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career options for commerce students

With the evolving education sector becoming more segmented and competitive, the value addition from a regular bachelor’s degree has a mere impact on the student’s career. Professional courses have become the new norm as they provide industry-relevant theoretical and practical knowledge to the student. Most of the students from the Commerce background wish to pursue a career in Accountancy. Considering the industry trends and demands, we have shortlisted the top 3 career options for a commerce student in accountancy.

Top 3 Career Options for Commerce Students in Accounting

  1. Certified Public Accountant (CPA Course)
    CPA Course Details

    • CPA Course Scope:
      • Certified Public Accountant (CPA) is a globally recognized designation and is the highest standard of competence in Accountancy. Extremely high preference for Certified Public Accountants across the globe makes it one of the top 3 career options for commerce students.
      • The CPA course is extensive and covers accounting topics like law, analytics, taxation, auditing, evaluation, regulatory frameworks and procedures, ethics, planning and management of finances.
    • CPA Course Duration:
      • The minimum CPA course duration is 1 year. The duration is one of the factors CPA is considered among the top 3 career options for commerce students.
    • CPA Course Eligibility:
      • To appear for the US Certified Public Accountant (CPA) examination a candidate should be a Postgraduate, preferably in Commerce like:
        1. Member of the Institute of Chartered Accountants of India
        2. Member of the Institute of Cost and Works Accountants in India.
        3. Member of the Company Secretaries in India.
        4. Master of Commerce.
        5. MBAs
      • Indian CA’s with B.Com are also accepted by quite a few states in the US. However, the exact criteria will vary from State to State.
    • CPA Course Average Salary Range
      • The average salary range for a CPA professional is Rs.7-20 lakhs in India. The earning potential leverages multiple times if the candidate pursues a career in other countries.
      • Job Opportunities after CPA
    • CPA Course Job Opportunities
      • Candidates can pursue the following career after CPA course
        1. Financial Analyst
        2. Forensic Accountant
        3. Tax Accountant
        4. Tax Manager
        5. General Auditor
        6. Information Technology Auditor
        7. Business Valuator
        8. Financial Planner
        9. Accounting Manager
  2. Association of Chartered Certified Accountants (ACCA Course)
    ACCA Course Details

    • ACCA Course Scope
      • ACCA is a globally recognized qualification in accounting, which makes it the best career after 12th or graduation.
      • ACCA gives candidates an edge over other professionals due to its preferential status in 59 countries in the Middle East, Europe, the United Kingdom, and other parts of the world.
      • Hence it is considered as one of the top 3 career options for commerce students.
      • The topics covered in the ACCA course are Business Accounting, Management Accounting, Financial Accounting and Management, Corporate and Business Law, Performance Management and Analysis, Taxation, Financial Reporting, Audit and Assurance on an advanced level.

    • ACCA Course Duration
      • The minimum ACCA course duration is 2-3 years depending on the Level you start from.
    • ACCA Course Eligibility
      • The ACCA course has the lowest eligibility criteria wherein a candidate can pursue the course after clearing their 12th exams. With the least eligibility criteria, ACCA has become a preferred choice as a career option for commerce students.
      • The following candidates are eligible for the ACCA course:
        1. Students who have completed 12th from Commerce stream and have passed in five subjects including English and Mathematics, with 65% marks in at least two subjects and over 50% marks in others
        2. Students pursuing graduation in Commerce i.e. B. Com, BBA, BMS, etc.
        3. BA/B.Sc. graduates from a recognized university (no marks restrictions), through a foundation in Accountancy
        4. Students preparing for CPT, IPCC
        5. Chartered Accountants should pursue ACCA for added credibility and a global edge
    • ACCA Course Average Salary Range
      • The average salary range for an ACCA professional is Rs.6-20 lakhs in India. The earning potential leverages multiple times if the candidate pursues a career in other countries.
      • Job Opportunities after ACCA
    • ACCA Course Job Opportunities
      • Candidates can pursue the following career after ACCA course
        1. Auditor
        2. Tax Manager
        3. Chief Financial Officer (CFO)
        4. Forensic Accountant
        5. Finance Manager
        6. Financial Controller
        7. Corporate Treasurer
        8. Management Accountant
        9. Financial Accountant
  3. Certified Management Accountant (CMA Course)
    CMA Course Details

    • CMA Course Scope
      • CMA is considered the easiest of all the three professional qualifications in Accountancy. A student does not have to be an expert in mathematics to pursue a CMA course.
      • This makes it one of the most in demand career options for commerce students and Account professionals across all levels. Moreover, even though it is mandatory to have a Bachelor’s degree to obtain the CMA certificate, a candidate can pursue CMA and bachelor’s together.
      • This enables them to graduate along with a CMA Certification and Management Accounting Experience.
      • CMA course covers topics like Cost Management, Internal Controls, Technology and Analytics, External Financial Reporting Decisions, Planning, Budgeting, and Forecasting, Performance Management, Risk Management, Investment Decisions, Professional Ethics, Financial Statement Analysis, Corporate Finance, Decision Analysis.

    • CMA Course Duration
      • The minimum CMA course duration is 6-8 months. The duration is one of the factors CMA is considered among the top 3 career options for commerce students.
    • CMA Course Eligibility
      • To become a US Certified Management Accountant (CMA), a candidate should have:
        1. Membership of the Institute of Management Accountants (IMA) or
        2. A Bachelor’s degree from an accredited university or an equivalent degree
        3. Candidates can also enroll and complete the CMA course while pursuing a Bachelor’s degree. This makes it one of the most preferred career options for commerce students.

    • CMA Course Average Salary Range
      • The average salary range for a CMA professional is Rs.5-8 lakhs in India.
      • The earning potential leverages multiple times if the candidate pursues a career in other countries.
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        Job Opportunities after CMA
    • CMA Course Job Opportunities
      1. Cost Accountant
      2. Chief Financial Officer
      3. Financial Controller
      4. Financial Analyst
      5. Management Accountant