Career Options for CME
Content
Article
“A FOR
STUDY
ON
VARIOUS AND
CARREER OPTIONS AVAILABLE COMMERCE MANAGGEMNT STUDENTS”
By Mr. VISHAL PINTO SDM COLLEGE, UJIRE
Abstract Commerce is the backbone for economy or we can say that behind any good economy there exists a good commerce implementation therefore the need of commerce for a business is indeed. Commerce as a discipline has always been a center of attraction for professionals, businessmen as well as scholars. Nowadays growing and dynamic need of corporate world has increased at a higher rate. Commerce is now no more traditional but it has opened all the new innovation directions to pupils for excellence development. Thus it has opened the doors for many career options commerce and management graduates. In this paper we have discussed the wide areas of career options available for the commerce and management candidates. They include; career options in insurance, banking, taxation, forensic accounting, investment banking, capital market, company secretary, cost accountant, chartered accountant etc. we have discussed the career options available in each stream, the nature of job to be carried, remuneration to be payable, course work to be taken, qualifications and skills necessary to perform the task etc. the objective of this paper is to disseminate the various options available for commerce and management students in each broad categories and show them the different alternatives of opportunities.
Introduction Commerce is a very popular subject in India these days. Indian economy is growing at a rapid pace and since service sector constitutes the largest chunk of India's GDP, therefore there are ample career opportunities for Commerce and management graduates. Commerce and management is one of the three fundamental academic streams, the other two being humanities and science. While pursuing a course in the field of commerce & management, one acquires the knowledge of business or trade, nature and fluctuations in market, basics of economics, fiscal policies, industrial policies etc. The concept of commerce consists of a wide range of interdisciplinary branches including Accountancy, Business Administration, E-Commerce, Finance, Economics and Marketing. Since the Indian economy is one of the fastest growing economies among the third world countries, the need for talented professionals, who can contribute towards the growth of the economy, is increasing. To serve the purpose, many commerce colleges in India are imparting quality education. A commerce aspirant can pursue course related to the field at any of the colleges and work in organizations that deal with finance and commerce. Career Options in commerce and Management
Careers in Taxation Careers in Financial Analysis Careers in Insurance Career in Cost and Work Accountancy Career in Capital Market Careers in Investment Banking Careers in Forensic Accounting Mutual Fund Careers Career in Chartered Accountancy Company Secretary Career
Career in Taxation Taxation is a process of imposing financial charge (tax) on the citizens who earn ‘taxable’ income. Tax is levied upon the tax payers by the Central Government, State Government or any authority of a state, such as the Municipality or the Local Council. Tax collection is an important role of the government, because the tax paid by the citizens forms its integral source of income. Commerce graduates are generally hired for jobs in the field of taxation. Many institutes in India are conducting courses in the field, to produce competent professionals who can work in the field of taxation. Many colleges and universities in India are conducting courses in the field of taxation, at diploma and certificate levels. To pursue the undergraduate level courses, the aspirants must have passed Higher Secondary Certificate Examination or 10+2 from any recognized state/national Board. To be eligible for the PG courses, one has to complete graduation in the relevant stream. Public sector undertakings are always in demand of efficient professionals who can deliver good performance in the field of taxation. The aspirants can join any related organizations as Tax Accountant, Employment Tax Specialists, State Local Tax Attorney specialists, Tax Policy Analyst, Tax Recruiter, tax advisor, Tax Manager, Tax Examiners, Collectors, Revenue Agents etc. Remuneration in the field of taxation varies from one organization to the other. However, beginners can earn a salary of Rs 200000-Rs500000 per annum.
Career in Financial Analysis In the financial services industry, one of the most coveted careers is that of the financial analyst. Financial analysts can work in both junior and senior capacities within a firm and it is a niche that often leads to other career opportunities. The financial services industry is competitive, and it can be tough to break into the analyst field, but there are some preparations you can make to position yourself for this career. If you're interested in a career as a financial analyst, read on to find out what you can do to groom yourself for the job. A financial analyst researches macroeconomic and microeconomic conditions along with company fundamentals to make business, sector and industry recommendations. They also often recommend a course of action, such as to buy or sell a company's stock based upon its overall
current and predicted strength. An analyst must be aware of current developments in the field in which he or she specializes as well as in preparing financial models to predict future economic conditions for any number of variables. The management students are usually appointed as senior analysts. Career in Insurance Insurance is a stable yet dynamic industry that provides a wealth of advancement and career opportunities. From administrative support to management programs, from sales to information technology, from accounting to customer service ... anything you want to do in business, you can do in the insurance industry! You will help clients understand their insurance needs, explain their options to them and hopefully help them purchase appropriate insurance policies. You could work in a variety of areas in insurance including as an underwriter, a sales representative, an asset manager, a customer service rep or an actuary. A theme that is constantly emphasized by insurance professionals is that the industry is ultimately about helping people when they need it the most. The stereotype of a slick, sleazy, fast-talking insurance salesman is largely a thing of the past. Job Options
•
Actuary Actuaries use their analytical skills to predict the risk of writing insurance policies on property, businesses and people's lives and health. Actuaries are a crucial part of the insurance process because they use statistical and mathematical analysis to determine the risk of providing coverage.
•
Agent and Broker Agents and brokers advise people and organizations on how to protect things they value by selling customers insurance contracts. A career as an agent or broker can be financially rewarding. This work is highly time-flexible, requires some background in business and is best if you enjoy interacting with people.
•
Claims Adjuster
Adjusters negotiate insurance claims with people have experienced a loss. The adjuster is responsible for reaching a claim settlement that is fair to all parties. Doing well in this job requires a person who is resourceful, tactful and good with people. Some adjusters work in the field, while others work out of an office.
•
Service Representatives Service representatives are the link in the field between agents who sell policies and insurance companies who write the policies. Field representatives must be good listeners and communicators. This position requires knowledge of your companies products and ability to establish good rapport with those working for your companies
•
Loss Control Specialist As a loss control specialist your job is to help keep accident and losses to a minimum. You will visit factories, shop floors and businesses to identify potential hazards and help to eliminate them. In the health insurance area you might work with an organization to promote preventive health care in the workplace or to limit exposure to certain types of ailments. This work requires an understanding of safety management or engineering.
•
Risk Manager A risk manager is employed by an organization to help identify the risks that it faces and to make recommendations for dealing with these risks. The recommendations may include the purchase of insurance, adoption of precautionary measures and presentations to upper management. Risk managers are involved in the management of employee benefit plans.
•
Underwriter Underwriters decide whether to provide insurance to applicants seeking coverage. An underwriter evaluates an applicant's exposure to risk and decides whether an applicant meets an insurer's standards. An underwriter may also become involved in setting prices for insurance applicants.
Career in Cost and Work Accountancy In the era of liberalization and market-driven economy, demands of quality professionals are on upswing. Among many such professionals are Cost and Work Accountants (CWA). Their main role is to frame business policy of a company and to give a prognosis for projects to be undertaken based on past and present financial performances. In this way, Cost Accountant can
facilitate strategic decisions in respect of diverse economic activities of an organization. Institute of Cost and works Accountants of India (ICWAI) promotes, regulates, and develops the profession of Cost Accountancy in India. The ICWAI examinations are held in three stages: Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing 10+2 examination. Graduates in any discipline are eligible for direct admission to Intermediate course of minimum of 18 months. After this, a candidate is eligible for admission to Final Course, which takes a minimum of 18 months to clear it. Candidates passed in final examination with a minimum work experience of three years are eligible to become members of ICWAI.
Career in Capital Market Liberalized Indian economy has opened up the capital markets for domestic as well as foreign investors. Due to the heavy flow of capital into the capital markets and its steady growth there are many employment opportunities in this sector. Besides this coming of private players and many financial institutions into the capital markets has further widen the scope of employment here. Capital markets comprise of stock exchanges and mutual funds. As this is one of the fastest growing area in Indian economy here we can see more job opportunities. Mutual Fund industry is playing an active role in the capital market today and is one of the fastest growing industries. Job in capital markets is best suited to people from commerce and economics background. However anyone from any stream of study can enter into this field. The minimum qualification is a NSE's Certification in Financial Markets (NCFM). National Stock Exchange (NSE) has a facility for testing and certification by launching NSE's Certification in Financial Markets (NCFM). NCFM is an online testing system, a revolutionary concept in administration of examinations and the only one of its kind today in the country. It has been specified by SEBI that all brokers/dealers in the stock market have to obtain the NCFM certification. SEBI has made mandatory for any entity / person engaged in marketing and selling of mutual fund products to pass AMFI certification test (Advisors Module) and obtain registration number from AMFI. This certification remains valid for 5 years from the date of the test.
Careers in Investment Banking Investment banker is a person who helps an organization to raise its funds, by doing thorough study of the market trends, risk involved in investments and the prevalent economic conditions. An investment banker provides wide-range of services including endorsing securities, trading of stock and bond, facilitating mergers and acquisitions, maintaining broker-dealer operations and providing financial guidance regarding pricing of securities, issuing and placement of stocks. The job requires detailed research work prior to any investment. Dedication, commitment, hard work, devotion is necessary to excel in this field. A proficient investment banker can fetch high returns to the company. One has to be enthusiastic, passionate, pro-active, quick decision makers and should be able to handle difficult circumstances with ease, to become a good investment banker. Courses in the field of investment banking are conducted at under graduate as well as at post graduate levels, in the field of investment banking. Diploma and certificate courses are also offered by some institutes. Minimum qualification for under graduate program in investment banking is 10+2. For post graduation, one has to be a graduate in the relevant field. Investment banking is one of the most popular career options among the youth of India, since it is a moneyspinning job that provides opportunities to grow. Numerous opportunities are waiting for specialists in this field. Banks are always in need of skilled investment bankers, who can contribute more towards the growth of the organization. With globalization, the scope of investment banking has Careers in Forensic Accounting Forensic accounting involves legal investigation and analysis of financial documents of any firm or client, who is involved in a legal dispute. A forensic accountant is an experienced auditor, who acts as a watch-dog of accounts of a company, in order to keep a check on the frauds. His/her job is to determine the accuracy of financial statements of an organization. With the growing number of fraud cases, the demand of good forensic accountants is on a rise. The job of a forensic accountant is quiet challenging. It requires commitment, loyalty, and devotion. Understanding of psychological theories, analytical/investigative skills is a must for the person. His/her conclusion should not be based on any assumption or opinion. Proper research work and detailed study of widened.
accounts is required to draw a fair and unbiased conclusion. Keeping in view of the increasing demand for forensic accountants, many institutes in India are offering courses to build a career in the same. Forensic accounting offers wide range of scope for people, who possess sound knowledge in financial procedures and have investigative skills. One can find a job with clients, who are charged with allegation of fraud against the government, public, or private business, or a fraud involving insurance claims, real estate, investments and financial instruments. The proficiency of a forensic accountant is used to detect any financial crime. A person can utilize his/her forensic accounting skills to solve divorce disputes, business carelessness investigation claims, and personal injury claims. Forensic accountants are also hired by accounting companies. Numerous government agencies like the FBI, IRS, CIA, and local government offices at times require their services. In the current scenario, career in forensic accounting has emerged as a lucrative option in India. Several institutions are offering training and education to become a good forensic accountant. Indiaforensic Center of Studies (Pune) is one of the few, which conduct certificate course on forensic accounting and fraud detection. The Institute of Chartered Financial Analysts of India University (Tripura) also offers post graduate diploma programme in forensic accounting. Careers in Banking Banking is one of the most important career choices among students because it is well paid, secure and high status career. Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education like Arts, Science and others. The all round demands for professionals has made banks: Public Sector, Foreign and Multinational to recruit more and more MBA graduates, CAs and CFAs to enhance efficiency. Nevertheless bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted themselves by banks. Emergence of technology-driven new private banks and entry of Financial Institutions into shortterm lending business has created the requirement of more professionals. Now banks are in the mutual funds, securitization business, and credit cards, consumer loans, housing loans besides trading in gold and forex activities.
Career
Prospects
Public sector Banks recruit mainly graduates for Clerical and Probationary Officer posts on the basis of All India Level examination. Graduates with commerce/economics are desirable candidates but any one from any stream can enter into this service by qualifying the exams conducted by banks. Private sector/Foreign Banks prefer to take MBAs, CAs, CFAs etc at junior positions through Campus recruitment and interviews. However, at the senior positions they opt for experienced bankers. Thus the officers from Public sector Banks become the natural choice for such positions. Besides academic background banks generally look for good communication skills, good interpersonal skills, and the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialisation in some specific areas like project analysis, credit appraisal skills, managing huge loan portfolios and foreign exchange. Good computer knowledge is also always preferred. Careers in Chartered Accountancy Chartered accountancy is the core of all business, be it big or small. A chartered accountant’s work involves auditing, taxation, accounting and financial planning. It can be a very challenging and rewarding job. Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management. The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres. The qualifications for becoming a CA have changed over the years. Initially — and that was decades ago — one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA programme. In October 2001, ICAI introduced PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC and FC.
The unique feature of the chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.
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Common
Proficiency
Test
(CPT)
CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.
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Integrated
Professional
Competence
Course
(IPCC)
This is first stage of CA curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.
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CA
Final
CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. In addition, principles of egovernance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.
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Articleship The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.
Career in Company Secretary Earlier, the traditional role of a company secretary was limited to providing support to the board of directors and managing administrative affairs of an organisation. However, the horizon of their roles and responsibilities has expanded exponentially. Apart from their traditional tasks, company secretaries now have to take care of corporate governance and even legal matters of a company. As the position of a company secretary has steadily become critical to the smooth functioning of a corporate entity so has the demand for this job profile. In this role, you not only hold a high position in the management hierarchy but your role is highly accountable both within and outside your organisation.
In this context, this job profile provides both exciting career prospects coupled with innumerable challenging situations. All-in-all this position is in great demand in the job market and this trend is not going to slow down anywhere in the near future. The training company secretaries receive sets them apart from other professionals within a company. These candidates have good exposure to a wide spectrum of subjects such as law, accountancy, administration, secretarial practice and many others. This automatically qualifies them for a vast range of positions within a company from the very early days of their career. Overall, there are three qualifying stages for becoming a company secretary, namely, the foundation stage, the intermediate stage and the final stage. The Institute of Company Secretaries of India (ICSI) offers this study course. You can join the foundation course after completing your 10+2 and then move on to the intermediate level of the course. Alternatively, you can complete you graduation, post-graduation or any other professional qualification to seek admission directly into the intermediate stage.
Training is an important aspect of the company secretary course. You will have to undergo short term training programs during the intermediate level and after the final level examination of the company secretary course. These short term trainings improve your communication and management skills and also help in personality development. Furthermore, you will have to
acquire practical training after completing the intermediate or final level examination to obtain an Associate Membership of ICSI. This training is essential since it gives valuable insight into the working of the corporate sector and also provides practical exposure to industry standards. This training can be completed in companies sponsored by ICSI or under the guidance of a practicing company secretary. Once you have successfully completed the final level course along with the practical training you are admitted into the institute as an Associate Company Secretary. From this point onwards, you can look for prospective job openings.
References http://www.investopedia.com http://www.jagranjosh.com www.placementindia.com www.highereducationinindia.com www.indiastudychannel.com
“A FOR
STUDY
ON
VARIOUS AND
CARREER OPTIONS AVAILABLE COMMERCE MANAGGEMNT STUDENTS”
By Mr. VISHAL PINTO SDM COLLEGE, UJIRE
Abstract Commerce is the backbone for economy or we can say that behind any good economy there exists a good commerce implementation therefore the need of commerce for a business is indeed. Commerce as a discipline has always been a center of attraction for professionals, businessmen as well as scholars. Nowadays growing and dynamic need of corporate world has increased at a higher rate. Commerce is now no more traditional but it has opened all the new innovation directions to pupils for excellence development. Thus it has opened the doors for many career options commerce and management graduates. In this paper we have discussed the wide areas of career options available for the commerce and management candidates. They include; career options in insurance, banking, taxation, forensic accounting, investment banking, capital market, company secretary, cost accountant, chartered accountant etc. we have discussed the career options available in each stream, the nature of job to be carried, remuneration to be payable, course work to be taken, qualifications and skills necessary to perform the task etc. the objective of this paper is to disseminate the various options available for commerce and management students in each broad categories and show them the different alternatives of opportunities.
Introduction Commerce is a very popular subject in India these days. Indian economy is growing at a rapid pace and since service sector constitutes the largest chunk of India's GDP, therefore there are ample career opportunities for Commerce and management graduates. Commerce and management is one of the three fundamental academic streams, the other two being humanities and science. While pursuing a course in the field of commerce & management, one acquires the knowledge of business or trade, nature and fluctuations in market, basics of economics, fiscal policies, industrial policies etc. The concept of commerce consists of a wide range of interdisciplinary branches including Accountancy, Business Administration, E-Commerce, Finance, Economics and Marketing. Since the Indian economy is one of the fastest growing economies among the third world countries, the need for talented professionals, who can contribute towards the growth of the economy, is increasing. To serve the purpose, many commerce colleges in India are imparting quality education. A commerce aspirant can pursue course related to the field at any of the colleges and work in organizations that deal with finance and commerce. Career Options in commerce and Management
Careers in Taxation Careers in Financial Analysis Careers in Insurance Career in Cost and Work Accountancy Career in Capital Market Careers in Investment Banking Careers in Forensic Accounting Mutual Fund Careers Career in Chartered Accountancy Company Secretary Career
Career in Taxation Taxation is a process of imposing financial charge (tax) on the citizens who earn ‘taxable’ income. Tax is levied upon the tax payers by the Central Government, State Government or any authority of a state, such as the Municipality or the Local Council. Tax collection is an important role of the government, because the tax paid by the citizens forms its integral source of income. Commerce graduates are generally hired for jobs in the field of taxation. Many institutes in India are conducting courses in the field, to produce competent professionals who can work in the field of taxation. Many colleges and universities in India are conducting courses in the field of taxation, at diploma and certificate levels. To pursue the undergraduate level courses, the aspirants must have passed Higher Secondary Certificate Examination or 10+2 from any recognized state/national Board. To be eligible for the PG courses, one has to complete graduation in the relevant stream. Public sector undertakings are always in demand of efficient professionals who can deliver good performance in the field of taxation. The aspirants can join any related organizations as Tax Accountant, Employment Tax Specialists, State Local Tax Attorney specialists, Tax Policy Analyst, Tax Recruiter, tax advisor, Tax Manager, Tax Examiners, Collectors, Revenue Agents etc. Remuneration in the field of taxation varies from one organization to the other. However, beginners can earn a salary of Rs 200000-Rs500000 per annum.
Career in Financial Analysis In the financial services industry, one of the most coveted careers is that of the financial analyst. Financial analysts can work in both junior and senior capacities within a firm and it is a niche that often leads to other career opportunities. The financial services industry is competitive, and it can be tough to break into the analyst field, but there are some preparations you can make to position yourself for this career. If you're interested in a career as a financial analyst, read on to find out what you can do to groom yourself for the job. A financial analyst researches macroeconomic and microeconomic conditions along with company fundamentals to make business, sector and industry recommendations. They also often recommend a course of action, such as to buy or sell a company's stock based upon its overall
current and predicted strength. An analyst must be aware of current developments in the field in which he or she specializes as well as in preparing financial models to predict future economic conditions for any number of variables. The management students are usually appointed as senior analysts. Career in Insurance Insurance is a stable yet dynamic industry that provides a wealth of advancement and career opportunities. From administrative support to management programs, from sales to information technology, from accounting to customer service ... anything you want to do in business, you can do in the insurance industry! You will help clients understand their insurance needs, explain their options to them and hopefully help them purchase appropriate insurance policies. You could work in a variety of areas in insurance including as an underwriter, a sales representative, an asset manager, a customer service rep or an actuary. A theme that is constantly emphasized by insurance professionals is that the industry is ultimately about helping people when they need it the most. The stereotype of a slick, sleazy, fast-talking insurance salesman is largely a thing of the past. Job Options
•
Actuary Actuaries use their analytical skills to predict the risk of writing insurance policies on property, businesses and people's lives and health. Actuaries are a crucial part of the insurance process because they use statistical and mathematical analysis to determine the risk of providing coverage.
•
Agent and Broker Agents and brokers advise people and organizations on how to protect things they value by selling customers insurance contracts. A career as an agent or broker can be financially rewarding. This work is highly time-flexible, requires some background in business and is best if you enjoy interacting with people.
•
Claims Adjuster
Adjusters negotiate insurance claims with people have experienced a loss. The adjuster is responsible for reaching a claim settlement that is fair to all parties. Doing well in this job requires a person who is resourceful, tactful and good with people. Some adjusters work in the field, while others work out of an office.
•
Service Representatives Service representatives are the link in the field between agents who sell policies and insurance companies who write the policies. Field representatives must be good listeners and communicators. This position requires knowledge of your companies products and ability to establish good rapport with those working for your companies
•
Loss Control Specialist As a loss control specialist your job is to help keep accident and losses to a minimum. You will visit factories, shop floors and businesses to identify potential hazards and help to eliminate them. In the health insurance area you might work with an organization to promote preventive health care in the workplace or to limit exposure to certain types of ailments. This work requires an understanding of safety management or engineering.
•
Risk Manager A risk manager is employed by an organization to help identify the risks that it faces and to make recommendations for dealing with these risks. The recommendations may include the purchase of insurance, adoption of precautionary measures and presentations to upper management. Risk managers are involved in the management of employee benefit plans.
•
Underwriter Underwriters decide whether to provide insurance to applicants seeking coverage. An underwriter evaluates an applicant's exposure to risk and decides whether an applicant meets an insurer's standards. An underwriter may also become involved in setting prices for insurance applicants.
Career in Cost and Work Accountancy In the era of liberalization and market-driven economy, demands of quality professionals are on upswing. Among many such professionals are Cost and Work Accountants (CWA). Their main role is to frame business policy of a company and to give a prognosis for projects to be undertaken based on past and present financial performances. In this way, Cost Accountant can
facilitate strategic decisions in respect of diverse economic activities of an organization. Institute of Cost and works Accountants of India (ICWAI) promotes, regulates, and develops the profession of Cost Accountancy in India. The ICWAI examinations are held in three stages: Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing 10+2 examination. Graduates in any discipline are eligible for direct admission to Intermediate course of minimum of 18 months. After this, a candidate is eligible for admission to Final Course, which takes a minimum of 18 months to clear it. Candidates passed in final examination with a minimum work experience of three years are eligible to become members of ICWAI.
Career in Capital Market Liberalized Indian economy has opened up the capital markets for domestic as well as foreign investors. Due to the heavy flow of capital into the capital markets and its steady growth there are many employment opportunities in this sector. Besides this coming of private players and many financial institutions into the capital markets has further widen the scope of employment here. Capital markets comprise of stock exchanges and mutual funds. As this is one of the fastest growing area in Indian economy here we can see more job opportunities. Mutual Fund industry is playing an active role in the capital market today and is one of the fastest growing industries. Job in capital markets is best suited to people from commerce and economics background. However anyone from any stream of study can enter into this field. The minimum qualification is a NSE's Certification in Financial Markets (NCFM). National Stock Exchange (NSE) has a facility for testing and certification by launching NSE's Certification in Financial Markets (NCFM). NCFM is an online testing system, a revolutionary concept in administration of examinations and the only one of its kind today in the country. It has been specified by SEBI that all brokers/dealers in the stock market have to obtain the NCFM certification. SEBI has made mandatory for any entity / person engaged in marketing and selling of mutual fund products to pass AMFI certification test (Advisors Module) and obtain registration number from AMFI. This certification remains valid for 5 years from the date of the test.
Careers in Investment Banking Investment banker is a person who helps an organization to raise its funds, by doing thorough study of the market trends, risk involved in investments and the prevalent economic conditions. An investment banker provides wide-range of services including endorsing securities, trading of stock and bond, facilitating mergers and acquisitions, maintaining broker-dealer operations and providing financial guidance regarding pricing of securities, issuing and placement of stocks. The job requires detailed research work prior to any investment. Dedication, commitment, hard work, devotion is necessary to excel in this field. A proficient investment banker can fetch high returns to the company. One has to be enthusiastic, passionate, pro-active, quick decision makers and should be able to handle difficult circumstances with ease, to become a good investment banker. Courses in the field of investment banking are conducted at under graduate as well as at post graduate levels, in the field of investment banking. Diploma and certificate courses are also offered by some institutes. Minimum qualification for under graduate program in investment banking is 10+2. For post graduation, one has to be a graduate in the relevant field. Investment banking is one of the most popular career options among the youth of India, since it is a moneyspinning job that provides opportunities to grow. Numerous opportunities are waiting for specialists in this field. Banks are always in need of skilled investment bankers, who can contribute more towards the growth of the organization. With globalization, the scope of investment banking has Careers in Forensic Accounting Forensic accounting involves legal investigation and analysis of financial documents of any firm or client, who is involved in a legal dispute. A forensic accountant is an experienced auditor, who acts as a watch-dog of accounts of a company, in order to keep a check on the frauds. His/her job is to determine the accuracy of financial statements of an organization. With the growing number of fraud cases, the demand of good forensic accountants is on a rise. The job of a forensic accountant is quiet challenging. It requires commitment, loyalty, and devotion. Understanding of psychological theories, analytical/investigative skills is a must for the person. His/her conclusion should not be based on any assumption or opinion. Proper research work and detailed study of widened.
accounts is required to draw a fair and unbiased conclusion. Keeping in view of the increasing demand for forensic accountants, many institutes in India are offering courses to build a career in the same. Forensic accounting offers wide range of scope for people, who possess sound knowledge in financial procedures and have investigative skills. One can find a job with clients, who are charged with allegation of fraud against the government, public, or private business, or a fraud involving insurance claims, real estate, investments and financial instruments. The proficiency of a forensic accountant is used to detect any financial crime. A person can utilize his/her forensic accounting skills to solve divorce disputes, business carelessness investigation claims, and personal injury claims. Forensic accountants are also hired by accounting companies. Numerous government agencies like the FBI, IRS, CIA, and local government offices at times require their services. In the current scenario, career in forensic accounting has emerged as a lucrative option in India. Several institutions are offering training and education to become a good forensic accountant. Indiaforensic Center of Studies (Pune) is one of the few, which conduct certificate course on forensic accounting and fraud detection. The Institute of Chartered Financial Analysts of India University (Tripura) also offers post graduate diploma programme in forensic accounting. Careers in Banking Banking is one of the most important career choices among students because it is well paid, secure and high status career. Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education like Arts, Science and others. The all round demands for professionals has made banks: Public Sector, Foreign and Multinational to recruit more and more MBA graduates, CAs and CFAs to enhance efficiency. Nevertheless bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted themselves by banks. Emergence of technology-driven new private banks and entry of Financial Institutions into shortterm lending business has created the requirement of more professionals. Now banks are in the mutual funds, securitization business, and credit cards, consumer loans, housing loans besides trading in gold and forex activities.
Career
Prospects
Public sector Banks recruit mainly graduates for Clerical and Probationary Officer posts on the basis of All India Level examination. Graduates with commerce/economics are desirable candidates but any one from any stream can enter into this service by qualifying the exams conducted by banks. Private sector/Foreign Banks prefer to take MBAs, CAs, CFAs etc at junior positions through Campus recruitment and interviews. However, at the senior positions they opt for experienced bankers. Thus the officers from Public sector Banks become the natural choice for such positions. Besides academic background banks generally look for good communication skills, good interpersonal skills, and the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialisation in some specific areas like project analysis, credit appraisal skills, managing huge loan portfolios and foreign exchange. Good computer knowledge is also always preferred. Careers in Chartered Accountancy Chartered accountancy is the core of all business, be it big or small. A chartered accountant’s work involves auditing, taxation, accounting and financial planning. It can be a very challenging and rewarding job. Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management. The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres. The qualifications for becoming a CA have changed over the years. Initially — and that was decades ago — one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA programme. In October 2001, ICAI introduced PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC and FC.
The unique feature of the chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.
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Common
Proficiency
Test
(CPT)
CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.
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Integrated
Professional
Competence
Course
(IPCC)
This is first stage of CA curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.
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CA
Final
CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. In addition, principles of egovernance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.
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Articleship The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.
Career in Company Secretary Earlier, the traditional role of a company secretary was limited to providing support to the board of directors and managing administrative affairs of an organisation. However, the horizon of their roles and responsibilities has expanded exponentially. Apart from their traditional tasks, company secretaries now have to take care of corporate governance and even legal matters of a company. As the position of a company secretary has steadily become critical to the smooth functioning of a corporate entity so has the demand for this job profile. In this role, you not only hold a high position in the management hierarchy but your role is highly accountable both within and outside your organisation.
In this context, this job profile provides both exciting career prospects coupled with innumerable challenging situations. All-in-all this position is in great demand in the job market and this trend is not going to slow down anywhere in the near future. The training company secretaries receive sets them apart from other professionals within a company. These candidates have good exposure to a wide spectrum of subjects such as law, accountancy, administration, secretarial practice and many others. This automatically qualifies them for a vast range of positions within a company from the very early days of their career. Overall, there are three qualifying stages for becoming a company secretary, namely, the foundation stage, the intermediate stage and the final stage. The Institute of Company Secretaries of India (ICSI) offers this study course. You can join the foundation course after completing your 10+2 and then move on to the intermediate level of the course. Alternatively, you can complete you graduation, post-graduation or any other professional qualification to seek admission directly into the intermediate stage.
Training is an important aspect of the company secretary course. You will have to undergo short term training programs during the intermediate level and after the final level examination of the company secretary course. These short term trainings improve your communication and management skills and also help in personality development. Furthermore, you will have to
acquire practical training after completing the intermediate or final level examination to obtain an Associate Membership of ICSI. This training is essential since it gives valuable insight into the working of the corporate sector and also provides practical exposure to industry standards. This training can be completed in companies sponsored by ICSI or under the guidance of a practicing company secretary. Once you have successfully completed the final level course along with the practical training you are admitted into the institute as an Associate Company Secretary. From this point onwards, you can look for prospective job openings.
References http://www.investopedia.com http://www.jagranjosh.com www.placementindia.com www.highereducationinindia.com www.indiastudychannel.com
