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Whether you like maths or economics or law, commerce is one stream that will give you ample opportunities to explore your potential and get into the right groove

Pervin Malhotra

“The Business of America is Business…”

While this popular saying is proudly ascribed to America, it equally holds true for the rest of the world. After all, it is business and commerce that drives and connects the world 24/7 — in the shape of goods and services produced and consumed day in and day out across the globe.

And this is perhaps what drives an increasing number of bright students towards the commerce stream as their first choice at the Class XII level (and not just because they can’t or don’t wish to pursue science).

Opting for commerce serves as a foundation for numerous professional careers such as those in Management, Financial Services (e.g. Banking, Insurance, Mutual Funds), Financial Planning, Accountancy, Auditing, Taxation and the Stock market, besides academics and research.

A five-year integrated degree course or a three-year degree or a short-term diploma, this stream gives enough choice to students to chart out a perfect career plan. However, for most commerce students on the threshold of college, making an informed choice about the type of course is very difficult. ‘Is CA a better option than MBA?’, ‘Should I pursue BCom or BBA or will a degree in economics suit me better?’ These are some of the dilemmas that the students as well as parents face. It is very important to make a thorough assessment of the options and decide on a suitable course as per your interest.

Options after Class XII commerce include BCom or BCom (Hons) with specialisations in Accountancy & Finance/ Banking & Insurance, BCom with Chartered Accountancy/ Management Accounting/ Company Secretary’s course, BA (Economics), BBE (Bachelor of Business Economics) / BBA (Bachelor of Business Management /Studies) / BFIA (Bachelor of Financial Investment & Analysis), BCom LLB (Hons) to name a few.

Some of the common courses that you may decide from include:

Bachelor’s in Business Administration

Bachelor’s in Business Administration (BBA) has gained popularity in the past few years, especially among students who want to go in for MBA after graduation. The course is also variously known as BBM / BBS / BMS in some universities. As for how it differs from BCom, this course has lesser topics in Accounting, Taxation and Finance. The emphasis is more on other functional areas of management such as production management, HR management, marketing management, strategic management and management of information systems. This course will prepare you for careers such as business management, entrepreneurship and administration.

Key institutions: In North India, Shaheed Sukhdev College of Business Studies (Delhi University) in New Delhi is known to offer a good BBS programme. Admission to this course is through an entrance examination. In Punjab and Chandigarh, too, several colleges offer BBA. They admit students from all streams — commerce, science and arts. Most BBA programmes have a comparatively lesser cut-off for admission as compared to BCom courses because equal (if not more weightage is given to scores in the entrance exam). In some universities such as Guru Nanak Dev University (Amritsar), Punjab Technical University (Jalandhar) and Chandigarh University, BBA is a six-semester course, whereas in other universities it's on an annual exam basis. This course also requires students to take up a two-month summer internship so that they get a feel of the corporate world.

BA (Economics) Honours

Many a commerce stream topper can be seen vying for a seat in the BA (Economics) Honours programme. In some universities you may well find a BSc (Economics) Honours course being offered. Broadly the two courses are similar, except for some differences in curriculum (such as the quantitative component) here and there. The curriculum generally comprises of papers on the principles of micro and macroeconomics, economic policy, economic history and development, public finance, money and financial markets and maths / statistical methods for economic analysis.

A degree in economics prepares a student for a career as a business analyst, economist and researcher. Students may also opt for working in the varied financial services field after graduation.

Key institutions: Delhi University colleges are among the top choices for toppers looking for this course. St Stephen's College, LSR, SRCC, Hans Raj College and Hindu College are some of the favourites. However, these colleges require students to have studied economics and mathematics at Class XII level for admission. If this is your dream course, then ensure that you score above 98 per cent , as the cut-offs are high. The departments of economics in Panjab University, Guru Nanak Dev University and Punjabi University also offer Honours programmes in economics but the cut-offs are not as high as those in DU.

Bachelor of Financial Investment and Analysis (BFIA)

Bachelor of Financial & Investment Analysis is a three-year full- time professional degree programme, taught over six semesters. Students are required to take 24 courses, computer practical and one specialisation project to be submitted during semester VI. Those who have passed Class XII examination of the CBSE or any other examination considered equivalent by the University of Delhi are eligible for taking the entrance test for admission to the BFIA course.

Bachelor of Business Economics (BBE)

The BBE is a three-year programme comprising of core subjects and elective papers. The theory papers and practical papers constituting the course help students understand the business financial systems in the globalised world. Microeconomics, Statistics for business economics, fundamentals of business and accounting, mathematics for business economics and legal aspects of business are some of the subjects covered in this course. In Delhi University, admission to the BBE programme is on the basis of DU-JAT.

Bachelor of Business Studies (BBS)

BBS is also a three-year full-time professional degree. Admission is mainly through entrance tests conducted either at the national level or by the university. In colleges affiliated to the Delhi University, the course is called BMS and covers basically 24 papers taught over six semesters.

Admission to the BMS programme in DU is on the basis of DU-JAT

The course involves lessons in business-related courses and combines two core areas - Business and Finance. The Business section includes subjects focusing on Organizational Studies, Marketing, Economics, Human Resources etc., and the Finance section deals with subjects that are related to topics like Organizational Finance Studies, Computing and Accounting.

— The writer is Director, Career Guidance India (CARING)

Bachelor of Commerce

Here’s what you’ll learn in a typical BCom course:

Business economics: This covers concepts like the laws of demand and supply, law of returns, elasticity, theory of pricing under different market forms etc.

Financial accounting: This deals 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 includes process, job and contract costing, costing of overheads, standard and variance costing and budgetary control.

Income tax: This encompasses the nature and basis of charging income tax, fundamentals of tax planning, tax deduction, incomes not taxable etc.

Auditing: This deals with vouching, valuation and verification of transactions, assets and liabilities. It will also include studying the auditing of different organisations like clubs, hospitals and charitable concerns.

Business finance: This includes understanding financial analysis as a diagnostic tool, managing working capital and its components as well as capital structure leverages.

Business law: This subject focuses on the various laws in India relating to the Companies Act and the Consumer Protection Act, among others.

Marketing: This subject deals with products, pricing methods, promotion, channels of distribution, logistics etc.

Typically BCom prepares a student for a career in corporate finance, banking, financial services, corporate management and entrepreneurship.

Key institutions: Shri Ram College of Commerce (SRCC), Lady Sri Ram College (LSR), Hans Raj College and Hindu College are the top colleges for this course in the region. Most of these colleges had cut-offs above 98 per cent in 2018. Besides, mathematics is a compulsory subject in Class XII for admission to colleges in Delhi University. Colleges in Punjab and Chandigarh, however, don’t have such distressing cut-offs but admission to better institutes is very competitive.

Chartered accountancy (CA)

Offered by the Institute of Chartered Accountants of India, the course is a rigorous and challenging one. It requires students to clear examinations at three stages — the Common Proficiency Test, the Integrated Professional Competency Course and the CA Final examination. The chartered accountancy course also requires a student to take up three years of articleship and acquire training in IT, general management and communication skills.

Company Secretary course

The Institute of Company Secretaries of India (ICSI) manages this course. There are three qualifying stages for becoming a company secretary - the foundation stage, the executive programme and the professional programme. Students may choose to join the foundation course after Class XII. Alternatively, one seek directly admission into the executive stage after graduation/PG . Students also have to undertake an industrial training and short-term programmes to develop management and communication skills.

Cost and Works Accountants

The Institute of Cost Accountants of India (ICAI) offers the Cost Management Accounting (CMA) course comprising three stages, i.e. CMA Foundation, CMA Intermediate and CMA Final. Students can pursue this course via distance/online alongside their graduation. You may choose to pursue the foundation course after Class XII or directly enroll for the inter stage after graduation. Another alternative is to opt for the CIMA programme which is offered by the Chartered Institute of Management Accountants, UK.

Diploma courses

Along with the undergraduate courses, students can enhance their employability by going in for certain diploma / certification programmes e.g.: Diploma in International Business, Small Business management, Marketing management, HR management, Operations management, Cash flow management, Secretarial practice , Insurance, Banking management, Equity arbitrage trading & operations, Stock analysis & portfolio management, Financial accounting, Insurance etc. Most universities offer diploma programmes through distance learning. The duration of these may vary from six months to three years. These programmes may even be undertaken as full-time courses.

Work options

There are several other options in fields such as Banking/ Finance/ Insurance/ Management/ Retail/ IT/ Hospitality/Law/ Design etc for which you can pursue the relevant courses (such as Bachelor's in Computer Application (BCA) / BSc IT, Bachelor's in Law (Integrated 5-year BA/BBA LLB, Bachelor of Hotel Management, Bachelor's in Fashion Tech/ Mgt/ Design or Art or Bachelor's in Mass Communication, NDA, Bachelor's in Physical Education among others. Commerce graduates are also eligible for defence and paramilitary service, civil services, IT (with maths in Class XII, you can even do MCA, ITES, KPOs, hospitality, travel & tourism, event management, law, marketing, mass communication, corporate communications, all fields of management, social and development work, art & design and multimedia, for that matter. And, with the proliferation of the services sector in India, the options are virtually unlimited. To a large extent, the choice would depend upon your abilities, interests and long-term goals.

Region’s best

GGDSD College, Sector 32, Chandigarh

Estd: 1973

www.ggdsd.com

Govt College of Commerce & Business Admn, Chandigarh

Estd: 2006

Website: www.gccbachd.org

University Institute of Applied Management Sciences - Panjab University

uiams.puchd.ac.in/

MCM DAV College for Women Chandigarh

www.mcmdavcw-chd.edu

University School of Business, Chandigarh University