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Students who are in their B.Com program and thinking of getting an M.Com degree must know that the PG course will open many opportunities for them. M.Com (Masters of Commerce) is a 2-year postgraduate degree in the field of Commerce. This commerce course is designed in a way for candidates to get a deeper understanding of the subjects that are taught in the B.Com program. Students get in-depth knowledge of Commerce subjects such as Accounting, Finance, Banking, Management, International Business, Business Environment, Insurance and many more such subjects.
M.Com is quite a popular postgraduate degree program and many colleges in India offer the M.Com course. After completing M.Com, students often wonder what career to choose in professional fields such as banking, insurance or finance. It can sometimes be tricky to choose between the pool of opportunities available for M.Com graduates.
This article will be your guide to help you find the best career options after M.Com. There are plenty of opportunities if one wants to grow and develop. Read the article to know more about the different fields you can choose to build a successful career and the 12 best career options after M.Com.
There are ample opportunities across the industry for someone who has an M.Com degree. However, it completely depends on the specializations that the candidates have selected during their M.Com program. Listed below are some of the top M.Com specializations that will help you land a high-paying job.
1. Banking and Insurance: Banking and Insurance is one M.Com specialization where candidates can get decent jobs with a good pay. Candidates can work as Insurance Managers, Internal Auditors, Development Officers, Investment Analysts, Loss Control Specialists, Loan Counsellors, etc.
2. Finance: A specialization in Finance will land you jobs like Management Consultant, Banker, Financial Analyst, Stock Broker/ Trader, etc.
3. Economics: With an M.Com degree specializing in Economics, one can become an Economist, Credit Analyst, Market Research Analyst, Statistician, Financial Analyst, Lecturer, etc.
4. Taxation: Jobs after getting an M.Com degree specialising in Taxation include becoming a Financial Advisor, Tax Law Court Advisor or working as a Tax Accountant, Tax Consultant or Financial Analyst.
12 Best Career Options after M.Com
Compiled below are some of the best career options that you can explore after completing your M.Com degree.
1. Become a Chartered Accountant
One of the most sought-after career options after completing M.Com is becoming a Chartered Accountant. With dedication and proper preparation, one can clear the CA exam. The various stages of the exam include IPCC, Final and CPT and a mandatory articleship to practice as a professional.
The talented CA graduates can find themselves placed at one of the Big 4 accounting firms - Deloitte, KPMG, EY and PwC with an annual salary of around 8 LPA. CA is one of the best career options if you want to get a high-paying job. Other firms that hire CA graduates are McKinsey & Company, Inc., ICICI Bank, etc.
2. Enroll in MBA
Getting enrolled in an MBA program after completing M.Com is a great option and is also seen as a recent trend among graduates. Individuals who are looking to set their foot in the managerial field and advance their careers should do an MBA. People from any field, not just Commerce, can do an MBA program.
While doing M.Com, candidates will study to subjects like business, economics, stock markets and accountancy but when you pursue a Masters in Business Administration, you will get to apply the knowledge and skill to help grow the firm/ organization.
The MBA programs help develop the critical thinking and decision-making skills of individuals by offering a case study approach. Individuals can specialize in a particular field such as Digital Finance, Banking and Business Analytics. An MBA graduate earns around 7.2 LPA annually.
3. Go for an ACCA Course
Candidates who wish to work in finance and accounting departments as Certified Accountants can pursue the ACCA course provided by the Association of Chartered Certified Accountants (ACCA) institute.
The ACCA course is for a duration of 2 years but candidates need to complete 3 years of practical experience to be able to become an official ACCA member. Knowledge of accounting is required to clear these exams. Multinational corporations highly value the ACCA course and offer a salary ranging from 5 LPA to 16 LPA.
4. Pursue CS
After completing M.Com students can opt for Company Secretary (CS) as it offers good job opportunities. A CS looks after the legal requirements of various private and public companies. The CS course includes three stages - Foundation, Executive, and Professional.
After completing 15 months of practical training, candidates can become members of the Institute of Company Secretaries. In India, the Institute of Company Secretary is the only institute that offers the CS course with 62,000 members. The pay scale of a CS ranges from 4 LPA to 10 LPA per year.
5. Get CMA Credential
The CMA or Certified Management Accountant credential is a professional qualification requiring the candidates to complete 2 years of work experience and 2 stages of examination. The IMA (International Management Accountants Association), a universally recognized organization provides the CMA qualification.
The CMA course recognizes candidates for their expertise in two core areas - Financial Management and Management Accounting. Those who complete the course successfully are required to have the necessary skills and knowledge of management accounting. CMA-certified individuals should have knowledge in financial analysis, control and planning. The average annual salary of a CMA-certified individual is 8 LPA.
6. Pursue CFA Course
After M.Com, CFA (Chartered Financial Analyst) is one of the best courses to pursue. Candidates who aspire to become financial analysts can go for CFA, a US-based program, and get great opportunities. The CFA course covers subjects such as financial analysis, bonds and derivatives, portfolio management, investment management, etc.
The CFA course is for a duration of 2.5 years but usually, it takes 4 years to get the Chartered Financial Analyst designation. After completing the CFA course, candidates can get hired at top financial firms such as Morgan Stanley, Goldman Sachs, Royal Bank of Canada, etc. and get a yearly salary of 6.6 LPA.
7. Get a CPA License
One of the promising career options after M.Com is getting a CPA (Certified Public Accountants) certification. The CPA designation can get obtained from the American Institute of CPAs or AICPA. Individuals having a CPA license have in-depth knowledge of the Generally Accepted Accounting Principles (GAAP) and strong accounting background. To get the CPA certification, candidates have to first complete a four-part examination.
CPAs manage the financial affairs of the companies by performing financial statements. They also provide financial planning and taxation advice and earn 6.9 LPA annually.
8. FRM Certified Professional
Risk Management is one such industry that provides excellent opportunities for short-term perspective in today’s dynamic financial market. To earn the FRM designation, candidates have to undergo a nine-month program provided by the Global Association of Risk Professionals or GARP. The program prepares students for the examinations that are conducted in May and November every year.
As a financial risk manager, candidates identify and analyse potential financial risks and offer services in diverse domains such as credit and market risk, financial services, sales and marketing, and trading. The average salary of FRM professionals is between 10 LPA to 18 LPA.
9. Crack CFP Exam
M.Com graduates prefer to study the CFP (Certified Financial Planner) course. CFP is a short-term course that will help candidates find their careers in the insurance and finance sectors. Although the course duration is six months, to become a certified financial planner, candidates have to perform well and meet various requirements. These requirements include professional ethics, educational performance and demonstrated work experience.
With a CFP certification apart from handling tax planning and insurance decisions, candidates can also take up assignments in investment management, estate planning, etc and earn around 3.9 LPA.
10. Go for Digital Marketing
Candidates who are not interested in working in finance or accounting after getting an M.Com degree are often left wondering what to do after the degree. There are many creative professions that are available after M.Com. One such profession after M.Com is Digital Marketing.
Digital Marketing is a part of marketing that utilises the power of the internet to promote products and services. Due to the increasing popularity of this field, it is expected to grow with each passing year. There are various types of courses available for students who are interested in pursuing a career in digital marketing. The courses include search engine optimization, social media management, and marketing analytics. Some of the well-known institutes that offer these types of courses include MICA and upGrad.
Knowledge of Digital Marketing will help you to get into a highly promising career as in the current work environment, everyone, starting from corporate people to startups to ad agencies is looking out for digital marketers. A digital marketing professional in India can expect to earn around 5 LPA while managers can earn up to 15 LPA depending on their job profile.
11. Get CIB Certified
CIB or Certificate in Investment Banking is a six-month course for graduates who want to increase capital for firms by selling equity and issuing debt. The valuation exam of CIB is a globally recognised examination that evaluates whether candidates can utilise systematic and strategic approaches to establish the valuation of listed and unlisted companies. Selecting the proper valuation forms a critical part of investment decisions relating to Initial Public Offerings, mergers, acquisitions, and other corporate actions.
Candidates can opt for the CIB course right after their B.Com but having an M.Com degree will make it easier for them to learn the coursework, which contains themes of asset management, equity research, hedge funds, corporate finance strategy, and private wealth management. The average annual salary for a CIB-certified professional can be around 9.6 LPA in India.
12. A career in Teaching and Research
Candidates who are interested in Business and Commerce subjects can enter the research field. A PhD degree can be obtained in subjects like Finance, Operations Research, Statistics, Organizational Behavior, Human Resource Management and other related subjects. After getting a degree in M.Com, people also think of studying abroad with a preferable subject.
Apart from JRF, various other national and international scholarships are available for students who have high research capabilities in fields like economics, commerce and management. To become a university lecturer, candidates must get a PhD degree. Those who want to teach school students must get a 2-year B.Ed degree.
Bonus Jobs after M.Com
After completing the M.Com degree, graduates get well-equipped for the work of an Auditor, Cost Accountant, Consultant, Tax Accountant, etc. Some of the high-paying career options after M.Com are listed below.
Cost Accountant: A Cost Accountant is a finance specialist who evaluates the expenses related to providing a service. The responsibilities of a Cost Accountant include analysing a budget to make it profitable and examining the total profit and loss report. Even though the Cost Accountant gains knowledge of Cost and Management Accounting during the M.Com course, different professional courses will help them land a good high-paying job.
Tax Consultant: The main responsibilities of a Tax Consultant include guiding people/ organisations with tax-related queries and helping them in tax optimization. Taxes comprise estate, income, capital gains, etc. With an M.Com degree, individuals can get jobs in a tax consultancy firm but having an LL.B degree will increase the chances of getting a job at taxation firms to manage finance and tax matters.
Sales Analyst: After getting your M.Com degree, the chances of getting a job that pays you well will automatically increase. One such job is the role of a Sales Analyst, who is hired by a firm/ organization to analyse the past trends of sales. Sales Analysts are in demand as the sales analysis will boost the company’s business. One of the important duties of a sales analyst apart from preparing reports is to identify new sales trends emerging in the market and undertake marketing campaigns. An M.Com degree holder with a keen interest in sales and marketing can get a job as a Sales Analyst.
Investment Banker: Investment Bankers are professionals who work as part of a financial organisation and help corporations, governments and other entities raise capital through different sources. Financial institutions appoint Investment Bankers to study the financial health of the organisation and recommend strategies to manifest them. An individual with an M.Com degree and an interest in the investment sector can get a job as an Investment Banker.
Popular Employment Sectors after M.Com
A person with an M.Com degree can work in the private and public sectors both. The job opportunities for an M.Com graduate is rising in sectors such as:
- International Banking
- Investment Banking
- Tax Advisory Services
- Financial Services
- Insurance Industry
- Insurance Services
- Commercial Banking
- Accounting and Auditing
- Economic Consulting Firms
- Educational Institutes
- Customs Department
- Government Services
Top Colleges offering M.Com Degree
Some of the most well-known colleges in India along with the fee structure where candidates can study M.Com are listed below.
Name of College/ Institute
To make the application process for the M.Com program hassle-free, do not forget to either dial 1800-572-9877 (toll-free) or fill up the Common Application Form.