Mind your business

Kuldip S. Chhikara

Until a few years ago, when science seemed too tough and humanities too LS, students found themselves settling for commerce, but not anymore. It is a stream many are choosing today.

As the corporate world expands its horizons, commerce becomes the choice of more and more students. For those who adopt the stream, it is very easy to become familiar with trade, market fluctuations, basics of economics, financial institution, fiscal policy, monetary policy, industrial policy, share market, stock markets, etc. Considering the burgeoning activity of market, commerce graduates are needed to make a balance in the demand and supply. Gone are the days when Bachelor in Commerce course offered only two major options — BCom with Accountancy and BCom with Management. Today, specialised disciplines are available to suit the needs of the industry. Students now can specialise in Bachelor in Accountancy and Finance (BAF), Bachelor in Banking and Insurance (BBI) and Bachelor in Financial Markets (BFM) besides BCom (Hons) & MCom (Hons).

And today, placement opportunities are brighter even after BCom. Careers in commerce and its interdisciplinary domains such as banking, chartered accountancy, company secretary, economics, stock broking, cost work and accountancy, agricultural economics and BCom along with Chartered Accountancy or MBA can pay up to a great extent. These degrees are very helpful for students in getting good positions in public and private organisations.

A student, who is ambitious and hardworking, can make a career in the field of financial engineering as well. Many institutions in India and abroad offer courses in the field of commerce, diploma courses, UG and PG courses. After completion of Plus II in commerce, a student may go for any one of the following courses available. The basic requirement for these courses is maths and English at Plus II level, so a science student with these courses can also apply.

At The UNDERGRADUATE level

BCom (Hons), BCom: Bachelor of Commerce is designed to provide a student with a wide range of managerial skills while, at the same time, it builds competence in a particular area of business studies. Most of the universities, therefore, plan the degree such that in addition to their major area, students are exposed to general business principles, accounting, finance, business management, human resources, statistics, marketing, economics and information systems. Almost all the universities offer these courses. The eligibility criteria can be checked from the websites of the different universities.

BA (Hons) Economics, BA (Hons) Business Economics: A BA (Hons) in Economics focuses mainly on theoretical concepts and prepares students for higher studies. After graduation, one can go for MA Economics. Alternately, MPhil in Economics can also be pursued or one can specialise in a branch like business or micro economics, macro economics, labour economics, industrial economics and international economics. The eligibility is Plus II in any stream. Some colleges may prefer that subjects such as mathematics, economics and accounting have been studied in Plus II.

GO PRO WITH THESE

Chartered Accountancy (CA): A student will specialize in accounting, auditing and taxation. CA serves as a corporate caretaker and occupies a respectable position in the corporate world. Salary of a CA depends upon academic qualification and experience. 

Eligibility: Admission is open to those who have passed Plus II or equivalent examination. CA Programme has three sections viz. Common Proficiency Test (CPT), Professional Competence Course (PCC or PCE) and Final examination. 

Institute: The Institute of Chartered Accountants of India (ICAI) is an examining and a licencing body (www.icai.org).

Company Secretary (CS): A company secretary co-ordinates between various departments, ensures compliance of company legislations and advises directors on statutory requirements of the company. Apart from this, CS also looks after finance, accounts, legal, personnel and administrative functions. CS is a well-remunerated career option because of its multifaceted nature. 

Eligibility: The Institute of Company Secretaries of India (ICSI) offers a three-stage course to qualify as Company Secretary. You can join an eight-month foundation course after Plus II. 

Institute:  Institute of Company Secretary of India conducts and regulates the course of Company Secretary (www.icsi.edu).

Cost and Work Accountant (CWA): Certified CWAs maintain cost accounting records, do cost auditing for companies, certify import and export documents under the Exim Policy, serve as executor, administrator, receiver and valuer. CWA facilitates strategic decisions in respect of diverse economic activities of the organisation. 

Eligibility: The ICWAI examinations are held in three stages: foundation, intermediate and final. A candidate may appear for the foundation examination after passing Plus II. Graduates in any discipline are eligible for direct admission to intermediate course. Candidates, who have cleared final examination with a minimum work experience of three years, are eligible to become members of ICWAI. 

Institute: Institute of Cost and Works Accountants of India (ICWAI) conducts and regulates course (www.icwai.org).

Five-year Integrated Management Programme (IIM Indore): The Integrated Programme in Management (IPM) is a five-year integrated programme offered by the Indian Institute of Management, Indore. It is the only under-graduate programme offered by any Indian Institute of Management. The course was launched in 2011 with an intake of 121 students. (http://www.iimidr.ac.in)

Bachelor of Financial Markets (BFM): This three-year degree course focuses on debt markets, equity markets, risk management, micro economics, mutual funds, etc. The course is being offered by K. J. Somaya College and L. S. Raheja College, Mumbai.

Bachelor in Banking and Insurance (BBI): This three-year degree course is designed to cater to the needs of banking and insurance sector in India. In the country, it is being offered by Jai Hind College, Mumbai, Totlani College of Commerce, Mumbai and L. S. Raheja College, Mumbai.

Insurance: The field of insurance offers jobs in actuary, risk management manager, insurance surveyor, underwriter, etc. The key factor for success in this field is experience. In private sector, the salary is more attractive. The commissions are the most common form of compensation for insurance agents and the amount depends on the type and amount of policies sold. 

Eligibility: To pursue a career in insurance, one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. Students who have passed Plus II or equivalent exam are eligible. Licence is needed to work in this field and it can be achieved through a training programme.

BA LLB: This is a five-year integrated programme for students who wish to pursue a career in law. The student should have passed Plus II examination with minimum 50 per cent marks in aggregate to be eligible for the Common Law Admission Test (CLAT). 

Eligibility: Anyone who has passed Class XII of CBSE or equivalent with a minimum of 50 per cent marks and has also passed English (core or elective or functional) as a subject (www.ipu.ac.in) is eligible. Besides, several other universities like M.D. University, Rohtak, K.U, Kurukshetra, and National Law University, New Delhi, etc. also offer five-year integrated law course/degree. 

The writer is Professor, Department of Commerce, and Director, Directorate of Distance Education, MD University, Rohtak

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The BBA vs BCom debate

While both BCom and BBA offer ample employment opportunities, it is important to understand what each of them entails

BCom: Bachelor of Commerce is the most popular undergraduate course after Class XII. It equips students with the knowledge of various business concepts and practices and enables them to apply various tools to face up the challenges as business managers. It offers lucrative career opportunities in the field of management, banking, insurance, marketing, accounting, advertising, finance, taxation. However, competition is tough. The cut off in this course generally goes very high. Most of the best colleges in Delhi University have a cut off percentage above 90 per cent.

BBA: Bachelor of Business Administration is designed to give a broad knowledge of the functional areas of a company, and their interconnection, while also allowing for specialisation in a particular area. BBA programmes thus expose students to a variety of "core subjects" and allow them to specialise in a specific academic area. It also develops the student's practical managerial skills, communication skills and business decision-making capability. Many programmes thus incorporate training and practical experience, in the form of case projects, presentations, internships, industrial visits, and interaction with experts from the industry.

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Top commerce colleges

Shri Ram College of Commerce, New Delhi

www.srcc.edu

Seats: 501

Cut-off: 97-98%

USP: Experienced faculty and a fluid academic culture make this college the top ranked for commerce courses

GGDSD College, Sector 32, Chandigarh

www.ggdsd.com

Seats: BCom-280 

Cut-off: BCom 95-100% 

USP: The college has been awarded ‘A’ by NAAC. It has been granted UGC status of “College with Potential for Excellence”

MCM DAV College for Women, Chandigarh

www.mcmdavcw-chd.edu

Seats: BCom-280; BBA-40

Cut off: 87-93%

USP: The college has state-of-the-art computer labs, multimedia centre and seminar room fitted with latest teaching

Multani Mal Modi College, Patiala

www.modicollege.com

Seats: BCom-180; BBA-40

Cut off: BCom 78%;  BCom (P) 76% 

USP: The college is conferred with the status of College for Potential of Excellence by UGC

Government College for Girls, Ludhiana

gcgldh.org

Seats: BCom-140

Cut off: 93.77%

USP: Maximum university positions in different undergraduate courses 

Government Bikram College of Commerce, Patiala

www.gbcpatiala.org

Seats: BCom-240

Cut-off: 94.6%

USP: One of the oldest colleges in state, it imparts education in commerce

DAV College, Amritsar

www.davindia-asr.org

Cut off: NA

Seats:  NA

USP:  A+ Grade by NAAC, UGC's Selected College with Potential for Excellence

Apeejay Institute of Management, Jalandhar 

Seats: BBA-30; BCom 30; BCom (P) 60

Cut off: NA

USP: The campus has modern lecture theatres, state-of-the-art computer labs with 534 computers 

— Based on selected lists from national surveys

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Business reporting

Mass Communication/Journalism: Students of commerce can also opt for a degree in mass communication and specialise in print journalism, advertising, radio journalism or television journalism, working as a reporter, content writer, producer or journalist. A student should have passed Plus II in any stream. Entrance tests are conducted for admission to mass communication program in any institute or college of repute. Some colleges affiliated to Panjab University, Chandigarh, Punjabi University, Patiala, Guru Nanak Dev University, Amritsar, Kurukshetra University, Kurukshetra and Delhi University and IP University are offering this course. Several private universities in the region are also offering undergraduate degree courses in mass communication. These include Lovely Professional University, Jalandhar; Chandigarh University, Gharaun; Chitkara University, Banur etc. 

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Study at the best

BCom

• Shri Ram College of Commerce (New Delhi)
• St Xavier's College (Kolkata)
• Loyola College (Chennai)
• Narsee Monjee College of Commerce and Economics (Mumbai)
• Christ College (Bangalore)

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BBA

• St Xavier's College (Kolkata)
• Loyola College (Chennai)
• Narsee Monjee College of Commerce and Economics (Mumbai)
• Shaheed Sukhdev College of Business Studies
• Madras Christian College
• Symbiosis Centre of Managment Studies

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MBA

• Indian Institute of Management
• XLRI, Jamshedpur
• Faculty of Management Studies, Delhi University 
• Indian School of Business
• S P Jain Institute of Management
• Narsee Monjee Institute of Management Studies

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Chartered Accountancy

• The Institute of Chartered Accountants of India

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Cost and Works Accountancy

• The Insitute of Cost and Works Accountants of India

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Company Secretary

• The Institute of Company Secretaries of India

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Not-so-regular options

If the usual courses don’t interest you, explore BBA (Bachelor of Business Administration), BFM (Bachelor of Financial Markets), (BBS) Bachelor of Business Studies, (BFIA) Bachelor of Financial and Investment Analysis, Bachelor of Commerce International Business and Finance... If the student has studied mathematics and English as core subjects, then BBA is a good option. All these are three-year degree courses are designed to impart management education and inculcate entrepreneurship skills in a student. The eligibility is Plus II in any stream, provided mathematics and English are core subjects and a minimum aggregate of 50 per cent. Entrance exams are conducted by different colleges offering these programmes.