A Master of Commerce (M.Com) degree program is designed to provide you with the knowledge and skills needed to work as a professional in the field of accounting and finance. The increasing use of technology is opening up a world of opportunities in the field of accounting and finance, and with a Master’s degree in Commerce, you can position yourself to take advantage of these new opportunities.

The M.Com degree program covers essential topics such as financial accounting, financial management, business economics, taxation and cost accounting. You will learn how to analyze information using a variety of methods, create financial models and make informed decisions about investments and other areas of finance.

Let us see some of the top trends in these fields in 2023 and how an M.Com degree can help you capitalize on them:

1. Data Security Gains Prominence

Digital transactions in India have become pretty common, and accounting firms and their clients frequently share information electronically. Hence, data security and encryption become even more important in the fields of accounting and finance.

Recently, the top institutes, such as SMS Varanasi, have updated their M.Com degree programs to include courses on data security and encryption. This will help you gain a better understanding of the latest technologies and techniques used for protecting financial data.

While data security is essentially a technology-driven area, it is important for financial professionals to understand the implications of data security and why it matters.

2. Focus on Industrial Marketing

Industrial marketing has gained prominence in recent years, and businesses are now focusing on marketing their products to other businesses. As a result, the demand for professionals who understand the concepts of industrial marketing is higher than ever before.

Industrial marketing is typical because it follows a different set of rules and strategies than consumer-level marketing. With an M.Com degree, you will understand the concepts of industrial marketing and help accounting firms deliver value to their clients by offering the right advice.

If you are an expert in niche industrial marketing or rural marketing, your employability quotient goes up considerably.

3. Using Cloud-based Accounting Software

Cloud-based accounting systems and software make the work of accounts and finance professionals much easier and better. An M.Com program that teaches about the use of cloud technology in accounting and finance will be an asset for those looking to work in this field.

Some of the top cloud-based accounting software popular in India are Zoho Books, RealBooks, Reach, Quickbooks, Freshbooks, Xero, and more. M.Com graduates well-versed in accounting on cloud-based systems can easily find employment in this field.

4. Growing Use of Financial Software

Technology helps businesses stay ahead of the competition, optimize their resources, and increase efficiency and accuracy. It is not surprising that more and more SMEs are now looking into using financial software that automates mundane tasks such as bookkeeping, invoicing, and payroll processing.

Some of the top financial software quite popular with Indian businesses are TCS iON Financials, Deskera, and Co-op Finacle.

With an M.Com degree, you can understand the dynamics of different software systems and help companies select the right one for their needs. Moreover, accounting professionals who are proficient in using financial software can easily find employability opportunities as these skills are increasingly sought after in the accounting and finance fields.

5. International Marketing is Gaining Traction

As the Indian economy continues to grow, more and more companies are venturing into international markets. This requires new strategies and tactics for marketing products and services abroad.

The trend of businesses going online has also opened up new opportunities for international marketing. Finance professionals serving industries that cater to international markets need to understand the complexities of global business and be able to manage finances in different currencies.

An M.Com degree will help you develop an understanding of international marketing and finance, which is essential for businesses seeking to expand their operations overseas. This will also open up more employability opportunities in both domestic and international markets.

6. Remote Work for Accountants and Finance Professionals

After the COVID-19 pandemic, many companies now prefer to have their accountants and finance professionals work remotely. An M.Com program that covers topics such as virtual accounting and digital financial management systems can help you stay ahead of the curve and capitalize on this trend.

According to a recent poll:

• 40% of companies expect their employees to work remotely.
• 82% of companies allow employees to work remotely.
• 42% of companies plan to adopt a hybrid work model.

On the other hand, job aspirants also prefer a work-from-home opportunity or a hybrid work environment these days.

The new-age M.Com programs like that offered by SMS Varanasi aim to equip you with the skills and knowledge needed to work effectively in such a setup. With knowledge of digital tools, technologies and soft skills, you can become an indispensable part of any organization.

7. Agile Accounting is Growing

Agile accounting is a new and emerging concept in the world of finance. It involves developing and improving financial processes rapidly, by breaking them down into smaller chunks. Agile accounting helps to optimize resources, reduce costs and accelerate the decision-making process.

Increasingly, accountants are expected to be flexible and responsive to rapidly-evolving business environments. They need to present information quickly, develop and amen plants at the drop of a hat, adapt swiftly, and revise strategies as circumstances change.

The knowledge of the Agile framework helps them to report, plan, forecast, manage, and streamline their processes without compromising the quality of their work and minimizing the risks for every stakeholder.

To gain an understanding of agile accounting, you may enroll in an M.Com program that includes courses on the same.

8. Behavioral Finance Advisory Services

Behavioral finance advisory services are also gaining importance in the world of finance. Such services involve analyzing and understanding the psychology behind people’s financial decisions and providing advice accordingly.

The classical economic model of consumer choice assumes that all our decisions are rational. Then, there are ways in which our minds distort probabilities – underestimating or overestimating certain outcomes. Heuristic-driven bias is the tendency to use rules of thumb to simplify the decision-making processes.

An M.Com program that focuses on topics such as behavioural economics and risk management can help you gain a better understanding of this field.

So, if you are planning to pursue an M.Com degree in accounting and finance, make sure it covers these important topics. That will help you stay ahead of the curve, gain a competitive edge over other job aspirants, and encash new opportunities in the near future.