What is the best job for commerce students?
The answer to this question can be any of the competitive, high-paying career options, all of which can lead you to a path of success.
But identifying the role that suits your aptitude and one that will help you climb the ladder is a long process and requires a lot of research.
As you explore the right career option in the field of commerce, here is an article to help you get a headstart!
In this blog, we list some high-paying jobs for commerce students to make sure your career journey begins on a breezy note.
1. Chartered Accountant (CA)
Becoming a Chartered Accountant is one of the most sought-after career options. It is among the high-paying jobs for commerce students and has a massive scope, leading to high demand.
A CA is responsible for the accounting transactions of businesses like accounting, auditing documents, financial reports evaluation, filing tax returns, and keeping a check on revenues, investments, and expenses.
They also assist their employers/clients while managing their accounts and offer taxation and financial advice.
Some core skills CAs must have are:
- Knowledge of statistics, mathematics, and accounting
- Thorough understanding of financial transactions
- Accounting and auditing
- Accuracy
How to become a CA?
It takes around 3-7 years to become a Chartered Accountant depending on the time you take to clear the examinations.
To become a CA, students must complete the three levels of the course- Foundation, IPCC, and CA final as prescribed by the ICAI.
Here is what the process looks like step-by-step:
- Register with ICAI for the CA foundation exam
- Pass the CA foundation exam and enroll to appear for IPCC groups
- Clear one or both IPCC groups (You can clear the second one while completing Articleship)
- Sign up for Articleship training for three years
- Register and pass both groups of CA Final
You can read more about how to become a chartered accountant in our blog What is Chartered Accountancy and How to Become a CA?
Explore CA jobs here.
2. Investment Banker
Investment banking is another high-paying career option for commerce students and offers an amazing growth trajectory to people pursuing it.
An investment banker is responsible for increasing company capital while working closely with banks and other financial institutions.
They offer consultation to corporates and other financial organizations and help them achieve their financial goals through acquisitions, sales, asset management, maintaining investment portfolios, etc.
How to become an investment banker?
To become an investment banker, this is the education path to be followed:
- Class 12 with a specialization in Commerce (preferably)
- Bachelor's degree in finance, economics, accounting, or business to get an entry-level position with an investment bank. ( Consider degrees like Bachelor in Commerce, Bachelor of Arts (BA) in Economics, Bachelor of Business Administration (BBA) in Finance, Bachelors in Finance/Accountancy
- Master's degree or a doctorate. (Consider degrees like MBA in Finance, MBA in Digital Finance & Banking, Chartered Financial Analyst, and/or Chartered Accountant)
- Mathematical, analytical, project management, negotiation, and communication skills
Furthermore, becoming an investment banker requires specific skills, some of which are:
- Sound reasoning
- Analytical skills
- Asset management, valuation, mergers, and company takeovers
- Knowledge of drafting investment memorandums, pitchbooks, and management presentations
- Ability to pitch to investors, company personnel, clients, and other stakeholders.
- Interest in keeping up with the market developments, and the ability to identify potential business opportunities
- Financial modeling, developing and presenting financial solutions to clients
According to AmbitionBox, the average salary of an investment banker in India is ₹ 4.5 Lacs and ranges anywhere from ₹ 2.0 Lacs to ₹ 33.5 Lacs
You can read all about becoming an investment banker in these blogs:
Explore investment banker jobs here.
3. Chartered Financial Analyst (CFA)
Pursuing CFA is a good option for commerce students as there is always a demand for chartered financial analysts, making it one of the high-paying career options for commerce students.
Chartered Financial Analyst identifies good investment opportunities for their employers and works on managing credit analysis, income analysis, and wealth management.
CFAs can find job opportunities with banks, investment companies, MNCs, financial securities firms, etc.
How to become a CFA?
To become a Chartered Financial Assistant, candidates must have a bachelor’s degree in economics, accounting, mathematics, or statistics, and an estimated relevant experience of 4 years. Finding your way to becoming a CFA through CA is also a great idea as it offers several exemptions in the examination process.
The skills needed to become a CFA includes:
- Investment analysis
- Financial modeling
- Investment portfolio management
- Data analysis
- Knowledge of MS-Excel
- Programming languages like SQL, Python
Explore CFA jobs here.
4. Actuary
Becoming an Actuary is one of the less popular career options for commerce students compared to CA, CFA, or Investment banking.
But it is also one of the highest salary jobs for commerce students. An Actuary analyzes and evaluates the risks in the insurance industry to prepare their organization to deal with potential liabilities.
They are adept at risk management and mathematics and work to prepare the company for a situation like property loss, disabilities, etc.
How to become an Actuary?
It takes about 5-6 years to become an Actuary. Here is how you can navigate through the process:
- Opt for Mathematics as the main subject and preferably Science (PCM) in 10+2
- Earn a bachelor’s degree lie B.Sc in Actuarial Science or specialization in business administration, commerce, mathematics, finance, economics, or a relevant field.
- Pursue M.Sc in Actuarial Science
- Clear the ACET (Actuarial Common Entrance Test)
- Clear the 15 stages of Actuarial Sciences
You can explore the website of Institute of Actuaries of India for more details.
Apart from education, some skills that an Actuary must have are:
- Risk analysis & management
- Analytical thinking
- Financial modeling
- Business and finance aptitude
- Knowledge of Mathematics and Computers
- Problem-solving skills
According to AmbitionBox, the average salary of an Actuarial analyst in India is ₹ 6 Lacs and ranges anywhere from ₹ 3.6 Lacs to ₹ 11.9 Lacs.
Those pursuing the field can climb the ladder from this base position and achieve better remunerations.
Explore Actuarial jobs here.
5. Cost Management Accountant (CMA)
Becoming a Cost Management Accountant (CMA) is a relatively difficult course than the others mentioned here.
What makes it worth the effort is the fact that it is one of the highest salary jobs for those pursuing commerce.
CMA is an internationally accredited professional certification for students that have commerce and accounts background. Affiliated with ICAI, this certification also holds value in countries like the USA.
How to become a CMA?
Here is how you can pursue CMA:
- Opt for Commerce in 10+2
- Pursue a degree with a specialization in commerce, accounts, finance, etc.
- Clear the three levels of CMA- foundation, intermediate and final
- To become a CMA, you must know:
- Financial Accounting and reporting
- Cost management
- Planning and budgeting
- Risk evaluation
- Strategizing
- Performance Management
According to AmbitionBox, the average salary of a CMA Trainees in India ranges from ₹ 0.9 Lacs to ₹ 9.9 Lacs.
Those pursuing the field can climb the ladder from this base position and achieve better remunerations.
Explore CMA jobs here.
6. Retail Manager
Retail management is one of the fast-paced jobs for commerce students and has the potential to offer high salaries.
Retail managers overlook and supervise the everyday activities of retail outlets. They are responsible for the staff, sales numbers, stock management, and even client satisfaction.
Their job is to ensure that the store they are responsible for is aesthetically pleasing and runs successfully. Since they are responsible for the overall store operations, both frontend and backend, they must be actively involved with all store activities and be pro at problem-solving.
How to become a retail manager?
It may take around 4-6 years to become a store manager. While the education requirements for this career option are flexible, here is a preferred career path to pursue retail management:
- Graduation degree with any specialization from a recognized university
- Management diploma/ certificate or MBA from a recognized university
- Relevant retail experience
The skills needed to become a retail manager are:
- Managerial skills
- Increase sales revenue
- Stock-keeping
- Knowledge of visual merchandising
- Identifying potential problems, and scope of errors, and preparing plans to mitigate them
- Team management
- Good communication skills
- Interpersonal skills to build relations with clients, store executives, and other stakeholders
According to AmbitionBox, the average salary of a retail manager in India ranges from ₹ 2.0 Lacs to ₹ 12.4 Lacs.
Explore retail manager jobs here.
7. Certified Public Accountant (CPA)
A CPA is responsible for handling taxes, reports, and audit processes for clients, organizations, and sometimes, the government.
They share valuable insights about past events or those that may happen in the future and protect their employers from unforeseeable liabilities or losses.
One of the highest salary jobs for commerce students, becoming a Certified Public Accountant can get you a well-paying job in India, the United States, and many other countries.
Their responsibilities include preparing tax returns, acting on behalf of the taxpayers before the IRS, reviewing financial statements, creating budget reports, conducting audits, and ensuring that the financial records presented to them comply with state, and local rules.
How to become a CPA?
This is how you can become a CPA:
- Earn a Bachelor’s degree, preferably in a commerce-related field like B.Com, B.A. in Economics, etc.
- Clear CPA Exams
- Apply for a CPA license
- Complete the 150-hour semester of the CPA course
- Earn 1-2 years of experience with a CPA
To become a US CPA, Earn a 120 credit score in a commerce field (Each academic year in a university is equivalent to 30 credit points)
The skills required for this career option include:
- Learn about accounting and reporting procedures.
- Become proficient with new accounting systems and tools.
- Stay up-to-date with the tax laws
- Proficiency in MS-Excel
- Knowledge of SQL, QuickBooks, ERP systems, and software for business intelligence
- Interpersonal and communication skills
According to AmbitionBox, the average salary of a Certified Public Associate in India ranges from ₹ 1.7 Lacs to ₹ 8.8 Lacs.
Explore CPA jobs here.
Conclusion
Today, students pursuing a career in Commerce have a plethora of career opportunities.
Out of the many career options that a commerce student can explore, we have discussed the seven best jobs that promise high-paying salaries and offer massive scope for growth.
As you step into this new phase of your career journey, the article will help you make informed career choices and find the best for you!
All the best
