Completing a Bachelor’s in Commerce (B.Com) opens up a world of opportunities for students seeking rewarding careers. While courses like CA and MBA are popular choices, there are other lesser-known yet promising paths worth considering.
In this article, we explore the potential of ICWAI, Company Secretary (CS), CMA, ACCA, and CPA, showcasing their eligibility, career prospects, and the unique advantages they offer to B.Com graduates:
Institute of Cost and Works Accountants of India (ICWAI)
One prominent career path after completing B.Com is the ICWAI course offered by the Institute of Cost and Works Accountants of India. While not as prestigious as a CA, the ICWAI provides solid career opportunities upon completion, making it a popular choice for students.
Successful completion of the ICWAI can lead to further studies, such as an M.Phil. or PhD, or to roles such as Financial Controller, Cost Controller, or Chief Internal Auditor. With salary ranges from INR 3-40 lakhs per annum, it represents a worthwhile investment. The ICWAI certification involves passing foundation, intermediate and final courses during or after B.Com.
Company Secretary (CS)
For those looking at career options after B.Com, becoming a Company Secretary (CS) offers a distinctive route. The CS course focuses more on the legal aspects of business and qualitative analysis than CA or ICWAI, preparing you to advise boards of directors in multinational corporations.
CS graduates often secure positions as Executive Secretaries to MDs or CEOs. The CS qualification requires successful completion of Foundation, Executive, and Final Courses. The salary range of CS may range from anywhere from INR 5 lakhs-5 crores per annum!
Alternative Courses after B.Com: CMA, ACCA, CPA
While ICWAI and CS are comparatively common choices, let’s explore some less common yet valuable career options after B.Com: CMA, ACCA, and CPA.
Certified Management Accountant (CMA)
The Certified Management Accountant (CMA) is a globally recognised course offered by the Institute of Certified Management Accountants. While it is more popular in the US, it is recognised in over 100 countries.
The comprehensive CMA curriculum concentrates on both management and financial accounting. CMA graduates can anticipate earning at least 33.33% more than non-certified accountants. However, bear in mind that it involves passing two rigorous exams, each lasting 4 hours.
In India, the salary range of CMA is in the range of INR 2.7-13 lakh per annum.
Association of Chartered Certified Accountants (ACCA)
The Association of Chartered Certified Accountants (ACCA) is a well-respected qualification with a long history. With more than 436,000 graduates worldwide, it offers a comprehensive curriculum teaching not just the technical side of accounting, but the technical and management aspects as well.
With reasonable fees and an average pass rate of around 50%, ACCA offers a fantastic career in audit, tax or practice at an affordable price. In India, entry-level ACCA can earn INR 5-20 lakhs per annum.
Certified Public Accountant (CPA)
The Certified Public Accountant (CPA) is a leading international qualification as prestigious as a CA course. Organised by the American Institute of CPA (AICPA), it’s an excellent choice for those aiming for a career in public enterprises.
AICPA data suggests CPA-qualified individuals earn at least 15% more salary than non-certified accountants. The CPA course involves passing four subjects over a long 14-hour exam. The salary range of a CPA in India is INR 7-50 lakhs per annum.
With an array of options available, choosing the right course after B.Com can be a daunting task. To make an informed decision, it’s crucial to understand your inclinations and interests. If accounting or finance sparks your passion, consider CA, CPA, or ACCA. Alternatively, if you lean towards finance, an MBA in Finance from a reputable institution can be a viable choice. Take your time to soul-search and weigh your options carefully, as the right course can shape a fulfilling and prosperous career.
