Commerce and Accounts

The study of commerce and accounts disciplines aims at building competence in various aspects related to trade and operations of commercial establishments. It explores areas like accounting and finance, business analytics, auditing and taxation.

What are the different disciplines in Commerce and Accounts ?

Accountancy

Accountancy deals with the gathering, recording, processing, and communication of financial information regarding a firm’s assets and liabilities, income and expenses, cash flow and profit and loss.

Chartered Accountancy

Chartered accountancy involves providing financial management services related to auditing, taxation, financial transactions and reports, and providing professional advice regarding fiscal decisions and investments.

Company Secretaryship

Company secretaryship refers to the services provided to companies in areas like corporate governance, corporate secretarial services, compliance audit and certification services.

Auditing

Auditing discipline studies the process of objective scrutiny and evaluation of the financial statements and records of an organization to make sure that they truly and accurately represent the transactions carried out.

Taxation

Taxation deals with the various aspects of direct and indirect taxes and the related rules, procedures and practices including planning, compliance, preparation and submission of tax returns.

Cost Accountancy

The study of cost accountancy produces professionals who can facilitate management with cost control initiatives, ascertainment of profitability and informed decision making including determination of selling prices for the products, forecasting of expenses and probable future incomes.

Commerce

Commerce is the study of that part of a business which is concerned with the exchange of goods and services from the producer to the final consumer and includes all activities that directly or indirectly facilitate it.

Main Admission/Entrance exams for Commerce and Accounts

Name of Exam Institutions Languages Application Period Exam Dates Website
Undergraduate - (UG)
BHU UET Banaras Hindu University English March - April 2nd week of May http://bhuonline.in/
JMI UG Entrance Exam Jamia Millia Islamia, New Delhi English March - April 1st week of June http://jmicoe.in/
AMU Entrance Aligarh Muslim University English February 1st week of April https://christuniversity.in/
CUET NMIMS English January - April 2nd week of May https://www.npat.in/commerce.php
Postgraduate - (PG)
BHU PET Banaras Hindu University English March- April 3rd week of May http://bhuonline.in/
CUCET- PG For MCom at Central Universities of
  • Tamil Nadu
  • Bihar
  • Rajasthan
  • Karnataka
  • Haryana
  • Punjab
  • Kashmir
English March- April Last week of April https://www.cucetexam.in/

What would help you build a good profile for admission at the UG level ?

Stream to Choose at +2 level:

Taking Commerce or Science at plus two level will enable you to get admission to commerce courses at the UG level. But taking a commerce stream would be more preferable since learning accountancy and other commerce subjects can give you a basic foundation before you start your UG course.

Subjects to focus:

Maths and accountancy are very important subjects in the field of commerce and accounting. Generally 50% marks in aggregate are required for admission and higher cut offs may be expected at good institutions. Admission to some universities are based on entrance tests which may consider plus two marks as well. Therefore you should prepare well in all subjects to score a good aggregate percentage.

Some skills to acquire:

You should have strong basic mathematical skills which will help you to solve and conceive problems in accountancy.

Scholarships

Name Eligibility Website
Undergraduate - (UG)
Central Sector Scheme of Scholarship for College and University Students Scholarship will be awarded to the students who have secured not less than 50% marks in the previous final examination and annual income of their parents/guardian from all sources does not exceed Rs. 1.00 lakh. https://scholarships.gov.in/
Induslnd foundation Scholarship Students studying in undergraduate and post-graduate courses (full-time/part-time degree/diploma/ courses) who due to personal/family crises are unable to continue bearing the cost of education and are at risk of dropping out of school/college/university. http://www.indusindfoundation.com/scholarship.php
State Merit Scholarship, Kerala Applicant must have scored 50% or above in the qualifying examination and the annual family income must not be more than Rs 1 Lakh. http://www.dcescholarship.kerala.gov.in/
Postgraduate - (PG)
J. N. Tata Endowment awards The J. N. Tata Endowment awards a one-time loan scholarship to Indian nationals only at the beginning of the course for full time Postgraduate/Ph.D./Postdoctoral studies/Research Fellowships studies abroad, in all fields. Applicants should be graduates of a recognised Indian University and have secured at least 60% in their last academic examination. http://jntataendowment.org/loan-scholarship-process

How is the future for Commerce and Accounts?

According to the future of jobs report brought out by the World Economic Forum, job roles in commerce and financial services have the highest probability of technological disruption in a global perspective, although in India this transformation may occur at a less significant pace.

Technological advancements in the fields of automation and use of Artificial Intelligence may tend to make roles such as that of Data Entry Clerks, Bookkeeping and Payroll Clerks redundant. However, the roles of Financial and Investment Advisers, Risk Management Specialists and Compliance Officers are likely to remain stable over a longer period.

Also considering that most automation occurs at the level of specific work tasks and not at the level of whole jobs, there will be redeployment of employees in alternative, higher value-added functions . This will require reskilling and upskilling to gain proficiency in new technologies.

Growth of e-commerce and technology-based sectors is leading to the creation of a new job ecosystem, creating potential employment opportunities.

Gaining appropriate skills in areas such as technology design and programming will enable you to thrive in the workplace of the future, taking up newly emerging roles such as Digital Marketing and Strategy Specialists, Ecommerce Specialists and Data Analysts.

Other career areas a commerce and accounts graduate can enter in

Education and Training

To enter the field of education and training as a professor, a post graduation in a particular subject and clearing the NET would be required. Higher educational qualifications like M.Phil or PhD will help to gain more opportunities and recognitions in the teaching and training field

Finance and Banking

A commerce or accounting graduate can work as a consultant in related fields, where they should have higher qualifications in the respective specialisations and also some relevant work experience. In depth knowledge and higher levels of experience will be an advantage for a consultant.

Entrepreneurship

Although anybody can become an entrepreneur irrespective of their educational background, an entrepreneur with exposure in commerce related areas would stand at a better position due to their expertise in handling crucial financial operations of a business.

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