Best Commerce Courses After 12th for a Successful Career

After completing 12th grade, students interested in commerce have a wide range of courses to choose which provide them with attractive career options. The courses can be broadly categorised into :

1.      Undergraduate Degree Courses

2.      Professional Courses

3.      Diploma & Certification Courses

4.      Integrated & Dual Degree Programs

1. UNDERGRADUATE DEGREE COURSES

These are the most popular choices and the basic degree for commerce students which can be pursued immediately after clearing the 12^th standard boards. They are:

        I.            B.Com (Bachelor of Commerce)

           ii.            B.Com (Hons.)

           iii.            BBA (Bachelor of Business Administration)

           IV.            BBA in Finance / Accounting

           v.            BMS (Bachelor of Management Studies)

           vi.            B.A. (Hons.) Economics

   VII.            B.Com + CA Integrated

 VIII.            B.Com + CS (Company Secretary)

           ix.            B.Com + CMA (Cost & Management Accountant)

2. PROFESSIONAL COURSES

These are job-oriented professional courses that enhance career prospects:

1.        CHARTERED ACCOUNTANCY (CA)

A chartered Accountant is a professional known for their expertise in Accounting, Auditing, Taxation, and Financial Management. They are administered by the Institute of Chartered Accountants of India (ICAI). It is one of the toughest courses in India and gains global recognition and reputation. After becoming a Chartered Accountant, one can choose among practice, employment, or even teaching.

·       Eligibility 

           There are two ways to approach this course:

1. Foundation Route
      Under this route, a Class X passed student may register with the Board of Studies (BoS) of the Institute for the Foundation Course, but they can attend the exams only after appearing for  Class XII board exams.
2. Direct Entry Route
      The ICAI allows the following candidates to enter directly into its Intermediate Course:
   • Commerce Graduates/Postgraduates with a minimum of 55% marks.
   • Other Graduates/Postgraduates with a minimum of 60% marks.
   • Intermediate-level passed candidates of the Institute of Company Secretaries of India and the Institute of Cost Accountants of India.

Candidates pursuing their Final Year Graduation/Post-graduation Course are eligible for provisional registration for the Intermediate Course, which shall be confirmed only upon submission of satisfactory proof of having passed the graduation/post-graduation examination with the minimum marks mentioned above, before applying for admission to the Intermediate Examination.

·       Course structure

CA course is divided into three structures, namely – Foundation, Intermediate, Articleship(internship), and Final

·       How can I become a CA?

One can pursue CA either after the 12^th boards or by getting a degree. Having a degree with 55% helps a candidate to start the CA journey from the intermediate level without the need for a foundation.

·       Syllabus & Curriculum

*Students must pass the papers individually as well as obtain 50% of the aggregate to clear each level.

*Students must also undergo a mandatory internship (known as articleship) for a period of 2 years after clearing both the groups of CA Intermediate to be able to appear for the CA Final exams, which can be done under a CA firm or an industry.

* The exams are conducted thrice a year (January, May, September)

·       Duration – 4.5-5 years

·       What are the responsibilities of a CA?

The responsibilities of a CA include :     

(a) Financial advice

(b) Auditing

(c) Tax consultancy

(d) Investigations

(e) Reconciling of statements and so on

·       What are the job positions of a CA?

CAs take up job positions such as :

(i) Chief Financial Officer

(ii) Chief Executive Officer

(iii) Audit and Accounts Manager

(iv) Financial Analyst and so on

·       What is the cost of doing CA?

The estimated cost of doing CA is approximately Rs. 80,000, which is to be paid to the ICAI. These fees do not include the coaching fees of private institutes as well as the exam fees.

·       What is the salary of a CA in India?

The initial average salary of a CA is Rs. 8 LPA, which can rise up to Rs. 2 Crores depending upon one’s knowledge, experience, and specialisation he has opted for.

·       Global recognition

The Indian Chartered Accountancy course has global recognition and is not just limited to India. However, some countries will need Indian CAs to have additional qualifications to work for them.

2.        COMPANY SECRETARY (CS)

A Company Secretary is a person who ensures that a company adheres to laws and regulations in its day-to-day functioning. It is a professional course offered by the Institute of Company Secretaries of India (ICSI). The profession has its main focus on Law.    

·       Eligibility for the Company Secretary Course

The CS course begins with the CSEET (Company Secretary Executive Entrance Test), which is open to students who have passed or are appearing for their 12th standard exams. It is structured into three levels.

Graduates can begin directly from the CS Executive level without appearing for the CSEET.

Students appearing in the final year / final semester examination (can register provisionally)

·       Course structure

The course is divided into three levels :

(a) Company Secretary Executive Entrance Test (CSEET) – 4 months

(b) CS Executive – 9 months

(c) Internship – 21 months

 (d) CS Professional - 10 months                                                                                               

·       How can I become a CS?

A candidate can pursue CS either after the 12^th boards or after completing a degree. Graduates/Post Graduates/CA Final Pass students/ CMA Final Pass students can start with the CS Executive Programme without the need for CSEET

Note : Students appearing in the Final Year/ Final Semester examination can register provisionally for the course.

·       What are the Responsibilities & Roles of a CS?

1. Corporate Governance and Compliance

2. Board Meetings and Record Keeping

3. Legal Advisor

4. Secretarial audit

5. Facilitation of Corporate Transactions

·       Scope of Syllabus

*Students must pass the papers individually as well as obtain 50% of the aggregate to clear each level.

*The CSEET exam is conducted four times a year in January, May, July, and November. 

* The CS Executive and CS Professional exams are conducted twice a year – June & December.

·       Duration of the course: 3 – 3.5 years

·       What are the job positions of a CS?

(a) Legal Advisor

(b) Secretarial Auditor

(c) Chief Compliance Officer

(d) Corporate Affairs Manager

·       Course Fees

The course fees are approximately Rs. 55,000, which is to be paid to the ICSI. The total cost of pursuing the course may vary depending on the private coaching centres as well as the pace of clearing the exams. 

·       What is the salary of a CS in India?

The starting salary of a CS is Rs. 5 LPA, which can go as high as Rs. 25 LPA. The high initial salary is expected to be Rs. 12 LPA.

3.        COST AND MANAGEMENT ACCOUNTANT (CMA India)

·       Who is a CMA?

The Cost and Management Accountants are professionals who are trained in various areas such as financial analysis, budgeting, forecasting, cost management, and performance evaluation. It is administered by the Institute of Cost Accountants of India (ICMA).

·       Core Subjects – Cost & Management Accounting, Financial Management

·       Course structure

(i) CMA  Foundation (6 months)

(ii) CMA Intermediate (10 months)

(iii) Articleship(15 months)

(iv) CMA Final (10 months)

An alternative pathway for students after completing their 12th is the CMA CAT (Certificate in Accounting Technicians) program, a certification course designed as an entry-level accounting qualification. Those who successfully complete the first part of the CMA CAT can directly progress to the CMA Intermediate level, bypassing the CMA Foundation. Additionally, CMA CAT equips students with the skills to manage accounts, prepare tax returns, and handle various compliance filings under laws such as the Companies Act, Income Tax, GST, Customs Act, and documentation for export and import.

The CMA CAT course, developed by the Institute of Cost Accountants of India in consultation with the Ministry of Corporate Affairs, Government of India, is aligned with the Qualification Pack BSC/Q8103 - Accounts Assistant of the BFSI Sector Skill Council of India (BFSISSC).

·       Eligibility 

           There are two ways to approach this course:

        i Foundation Route
   Under this route, a Class X passed student may register for the Foundation Course, but they can attend the exams only after clearing Class XII board exams.

           ii.            Direct Entry Route
   The following candidates can enter directly into its Intermediate Course:

• Commerce Graduates/Postgraduates 
• Other Graduates/Postgraduates (excluding performing arts, music)
• Intermediate-level passed candidates of the Institute of Chartered Accountants of India.
• The Final Examination of the Institute of Company Secretaries of India
•  Final Examination of the Association of Chartered Certified Accountants, U.K. (ACCA)
• Any other examinations as may be recognized by the Council for the purpose of admission as a registered student of the Institute. 

Candidates pursuing their Final Year Graduation/post-graduation course are eligible for provisional registration for the Intermediate Course

·       Syllabus

*Students must pass the papers individually as well as obtain 50% of the aggregate in order to clear each level.

 CMA CAT Part-1

Paper 1 - (100 Marks)

Section A : Fundamentals of Financial Accounting (60 Marks)
Section B : Applied Business and Industrial Laws ( 40 Marks) 

Paper 2 - (100 Marks)
Section A : Financial Accounting -2 (50 Marks)
Section B : Statutory Compliance (50 Marks)

Total 100 MCQs, each question will carry 1 mark

There will be no negative marking for wrong answers.  

*Note : The CMA exams are conducted twice a year - June and December

·       Duration : 3.5 to 4 years

·       What are the responsibilities of a CMA?

        I Corporate Decision Making

           ii.            Resource Management

           iii.            Performance Management

           iv.            Financial reporting & Strategy

           v.            Risk Management

·       What are the Job positions of a CMA?

 Some of the Job positions of a CMA are

1. Management Accountant

2. Cost Accountant

3. Cost Auditor

4. Chief Financial Officer

5. Finance Manager

·       Course Fees

The course fees are approximately Rs. 60,000, which is to be paid to the The Institute of Cost Accountants of India. The total cost of pursuing the course may vary depending on the private coaching centres as well as the pace of clearing the exams. 

·       Salary

The prospective salary of CMA India ranges from Rs. 8 LPA – Rs. 60 LPA with an average salary of  Rs. 24 LPA. The rise in salary depends on the knowledge level and experience of an individual.

·       Global recognition

CMA India has a limited global recognition. However, it has high demand in places where an Indian company operates and its activities take place.

4. CERTIFIED MANAGEMENT ACCOUNTANT (CMA USA)

·       Who is a CMA USA professional?

A Certified Management Accountant (CMA) in the USA is a professional qualification awarded by the Institute of Management Accountants (IMA). This certification signifies expertise in financial management and strategic decision-making, particularly in the fields of management accounting and financial management.

·       Course Structure

The course is divided into two parts – Part I and Part II, each part having 6 subjects each. The exams are conducted thrice a year, and the students can select their convenient exam dates and time from the following three windows:

(i)                  January-February window

(ii)                 May-June window

(iii)               September-October window

The duration of exams is four hours, where the first three hours are dedicated to MCQs (Multiple Choice Questions) and the last one hour is for Essay Questions.

To unlock the Essay Question section, candidates must correctly answer at least 50 out of the 100 MCQs.

·       Syllabus

Part I : Financial Planning, Performance, and Analytics

Part II : Strategic Financial Management

·       How to become a CMA USA?

A candidate can become a CMA USA professional after passing the two parts of the course. They can start the course after their 12^th boards, but they should be backed by a degree, which can be done even as correspondence. Additionally, they should also have two years of work experience in management accounting or financial management. 

·       Duration : 6 to 12 months

·       What are the Job Positions of CMA USA?

The certification offers the following job positions :

        I.            Cost Accountant

           ii.            Cost auditor

           iii.            Internal Auditor

           IV.            Finance Manager

           v.            Chief Financial Controller

·       What are the responsibilities of CMA USA professionals?

1. Financial Reporting and Analysis

2. Budgeting and Forecasting

3. Strategic Decision Support

4. Presenting Financial Assessments

·       Course Fees

*IMA membership is required. Certified CMAs will need to pay a $30 annual renewal fee and will be required to report 30 hours of CPE on an annual basis.

·       Salary of CMA USA

A qualified CMA USA professional has an initial salary package of Rs. 6 LPA in India, which can typically range to Rs. 20 LPA with an average salary of Rs. 12 LPA.

·       Global recognition

CMA USA has its recognition in over 150+ countries, in many regions such as outside of North America, including Europe, China, and the Middle East.

5. ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)

·       Who is an ACCA?

The Association of Chartered Certified Accountants (ACCA) is a globally recognized professional body for accountants specializing in financial reporting, management, audit, and international taxation

·       Course structure

Candidates must pass a total of 13 exams to qualify for ACCA membership. The initial 4 exams can be exempted if one holds a degree. The number of paper exemptions available to them also depends on the university from which they acquire their graduation or post-graduation. The students can check their exemption availability on the ACCA website before enrolling. Students who have completed other professional courses such as CA, CMA, or CS are exempted from appearing for the Knowledge Level and Skill Level papers, but must mandatorily attend the Professional Level papers.

The course also requires candidates to have practical experience of a minimum of 36 months and achieve specific performance objectives during that time.

·       How to become an ACCA?

Candidates can commence the course after their 12^th boards. If they have a degree, they can be exempted from the initial 4 exams. The exemptions may vary according to the university from which one holds a degree.

·       Syllabus

v  Ethics and Professional Skills Module

This module supplements your technical knowledge by helping you develop the ethical and professional behaviours you’ll need to successfully complete your Strategic Professional exams as well as preparing you for a successful career as a trusted and confident professional accountant. It should be started after the Applied Knowledge exams have been completed and before commencing the Strategic Professional exams.

To qualify for ACCA membership, candidates need to complete a minimum of 36 months of relevant work experience and achieve specific performance objectives, which is called the Practical Experience Requirement.

·       Duration : 2 to 3 years (depends upon the pace of clearing the exams and the paper exemptions on prior qualifications)

•  ACCA Course Eligibility

After Class 10 - FIA Route

  Students who have completed the FIA route can join ACCA, but they must complete the Knowledge level papers before progressing to the Skill level.

After Class 12

Students must have completed their higher secondary education (10+2) with:

• A minimum of 65% in Mathematics or Accounting, and English.
• An overall aggregate of at least 50% in other subjects

Note: Students who do not meet the above criteria must register through the FIA route

·       What are the responsibilities of ACCA?

1. Financial reporting

2. Management Accounting

3. Audit and Assurance

4. taxation

5. Consultancy

·       What are the Job positions of ACCA?

1. Auditor

2. Chief Financial Auditor

3. Tax Consultant

4. Financial analyst

·       Course Fees

The course fees for ACCA are approximately Rs. 2.5 lakhs(excluding coaching fees). This can change according to the change in foreign exchange rate and the number of attempts).

·       What is the Salary of an ACCA in India?

 Salary – Rs. 7 LPA, which can rise up to Rs. 32 LPA depending on experience and knowledge. The  high Initial Average Salary – Rs. 15 LPA

·       Global recognition of ACCA

ACCA professionals are globally accepted in over 180+ countries, including established financial centers like the UK, Singapore, and emerging markets in Africa and the Middle East.

6. CERTIFIED PUBLIC ACCOUNTANT (CPA)

·       Who is a CPA?

A Certified Public Accountant is a professional who is administered by the American Institute of Certified Public Accountants (AICPA) and specialises in various areas of accounting, including auditing, taxation, and financial reporting. It is the Chartered Accountancy course of the USA.

·       Eligibility

1.          Candidates must have a minimum of a bachelor’s degree from an accredited institution. This degree does not necessarily have to be in accounting, but it should include relevant coursework.

2.          To be eligible to appear for the CPA exams, one must have at least 120 credit hours.

(Note : Some bridge courses offer provisional credits)

·       Course Structure

The CPA course consists of four main sections:

A. Core papers (All mandatory)

1.          Auditing and Attestation (AUD)

2.          Financial Accounting and Reporting (FAR)

3.          Regulation (REG)

B. Optional Papers (Any 1) :

1.          Information Systems and Controls (ISC)

2.          Tax Compliance and Planning (TCP)

3.          Business Analysis and Reporting (BAR)

·       CPA exam dates

CPA offers a lot of flexibility in its exam dates. Candidates can appear for the exam at any time of the year, depending on the paper they choose to appear for.

·       How to Become a CPA

To become a CPA, candidates must:

1.          Complete the required educational qualifications.

2.          Pass the Uniform CPA Examination.

3.          Acquire the necessary work experience.

4.          Apply for licensure through their state's board of accountancy

·       Syllabus and Curriculum

The CPA syllabus covers various topics across its four sections:

1.          AUD: Ethics, Risk Assessment, Evidence Gathering.

2.          FAR: Financial Statements, Transactions, Reporting Standards.

3.          REG: Taxation, Business Law, Professional Responsibilities.

4.          BEC: Business Processes, Financial Management, IT Systems

·       Duration of the Course

Typically, candidates can complete the CPA course within 16 to 18 months, depending on their study schedule and exam preparation

·       Responsibilities of a CPA

CPAs are responsible for:

1.     Preparing and analyzing financial statements.

2.     Conducting audits to ensure compliance with laws.

3.     Offering tax planning and preparation services.

4.     Providing financial consulting and management advice

·       Job Positions for CPAs

CPAs can hold various positions such as:

1.          Auditor

2.          Tax Consultant

3.          Financial Analyst

4.          Controller

5.          Chief Financial Officer (CFO)

·       Cost of Doing CPA

The total cost of pursuing a CPA can vary widely but typically includes:

1.          Exam fees: Approximately $1,000 - $3,000.

2.          Study materials: $500 - $2,000.

3.          Review courses: $1,000 - $3,000.
  Overall costs can range from $2,500 to over $8,000, depending on the resources chosen

·       Salary of a CPA in India

In India, CPAs can expect an average salary ranging from INR 6 lakhs to INR 12 lakhs per annum, depending on experience and job role.

·       Global Recognition of the Course

The CPA credential is recognized internationally as a standard of excellence in accounting. It provides opportunities for global employment in various industries due to its rigorous training in accounting principles and practices.

3. Diploma & Certification Courses (6 months - 2 years)

These are short-term skill-based courses that provide quick employability:

4.      Integrated & Dual Degree Programs

The integrated and dual degree programs are innovative academic pathways designed to provide students with comprehensive and streamlined education, combining undergraduate and postgraduate studies within a single framework. Some of the integrated & dual degree programs available to commerce students are :

        I.            B.Com + MBA (Integrated)

           ii.            B.Com + LLB (Integrated)

           iii.            BBA + MBA (Integrated)