"Education must shift into future tense.” - Alvin Toffler
Commerce as a field can be summed up as: “One of India’s most popular career choices!” After all, Commerce is oft considered to be the backbone of the nation’s economic development.
A business education, would therefore stress on the development of an individual via an optimum utilization of available resources. Getting into this field means forging relationships with one another. Besides that, a commerce education covers a wide area of business and society; for the betterment of both.
Like every field, acquiring an education in commerce is not without its fair share of opportunities. In fact, one can even say that with the way things have been progressing, there’s more to this field than what meets the eye!
Gone are the days when one ticked the commerce box on an admission form simply to earn a B.Com and later maybe an MBA (Not that there’s anything wrong with either of them!) It’s just that in today’s job market, students find they have far more opportunities than what was available say around 10 years ago.
These opportunities are what can be classified as “trends” - essentially a shift in public opinion as to what should be an ideal business career. Accountant? Immediately labeled generic. Management Accountant? Sounds interesting, what’s that! Do you get our point?
In this post, we’ve outlined a list of career opportunities to be had when one opts to enter the field of commerce - careers that deviate from the norm and offer students a chance to pursue something that is both enjoyable and unlike anything that’s been done before!
The latest opportunities a Commerce education has to offer
1. Forensic Analyst - Yes, you heard right. There is such a thing as a forensic analyst. If you’ve got the investigative skills to verify the authenticity of transactions, detect white collar crimes such as asset misappropriation, embezzlement of funds, securities fraud, etc then you have yourself a chance to hone those skills as a forensic analyst; all this via the CIMA’s (Chartered Institute of Management Accountants) Master’s degree in Management Accountancy and associated subjects for accountants working within the industry. We have it on authority that CIMA happens to be the world’s largest, leading accounting body. And a degree like that would only work wonders for you.
2. Actuary - If you are an actuary, then your job description entails assessing the financial impact of risk and uncertainty. Actuaries gauge financial security systems, keep a watchful eye on their complexity, deal with the mathematics involved in such instances as well as the mechanisms. Actuaries need to use mathematics to rate the probability of events and minimize the impact of any financial losses associated with events that are not only uncertain but extremely undesirable. As an actuary, be prepared to have the necessary skills in asset management, liability management, valuation skills, analytical skills, a thorough business knowledge and an understanding of human behavior - all with the purpose to design and manage programs that assess and control risk.
3. Chartered Financial Analyst - The CFA degree can be a tough nut to crack but is probably one of the better certifications to opt for. In fact, in the world of financial services, CFA is one of those rare courses that can give an MBA a serious run for its money. And truth be told, if you happen to be a CFA charter holder, then you’re pretty much one of the most valued people in any organization. You’ll always be called upon to give your insights based on a detailed analysis. This certification is extremely useful for someone seeking a career in equity research, investment banking or fund management.
4. Certified Financial Planner - If you are one of those people that seek a career in wealth management, then CFP is the right choice for you. Known for its in-depth training regarding various aspects of personal finance such as tax planning, insurance planning, estate planning, etc, a CFP is the best bet for people to manage their growing wealth. The certified financial planner is most often likened to a general practitioner in the medical field. If you’re wondering what does it mean to be a CFP, we’ll tell you. As a CFP, you would be sought after in banks, wealth management companies, insurance companies, mutual fund, and other financial intermediaries, especially in India, where there’s a dearth of good financial planners.
5. Company Secretary - The Company Secretary is typically the mediator between the management and the organization's board of directors and is considered to be a statutory course. Statutory courses are those that have been created by an Act of the Parliament; thereby binding obligations under certain circumstances. Company secretaries develop policies for the company, maintain all legal records, superintend public issues, manage mergers and other acquisition-related activities. Furthermore, they liaise as agents of the company while negotiating with a number of government authorities. Company Secretaries can find employment in any management consulting firms, banks, corporations and regulatory bodies besides having the added option of carrying out an independent practice
6. Management Consultant - If you’re into problem-solving and advice-dispensing, then management consulting is the path for you. A management consultant’s role is directly dependent upon the quality of his decision making capabilities and suggestions. A management consulting role includes numerical analysis, the drawing of various insights concerning various issues at both the operational and strategic level, and bringing together the most relevant information and people when making any decision.
7. Statistician - If you’ve got a good head for numbers, then this may be the path for you. A statistician is in charge of the collection, assessment, interpretation, clarification, and presentation of quantitative data. As a statistician, you’ll be expected to provide insights, commendations, and advice on policies and strategies to clients within and without the organization.
8. Chartered Alternative Investment Analyst - The CAIA Charter is globally accredited for professionals that manage, analyze, distribute, or regulate alternative investments. The CAIA Charter designation happens to be the gold standard of alternative investment education and provides extensive knowledge, expertise, and international credibility.
9.Financial Risk Manager - Over the past ten years, the concept of risk management has risen to the top like never before. If one chose to become a Financial Risk Manager, then one needs to be able to manage the risk that accompanies any investment, as well as broadens their knowledge of the same. Suited for people seeking employment in banks, non-banking financial firms, and corporate houses, the course provides an exposure to major strategic aspects of risk management as well as the skill to keep up with the latest trends
10.Financial Controller - A financial controller is able to take all of the financial decisions of the company, including procuring funds, buying assets, producing financial and accounting reports, helping the management take decisions regarding financial projections, etc. A financial controller needs to be able to carry out an analysis of the books of accounts, report to the management, monitor the activities of the department, lead the team, oversee the preparation of financial statements, etc.
And there you have it! Keep in mind, however, that we’ve only listed 10 different opportunities for someone looking to make their mark in the field of commerce. Rest assured, we can add at least two more zeros to that number to accurately represent the number of options a commerce education has to offer!
You also have the Financial Consultants, Stock Brokers, Merchant Bankers, Budget Consultants, Financial Portfolio Managers, Project Formulation Managers, Tax Consultants, Chartered Accountants, Management Accountants, Economists and so on!
Now that you have a fair idea of the opportunities available; should you opt for the commerce stream, you’ll find nothing lacking in the pursuit and polishing of both knowledge and skills.