The Commerce Option

Interest in commercial transactions, economic development, money matters and financial policies, trading, buying and selling could be reasons for studying commerce subjects. Inroads into this arena, however, can be made by behavioural and social scientists as also language specialists. Computing is an essential skill required for working in the commercial world.

Introduction

The most obvious consequence of the growth in national and global commercial activity, economic liberalisation and policies of the government has been an upsurge in financial activity. This has accelerated the demand for trained professionals for commercial and related functions. The entry of multinational businesses in India has opened lucrative job opportunities for trained personnel. These trends are likely to continue well into the next decades. For those aspiring to work in business organisations, finance and money related occupations or as entrepreneurs the choice of the commerce stream means studying related subjects at school/college and subsequently entering professional training. However, the skills and training acquired can even be put to use in quasi-commercial sectors.

The options 

The options in business related sectors are in finance, accounts, foreign trade, business economics as well as management occupations. Job opportunities in each of these areas are offered both by the private and the public sectors. A brief description of the jobs of professionals from these sectors follow :

Chartered Accountants - Accountants are involved in accounting procedures and financial planning, in integrating the knowledge of accounts and finance, as well as in computer software development with other professionals for information processing. CA's work as private practitioners, in industrial and commercial accountancy and in public sector accountancy as also in the IT industry. The training of CA's has been specified by the Institute of Chartered Accountants of India and is essential for becoming a registered CA.

Chartered Financial Analysts - The role of the financial analyst is primarily in corporate finance, investment management and financial services. The job involves critical analysis and evaluation required in investment and tax planning, security evaluation and project appraisal, financial planning and control, interpretation of economic legislation, financial management etc. CFA can be pursued by MBA's, graduates/postgraduates from the Institute of Certified Financial Analysts, Hyderabad.

Management Accountants - Management accountants collect, organise, collate and analyse information from all parts of an organisation including all the financial departments to provide a system for effective appraisal and evaluation of investments and alternatives in monetary terms. Cost and Work accountancy course offered by ICWAI, Lodhi Road, imparts training through the course.

Corporate Financial Managers - Financial managers are responsible for budgetary control, cash flow planning, funds management, banking and liaison with financial institutions. They have knowledge of capital budgeting and working capital decisions in the light of emerging trends in economic policies relating to industrial financing. They monitor the growth of the industry reviewing constantly the financial framework and projects. CA's(experienced) , MBA (finance), Masters in Finance Control (MFC) are appointed.

Corporate and Merchant Bankers - Corporate and Merchant Banking are business related activities. Corporate bankers deal with corporate finance i.e. credit risk assessment, raising capital, business mergers, acquisitions and miscellaneous business activities related to an organisation. Merchant Banking involves basically investment management e.g. management of trusts, securities, mutual and pension funds, public issue management and international funds.

Stock Broking - Stock broking draws specialists with a background in economics, finance, capital markets, investment and financial planning .The job of buying and selling shares is conducted through computerised communication links.

Insurance Corporations -The Insurance sector employs students from the commerce background to undertake the responsibilities of the accounts, development, and the administrative departments. Other departments where personnel requiring a commerce background are appointed is the actuarial department, group and superannuation department, investment department, audit and inspection department, the servicing PHS, mortgages department, corporate planning department etc. Selection to various levels in the corporations is made through competitive selection procedures from among graduates.

Business Managers - The operational areas for managers in any enterprise are marketing/sales, personnel management, finance and accounts, production and materials management. Each area of work requires specialised inputs in training and variations exist in terms of responsibilities from one organisation to another. An MBA degree leads to training in marketing/ sales/ finance management while a degree in personnel management trains people for the HRD departments.

International Business management, Hotel Management, Travel and Tourism Management are specialisations open to graduates (school leavers in the case of hotel management). Commerce graduates may also study rural management, cooperatives management, treasury and forex management, quality management, hospital administration, real estate management, management of small business/ industry etc.

Business Journalism -With modern day diversifications in the field of Journalism and the use of the audio-visual mode the job of a business journalist is that of a specialist who has knowledge and training for handling business related news and issues and is equipped to work in the print /electronic medium. Entrants to business journalism are from economics/ business economics/ management backgrounds. Training in business news reporting and editing for the print or the electronic mediums can be pursued by graduates.

Economists - Economists deal with a variety of aspects concerning the use of finances , resources, services and people. Theoretical economics applies itself to micro and macro as well as developmental issues. There are specialists dealing in these aspects in areas related to agriculture, industry and labour, banking and public finance, international economics, public finance, growth economics and econometrics.
Economists are engaged in academic and research work, with Government organisations, the Planning Commission, National sample survey, Central Statistical Organisations, etc. In the Commercial sector Economists are in growing demand with finanacial institutions, the R&D divisions in the Banking sector and in business journalism.

Other Option-Besides conducting business affairs more effectively commerce graduates opt for in house training programmes as management trainees. Graduates in commerce work in the advertising, mass communication industry, banking, insurance, defence and civil services.