants of India is a statutory body which will give the designation of chartered accountant once the student has cleared the examination and internship. A CA will handle the key accountants of a business and will ensure that all the financial aspects are properly recorded and calculated.
Students can enrol for the CA course once they have completed high school. The CA examination consists of 3 stages, namely foundation, intermediate and CA finals. Once you have cleared all the three stages along with the internship of 2.5 years will be a certified chartered accountant. The duration of the course is 3 years, it is one of the most popular courses which will enable you to land a job in the big four organizations such as EY and Deloitte. Once you have completed the course you can decide if you want to join private organisations or you can also open up your own practice.
The average salary for a CA graduate is 7.9 LPA in India.
Eligibility to pursue CA: Completed +2/ Graduation
Career options available for CA: Internal audit, Tax audit, Forensic auditing, Finance controller etc.
- Company Secretary (CS)
Company Secretary (CS) is one of the most pivotal job roles in any organisation. A company secretary is one of the key managerial positions of a C-suite, which would include the CEO and CFO. The key responsibilities of a CS include all legal aspects of a firm or organization. The CS will handle the organisation's tax returns, maintain tax records, offer actionable advice to the board of directors, and make sure that all the legal, as well as the statutory regulations, are met.
In order to be a Company Secretary, one has to study corporate law. The course duration is 3 years and consists of 3 stages - foundation level, intermediate, and finals. On an average, a CS in India will earn anywhere between INR 4-10 LPA. The average salary of a CS is INR 5.8 LPA.
Eligibility: +2/ Graduation
Job opportunities: Arbitration and conciliation, financial management, corporate restructuring, project planning, foreign collaboration,
- Certified Management Accountant
CMA is a great option for those who are planning on migrating abroad after their graduation. You are required to clear two stages of the examination and have 2 years of work experience while you are pursuing this course.
The Certified Management Accountant (CMA) is a globally recognized professional certification credential which is offered by the Institute of Management Accountants in the United States of America. It primarily focuses on two major fields - Management accounting and financial management. If you have this certification then it showcases your competence and knowledge in areas such as financial planning, analysis, control, decision support and professional ethics. To be a CMA- certified professional you are required to clear two stages of exams and have work experiences of two years.
Once you obtain the CMA certification, then it is relatively easy to find employment in organizations of any size in any chosen industry. From public and private enterprises and non profit organizations to academic institutes, government entities (USA), big four organizations, MNCs etc certified professionals are always in very high demand.
Job opportunities: Senior Analyst, Finance Manager, Budget Analyst, Finance Controller, Internal Auditor, Financial Analyst, Cost Accountant
- Cost Accountant
A Cost Accountant is one of the most sought after commerce professionals in India. It primarily has two core goals which include profitability analysis and budget preparation. Cost Accountants are known as financial specialists who can help make budgets, and manage the costs and assets of a business while evaluating and gauging the performance of a company. They are in high demand in the manufacturing sector.
Cost Accountants will determine the actual costs which are associated with the manufacturing of any product or service and in how they are delivered to the end user. To make sure these needs are met the Cost Accountant will scrutinize the associated expenses that are within the supply chain and will then identify the products, services or processes or even departments that are the most and least profitable.
Essentially, Cost Accountants are the ones who are responsible for gathering, validating, analyzing and conveying this data in order to facilitate financial transparency and optimize processes. They are ideally kept as a part of the executive team as they help build the financial plan of the business and will make reports for the stakeholders and tax authorities. The starting salary for a Cost Accountant is around 5 lakh per annum.
Eligibility: +2/ Graduation
Job Opportunities: Analytics, forecasting, risk management, treasury activity etc
- Association of Chartered Certified Accountants
ACCA is a great career option for those who are looking to work abroad or with MNCs. The certification is globally recognized in over 180 countries and is chosen by thousands of students all over the world. They also have a strong alumni network of 20,000+ students across the globe. ACCA opens doors for those who are looking to build a fulfilling role in senior strategic roles. It has the most updated curriculum with about 14 papers which will give you relevant industry knowledge, skills and professional values. MCCs are always on the look out for ACCA graduates and on an average an ACCA will earn anywhere between 5-16 lakh per annum depending on their work experience.
Eligibility: +2/ Graduation
Job Opportunities: Internal auditor, tax accountant, financial analyst, business analyst, management accountant, business advisor, credit control manager, financial controller, CFO
- Investment Banker
As we had discussed earlier, students of commerce study and deal with finances on a daily basis. They are considered individuals who have a good grasp of finance and can present the best take on how any organization or individual can and should handle their finances to make savings and investments. The role of an investment banker is to provide astute financial advice and recommendation to different businesses or firms so that they can use their finances optimally and reach their financial goals effectively. It is a profession which comes with a lot of monetary benefits.
Investment bankers generally work for financial institutes in a capital market advisory role for corporations or government bodies. This is one of the most popular commerce stream jobs, the main responsibility is to raise capital for clients in capital markets and provide a wide range of financial advisory services. They will assist companies and organizations in important and complex financial matters and will also decide the pricing of various financial instruments. Most organizations develop long term and short-term financial plans with the help of investment bankers.
- US Certified Public Accounting (CPA)
Another globally recognized professional designation that tops the list is the Certified Public Accountant. It is offered by the American Institute of Certified Public Accountants (AICPA). In order to pursue these courses, applicants should have a solid understanding of generally accepted accounting principles (GAAP). In order to get the CPA license, you should possess a background in accounting along with extensive education and should clear the four-part exams.
CPAs' job role includes preparing financial statement audits and other attestation services so as to give information to the investors about the financial status of the business or firms. They also offer advice on taxes and financial planning to individuals or corporations. The primary duty is to provide financial reporting and advisory services to encourage informed decisions making and foster financial growth.