Career counseling for 11th and 12th students with commerce stream
Ever wondered what PepsiCo President MS Indranoi, Aditya Birla Group Chairman Mr Kumar Mangalam Birla and ICICI Bank CEO MS Chandakochar have in common? Apart from being visionary leaders and experts in their respective industries, all three of them have degrees in commerce. Yes, you read it right! The commerce stream, commonly known as the ‘non-smart’ students stream, also has a collection of some success stories to share with the world. In fact, when it comes to professional courses, commerce is visible at the top of the list with many professional career options available to students.
So, if you are considering taking a commerce stream during your high school, then you must look at some aspects related to it before taking a final decision. To help you, important information and details about the commerce stream including major subjects and domains, further study area and career opportunities etc. are listed below.
Commerce stream bias
Generally, most parents and guardians suffer from a great bias about commerce stream and they think that commerce stream is suitable only for ‘non-smart’ students.
Apart from this, for students with technical and research tendency, science and theoretical studies and arts for students interested in performing arts are considered suitable. But the commerce stream is said to be right for students who are comfortable with ‘crunching numbers’ and want to become accountants in future. That is why many students believe that the scope of study is very limited under Commerce Stream as compared to other streams. But this is a common practice and cannot be said to be true in the subject of commerce or any other streams. Some topics and a wide range of specialization and study options are discussed in further detail for students taking the Commerce stream. .
Main topic / sub-domain
Despite the prejudice related to commerce streams, the popularity of this topic has been increasing very fast for the last few decades. Due to the growing economy, golden opportunity for professional career and high scoring, the tendency of students to take this subject in high school or later has increased. Earlier this stream was limited to a few subjects related to accountancy and economics, but today many subjects are being studied under it. some of them are –
Economics (Economics)
Students with a commerce stream have to deal with many financial and economic concepts. During 11th and 12th grades, students have to study Economics, Indian Economic Development, Statistics, Microeconomics and Macroeconomics etc. To do very well in additional economics, develop a conceptual understanding of the subject and develop problems and numericals. Trust is very important to do.
English
Like every stream, commerce stream also has to read English as a compulsory language. The English students learn in the Commerce stream are quite different from the English in other streams and have to focus mainly on the basics of the language including grammar, syntax and vocabulary development. Apart from this, students also learn business communication and other aspects.
Accountancy (Accountancy)
Accountancy is a core subject of the commerce stream and plays an important role during high school education. This topic focuses on the basics of accountancy and its theoretical process and financial accountancy, accounting standards accounting standards, GST, recording of business transactions and similar concepts of 11th. In class 12th, students have to study accountancy, partnership firms, analysis of cash flow statements and financial statements of companies and computerize accounting for non-profit organizations.
Business Studies / Organization of Commerce
Business studies or commerce organization is a very important subject for commerce students during high school. In the 11th class this subject studies the types of business organizations, emerging business models, types of industry, social responsibility and business ethics, sources of business finance, small business, internal business and the nature and purpose of international trade, etc. . In class XII, intensive study of management principals, business environment, planning, staffing, organization, control, finance market, financial management, marketing management and consumer protection is done.
Mathematics
Mathematics is an optional subject for commerce stream students but it is very important if students want to pursue a career in core accountancy or similar domains. Relations and Functions, Algebra, Calculus, Liner, Programming, Probability, Vector and Matrix are studied in the mathematics of commerce stream.
Information practices
Information Practices is an optional subject for the students of Commerce stream, which students choose according to their interests. The basics of computing and database management are explained in this subject. In addition, it focuses on topics such as business computing theory, programming and relational database management systems.
Scope of further study (scope)
A common question that keeps most students away from the commerce stream is that the scope of further study in this stream is quite limited. However, this is only a speculation and may be true in the distant past. But today the importance of this stream is equal to the other two streams arts and science.
Degree level courses
After passing the 12th from Commerce stream, students can choose any one of the many available courses at degree level. The details of main courses are as follows:
B.Com
B.com stands for Bachelor of Commerce. This course can be selected after passing 12th standard with commerce subject. It is a three-year degree level course. Under this, studies of fundamental principals of accounting and finance etc. are conducted. The main subjects of this course are
- Entrepreneurship
- Corporate Accounting
- Business Regulatory Framework
- Economics
- Computer Applications & IT
- Income tax
- auditing
- Human Resource Management
- statics
- Banking and Insurance
- company law
- Business Communication
- Management Accounting
- Marketing
- Mathematics
- Business Environment
BBA / BMS
If you want to do management or MBA then doing BBA or BMS after 12th, would be the best option. Bachelor of Business Administration (BBA) / Bachelor of Management Studies (BMS) are degree level courses. It has been designed with a view to provide students with a correct understanding of management. Many colleges offer admission on the basis of 12th score / merit. But there are also some colleges where admission is based on the marks of its entrance exam.
BA + LLB
If you are interested in law or legal studies, then an integrated five year program ie BA + LLB would be right for you. The Integrated Program covers the students pursuing their graduation degree course during the first three years in the subject or specialization chosen and during the last two years, they focus on legal studies or related programs. It is another interesting study option for commerce students who want to pursue a career in law and their related fields such as corporate law, taxation law and allied domains.
BBA + LLB
Similar to BA + LLB courses, BBA + LLB courses are also an integrated four-year program, which offers graduation level as well as law. Students who want to become legal consultants in corporate companies or want to do their own practice with legal clients can do this course.
BCA
Nowadays computer and technology are everywhere. Life has become impossible without them, so taking BCA or Bachelor of Computer Applications can be the right start for a bright career for students. The BCA course is a three-year degree level course. Under this, the study of coding and computer application development is conducted. Students who have passed 12th standard with Maths subjects can do BCA course.
Professional courses
Commerce stream students also have the facility to undertake a variety of professional courses that can shape their academic and professional future.
There are many professional courses available for students after completing class 12 from commerce stream. Chief among them are:
Chartered Accountancy (CA)
Awarded by the Chartered Accountants of India (ICAI), the Chartered Accountancy degree is the most popular professional course among commerce stream students. Being a professional course, it provides many career opportunities for students. In addition to self-employment or self-practice, you can start your career as an independent CA or CA in major Indian and multinational companies, local and foreign banks and audit firms.
As far as the course structure is concerned, the Chartered Accountancy course consists of the following modules:
Module 1: CPT – Common Proficiency Test (Common Proficiency Test):
This exam includes knowledge of major subjects such as accounts.
- Economics
- Mathematics
- Statistics
- Mercantile Law
Module 2: IPCT – Integrated Professional Competency Course (Integrated Professional Competency Course)
This course has two parts and covers different topics
Part 1 includes:
- accounts
- Law
- Costing and Financial Management
- taxation
Part 2 includes:
- Advanced Accounting
- Auditing and Assurance
- Information Technology
- Strategic Management
Module 3: Articleship / Training
Students pursuing CA course in this module will have to do an internship under a practicing Chartered Accountant.
Students can learn practical aspects related to Chartered Accountancy as a profession during this training.
Module 4: CA Final Examination
To become a Certified Professional Chartered Accountant one has to clear the fourth and final module. The CA final exam covers 8 subjects which are divided into two groups. A detailed description of the topics covered under both groups is available below:
CA: Final Exam Group 1
- Financial reporting
- Strategic Financial Management
- Advanced Auditing and Professional Ethics
- Corporate Law and Allied Law (includes two sections)
Section A: Company Law
Section B: Allied Law
CA: Final exam group 2
- Advanced Management Accounting
- Information Control and Audit
- Direct Tax Law
Indirect Tax Law (includes three sections)
- Section A: Central Excise
- Section B: Service Tax and VAT
- Section C: Customs
Company Secretary (Company Secretary)
Company Secretary is another popular course for commerce stream students after completion of class 12 exams. This professional course is offered by ICSI in a three-stage examination format.
Step 1: Foundation Program
Qualification: Class 12/10 + 2 or equivalent (except fine arts students)
Main Module:
- Business Environment and Law
- Business Management Ethics and Entrepreneurship
- Business Economics
- Fundamentals of auditing and accounting
Step 2: Executive Program
Qualification: Graduate (Excluding Fine Arts Students)
Main Module:
- Jurisprudence, Interpretation and Common Law
- company law
- Establishment and termination of business entities
- Tax Law
Step 3: Professional Program
Eligibility: Clearing the Excuting Program
Main Module:
- Corporate and management accounting
- Securities Law and Capital Markets
- Economic, Business and Commercial Law
- Financial and Strategic Management
Cost and Management Accountant (Cost and Management Accountant, CMA)
Cost and Management Accountant is another professional course that can be done by students of Commerce stream. This program is organized by the Cost Accounting Institute of India and is divided into three phases-
- Foundation
- Intermediate
- Final
After completion of this program, you will be a certified cost accountant. The major responsibilities of a certified cost accountant include:
- Maintaining cost account records
- Cost Account Scheme
- cost auditing
Many large companies, industries and corporations hire CMAs to manage the costs of production or operating costs. The CMA helps the company run smoothly by cutting costs in a managed way without affecting output or production.
ertified Financial Planner (Certified Financial Planner, CFP)
If you are interested in personal finance and wealth management, then becoming a certified financial planner will prove to be the right career option for students. Students with commerce stream have already studied taxation policy, investment fundamentals and general awareness etc. under their initial syllabus and hence proved to be very useful in taking a certified financial planner course and becoming a certified financial planner. is.
To become a certified financial planner, students must obtain a certificate from the Financial Planning Standards Board (Financial Planning Standard Board of India, FPSBI). The Financial Planning Standard Board of India offers a technical program aimed at imparting complete knowledge of the art and science of financial planning, personal financial advisory practices, taxation, risk management and other subjects to students with commerce streams and with the right training.
The course of Certified Financial Planner is mainly spread over 6 modules and the exam for each module is conducted in online format and questions are asked on MCQ / Multiple Choice Question Style pattern. The Certified Financial Planner’s Study Module includes the following topics
- Introduction to Financial Planning (Introduction to Financial Planning)
- Risk Analysis and Insurance Planning (Risk Analysis and Insurance Planning)
- Retirement Planning and Employee Benefits (Retirement Planning and Employee Benefits)
- Investment Planning
- Tax Planning and Estate Planning (Taxation Planning and Estate Planning)
- Advance Financial Planning (Advance Financial Planning)
In this way, we see that it is not right to underestimate the commerce stream from any angle. After studying this subject, the future of the students is bright and they can live their life happily by adopting their desired lifestyle.