Career Opportunities

CAREER OPPORTUNITIES

CONTENTS

Career – Introduction

Career Planning

Career Development – Process & Importance

Careers In Commerce

CAREER - INTRODUCTION

Etymology:The word ‘Career’ is derived from the Latin word “carrus" which

means "wagon".Definition of Career :

A CAREER is defined as “the sequence and variety of occupations (paid and unpaid) which one undertakes throughout a lifetime.” A CAREER is defined as “the progress and actions taken by a person throughout a lifetime, especially those related to that 

person'soccupations.” A career is often composed of the jobs held,titles earned and work accomplished over a long period of time,

rather than just referring to one position.Meaning of Career :

Career describes an individuals' journey through learning, work and other aspects of life.

CAREER PLANNING

is a deliberate process of knowing WHO you are so that you can be sure of WHERE you want to go or WHAT you want to be at some defined point in the future.

Career Development

Meaning : CAREER DEVELOPMENT is the process of managing life, learning and work over the lifespan.

The Career Development Process involves the completion of a variety of activities geared to help you to, initially, determine or confirm your desired life direction. We believe this is the initial action that must be taken in order to select an appropriate career.

Process of Career Development

Career Develop-

ment

Self Assessment

Career Exploration

Decision Making

Taking Action

Process of Career Development

Step 1 - Self Assessment  (INSIDE)The first and most important step of this process is Self Assessment. Step 1 focus is on the INSIDE of a person.  After the successful completion of Step 1, you should have a good idea in terms of who you are and what’s most important in your life, ingredients considered by career specialists as crucial for determining accurate direction.

Step 2 - Career Exploration  (OUTSIDE)The second step of the process involves Career Exploration.  Step 2 focus is on the OUTSIDE of a person.  While it is important to know the first step you ought to take in order to make a good career or college major selection, it is also important to become aware of significant influencing areas outside of you that will need to be factored in before you finalize any big decision. Key areas on the outside of you include the World-Of-Work; Family, Faith/Beliefs; Leisure-Time and so on. It would be wise to consider and thoroughly examine supportive as well as non supporting aspects of each of these key areas prior to your career and/or occupational choice.

Process of Career Development

Step 3 - Decision Making  (CLOSER LOOK)Step 3 will require you to begin the process of Decision Making. It will require TAKING A CLOSER LOOK and, eventually making a decision.  This is the point where you take what you have learned from your self assessment and career exploration and conduct more detailed research. The main goal is to narrow down possible options, consider any significant influencing factors, and select the career or college major you believe to be the best fit.

Step 4 - Taking Action  (MATCHING UP)Taking Action involves MATCHING UP the results of your self-assessment results and the most supportive aspects within significant influencing areas in Step 2. The main goal is to actually begin to do what you decided to pursue as a career or college major. This might entail enrolling into a college or tarining program; registering for a class; conducting a job search; creating a resume; filling out an application; participating in an interview, and so on.

Importance of Career DevelopmentCareer Development as an Effective Tool to Enhance the Attractiveness of Public

Employment.

1. The attractiveness of public employment depends on a multiple set of elements, among which career development systems are crucial in recruiting and retaining competent staff and in competing effectively with the private sector.

2. An attractive career development system as defined in this study not only responds to organisational needs but also motivates and commits staff.

3. Major prerequisites for motivational career development systems are: a promotion policy with clear rules based on the reward and recognition of individual merit and performance; opportunities for staff development through mobility, training, job enrichment, job enlargement, coaching etc. with attractive career prospects.

4. The study illustrates huge differences between the fifteen Member States’ and the European Commission’s career development systems. This is very well illustrated by the main features of promotion policy, mobility policy and the career paths of senior civil servants. One important factor behind these variations is the differing conceptions and philosophies of managing a civil service (career system versus position system).

CAREER OPPORTUNITIES IN COMMERCE

IntroductionCommerce is all about the understanding of business or trade. It deals with studies of market, economics, fiscal policies, industrial policies and so on. Commerce is a broad orbit of interdisciplinary branches viz. accountancy, business administration, finance, economics, marketing, advertisement, e-commerce, and so many. The overall economic health of a nation largely depends on advanced commerce studies. This stream offers a wide range of career options. 

ScopeCommerce opens up many career avenues. Globalization, foreign insurance and foreign banks has created enormous job opportunities for commerce students. Chartered Accountant (CA) is still a coveted career.  Commerce graduates have a very exciting career option such as e-commerce. This career is well-suited to commerce students because of their sound understanding of business transactions.

CAREER OPPORTUNITIES IN COMMERCE

RemunerationIt mainly depends on academic qualifications, training, experience, location, responsibility and employer. Private sector especially foreign companies provide attractive pay packages. The salaries in this sector ranges from Rs.10,000-1,50,0000 per month. Professional like MBAs, CAs and CFAs get high pay packages.Foreign banks and insurance companies give good packages.

EligibilityGraduation and post-graduation is desirable for the higher posts. It mainly based on the type of career to be pursued. The certications and liscencing from professional bodies is required for CA, CS, CFA, etc. MBA (finance) is also preferred in many foreign banks. 

Career opportunities :Higher education: B.Com students can go for higher education (MBA, M.Com, MCA, Ph.D, ) or immedate jobs. There are some prestigious certification courses in Commerce viz. Chartered Accountancy (CA), Certified Financial Analyst (CFA), ICWA, CFP and Company Secretary Ship (CS).Banking: Career is chosen due to fair salaries, job security and high social acceptance. Many local/national/foreign banks provide good job opportunities.Investments: One can get job as equity research analyst, investment banker, mutual fund executive, capital market manager, asset manager, venture capitalist and real estate.Insurance: It is showing exponential growth due to liberalization policy in India. The public and private insurance companies in life and non-life insurance providing enormous career opportunities. It also offer jobs in actuary and risk management.

* Career Opportunities in Commerce

Capital market: Liberalized Indian economy has opened up capital market for foreign investors along with domestic investors. The heavy flow of capital into the capital markets has generated many employment opportunities. .Management: B.Com and BBA courses provide good background for MBA course. MBA (Finance) requires sound back ground of commerce field.Accounting: Demand for skilled accountants has increased considerably in the domestic and international job market.KPO and BPO: Enormous opportunities for commerce students in this emerging field.Taxation: Many jobs related to taxation has been created in recent years. 

* Career Opportunities in Commerce

Career Opportunities in Commerce

Some popular careers options in Commerce:1. Chartered Accountant (CA): He/She is specialized in accounting, auditing and taxation. CA serves as a corporate caretaker and occupies respectable position in corporate world. The demand of CA has increased. Salaries of C.A. depends upon academic qualification and experience. Average salaries 25,000-1,50,000 per month. Abroad, salaries may go up to Rs. 5,00000 per month. CA who does consultancy earns good money. Eligibility: Admission is open to 10 + 2 pass or equivalent examination. CA Program has three sections viz. Common Proficiency Test (CPT), Professional Competence Course (PCC or PCE) and Final examination. Institute: The Institute of Chartered Accountants of India (ICAI) is an examining and a licensing body. www.icai.org

2. Company Secretary (CS): He/She co-ordinates various departments, ensures compliance of company legislations and advises directors on statutory requirements of the company. Apart from this, CS also looks after finance, accounts, legal, personnel and administrative functions. CS is a well remunerated career option because of its multifaceted nature. Eligibility: The Institute of Company Secretaries of India (ICSI) offers a three-stage course to qualify as Company Secretary. Foundation course is of 8 months that can be joined after 10+2 exam. Institute:T he Institute of Company Secretary of India conduct and regulate the course of Company Secretary. http://www.icsi.edu.

Career Opportunities in Commerce

3. Cost and Work Accountant (CWA): Certified CWAs maintain cost accounting records, do cost auditing for companies, certify import and export documents under the Exim Policy, serve as executor, administrator, receiver and valuer. CWA facilitates strategic decisions in respect of diverse economic activities of the organization.Eligibility: The ICWAI examinations are held in three stages: Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing 10+2 examination. Graduates in any discipline are eligible for direct admission to Intermediate course. Candidates passed in final examination with a minimum work experience of three years are eligible to become members of ICWAI. Institute: Institute of Cost and Works Accountants of India (ICWAI) conducts and regulate course. Further details: www.icwai.org

4. Chartered Financial Analyst : Chartered Financial Analysts (CFA®) utilize their skills in the core areas of financial and hedge fund research, portfolio management, investment consulting, investment banking, investment management, international finance and research. Career opportunities for CFAs with IT skills (trained in high-end packages like SAP, Oracle application and Baan) have increase manifold. CFA regarded as the key position by financial professionals. CFA gets good salary. Eligibility: To be a CFA, a graduate requires clearing three levels of examination. A minimum of three years of investment/financial experience is essential. Institutes: ICFAI conducts CFA programme in India. This course is offered through class room as well as distance learning packages. Further details: www.icfai.org

Career Opportunities in Commerce

5. Banking: For a career in banking, one can start off by maintaining accounts. Now a day’s banking sector recruits MBA graduates, CAs and CFAs to enhance the efficiency of banks. Now banks are in the mutual funds, securitization business, credit cards, consumer loans, housing loans, etc this open up many career avenues. Eligibility: Public sector Banks recruit mainly graduates for Clerical and Probationary Officer posts on the basis of All India Level examination. Graduates with commerce/economics are desirable candidates but any one from any stream can enter into this service by qualifying the exams conducted by banks. Foreign Banks prefer take MBAs, CAs, CFAs, etc.

6. Investments: One can job opportunity as equity research analyst, investment banker, mutual fund executive, capital market manager, financial planner/asset manager, venture capitalist and real estate.

7. Insurance: Insurance field offers jobs in actuary, risk management manager, insurance surveyor, underwriter, etc. The key factor for success in this field is experience. In private sector, the salary is more attractive. In private sector generally management graduates are inducted in the areas of marketing and sales gets salary ranging from Rs 15,000 to Rs 50,000 per month. The Commissions are the most common form of compensation for insurance agents and the amount depends on the type and amount of insurance sold. Eligibility: To pursue a career one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. Students who have passed 10 + 2 or equivalent exam are eligible. License is needed to work in this field which can be achieved through a training programme.

Job options & Self-employmentJob Options: Accountant/Costs and works accountant Auditor Book Keeper Business analyst/Market analyst CFO Controller Finance manager Internet Marketing Executive (E-commerce) Stock broker

Self-Employment: Business firm Stock broker Trade consultant Management consultant Entrepreneur  Corporate lawyer Financial analysts Tax consultants  

COURSESCOURSES AFTER 12TH-STANDARD

Bachelor of Commerce (B.Com)  B. Com (Computer Application) B. Com (Foreign Trade) B. Com (Tax Procedure) B. Com (Advertising & Sales Management) B. Com (E-Commerce) and B. Com (Office Management) Bachelor of Business Management (BBM) Finance Marketing Human ResourceBachelor in Management Studies (BMS) Bachelor of Business Administration (BBA) Bachelor of Business Studies (BBS) Bachelor of Corporate Secretary-ship (BCS) Diploma in Industrial Accountant 

COURSES AFTER GRADUATION

Masters of Commerce (M.Com) Banking and & Insurance Management Co-operative Management MarketingMaster of Corporate Secretary ship (MCS)Master of Financial Control (MFC)Master of Financial, Administration (MFA)Master of Financial Management (MFM)Master of Business Administration (MBA)Post Graduate Diploma in: Capital Market & Investment Analysis  Finance & Control  Management Accounting  Banking & Finance Public Accounting

1. Chamber of Commerce Examination: It conducted by a British Institution for Indian youths.  www.lccieb.org.uk

2. UGC National Eligibility Test for Junior Research Fellowship and Eligibility for Lectureship: National Eligibility Test (NET)   http://www.ugc.ac.in

3. SSB/Air Force Accounts www.dfas.mil    4. Combined Defence Services 

www.upsc.gov.in/general/cds.htm5. Bank examinations: Clerical and Probationary officers 

http://www.bankexamsindia.com6. MBA examination: www.entranceexam.org

Examinations

IMPORTANT INSTITUTES Actuarial Society of India, Mumbai  www.actuariesindia.org Birla Institute of Management & Technology, New Delhi Birla Institute of Technology, Pilani  www.bits-pilani.ac.in College Of Insurance, Mumbai  www.insuranceinstituteofindia.com Institute of Chartered Accountants of India (ICAI), Delhi  www.icai.org Institute of Chartered Financial Analysts of India (ICFAI). Institute of Company Secretary of India, New Delhi.  http://www.icsi.edu. Institute of Cost and Works Accountants of India (ICWAI)  www.icwai.org Institute of Insurance & Risk Management, Hyderabad 

www.iirmworld.org.in International Institute for Insurance and Finance, Hyderabad 

www.iiifindia.com International School of Actuarial Sciences (ISAS), Hydrabad Narsee Monjee Institute of Management, Mumbai  www.nmims.edu National Insurance Academy, Pune  www.niapune.com SP Jain Institute of Management and Research, Mumbai  www.spjimr.org Xavier Institute of Management, Bhubaneswar  www.ximb.ac.in 

Abroad Degreeswww.universities.comwww.degreedirectory.orgwww.distance-education.org www.onlinedegreeadvantage.comwww.excite.co.ukwww.universities.comAbroad Fellowships and scholarshipswww.scholarship-positions.comwww.usyd.edu.auwww.educationnewsupdates.blogspot.com Abroad Jobswww.trade.gov/jobs www.internationaljobs.comwww.nationaljobs.washingtonpost.com www.harvard.eduwww.mcgill.cawww.yale.eduwww.auckland.ac.nz

ABROAD OPPORTUNITIES

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CAREER OPPORTUNITIES - INSIGHTS

Thank You

By, Meghashree S Bramhawar MBA, NITMS