Commerce scopes

 

Commerce Scope And Best Career Options (Plus Salary)

Indeed Editorial Team

Updated 24 February 2023

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

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Commerce Scope And Best Career Options

To determine commerce scope and best career options after 10+2, looking at some popular jobs can be helpful. After completing the matriculation exam, students choose between three prominent sets of subjects. Students commonly refer to these groups as science subjects, commerce subjects and humanities or arts subjects. This choice usually determines the long-term career path and trajectory of students. Commerce subjects usually include accountancy, business studies, economics, mathematics and English as the language subject. Here are top career options after pursuing commerce subjects:

1. Accountant

National average salary: ₹18,258 per monthPrimary responsibilities: Accountants are usually responsible for the financial management and discipline of companies and businesses. There are several specialisations in this role, and accountants can be chartered accountants, financial accountants or tax accountants. In addition to being good at mathematics, accounts also require knowledge of the law, compliance and regulations. Many accountants also offer their services independently and can set up a consultancy or service business. They also provide investment advice to individuals, companies and other business entities to maximise profits, reduce tax liabilities, reduce costs and strengthen financial stability.

2. Banker

National average salary: ₹19,352 per monthPrimary responsibilities: Bankers work at financial institutions like banks and provide customers and businesses with essential financial services. Bankers usually offer insurance, investment, credit and cash management services. They typically start their career as junior-level clerks or cashiers and can progress up to the position of bank managers or regional managers. There are several employment opportunities for bankers in both private and government banks. Bankers usually earn a higher salary with experience and are also eligible for certain benefits, like allowances and staff accommodation. Becoming a banker may involve preparing for and clearing certain entrance examinations.

3. Company Secretary

National average salary: ₹23,376 per monthPrimary responsibilities: Company secretaries play a vital managerial role in business processes and functions. They are usually responsible for auditing company reports, verifying documents, managing shareholding ownership records, filing company tax returns, organising general meetings, validating balance sheets, deducting taxes from employee salaries and other essential compliance-related administrative tasks. They have a government-mandated role and have to become a member of the Institute of Company Secretaries of India (ICSI) by clearing certain exams before they can work. This is a lucrative career option for many commerce students with a high potential for development and growth.

4. Insurance Agent

National average salary: ₹3,05,085 per yearPrimary responsibilities: With knowledge of basic investment, economic and financial concepts, many commerce graduates specialise in becoming insurance agents. They typically work with government and private insurance companies to offer different insurance tools and policies to the general public. Many agents also choose to work as independent contractors with large companies and earn a commission-based salary. With a rising demand for insurance for health, life, transport, travel and other valuable assets, insurance agents can earn a handsome income. Commerce students may have to complete mandatory training or certifications before obtaining a license to work as insurance agents.

Related: How To Become An LIC Agent: Education, Skills And Exam5. Stock Trader

National average salary: ₹18,598 per monthPrimary responsibilities: Becoming a stock trader or broker is one of the easiest career options for commerce students. By learning about how the stock market works and gaining knowledge about fundamental concepts of investment, commerce students can work as stock traders. They usually manage accounts and investment portfolios for clients, provide investment advice, analyse market trends and help businesses manage company stocks. Stock traders can work with large trading and investment firms or start their own companies. They usually have to register with the government and obtain permission to work as a stock trader.

6. Investment Banker

National average salary: ₹45,336 per monthPrimary responsibilities: Investment bankers work with large asset management and investment companies to manage funds, portfolios and large-scale investments. This is usually a high-pressure job, as the volume of transactions is typically higher than individual clients. Investment bankers can usually earn a high salary by creating an impressive portfolio of investments, predicting market trends accurately, building the right expertise and maximising client profits. Many commerce students consider it to be an extremely lucrative career option owing to its high growth and earning potential.

7. Actuary

National average salary: ₹8,53,628 per yearPrimary responsibilities: Actuaries typically offer insurance, investment and risk management services to clients. They work with consultancy and financial firms to create product pricing strategies, develop financial models, assess risks, conduct valuations, undertake peer reviews and provide investment advice. The Institute of Actuaries of India (IAI) conducts actuarial exams. Students have to pass the required tests to become an associate and be eligible to find a job as an actuary. This is a niche career in the commerce industry but has immense potential for career growth and earning a high salary.

8. Financial Advisor

Primary responsibilities: Financial advisors offer advice related to investment, financial planning, insurance, taxation and other related fields. They can work with both individual clients and corporate clients. Financial advisors usually work in banks, insurance companies, financial institutions and consultancy companies and can also be responsible for compliance with the law. They require expertise in commerce subjects such as economics, business management, taxation, financial planning and investment. The salary of a financial advisor may depend on their chosen specialisation, experience, industry and whether they are working with a company or operating independently.

Related: How To Become a Financial Advisor: A Complete Guide9. HR Executive

National average salary: ₹20,745 per monthPrimary responsibilities: Many commerce students opt to join the human resources or HR industry and work as recruiters, hiring managers and headhunters. Their knowledge about business processes and practices can be an advantage in this role, and it helps them identify the right talent. HR executives have tremendous career growth potential and can eventually become HR heads and chief human resource officers or CHROs. They require interpersonal, analytical, leadership and management skills to excel in their role. Many commerce students also study and train in the field of HR before becoming HR executives and professionals.

Related: How To Get An Entry-Level HR Job: A Complete GuideSkills Required For A Commerce Career

Here are some skills that may be necessary to succeed in a commerce-related profession:

Mathematical skills

Mathematical and numerical skills can be essential for a career in any commerce field. In addition to strong accounting and statistical knowledge, commerce professionals also require a strong attention to detail. Since they primarily deal with numbers and finances, it becomes vital to spot inaccuracies and inconsistencies in reports, balance sheets, tax returns and accounting models. Similarly, whether you work as a banker or a stock trader, knowing how to manage data can be essential for success.

Analytical skills

In addition to strong mathematical skills, the ability to analyse data is also important for careers in commerce fields. Applying complex analysis, creating graphical representations, or identifying overall data trends can be important in all commerce careers. Strong analytical skills can also help you gather more data and conduct market research. More importantly, having strong analytical skills can help professionals develop the right financial models, create more accurate forecasts and support business decision-making.

Related: Analytical Skills: Definition, Tips And Examples Communication skills

Communication skills are essential for commerce professionals to interact with clients, report to senior leaders and collaborate with team members. Most professionals in commerce careers work in large teams of financial, investment, taxation and compliance experts. Strong communication skills can help you work with colleagues, prepare engaging presentations and reports, create proposals and explain technical concepts to clients in a simple manner. Interpersonal skills may also be necessary to cultivate strong and trustworthy relationships with clients.

Computer skills

Almost all important commercial and financial processes take place digitally today. Whether it is for making an investment or filing a tax return, having basic computer skills to operate different tools and applications can be critical for most commerce professionals. This is particularly true for professionals working as advisors, tax consultants, investment bankers, insurance agents and banking professionals. The rise of digital banking has made it necessary for most commerce professionals to learn new skills.

Willingness to learn

The finance and commerce industry is usually prone to rapid changes and development. Professionals working in the banking, insurance, recruitment, investment and accounting industries have to stay updated on the latest changes in government laws, regulations and guidelines. This is essential to ensure that they can provide accurate and error-free services to their clients. For most professionals in commerce fields and industries, learning becomes a lifelong endeavour.