In todayâ€™s dynamic and ever-changing job market scenario, just having a bachelor degree like B.Com isnâ€™t enough to get you a secure and good position. Students must have correct information and extra competencies along with their B. Com degree to face the robust competition in life. Finance is an interesting vertical to work in after completing B.Com and weâ€™ll discuss how you can pursue your dream of working in the Finance industry after B.Com.
It is commonly believed that earning a bachelorâ€™s degree, significantly B. Com degree within the commerce stream could be a pretty smart move in respect to career and also the minimum requirement to land a regular job. If you are looking for a career to improve your salary package then there are many courses available for obtaining a good salary. Though this is often correct, it could be deceptive occasionally. And hereâ€™s why.
- Delay in making the right Career Choice: Most of the scholars get into commerce stream with no understanding of what it involves. several students are unaware that career moves are to be made at this stage only. The more you delay this, the lesser is the career selections you’ll be able to create.
- No practical knowledge and experience: Whereas there may be a plenty of job opportunities for B. Com graduates, the key game changer becomes the salary package and position and for that, simply a B. Com degree isn’t enough. These days, organizations like candidates with advanced practical knowledge and experience. Students usually donâ€™t have a plan regarding the choices of other courses that may boost the worth of their B. Com degree.
- Joining unrelated courses: Without a correct assessment of oneâ€™s own strengths and weaknesses, students be a part of courses that are not beneficial to them. this might be either result of personal fascination or peer pressure, it doesnâ€™t work out, leaving them with poor & underpaid jobs.
- Focusing on educational Courses only: Sometimes, there are 3 sorts of courses within the commerce section i.e., educational courses (like B. Com), skilled courses (like CS, CA etc.) and occupation courses (like Banking & Finance etc.). Generally, students tend to trust solely on the educational courses with no inclination towards getting practical ability sets. However, students with practical skills and occupation courses are given a lot of preference by recruiters. So, it makes way more sense for college students to pursue a B. Com degree beside CS and Banking & Finance course.
Having said that and understanding present scenario, there is the big question in every scholarâ€™s mind â€œWhat should I next? Which course should I go for?â€ Many Companies and organizations in todayâ€™s life are looking for specialized and expert marketers to get higher profit in a smarter way. Here are some Courses in marketing that you can pursue to start a career in marketing.
One of the verticals that B. Com graduates can get into is Finance, which is a professional stream of work and they are also paid more salaries upon graduating in Finance.
According to the U.S. Bureau of Labor Statistics (BLS), financial managers can expect moderate to the faster-than-average growth of 12% from 2014-2024, along with serious competition for available positions. Depending on the specialization, the BLS anticipated an increase in jobs of 7%-16% for financial professions between 2014-2024. (Source: U.S Bureau of Labor Statistics)
Some popular career paths in Finance include:
- Financial analyst
- Financial controller or director
- Manager of a finance department
- Chief financial officer
- Commercial or investment banker
- Real estate or insurance finance manager
In February 2016, PayScale.com reported high salaries for MBA-holders in a type of monetary professions. Financial analysis managers attained a median annual income of $81,250, whereas a chief money officer’s median annual wages stood at $121,942. PayScale.com conjointly noted that experience additionally played an outsized factor in earnings, with entry-level MBA graduates earning a median wage of roughly $61,748, whereas those with 5 or a lot of years’ expertise saw a median wage of $83,475.
If you are wondering what are the options in finance for me, then you need not worry, we got it covered. Just follow the list of courses below which you can venture into after finishing your B.com.
Choices after B. Com for career in Finance:
Certified Financial Planner
Chartered Alternate Investment Analyst
Financial Risk Management
Investment Banking Courses
MBA in Finance
ProbablyÂ the mostÂ obvious and safeÂ selectionÂ forÂ anybodyÂ whoÂ needsÂ to jumpstartÂ a career inÂ financial services isÂ to go for MBA.
The advantage that MBAÂ has overÂ the otherÂ format is that itÂ permitsÂ youÂ a decentÂ all-roundÂ exposureÂ to numerousÂ aspects of finance,Â accounting,Â cost accounting,Â financial modeling, statisticsÂ and soÂ on.
Additionally, ifÂ you decide onÂ your minors well,Â you’ll be able toÂ have exposure in the fields likeÂ marketing,Â behavioral science, human resources, etc.Â thereforeÂ providing you withÂ the most effectiveÂ doableÂ probabilityÂ for growth within theÂ moneyÂ servicesÂ trade.
However, be warned thatÂ lotsÂ of your ability to kick-startÂ could also beÂ dependent onÂ a mixÂ of economic factors, the strength of your placement cell, your alumni andÂ additionallyÂ yourÂ freelanceÂ ability to network.
IfÂ you would likeÂ toÂ get onÂ the worldwideÂ stage, then doÂ keep in mindÂ that MBAs from Harvard, Stanford, and INSEADÂ need toÂ do theirÂ bit ofÂ searchingÂ further. Even theÂ holyÂ IIMsÂ don’tÂ formallyÂ guarantee you a placement.
Below listed chart describes well the average remuneration earned by the Finance Graduates.
There are many reputed colleges and institute in India to pursue Masters of Business in Finance from. The list includes:
- Indian Institute of Management, Ahmedabad
- Indian Institute of Management, Kolkata
- Indian Institute of Management, Bangalore
- Xavier School of Management, Jamshedpur
- Jamnalal Bajaj Institute of Management Studies, Mumbai
Here is the full list of colleges
Actuaries assess the financial security systems, keeping a hawkâ€™s eye on their complexness, the mathematics calculations within the same and their mechanisms.
Actuaries try and use arithmetic to gauge the likelihood of events and minimize the impacts of economic losses related to an occurrence that’s not solely unsure however is undesirable.
Many events like death can’t be avoided, but as an actuary your job is to try and do the necessary to reduce their monetary impact if as and after they occur. These risks have the chance of impacting either side of the record. Thus, you’d be needed to own the requisite skills in asset management, liability management, and valuation skills.
An actuary is expected to have some knowledge of analytical skills, business information and understanding of human behavior that’s needed to style and manage programs that assess and management risk. If you’re an actuary, then you’d be possibly utilized within the Insurance business however conjointly in company homes like Reliance, that problems one hundred year or perpetual bonds. The profession is ruled by the Actuaries Act of 2006 CFA.
Below listed chart describe well the average remuneration earned by an Actuaries.
There are certain requirements which are required to be fulfilled to be called as an Actuary. Have a look and decide if it is the most beneficial course for you!
Certified Financial Planner
Certified Financial Planner certification is a mark of excellence for those who meet the demanding standards of examinations, education, expertise and ethics. One of the most prestigious and internationally accepted financial planning qualification and is renowned in the global financial community.
The Financial Planner Certification trains aspirants and existingÂ financialÂ intermediaries for giving completeÂ financial consulteeÂ services toÂ peopleÂ andÂ buildÂ a satisfying careerÂ within theÂ financialÂ servicesÂ trade.
FinancialÂ planningÂ Standards Board (FPSB) ofÂ IndiaÂ is theÂ principal licensing body that awards CFP Certification in India throughÂ associate degreeÂ agreement with FPSB Ltd., Denver, USA.
As a beginner one can get salary package around Rs 3,00,000 to Rs.5,00,000 per annum and then one grows according to the experience and quality work.
Below listed chart describe well the average remuneration earned by a Certified Financial Planner.
Economics degree is also a good choice for making a career in financial services. After all, itâ€™s the economists who create all the policies that determine whether the country grows or thrashes.
Economists are valued in the financial services industry for predicting an impact of policies that may affect business performance and make informed decisions about how policies would move and how the business should react to the changing policies.
If you chose to become an economist then the financial services world would look to you just like many people look to astrologers, i.e. to understand complex inputs and give guidance on how to use the available resources for creating valuable outputs.
An Economist is supposed to get good return in both private and public sectors. In most of the public sector like in government services an Economist can expect a minimum salary of INR 20,000/- to INR 25,000/- at the entry level per month.
Below listed chart describe well the average remuneration earned by various profiles regarding Economists.
Chartered Alternate Investment Analyst
The CAIA Charter program is a rigorous, self-directed education program for finance professionals seeking deep knowledge and expertise in alternative investing.
The CAIA Charter is the globally recognized credential for professionals
The CAIA Charter provides a framework for evaluating expertise in alternative investments. Global banks, leading asset management firms, consultants, hedge funds, professional service firms, as well as regulators recognize that CAIA Charter Program provides the education that is essential to success in alternative investments.
The CAIA Charter designation is the highest standard of achievement in alternative investment education and provides broad knowledge, demonstrated expertise, and global credibility in alternatives.
Below listed chart describe well the average remuneration earned by a Chartered Alternate Investment Analyst.
Financial Risk Manager
The Financial Risk Manager (FRM) designation is a certification accepted worldwide and is offered by the Global Association of Risk Professionals. To get the FRM designation, a candidate should complete a rigorous two-part, practice-oriented examination that covers the key topics in monetary risk management, demonstrate 2 years skilled work expertise in financial risk management, and meet alternative necessities.
The FRM is a qualification for risk management professionals, significantly those who are involved in analyzing, controlling, or assessing potential credit risk, market risk, and liquidity risk. Additionally, as non-market connected financial risks. prime employers of FRM holders include international financial services companies like Deutsche Bank, HSBC, and UBS, also auditing companies KPMG, Ernst & Young (EY) and PricewaterhouseCoopers (PwC).
Financial risk managers in the USA can earn anywhere between US$ 100,000 and US$ 250,000. They normally receive various fringe benefits, which include pensions after retirement, health and life insurance as well as paid vacations. TheÂ average salary of FRM in India is INR 900,000.
Below listed chart describe well the average remuneration earned by a Financial Risk Manager.
Note: EduPristine provides guidance and training for FRM course FRM Training Course which has helped many students in growing their career.
Financial Modeling deals with the analysis of a company’s performance on applicableÂ monetaryÂ factors. The certification courseÂ of financialÂ ModelingÂ largelyÂ comesÂ in conjunction withÂ MSÂ excelÂ coaching. It helps professionals to handle finance models applying MicrosoftÂ excel.
Financial Modeling is widely used in investment banking, corporate banking, risk departments, etc. There is a wide range of opportunities and roles available after the completion of this course.
– Financial Analyst
– Financial Manager
– Business Analyst
– Market Research Analyst
According toÂ payscale, if you have financial modeling as a skill then you can earn somewhere around 5-12 lakhs depending upon the position.
Below listed chart describe well the average remuneration earned by a Financial Modelers.
Note: EduPristine provides guidance and training for Financial Modeling course which has helped many students in growing their career.
Investment bankers are intermediaries that help their clients – whether people, firms or governments in rationally investing their cash. Additionally, investment bankers are accountable for acquiring and selling those securities on behalf on their clients.
An investment banking career involves raising equity and debt capital for firms, and is a pretty choice for recent university graduates or professionals with a couple of years of expertise. However, competition for these positions is absolute uncontrolled and the hours threatening, the profession remains a highly-lucrative possibility for young professionals wanting to earn high levels of financial gain in addition to executive-level expertise.
The following table from Payscale.com will give you more detail about the salary structure.
It is good if you get good marks in B.COM, but what if you donâ€™t? What do you do? There are plenty of career options and courses available after B.COM even if you have scored less in the exam. I hope you like the article and found it helpful. If you feel there are any other interesting courses that we missed out on, feel free to mention in the comments section below.