Commerce Education in India: Contents, Importance, Challenges, Future Scope

Aindrila

Updated On: August 28, 2024 12:30 PM

Commerce education equips students with several specialised skills that help them excel in different functional areas of trade, industry and commerce. Get to know in detail about Commerce Education in India.

Scope of Commerce Education in India

One needs expert economists and accountants with sophisticated practical knowledge to be able to evaluate and analyze the intricacies of large-scale businesses and others to achieve the economic growth of an area or a country. Many educational institutions have been established to educate students in the field of commerce with a greater emphasis on practical knowledge to take advantage of this. Commerce has been the top choice for students for a very long time. The opportunities that come after completing the education are unimaginable. Commerce Education in India is the backbone of Economy, trade and industry.

India's educational system is under a lot of pressure because the country is still developing and must deal with new difficulties. India is currently experiencing major changes in its social, cultural, and economic landscape. On the one hand, there are fewer job openings, but on the other, business graduates are not up to industry standards in terms of skills and expertise. As there is a gap between industry demands and academic curricula, commerce education must be comprehensive, focused, and tailored with a focus on attitude, corporate awareness, grooming, and the development of managerial abilities. The colleges in India offer various Commerce subjects such as B.Com course which comes with different specialisations and BBA course .

Thus, there is a need for time to refocus and redesign commerce education so that it will be useful to society. Read this article to find out more about Commerce Education in India.

Meaning of Commerce Education

Commerce education in India is a field of study that deals with the study of business and trade, including the theory and practices of accounting, finance, economics, and management. With the growth of the Indian economy and the increasing importance of global trade, commerce education has become an essential part of the education system in India.

Commerce education in India encompasses a wide range of subjects, including accounting, economics, management, finance, and taxation. These subjects are taught in various educational institutions, including universities, colleges, and specialized institutes.

Commerce education is essential for students who are interested in pursuing careers in the fields of finance, accounting, banking, and business. It provides students with the knowledge and skills needed to understand the complex world of business and commerce and prepares them for a variety of career paths.

The Indian government has also recognized the importance of commerce education and has taken several initiatives to promote and develop it in the country. These initiatives include the establishment of specialized institutes, such as the Indian Institute of Management (IIM) and the Indian Institute of Technology (IIT) , which offer specialized courses in finance, accounting, and management.

Overall, commerce education in India is a crucial field of study that plays a significant role in shaping the country's economy and its future.

Importance of Commerce Education

Commerce education plays a vital role in shaping the future of India's economy by producing competent professionals who are equipped with the necessary skills and knowledge to succeed in the business world. It prepares students to participate in global trade, promotes entrepreneurship, and contributes to the growth of various sectors. With the increasing demand for skilled professionals in finance, accounting, banking, and management, the importance of commerce education in India has only grown over the years.

Here are some of the key points highlighting the importance of commerce education in India:

Enhances business acumen: Commerce education provides students with the knowledge and skills required to understand the complexities of business and finance. It helps to develop a strong foundation in business management, financial accounting, economics, taxation, and other critical areas.

Career opportunities: Commerce education opens up various career opportunities in the fields of finance, accounting, banking, and management. It equips students with skills that are in high demand in the job market, enabling them to secure well-paying jobs.

Promotes entrepreneurship: Commerce education also plays a significant role in promoting entrepreneurship in India. It provides students with the necessary skills and knowledge to start their businesses and manage them efficiently.

Contributes to the economy: The growth of the Indian economy is heavily dependent on the business and commerce sectors. Commerce education plays a vital role in shaping the future of the economy by producing competent professionals who can contribute to the growth of these sectors.

International trade: With the globalization of the economy, international trade has become an essential aspect of business. Commerce education prepares students to participate in global trade by providing them with knowledge of international laws, regulations, and business practices.

Financial literacy: Commerce education also helps in promoting financial literacy among students. It equips them with the knowledge and skills needed to manage personal finances, make sound investments, and plan for the future.

Objectives of Commerce Education

The objectives of Commerce education in India include:

  • Finding out challenges in the commerce education sector.
  • Identifying future trends in commerce education.
  • Fighting challenges in commerce education by promoting its importance in business and finance.

Also Read: List of Entrance Exams for Commerce Students After Class 12

Contents or Subjects Studied in Commerce Education

Commerce education covers a wide range of subjects that provide students with the necessary knowledge and skills to succeed in the business world. Some of the main contents/ subjects to study in Commerce include accounting, economics, finance, business law, management, taxation, marketing, entrepreneurship, and statistics. These subjects cover the principles and practices of various aspects of commerce, including financial management, legal framework, marketing, and entrepreneurship. Studying these contents prepares students for a wide range of career opportunities. A few of the major subjects studied by candidates in both UG and PG Commerce degrees are as follows:

Challenges in Commerce Education in India

A few of the major challenges to Commerce Education in India are as follows:

  • Lack of quality infrastructure and resources in educational institutions
  • Outdated curriculum that does not meet the demands of the rapidly growing business landscape
  • Shortage of qualified and experienced faculty members in Commerce Education
  • Limited industry exposure and practical training options for students
  • Restricted availability of scholarships and financial aid for students pursuing Commerce education
  • Low awareness among students and parents about the scope and benefits of Commerce Education
  • High competition for admission to top Commerce colleges and universities, leading to a skewed demand-supply ratio
  • Inadequate industry-academia collaboration and partnerships, lead to a gap between academic knowledge and practical skills required by employers
  • Language barriers in some regions, where students may not have a strong command of English, which is the primary language of instruction in Commerce Education
  • The high cost of Commerce Education in most private colleges/ universities may prevent some students from pursuing higher education in this field.

Overall, addressing these challenges is essential for ensuring that Commerce education in India remains relevant, accessible, and of high quality, enabling students to succeed in the business world.

Also Read: Diploma Courses after Class 12 Commerce: Duration, Jobs and Scope

Skills Required for Commerce Education in India

Candidates who want to study Commerce and make a mark in this area must be good with numbers and quick thinkers. The skillsets required to study Commerce in India are:

  • Quick Thinker
  • Good Communication skills
  • Numeracy skills
  • Problem-solving ability
  • Leadership skills
  • Critical and analytical thinking
  • Confidence
  • Multi-tasking
  • Adaptability
  • Committed
  • Time management skills
  • Strong negotiation skills

List of Top Commerce Specializations Available in 2024

Candidates who are interested to know the top Commerce specializations that are job-oriented providing them with the best return on their investment along with immensely benefitting their career are as follows:

Job Opportunities in Commerce Education in India

The job opportunities for commerce graduates are many and the skills of the employees can help run a business. The various job opportunities after completing Commerce education in India are:

Banking Institutions

Companies engaged in the Insurance sector

Private and Public Audit firms

Financial Companies and Offices

Offices in multipurpose Companies

Various Government undertakings

Firms providing Financial outsourcing

Industrial Accountancy Firms

Planning and Budget departments

Schools and Colleges

Hotels (Accounting Staff)

Hospitals (Accounting Staff)

Financial Teaching Institutes

Factories (Accounting Staff)

Future Scope of Commerce Education in India

Commerce education in India has witnessed significant growth over the years, and its future scope is highly promising. With the Indian economy projected to become the third-largest in the world by 2030, the demand for skilled professionals in the fields of finance, accounting, management, and marketing is expected to soar. This, in turn, will create ample opportunities for students pursuing Commerce education.

The following are some potential future directions for Commerce Education in India:

Emerging fields: With the advent of new technologies such as artificial intelligence, machine learning, and data analytics, new fields of Commerce are emerging. Students can pursue courses in areas such as financial technology, e-commerce, and digital marketing, which have significant growth potential.

Globalization: As India continues to integrate into the global economy, there will be an increasing demand for professionals with cross-cultural competencies and knowledge of global business practices. Commerce education can prepare students for international careers and enable them to participate in global trade.

Entrepreneurship: The Indian government's emphasis on entrepreneurship and self-employment has led to a growing demand for skilled professionals who can start and manage businesses. Commerce education can equip students with the necessary skills and knowledge to become successful entrepreneurs.

Professional Certifications: Many professional certifications in areas such as accounting, finance, and management are highly valued by employers. Commerce education can provide students with the foundation to pursue these certifications, which can enhance their employability and career prospects.

Industry-academia collaborations: Increasing collaborations between educational institutions and industry can lead to better alignment between academic curricula and industry demands. This can result in more practical training opportunities for students and enhance their job readiness.

In conclusion, the future scope of Commerce education in India is highly promising, with ample opportunities for students to pursue diverse careers in various fields. By keeping pace with the rapidly evolving business landscape, students can stay relevant and succeed in the dynamic world of commerce.

Also Read: Here Are The Top Career Options For You After B.Com - Check Now!

Top Commerce Education Colleges in India as per NIRF Ranking

The students who are interested in Comemrce Education usually look for top colleges as they provide good faculty, top-notch education, internship options and placement opportunities. We have provided here the top colleges offering commerce based on their NIRF Ranking 2024. Take a look at the table below to know the rank of the Commerce Education colleges in India:

NIRF Ranking 2024

Name of the College

City

State

Score

1

Hindu College

Delhi

Delhi

74.47

3

St. Stephen's College

Delhi

Delhi

72.97

5

Atma Ram Sanatan Dharma College (ARSD)

New Delhi

Delhi

72.59

6

St. Xavier’s College

Kolkata

West Bengal

72.15

7

PSGR Krishnammal College for Women

Coimbatore

Tamil Nadu

72.09

8

Loyola College

Chennai

Tamil Nadu

70.74

9

Kirori Mal College (KMC)

Delhi

Delhi

69.86

10

Lady Shri Ram College for Women (LSR)

New Delhi

Delhi

69.49

11

PSG College of Arts and Science

Coimbatore

Tamil Nadu

69.06

12

Hans Raj College

Delhi

Delhi

68.76

13

Presidency College

Chennai

Tamil Nadu

68.36

14

Madras Christian College

Chennai

Tamil Nadu

67.41

15

Thiagarajar College

Madurai

Tamil Nadu

66.82

16

Deshbandhu College

New Delhi

Delhi

66.03

18

Acharya Narendra Dev College

New Delhi

Delhi

64.73

19

Shri Ram College of Commerce (SRCC)

Delhi

Delhi

64.56

20

Rajagiri College of Social Sciences

Ernakulam

Kerala

64.22

21

Sri Venkateswara College

Delhi

Delhi

63.98

23

Lady Irwin College

Delhi

Delhi

63.27

25

St. Joseph's College of Commerce

Tiruchirappalli

Tamil Nadu

62.73

26

Deen Dayal Upadhyaya College

New Delhi

Delhi

62.47

28

V.O. Chidambaram College

Tuticorin

Tamil Nadu

60.80

29

Maitreyi College

New Delhi

Delhi

59.60

30

Stella Maris College for Women

Chennai

Tamil Nadu

59.51

31

Gargi College

Delhi

Delhi

59.28

33

Bishop Heber College

Tiruchirappalli

Tamil Nadu

58.61

34

Dyal Singh College

New Delhi

Delhi

58.55

35

Pachhunga University College

Aizawl

Mizoram

58.24

36

St.Xavier's College

Palayamkottai

Tamil Nadu

58.23

37

Sri Krishna Arts and Science College

Coimbatore

Tamil Nadu

58.22

39

Jesus & Mary College (Only for women)

New Delhi

Delhi

57.79

39

Sri Guru Gobind Singh College of Commerce, Delhi

Delhi

Delhi

57.79

41

Holy Cross College, Tiruchirappalli

Tiruchirappalli

Tamil Nadu

57.53

42

Nesamony Memorial Christian College

Marthandam

Tamil Nadu

57.03

43

Kamala Nehru College

Delhi

Delhi

56.95

44

Dhanalakshmi Srinivasan College of Arts & Science for Women

Perambalur

Tamil Nadu

56.91

45

Fergusson College (Autonomous)

Pune

Maharashtra

56.77

46

St. Teresa's College, Ernakulam

Ernakulam

Kerala

56.71

47

Sacred Heart College (Autonomous)

Tirupattur

Tamil Nadu

56.43

48

Sacred Heart College

Kochi

Kerala

56.31

49

Shivaji College

Delhi

Delhi

56.11

49

Govt. College for Women, Thiruvananthapuram

Thiruvananthapuram

Kerala

56.11

51

Govt Home Science College, Sector-10

Chandigarh

Chandigarh

55.92

52

Kongunadu Arts & Science College

Coimbatore

Tamil Nadu

55.91

53

Maharaja's College, Ernakulam

Ernakulam

Kerala

55.70

54

The American College

Madurai

Tamil Nadu

55.69

55

St. Joseph`s College of Commerce

Bengaluru

Karnataka

55.65

57

St. Thomas College, Thrissur

Thrissur

Kerala

55.59

58

St. Aloysius College

Mangaluru

Karnataka

55.57

59

Jamal Mohamed College

Tiruchirappalli

Tamil Nadu

55.46

60

Kristu Jayanti College

Bengaluru

Karnataka

55.35

61

St. Joseph`s College, Devagiri

Kozhikode

Kerala

55.33

62

Bishop Moore College

Alappuzha

Kerala

55.25

63

Ayya Nadar Janaki Ammal College

Sivakasi

Tamil Nadu

55.13

64

Ramanujan College

New Delhi

Delhi

54.85

66

Mar Ivanios College

Thiruvananthapuram

Kerala

54.75

67

Women`s Christian College

Chennai

Tamil Nadu

54.54

69

S.B. College, Changanacherry

Kottayam

Kerala

54.51

70

Goswami Ganesh Dutta S.D. College

Chandigarh

Chandigarh

54.50

71

Queen Mary`s College

Chennai

Tamil Nadu

54.49

72

Daulat Ram College

Delhi

Delhi

54.37

74

Mar Athanasius College

Kothamangalam

Kerala

53.94

75

Dr. N. G. P. Arts and Science College

Coimbatore

Tamil Nadu

53.93

76

Alagappa Government Arts College, Karaikudi

Karaikudi

Tamil Nadu

53.87

78

A.P.C. Mahalaxmi College for Women

Thoothukkudi

Tamil Nadu

53.77

79

Ethiraj College for Women

Chennai

Tamil Nadu

53.61

80

Vimala College, Thrissur

Thrissur

Kerala

53.49

81

S S Jain Subodh P G College, Jaipur

Jaipur

Rajasthan

53.46

82

National College

Tiruchirappalli

Tamil Nadu

53.14

82

Sri Ramakrishna Mission Vidyalaya College of Arts and Science

Coimbatore

Tamil Nadu

53.14

84

Government Victoria College

Palakkad

Kerala

53.09

85

St. Joseph's College

Thrissur

Kerala

52.95

86

Maharaja Agrasen College

Delhi

Delhi

52.88

87

M S Ramaiah College of Arts, Science, and Commerce

Bengaluru

Karnataka

52.87

88

Scottish Church College

Kolkata

West Bengal

52.79

89

Guru Nanak College

Chennai

Tamil Nadu

52.60

89

St. Xavier`s College

Mumbai

Maharashtra

52.60

91

Bethune College

Kolkata

West Bengal

52.50

92

CMS College Kottayam

Kottayam

Kerala

52.36

93

Keshav Mahavidyalya

Delhi

Delhi

52.13

94

Dr. S. N. S. Rajalakshmi College of Arts and Science

Coimbatore

Tamil Nadu

52.08

95

Virudhunagar Hindu Nadars Senthikumara Nadar College

Virudhunagar

Tamil Nadu

52.06

96

Government Arts College

Kumbakonam

Tamil Nadu

51.92

97

Delhi College of Arts and Commerce

South West

Delhi

51.91

98

Sadakathullah Appa College

Tirunelveli

Tamil Nadu

51.90

99

Shri Shivaji Science College

Amravati

Maharashtra

51.86

100

Scott Christian College

Nagercoil

Tamil Nadu

51.84

Also Read: Explore Your Options in Government Sector After B.Com

For more such content like this, stay tuned with CollegeDekho . Students can get in touch with us via the QnA Zone or through our toll-free number (1800-572-9877).

Are you feeling lost and unsure about what career path to take after completing 12th standard?

Say goodbye to confusion and hello to a bright future!

news_cta

FAQs

What subjects do students get to study in their MBA in Banking and Finance course?

The subjects taught to students who study MBA in Banking and Finance are Principles of Management and Organizational Behavior, Managerial Economics, Accounting and Finance for Managers, Marketing Management, Human Resource Management, Quantitative Techniques for Management, Research Methods for Management, Corporate Communication, Operations Management, Financial Institutions and Services, Management Control Systems, Banking and Insurance Marketing, Management of Banking and Insurance Companies, Commercial Banking and Role of RBI, Mutual Fund Management, Merchant Banking, Business Environment and Ethics and Strategic Management.

Can commerce students do higher studies after completing their Bachelor’s?

Yes, students after getting their Bachelor’s degree in commerce can do higher studies or can opt for jobs. Students can do M.Com in any one of the various specialisations available or an MBA or can study CA, CS, CFA, etc. The various specialisations offered by the universities are Accounting and Finance, Accounting and Taxation, Banking and Finance, Banking and Insurance, Actuarial Science, Banking and Insurance, Business Administration, Applied Economics, Financial Accounting, Human Resources, Investment Banking, Entrepreneurship and Auditing. 

What are the subjects taught in commerce courses like BBA?

BBA stands for Bachelor of Business Administration, which is a 3-year course studied at the undergraduate level. At the UG level, the subjects taught to the BBA students are Introduction to Business Studies, Business Accounting, Principles of Microeconomics, Business Communication, Business Mathematics, Business Entrepreneurship, Elements of IT, Organizational Behavior, Management Accounting, Macroeconomic Theory, Corporate Governance and Ethics, Human Resource Management, Business Statistics, Fundamentals of Marketing, Integrated Disaster Management, Operations Research, Business Laws, Foreign Language, Research Methodology, etc. 

What are the objectives of studying commerce?

Commerce subjects are very popular these days as students are taking up other streams apart from medical or engineering fields. The course comes up with some objectives as well that students who thought of taking commerce should know. The objectives of Commerce education in India are to find out the challenges in the commerce education sector, identify future trends in commerce education, and fight challenges in commerce education by promoting its importance in business and finance.

What challenges do individuals face who study Commerce?

Commerce education is considered the backbone of the serial development of business in the nation. So, it is important that in a sector as crucial as this one, there are no flaws in the system. Some of the challenges that Commerce students face are reforming International and Indian economic sectors, appearing issues in commerce, the global economy and management, Internationalisation or globalisation of the Financial Market in the world, strategies and challenges to control inflation, the role of IMF and World Bank, etc.

What subjects are taught to students studying B.Com in Finance and Accountancy and B.Com (Hons)?

The students who are studying B.Com in Finance and Accountancy and B.Com (Hons) tend to have similar subjects. The subjects taught are Financial Accounting, Business Law, Business Economics, English/Hindi/Modern Indian Language, Business Management, Human Resource Management, Management Accounting, Principles of Macroeconomics, Organizational Behavior, IT in Business, Financial Management, Income Tax, Corporate Law, Auditing, Strategic Cost Management, Indirect Taxation, Strategic Management, Ethics and Corporate Governance, International Taxation and Transfer Pricing, Business Mathematics, Computer Applications in Business, Principles of Marketing, etc. 

What are the skills required to study commerce?

Students who want to study commerce need to deal with numbers, so they must have numeracy skills. Apart from that, other skills that someone who wants to study commerce needs to have are Quick Thinker, Good Communication skills, Numeracy skills, Problem-solving ability, Leadership skills, Critical and analytical thinking, Confidence, Multi-tasking, Adaptability, Committed, Time management skills, Strong negotiation skills, etc. Before students think of studying commerce, make sure you have the required skills. 

In which sectors can individuals work who have studied Commerce?

The job opportunities that commerce graduates get are plenty as they have knowledge of how business works. A successful business often depends on the strong skills of the employees and specialized staff who can help the management to run things effectively by analyzing problems and recommending solutions. Different sectors where a commerce graduate can work are Banking Institutions, Financial companies and offices, Firms providing financial outsourcing, Firms providing financial outsourcing, Industrial Accountancy firms, Financial Teaching institutes, Schools and Colleges, Planning and Budget departments and many more. 

What is the role of Commerce education in India?

Commerce education provides candidates with specialised skills that come useful in tackling problems in different functional areas of commerce, industry and trade. The role of commerce education is to generate human resources to overcome the challenges in the field of commerce and business. To achieve such a goal, commerce education must be focused on linkage with business and industries. 

Why is Commerce popular among students?

Commerce education is considered one of the popular career options for youths in India as it is the backbone of the economy, trade and industry. As more and more companies are hiring students from commerce backgrounds, students are seen taking up commerce apart from the usual engineering or medical courses. In colleges and universities, students are given in-depth knowledge of business and other functional fields that help them to understand the market.

View More
/articles/commerce-education-in-india/
View All Questions

Related Questions

I like to join your college you have a seat

-Sangameshwar reddyUpdated on September 29, 2024 06:39 PM
  • 1 Answer
Rajeshwari De, Content Team

If you meet the eligibility requirements, you can apply for admission to Nagarjuna Government College. The following qualifications must be met in order to be admitted to Nagarjuna Government College:

  • You must have achieved success on the 10+2 exam or an equivalent test from a reputable board.
  • In the 10+2 exam, you must have received at least 50% of the possible points.
  • You must have done well or qualified in the college's entrance test.

The written part of the Nagarjuna Government College entrance exam gauges your familiarity with the courses you'll be studying there. Typically, the exam takes place …

READ MORE...

I have completed my 10th in the year of 2015 I want to study an Open Degree B.Com . Is there are admissions available at Kakatiya University

-Hindu GopinathUpdated on September 26, 2024 12:37 PM
  • 1 Answer
Rajeshwari De, Content Team

Yes, the B.Com programme is offered at Kakatiya University via distance learning mode through the School of Distance Learning & Continuing Education (SDLCEKU). The B.Com programme is a three-year undergraduate degree in commerce that includes a wide range of areas such as accounting, business administration, economics, and finance. Students must have passed the intermediate or equivalent qualification to be eligible for admission to the B.Com programme at Kakatiya University. There is no need for an entrance exam for direct admission. The B.Com programme at Kakatiya University lasts three years, divided into six semesters. To graduate, students must finish all of …

READ MORE...

No link is available for 2nd phase counselling for TS cpget 2024......plz help

-anil naikUpdated on September 26, 2024 11:46 AM
  • 1 Answer
Apoorva Bali, Content Team

Hi, 

No worries! Please find the direct link to 2nd phase counselling for TS CPGET 2024 below:

https://cpget.ouadmissions.com/ocv24/index.aspx

The second phase of counselling started on September 21, 2024, and will conclude by September 27, 2024. If you haven’t registered, kindly complete the process before the deadline!

READ MORE...

Do you have a question? Ask us.

  • Typical response between 24-48 hours

  • Get personalized response

  • Free of Cost

  • Access to community

Subscribe to CollegeDekho News

By proceeding ahead you expressly agree to the CollegeDekho terms of use and privacy policy

Top 10 Commerce and Banking Colleges in India

View All
Top