Doubts of Students and Parents about Commerce Stream
Generally, there is some doubt in the mind of most of the students and their parents regarding commerce stream and they often think that commerce stream is suitable only for 'non-smart' students.
Apart from this, the subject of arts is considered suitable for students with technical and research tendencies, for students interested in science and theoretical studies and performing arts. But the commerce stream is said to be suitable for those students who are comfortable with 'crunching numbers' and want to become an accountant in future. That is why many students believe that the scope of study under commerce stream is very limited as compared to other streams. But this is a common practice and it cannot be said literally in the case of commerce or any other streams. Some topics and a wide range of specialization and study options for students taking commerce stream are discussed in further detail. .
Main Topics :-
Despite the bias associated with commerce streams, the popularity of this subject is increasing very fast since the last few decades. Due to the growing economy, golden opportunities for professional career and high scoring, the tendency of taking this subject has increased among students in high school or after. Earlier this stream was limited to some subjects related to accountancy and economics but today many subjects are being studied under it. some of them are -
Economics
Students with a commerce stream have to be acquainted with many financial and economic concepts. During class 11th and 12th, students mainly have to study economics, Indian economic development, statistics, microeconomics and macroeconomics etc. To do very well in additional economics, it is very important to develop a conceptual understanding of the subject and to practice problems and numericals.
English (English)
Like every stream, one has to study English as a compulsory language in commerce stream too. The English that students learn in commerce stream is quite different from English in other streams and mainly focuses on the basics of the language including grammar, syntax and vocabulary development. Apart from this, students also learn business communication and other aspects.
Accountancy
Accountancy is a core subject of commerce stream and it plays an important role during high school education. This topic focuses on the basics of accountancy and its theoretical process and 11th concept of Financial Accountancy, Accounting Standards Accounting Standards, GST, Recording of Business Transactions and so on. In class 12th, students have to study accountancy for non-profit organizations, partnership firms, analysis of cash flow statements and financial statements of companies and computerized accounting.
Business Studies / Organization of Commerce
Business Studies or Commerce Organization is a very important subject for commerce students during high school. Types of Business Organizations, Emerging Business Models, Types of Industries, Social Responsibility and Business Ethics, Sources of Business Finance, Small Business, Internal Business and Nature and Objectives of International Business etc. are studied under this topic in class 11th. . In class 12th, one has to do in-depth study of Management Principles, Business Environment, Planning, Staffing, Organisation, Control, Finance Market, Financial Management, Marketing Management and Consumer Protection etc.
Mathematics
Mathematics is an optional subject for commerce stream students but it is very important if students want to make a career in core accountancy or similar domain. Relations and functions, algebra, calculus, linear, programming, probability, vectors and matrices are studied in the mathematics of commerce stream.
Information Practices
Information Practices is an optional subject for commerce stream students, which students choose according to their interest. The basics of computing and database management are explained in this subject. In addition, it focuses on topics such as business computing theory, programming and relational database management systems.
Scope of Higher Studies in Commerce Stream
A common question that keeps most of the students away from the commerce stream is that the scope of further study in this stream is quite limited. However, this is only a speculation and may be true in the distant past. But today the importance of this stream is equal to the other two streams Arts and Science.
Degree Level Courses -
After passing 12th from commerce stream, students can choose any one of the many available courses at degree level. The details of the main courses are as follows-
B.Com :- B.Com means Bachelor of Commerce. This course can be selected after passing 12th class with commerce subject. It is a three year degree level course. Under this, the fundamental principles of accounting and finance etc. are studied. The main topics of this course are
- Entrepreneurship
- Corporate accounting
- Business regulatory framework
- Economics
- Computer Application and IT
- Income tax
- Auditing
- Human resource management
- Statics
- Banking and Insurance
- Company law
- Business communication
- Management accounting
- Marketing
- Mathematics
- Business environment
BBA/ BMS :- If you want to do Management or MBA, then after doing 12th, BBA or BMS will be the best option. Bachelor of Business Administration (BBA) / Bachelor of Management Studies (BMS) are degree level courses. It has been designed with a view to provide proper understanding of management to the students. Many colleges offer admission on the basis of 12th score/merit. But there are some colleges where admission is done on the basis of marks of its entrance exam.
BA + LLB :- If you are interested in law or legal studies, then an integrated five-year program i.e. BA + LLB would be right for you. The integrated program covers the course of their graduation degree during the first three years in the subject or specialization chosen by the students and during the last two years, they focus on legal studies or a related program. This is another interesting study option for commerce students who want to make a career in law and their related fields like corporate law, taxation law and allied domains.
BBA + LLB :- Similar to the BA + LLB courses, the BBA + LLB courses are also an integrated four-year programme, which includes the study of law along with the graduation level. Such students who want to become a legal consultant in corporate companies or want to do their own practice with legal clients can do this course.
BCA :- Nowadays computers and technology are dominated everywhere. Life has become impossible without them. So taking BCA or Bachelor of Computer Application can be the right start to a bright career for the students. BCA course is a three year degree level course. Under this, the study of coding and computer application development is done. Students who have passed 12th class with Maths subjects can do BCA course.
Commerce Stream Professional Courses
Commerce stream students also have the facility to pursue a variety of professional courses that can shape their academic and professional future.
Chartered Accountancy (CA)
Awarded by the Chartered Accountants of India (ICAI), Chartered Accountancy degree is the most popular professional course among commerce stream students. Being a professional course, it offers many career opportunities to the students. Apart from this one can start their career as an independent CA from self-employment or self-practice or CA in leading Indian and multinational companies, local and foreign banks and audit firms.
As far as the course structure is concerned, the Chartered Accountancy course comprises of the following modules:
Module 1: CPT - Common Proficiency Test (Common Proficiency Test): This exam includes knowledge of major subjects like accounts
- Economics
- Mathematics
- Statistics
- Mercantile Law
Module 2: IPCT - Integrated Professional Competency Course (Integrated Professional Competency Course) : This course has two parts and it covers different topics
Part 1 includes:
- Accounts
- Law
- Costing and Financial Management
- Taxation
Part 2 includes:
- Advance accounting
- Auditing and Assurance
- Information technology
- Strategic management
Module 3: Articleship / Training
Students pursuing CA course in this module will have to do internship under a practicing Chartered Accountant.
Students can learn practical aspects related to Chartered Accountancy as a profession during this training.
Module 4: CA Final Exam
To become a Certified Professional Chartered Accountant one has to clear the fourth and final module. The CA final exam consists of 8 subjects which are divided into two groups. The detailed description of the subjects covered under both the groups is available below:
CA: Final Exam Group 1
- Financial reporting
- Strategic Financial Management
- Advance Auditing and Professional Ethics
- Corporate Law and Allied Law (contains two sections)
- Section A : Company Law
- Section B: Allied Law
CA: Final Exam Group 2
- Advance Management Accounting
- Information control and audit
- Direct tax law
- Indirect Tax Law (consists of three sections)
- Section A: Central Excise Duty
- Section B: Service Tax and VAT
- Section C: Customs
Company Secretary
Company Secretary is another popular course for commerce stream students after the completion of class 12 exam. This professional course is offered by ICSI in a three stage exam format.
Step 1: Foundation Program
Qualification: Class 12/10+2 or equivalent (Except Fine Arts students)
Main Module:
- Business Environment and Law
- Business Management Ethics and Entrepreneurship
- Business economics
- Fundamentals of Auditing and Accounting
Stage 2: Executive Program
Qualification: Graduate (Except Fine Arts Students)
Main Module:
- Jurisprudence, Interpretation and Common Law
- Company law
- Establishment and abolition of business entities
- Tax law
Step 3: Professional Program
Eligibility: Clearing the Executing Program
Main Module:
- Corporate and Management Accounting
- Securities Law and Capital Markets
- Economic, Business and Commercial Law
- Financial and Strategic Management
Cost and Management Accountant - CMA (Cost and Management Accountant)
Cost and Management Accountant is another professional course that can be done by commerce stream students. This program is organized by the Cost Accounting Institute of India and is divided into three phases-
- Foundation
- Intermediate
- Final
After completion of this program, you will be a Certified Cost Accountant. The key responsibilities of a Certified Cost Accountant include:
- Maintaining cost account records
- Cost accounting plan
- Cost auditing
Many large companies, industries and corporations hire CMAs to manage the cost of production or operating costs. CMA helps the company to run smoothly by cutting costs in a managed manner without affecting the output or production.
Certified Financial Planner - CFP
If you are interested in Personal Finance and Wealth Management, then becoming a Certified Financial Planner will prove to be the right career option for the students. Students with commerce stream have already studied taxation policy, investment fundamentals and general awareness etc. under their introductory syllabus and hence they find it very useful to take certified financial planner course and become a certified financial planner. Is.
To become a Certified Financial Planner, students need to obtain a certificate from the Financial Planning Standards Board (Financial Planning Standards Board of India, FPSBI). The Financial Planning Standard Board of India offers a technical program aimed at imparting proper training to the students of commerce stream in the art and science of financial planning, personal financial advisory practices, taxation, risk management and other disciplines.
The Course of Certified Financial Planner is broadly spread over 6 modules and the exam for each module is conducted in online format and questions are asked on MCQs / Multiple Choice Question Style Pattern. The Study Module of the Certified Financial Planner covers the following topics
- Introduction to Financial Planning
- Risk Analysis and Insurance Planning
- Retirement Planning and Employee Benefits
- Investment Planning
- Tax Planning and Estate Planning
- Advance Financial Planning
Students should also note that the subjects of all professional courses are subject to change according to the academic session and the latest requirements.
After reading this article thoroughly, it can be said that it is not right to underestimate commerce stream from science or arts streams from any angle. After studying from the commerce stream, the future of the students will be bright and they can live their life happily.
Career counseling for Commerce Stream Students
Besides many visionary leaders and experts from key industries, PepsiCo Chairman MS Indranoi, Aditya Birla Group Chairman Mr Kumar Mangalam Birla also have degrees in commerce. The commerce stream, commonly known as the 'non-smart' student stream, has actually proved to be a very useful subject stream for students seeking admission to many of the world's most popular professional courses - management, business and accounts. it occurs.
So, if you are considering taking up the commerce stream during your high school, you must go through certain aspects before making a final decision. Therefore, for 12th pass students from commerce stream, this article presents important information about the major topics and domains of commerce stream.