The domain of commerce is quite diversified and promising. For anyone who has set a goal to work in the finest companies or industries around the world, choosing a degree in commerce discipline can turn out to be a good decision. In fact, for those trying to make it to the topmost positions in the industry, M.Com is a wiser choice. Consequently, all the Best management colleges in India have aptly embedded this two-year degree program in their academic curriculum.
This brings us to a question: what is the prospect of an M.Com degree? Similarly, another curiosity is knowing what are the best career options after M.Com. So, we are here trying to guide all those who are still unaware of all the propitious career pathways. Before elucidating the job options, we would like to throw light on some of the prominent business sectors where being an M.Com degree holder proves to be quite advantageous.
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Employment sectors after the completion of M.Com degree:
Operating under the banner of the commerce domain, various branches usually hire candidates with an M.Com degree. These sectors include:
- Banks
- Insurance Industry
- Educational Institutes
- Customs Department
- Research Associates with Economic Consulting Firms
- Indian Economic Services
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Career Options After MCom
1.Enroll in an MBA Programme
One of the most popular courses after completing an M.Com is the MBA. This is a highly regarded course that allows students to pursue a career in managerial positions. It is also ideal for individuals who are looking to gain a foothold in the managerial field.
During your studies at M.Com, you’ll be exposed to various subjects such as economics, stock markets, and accountancy. However, after you pursue a Masters in business administration, you’ll be able to apply your knowledge and skills to help organizations grow.
Most MBA programs offer a case study approach to help students develop their critical thinking and decision-making capabilities. Various online platforms allow academic institutions to offer Global MBA degrees. These online programs are also designed to help students continue their academic pursuits and get the guidance they need from industry experts. You can also specialize in a particular field. The average annual salary for an MBA graduate is around Rs. 7.2 Lakh Per Annum.
List of popular companies for MBA graduates:
2.Become a Chartered Accountant
One of the most popular career options after MCom is becoming a Chartered Accountant. This is a fast-track program that requires a lot of preparation. After qualifying for the various stages of the CPA exam, such as the IPCC, Final, and CPT, students need to complete an article in order to practice as a professional.
Many graduates of the CA program find employment at the Big 4 accounting firms, such as Deloitte, KPMG, and PwC. These individuals typically earn an annual salary of around INR 8 lakh. The average annual salary of a Chartered Accountant is around Rs. 8 Lakh Per Annum.
Top employers for CA graduates:
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3.ACCA Course
If you’re interested in becoming a certified accountant, you can pursue the ACCA course. This is a requirement for working in the field of finance and accounting.
Although the two-year course is highly regarded by multinational corporations, you will still need to complete three years of practical experience before you can become an official member of the association.
The minimum educational qualification required to enroll in the program is a 10+2 degree. This means that most students from the commerce stream only enroll during their undergraduate studies. Even if you’re not an M.Com student, having the necessary knowledge and skills in accounting will help you pass the examinations. Due to the high demand for this course, multinational companies pay a salary of around 5 to 16 lakhs.
Top companies hiring ACCA
4.Company Secretary ship
If you’re looking for a job after M.com, then the Company Secretary position is one of the many critical roles that an organization has. The CS is responsible for overseeing the legal requirements of various companies.
The CS course consists of three phases. It’s divided into three categories: Executive, Professional, and Foundation. After completing the training, candidates can then become associate members of the Institute of Company Secretary.
The Institute of Company Secretary is the only organization in the country that provides the company secretary course. It has over 62,000 members. The salary range for the company secretary in India varies from Rs. 4 to 10 lakh per year. According to Payscale, the average salary for this position is around Rs. 5.8 lakh per year.
5.CMA Credential
The Certified Management Accountant course is a professional qualification that requires candidates to complete two years of work experience and two stages of examination. The International Management Accountants Association (IMA) is a professional organization that provides this qualification. It has been recognized around the world for its quality.
The objective of the CMA is to recognize individuals with exceptional expertise in the areas of financial management and management accounting. The candidates who successfully complete the course are expected to have the necessary skills and knowledge in various areas of management accounting. They are also expected to be capable of handling financial analysis and planning.
List of top employers for CPA
6.CFA Course
One of the best courses after MCom is Chartered Financial Analyst (CFA). This is a US-based program that provides a great opportunity for aspiring financial analysts.
The program covers various aspects of financial analysis, such as bonds and derivatives, portfolio management, and financial analysis. After completing the program, you can start working at some of the top financial firms such as Goldman Sachs, Morgan Stanley, and Royal Bank of Canada.
To be eligible to take the exam, you should be in your final year of undergraduate study. Although the program’s duration is only 2.5 years, it takes around four years to achieve the Chartered Financial Analyst designation.
Average salary of Chartered Financial Analyst is Rs. 6.6 LPA
7.Get a CPA License
One of the most common career options after MCom is becoming a Certified Public Accountant. This is a designation granted by the American Institute of Certified Public Accountants.
Individuals who hold a license to practice as public accountants have a good understanding of the principles of accounting generally accepted by the industry. To become a certified public accountant, they must first complete a four-part exam.
As accountants, they help companies and individuals manage their financial affairs by performing various tasks such as reviewing and auditing their financial statements. They also provide advice on taxation and financial planning.
The average salary of CPAs in India is Rs. 6.9 LPA.
8.FRM Certified Professional
Before you decide what to do after Mcom, there are many options available. One of these is risk management. This discipline is a growing part of the financial industry and is an excellent option for those who are looking to gain a short-term perspective. The goal of this program is to prepare you for the examinations, which are conducted in May and November each year.
The certification of a financial risk manager shows that you have the necessary skills and knowledge to identify and analyze financial threats. You can offer various services such as credit and market risk, trading, sales and marketing, and marketing. According to Payscale, the average salary of financial risk managers is around 10 to 18 lakhs per year.
Top employers for Risk Manager in India
9.CFP Exam
After completing M.Com, many people choose to do a short-term course known as the Certified Financial Professional (CFP). This is a highly effective way to find a career in the insurance and finance sectors.
Although the six-month course is relatively short, it requires participants to meet various requirements in order to become certified financial planners. Some of these include having a good educational background, professional ethics, and work experience. Aside from being able to handle various tasks such as tax planning and insurance decisions, a certified financial planner can also specialize in retirement planning and investment management.
Average salary of certified financial planners is Rs. 3.9 LPA in India
How it increases with years of experience:
10.Digital Marketing
Many students who are not interested in working in finance or accounting after graduating from MCOM are left wondering what to do after they leave school. There are many creative occupations that are available after MCOM.
One of the most innovative fields that are available after MCOM is digital marketing. This is a part of marketing that uses the power of the internet to promote products and services. Due to the increasing popularity of this field, it is expected that it will continue to grow.
There are various courses that are designed for students who are interested in pursuing a career in digital marketing. These include courses that are focused on topics such as search engine optimization, social media management, and marketing analytics. Some of the prominent institutes that offer these types of courses include MICA and upGrad.
Having the necessary knowledge about digital marketing can lead to a promising career in the field. In India, a digital marketing professional can expect to earn around INR 5 lakh per annum, while managers can earn up to 15 lakhs depending on their job profile. According to Payscale, various companies such as ad agencies and startups are hiring digital marketing professionals.
How your pay increases with years of experience:
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11.CIB Certification
The Certificate in Investment Banking (CIB) is a six-month course that prepares graduates for the job of investing in companies.
The valuation examination is a globally recognized test that aims to determine the fair value of listed and unlisted companies. It is a vital part of any investor’s decision-making process.
Although you can take the course right after your B.C., having an M.C. will allow you to grasp the various aspects of the program. In addition to investing in companies, the course also covers various other financial instruments and strategies. According to Payscale, an investment banker can expect to earn around INR 9 lakh annually in India.
12.Teaching and Research
If you’re interested in studying the various facets of commerce and business, then you might want to pursue a doctorate in one of these fields. Some of the major fields that are commonly associated with a doctorate include finance, operations research, and human resource management. Looking for a study abroad program that fits your interests can be a good way to get started. It can also help you land a job after graduating.
Besides JRF, there are also various international and national scholarships that are available for students with exceptional research capabilities in various fields such as economics, management, and commerce. If you’re planning on becoming a university lecturer, then a Ph.D. program is highly recommended. However, if you’re more interested in teaching school students, then a two-year B.Ed program might be a better choice.
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Bonus jobs you can take after doing M.Com.
Candidates with an M.Com degree are prepared for careers as auditors, business analysts, company secretaries, consultants, tax accountants, finance officers, stock brokers, sales analysts, and economists. An M.Com graduate might also go for government exams to gain jobs in the public sector. Following are a few of the well-paying jobs after m.com with a high salary.
1. Cost Accountant
A cost accountant is a financial professional who analyses the expenses related to providing a service or producing it. A cost accountant’s main responsibilities include analysing a position and establishing a budget to make it profitable, as well as examining the total profit and loss statement. A cost accountant also accounts for the expenses related to administration, shipping, and production.
A person can pursue professional courses to gain a deeper knowledge of Cost and Management Accounting, even though the knowledge acquired during an M.Com degree course is likely to land them a solid position as a cost accountant.
2.Tax Consultant
Looking for post M.Com job opportunities? Become a Tax Consultant. A tax consultant or job in taxation centres on specialists assisting people with their tax-related questions and assisting them in both short- and long-term tax optimisation. The majority of tax advisors have degrees in law, accounting, finance, or a closely connected discipline. Understanding accounting theory, practise, and laws, as well as tax laws and financial management, are prerequisites for establishing a profession as a tax consultant.
One can work in a tax consulting firm with an M.Com degree, however, tax consulting organisations prefer people having an LLB degree to handle legal tax concerns.
3. Sales Analyst
After M.com courses, you can choose to become a sales analyst. A sales analyst is a specialist employed by a company to assess and pinpoint historical sales trends. By analysing market data, sales analysis will help businesses grow. Sales analysts provide a clearly defined plan in the form of weekly or monthly reports and offer it to the upper management and sales staff. A sales analyst’s duties also include conducting significant marketing campaigns and spotting emerging market trends in sales.
When analysing the flaws, a sales analyst reflects the supply chain, marketing, and manufacturing systems of the organisation. Candidates with an M. Com degree and a strong interest in sales and marketing are a perfect fit for the position of sales analyst. The M.Com degree holder has sufficient financial understanding to create an appropriate plan of action.
4. Investment Banker
After M.Com, there are many job opportunities on your way. One such option is Investment Banker. Investment bankers are experts who assist businesses, governments, and other entities in raising funds from a variety of sources. Investment bankers are the specialists that financial institutions hire to assess an organisation’s financial standing, capital requirements, and goals. The main responsibility of an investment banker is to serve as a liaison between entities that raise funds and those willing to make financial investments, in addition to outlining issues and offering potential solutions.
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Government jobs for M.Com graduates
The government sector offers the best career options after M.Com at all levels. A government job begins with becoming an officer in a government bank or a corporation in the finance, accounting, and management department of the commerce industry. If a candidate wants to advance in a government job, obtaining an M.Com degree from an accredited institution is the ideal choice.
There are several M.Com job opportunities in the government banking business. Let’s take a look at the government jobs for M.Com freshers in the financial sphere:
- SBI PO
SBI (State Bank of India) runs the SBI PO competitive test for Probationary Officers. The assessment is conducted every year for the students.
The test only consists of three stages.
- Preliminary Examination
- Main Examination
- Personal Interview or Group Discussion
Salary: The base pay of a Probationary Officer is INR 27,620 per month. It will increase as you acquire job experience.
- RBI Grade B Officer
Every year, the Reserve Bank of India holds the RBI Grade B Officer Examinations. This test is for individuals interested in becoming Grade B officers at the premier banking regulator in India. The RBI conducts tests for officers and office assistants in a number of areas.
The test consists of two stages.
- Preliminary Examination
- The main examination
Salary: The salary of RBI Grade B Officers is the highest of any government or banking employment in the nation. The remuneration of an RBI Grade B official is INR 77,000/-.
- IBPS PO
The Institute of Banking Personnel Selection (IBPS) conducts three-part exams for the position of Probationary Officer (PO) in all public sector banks.
The job description will call for the individual to do general banking, clerical oversight, and other bank administration-related tasks.
The exam takes in the three stages
- Preliminary examination
- Mains examination
- Interview round
Salary: IBPS Probationary Officers (POs) are entitled to a base salary of INR 23,700 following the 7th Pay Commission, along with benefits such as DA, HRA, and others.
Required skills for M.Com jobs
Maths skills
You must have great numeracy abilities to have a successful job in a business-related sector. You’re probably aware that employment in finance, data management, taxation, and banking take your proficiency with numbers into account when hiring. You should be able to interpret and work with numerical and graphical data, make conclusions, and explain your results.
Communication skills
Given the well-paying standards and development potential of management professions, most commerce students choose a career with a corporate organisation.Working as a multinational corporate honcho now necessitates that you be a great communicator as well as a competent manager.
Thus, communication skills are acknowledged as a must-have professional ability for commerce students. From customer management to internal team management to boardroom presentations, a commerce student must master communication skills.
Problem-solving skills
Almost all businesses want to recruit problem-solvers for all M.Com job openings. All commerce graduates are expected to be able to devise realistic, cost-effective solutions. Remember that all services available today are nothing more than answers to some of our day-to-day difficulties. Excellent problem-solving abilities demonstrate how effectively you execute in different case situations.
Leadership skills
The commerce graduation courses are designed for people who wish to become leaders and work as part of a team to achieve a common objective. Because the corporate world is all about teamwork and leadership, you must be an effective team manager and leader. Employers like to recruit team players who will ultimately become exceptional team leaders rather than lone coyotes.
Conclusion
If you are planning on graduating from M.Com, here are some great career options that will allow you to pursue your goals after that. You can also determine your interest in one of these options by choosing your desired field of study. We hope the article answered your question – what are the job opportunities after MCom?
Before you start considering what to do after graduating from M.Com, it is important that you first check the various factors that affect the course’s success. Some of these include the time commitment, difficulty level, and price. The best courses after M.Com will allow you to land a great job right away.
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FAQs
Q: Which job is best after M.Com?
A: M Com graduates can proceed for jobs in the field of finance or accounting. However, choosing a job shall solely depend upon the interest of the candidate.
Q: What are the after M Com jobs and salary?
A: Salary after completing an M.Com degree can vary across different job positions. Becoming an investment banker after M.Com can fetch an average package of INR 9.04 LPA. However, the average salary of a stockbroker or a sales analyst in India can range from INR 4 LPA to INR 5 LPA.
Q: Which subject/specialisation is best for MCom?
A: M.Com degree is imparted in different specialisations including Business Administration, E-Commerce, Financial Management, Finance and Control, Accountancy, Economics, Banking, etc. Candidates must choose a specialisation that best suits their area of interest.
Q: How many years do I have to study M.Com?
A: M.Com degree is imparted by colleges in India for a duration of two years. Post completion of the degree, candidates can look for jobs after M.Com and salary.
Q: What are the sectors recruiting M.Com graduates?
A: Accounting, Auditing, Taxation, Financial Services, Commercial Banking, International Banking, Insurance Services, Telecommunication Services and BPO’s, are among top sectors recruiting M.Com graduates.
Q: Can I become a CA without a degree in commerce?
A: No. Candidates are eligible for Chartered Accountancy after class 12. Graduation or post-graduation degree in commerce or any other field is not a prerequisite to becoming a CA in India.
Q: Can I do an MBA after M.Com?
A: Yes. You can pursue MBA if you have completed a bachelor’s degree programme or equivalent irrespective of the stream. Before enrolling on an M.Com degree, candidates would have completed the bachelor’s course, thus, they can proceed for an MBA degree irrespective of completing M.Com or not.
Q: Which are some top recruiters hiring M.Com graduates?
A: M.Com graduates are hired by top banking and auditing firms across the globe. Some of the top recruiters for M.Com graduates include State Bank of India, Punjab National Bank, ICICI Bank, Citibank, Deloitte, KPMG, PwC, TFC, Ernst and Young, etc.
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