It is important to study Commerce as it equips an individual with the understanding of the financial world and allows them to make more informed decisions about their finances. It also inculcates the skills required to succeed in the business world. Moreover, it helps in fostering entrepreneurship and contributes to the economic growth of a nation by producing entrepreneurs and other skilled professionals.
Scope & Career Prospects
Commerce offers a wide range of career prospects in the fields of finance, banking, marketing & business management. A student can also pursue specific certifications like CA or CFA. A detailed summary of the same has been mentioned below:
Career Path
Job opportunities
Finance & Banking
Investment Banking
Financial Analyst
Actuary
Banker
Financial Advisor
Accounting & Auditing
CA
CPA
Management Accountant
Auditor
Business Management
Business manager
Operations Manager
Human Resource Manager
Marketing Manager
E- Commerce & Retail
Digital Marketing Specialist
Retail Manager
Supply chain Manager
Insurance & Risk Management
Insurance Manager
Risk Manager
Insurance Underwriter
Others
Company Secretary
Legal Advisor
Business Consultant
Tax Consultant
Subject Description
A complete summary of each subject along with the content covered under them has been provided below:
Accounting & Auditing
Topic
Description
Financial Accounting Fundamentals
Five most referenced fundamentals of accounting:
Revenue recognition principles
Cost principles
Matching principles
Full disclosure principles
Objectivity principles
Corporate Accounting
Specialized area of accounting that focuses on the financial reporting & record keeping for the companies.
Cost & Management Accounting
Focuses on providing internal financial information to help organisations plan, control & make decisions.
Auditing Principles & Practices
Principles:
Integrity, Independence & Objectivity
Confidentiality
Skills & Competence
Work performance
Documentation
Planning
Audit Evidence
Accounting system & Internal control
Audit reporting
Techniques
Inspection
Observation
Inquiry
Confirmation
Analytical Procedure
Business Economics & Finance
Topics
Description
Microeconomics & Macroeconomics
Micro Economics: Studies the behavior of individuals including households, firms & consumers interactions with the market.
Macro Economics: Examines the economy as a whole, including topics like inflation, unemployment, and national policies.
Business Finance & Financial Management
Business finance: Refers to the process of securing and managing financial resources within a company to achieve its objectives and maximize profitability.
Financial Management: The business function concerned with profitability, expenses, cash and credit.
Capital Markets & Banking
Capital Markets: Venues where funds are exchanged between suppliers and those who seek capital.
Banking: system of financial institutions that provides various services to individuals, businesses, and governments, including accepting deposits, lending money, facilitating transactions, and offering financial products.
International Trade & Finance
International Trade: Involves the exchange of goods, services, and capital between countries. It includes both imports (buying from other countries) and exports (selling to other countries). This type of trade significantly contributes to the global economy and promotes economic growth and development.
Finance: Encompasses the management of monetary resources, encompassing activities like investing, borrowing, lending, and budgeting. It involves the allocation of resources over time and includes various disciplines like accounting, law, and economics.
Business Management & Human Resource Management
Topics
Description
Principles of Management
Henri Fayol’s Principles:
Division of Work
Authority and Responsibility
Discipline
Unity of Command
Unity of Direction
Subordination of Individual Interests to the General Interest
Remuneration of Personnel
Centralization and Decentralization
Scalar Chain
Order
Equity
Stability of Tenure of Personnel
Initiative
Esprit de Corps
Organisational behavior
The study of how individuals and groups behave within an organization. It aims to understand the impact of individual, group, and structural factors on behavior within a workplace and to improve organizational effectiveness.
Human Resource Development & Planning
A strategic process that helps organizations ensure they have the right people with the right skills to meet their current and future needs. It involves forecasting workforce needs, aligning talent with business goals, and developing strategies to address gaps.
Industrial Relation & Labor laws
Industrial relations focuses on managing the relations between employees, employers, trade unions. While the labor laws focus on the legal framework that protects the rights and obligations of all the parties.
Marketing & Strategic Management
Topics
Description
Marketing Concepts and Consumer Behavior
While marketing concepts focus on building customer centric marketing strategies, consumer behavior explores how the consumers make the decision of what to buy, why to buy and how to use.
Sales and Distribution Management
Important step of planning, executing & controlling activities related to selling & delivering products or services to customers ensuring they are available when and where they are needed.
Advertising and Promotion Management
A multifaceted discipline focused on strategically communicating and persuading target audiences to purchase a product or service
Strategic Planning and Implementation
Strategic planning involves defining an organization's vision, setting goals, and developing strategies to achieve those goals and implementation is the process of translating these plans into action.
Business Regulatory Framework
Topics
Description
Company Law
It encompasses a wide range of legal aspects, including company formation, management, financing, and governance. The primary objective of company law is to ensure fair and equitable treatment of stakeholders, promote transparency, and protect the interests of shareholders and creditors.
Contract Law
Contract law in India is primarily governed by the Indian Contract Act, 1872.The Act outlines the circumstances under which promises become legally binding and provides remedies for breach of contract.
Taxation Law
The legal framework that prescribes and proscribes identified actions related to taxation, dictating the circumstances of its application and enforcement
Labour and Industrial Laws
A broad area of law that regulates the relationship between employers and employees, and also includes the role of labor unions in the workplace. It encompasses various aspects of the employment relationship, such as hiring, wages, working hours, safety, and termination of employment.
Emerging Topics in Commerce
Topics
Description
E-Commerce and Digital Business
E commerce: It specifically focuses on buying and selling goods and services online.
Digital Business: It encompasses a broader range of online activities, including customer service, collaboration, and internal processes.
Business Research Methods
Quantitative:
Survey
Experiment
Correlational Studies
Secondary data analysis
Statistical Analysis
Qualitative:
Interviews
Focus Groups
Ethnographic Research
Case Studies
Observation
Other Methods:
Market research
Customer Feedback
Financial Statement Analysis
Involves a comprehensive examination of a company's financial statements, including the income statement, balance sheet, and cash flow statement
How to Choose the Right Commerce Subject for you
A checklist for the same is given below:
Step 1: Identify your strengths & interests
Step 2: Consider your future career goal
Step 3: Research the subjects
Step 4:Seek Guidance
Career Opportunities in Different Commerce Subjects
A complete list for the career opportunities is given below:
Subject
Career Opportunity
Accounting & Auditing
Public accounting
Corporate accounting
Government Accounting
Internal Auditing
Government Accounting
External Auditing
Financial Analysis
Tax accounting
Forensic Accounting
Management Accounting
Finance & Banking
Investment banking
Financial Analyst
Corporate Finance
Risk Management
WealthManagement
Fin Tech Specialist
Private Equity Analyst
Financial Planning & Analysis
Marketing & Management
Social media marketing
Digital Marketing
Market research
Marketing manager
Marketing executive
Marketing Specialists
Legal & Regulatory
Corporate lawyers
Legal advisors
Compliance offers
Regulatory affairs specialists
Company Secretary
Recommended Books & Study Resources for Commerce Subjects
Subject
Text Books
Accounting & Auditing
"Accounting Principles" by Jerry J. Weygandt, Paul D. Kimmel, and Donald E. Kieso
"Auditing: Principles and Practice" by Michael J. Welsch and J. Peter D. Welsch
Business Economics & Financial Management
Business Economics:Managerial Economics by William F. Samuelson & Stephen G. Marks
Financial Management: "Essentials of Corporate Finance" by Stephen A. Ross, Randolph W. Westerfield, & Jeffrey Jaffe
Business Management and Human Resource Management
Business Management: Principles of Management" by Charles W. L. Hill & Steven L. McShane
Human Resource Management: "Fundamentals of Human Resource Management" by Raymond A. Noe, John R. Hollenbeck, Barry Gerhart, & Patrick M. Wright
Marketing Management and Strategic Management
"Marketing Management: Analysis, Planning, and Control" by Roger A. Kerin & Steven W. Hartley
Strategic Management: Exploring Strategy" by Gerry Johnson, Kevan Scholes, & Richard Whittington
Business Regulatory Framework
"Business Law and the Regulatory Environment" by Jeffrey F. Beatty, Susan S. Samuelson, & Patricia Sanchez Abril
Online Courses:
Coursera
Financial Accounting Fundamentals
Introduction to Financial Markets
Business Strategies for Emerging Markets
edX
Introduction to Corporate Finance
Microeconomics Principles
Business and Financial Modeling
Udemy
Financial Accounting for Beginners
The Complete Financial Analyst Course
Business Fundamentals: Effective Communication for Managers
Coaching
Unacademy
Subjects Covered: CA, CS, CMA, B.Com, MBA, Banking, Economics, Finance
Byju’s
Subjects Covered: Class 11 & 12 Commerce, B.Com, MBA, CA, CS, and other competitive exams.
Vedantu
Subjects covered: Class 11 & 12 Commerce, CA, CS, and various entrance exams.
Frequently Asked Questions
Why is studying Commerce important?
It is important to study Commerce as it equips an individual with the understanding of the financial world and allows them to make more informed decisions about their finances. It also inculcates the skills required to succeed in the business world. Moreover, it helps in fostering entrepreneurship and contributes to the economic growth of a nation by producing entrepreneurs and other skilled professionals.
What are the scopes and career paths after studying Commerce?
Commerce opens doors to several fields such as: Financial Analyst, Actuary, CA, CPA, Auditor, HR Manager, Business Manager, Risk Manager, Legal Advisor, Company Secretary, Business Consultant
How do I choose the right Commerce subject for myself?
Step 1: Identify your strengths & interests Step 2: Consider your future career goal Step 3: Research the subjects Step 4:Seek Guidance
