Career Path Opportunities for Commerce Students
Numerous opportunities for careers in business involve accounting and finance, including those requiring a bachelor’s degree in commerce, business management in finance, accounting, banking, economist (with a degree in economics or mathematics & statistics), stockbroking, company secretary, actuarial science, certified financial planner, cost and management accountant, and certified public accountant.
The days of only having access to careers in the arts and sciences are long gone. There are now a ton of options available to students. Students can now look up to a great majority of various areas, aside from traditional ones like engineering, medicine, and accounting, to make their marks.
Therefore, if commerce is your calling, resist societal pressure and customs that say you must study engineering or accounting to earn a living. Instead, get control, find your passion, and follow it. You must understand that commerce is undoubtedly more than B.com.
What is Commerce?
The exchange of products and services between two persons is commerce. Commerce is all that thing which interacts within an economy; it’s important to note that distribution, rather than manufacturing, is the main focus of commerce.
Nations manage their businesses on a vast scale to enhance their population’s quality of life and general wellbeing. They achieve this by creating jobs and valuable products with some advantages.
List of Career Opportunities in Commerce
1. Administrative Assistant
Administrative assistants’ primary responsibilities include managing information in an office setting. They take care of the phone, deal with paperwork, handle letters (both sending and receiving), plan meetings, take minutes at conferences, and purchase office supplies.
The national average compensation for an administrative assistant is $42,317 per year.
2. Market Researchers
Primary responsibilities: To estimate the prospective sales of a good or service, market researchers examine the state of the market. Additionally, they gather information about customers and rivals, assisting businesses in determining what goods and services customers desire and how much they are willing to pay for them.
The national average wage for market researchers is $56,000 annually.
3. A budget expert
Budget analysts’ primary responsibilities include assisting firms with financial planning and management. They manage the organization’s spending patterns and produce budget reports. Budget analysts determine the optimum way to allocate monies by looking at budget plans. The national average yearly salary is $80,851
Selling insurance plans to clients is one of an insurance agent’s primary responsibilities. They monitor their client portfolio and search for insurance plan sales prospects. Insurance agents also manage policy renewals and claim to track. The national average pay for insurance agents is $57,294 per year.
5. Investment Bankers
Investment bankers’ primary responsibilities include offering various financial services to businesses and governments. They aid clients in achieving their financial objectives by utilizing their investment skills. Additionally, investment bankers assist their clients with capital raising, mergers & acquisitions, and investment opportunities.
Investment bankers earn an average of $88,955 annually.
6. Investment Analysts
Investment analysts are responsible for information gathering, research, and asset evaluation. To offer educated suggestions about a firm’s financial course, they might, for instance, examine equities, bonds, and company accounts.
The national average compensation for investment analysts is $91,533
7. Mortgage Broker
A mortgage broker’s responsibilities include comparing mortgage lenders and arranging mortgage loans for individuals and companies. They assess a potential broker’s financial standing, conduct market research to discover a suitable product for their client, and assist their client with the mortgage loan pre-approval procedure.
The national average salary for mortgage brokers is $96,504 per year.
Statisticians’ primary duties include using statistical techniques and models to address issues in the actual world. They gather and examine data, search for patterns within a dataset, inform stakeholders of their results, advise businesses and organizations, and support them in making strategic decisions.
The national average wage for statisticians is $98,121 per year.
Economists’ main responsibilities are examining societies and their actions’ causes. They also examine the connection between a society’s resources and production. Researching and analyzing data, presenting their conclusions, and predicting market trends are all tasks carried out by economists.
The national average salary for economists is $114,462 per year.
10. Taxation and accounting
Always be ready since there will be opportunities in this industry. The KPO and BPO industries are expanding and can supply the talent needed. The domestic and international job markets welcome skilled accountants with open arms.
11. Company Secretary (CS)
An important accounting title in a firm is “Company Secretary” (CS). In a business, a CS serves as the go-between for the board of directors, shareholders, the government, and other organizations. The CS is qualified to regulate a firm in accordance with the compliance plan since they are knowledgeable in legal issues, securities law, capital markets, and corporate governance.
A candidate must complete 18 papers across three programs to earn the CS designation. Four papers are in the Foundation Program, six in the Executive Program, and ten in the Professional Program. In addition, after passing the executive or professional program, a student must complete 15 months of training.
12. Cost and Management Accountants (CMAI)
The Cost and Works Accountants Act of 1959, which governs the cost and management accounting field, is the cause of this course. Enumerating manufacturing costs and maintaining an accounting record are tasks under the purview of a cost and management accountant (CMAI). He is involved in the certification or verification of taxation, particularly with regard to indirect taxation, as well as the price of the goods and services produced.
Although the job is not a hot commodity, it is crucial to the marketing division. Preparing quotes for tender responses is the primary responsibility of cost and management accountants; the production department depends on them to choose a lucrative product mix. Without the cost accountant’s guidance, the purchase department is never able to make any purchasing decisions. They are essential in recognizing business risks and mitigating them.
Actuaries are involved in determining how risk and uncertainty may affect a company’s bottom line. They evaluate financial security systems and keep track of their mechanisms, mathematics, and complexity. In other words, an actuary is a watcher over the business, ensuring no dangers or mishaps threaten the harmony of the current working conditions.
To maintain stability and minimize financial losses related to an event that is not only unpredictable but unwanted, they employ mathematics to analyze the probability of events. The least potential impact on the financial sheet of the company needs to be ensured, and this is essentially an actuary’s responsibility. Events like death and accidents are unpredictable, and the risks involved in such circumstances are considerable.
The abilities in asset management, liability management, and valuation are prerequisites for becoming an actuary. To create and manage programs to analyze and mitigate risk, one needs analytical abilities, business acumen, and a grasp of human behaviour.
14. Certified Financial Planner (CFP)
Financial planners who want to specialize in strategic financial planning or an advisory role in the financial services sector can take the CFP, or Certified Financial Planner, credential program. The Certified Financial Planner Board of Standards (CFP Board) in the United States and its associated organization FPBS in India both award the certificate.
Financial professionals around the world regard and recognize the CFP as a symbol of excellence. For a CFP, a career in wealth management is excellent. The program educates professionals on various personal finance topics, including tax preparation, insurance, and estate planning. Banks, wealth management firms, insurance providers, mutual funds, and other financial intermediaries are all places where a CFP can find employment. CFPs are in high demand in India because just 10% of the country’s need for financial planners—at least 50,000—have been met.
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