Many students also go for ICWAI. It is the cost accounting course offered by Institute of Cost and Works Accountants of India. This is a good course, but it’s not as valuable as CA. But many students go for it as there are good career opportunities after doing ICWAI. Completing ICWAI, someone can go for M.Phil. or PhD or can join as Financial Controller, Cost Controller, Chief Internal Auditor. The salary range would be around INR 4-6 lakhs per annum. You can join this course while doing your B.Com. There is foundation, intermediate and final courses you need to clear to be able to get the certification of ICWAI.
Many people go for CS after or during their B.Com. CS is completely a different course than CA or ICWAI. It is more about legal aspect of business and qualitative analyses. So , You has to be prepared to suggest the paths to the board of directors of the MNCs and often will join as an Executive Secretary to MD or CEO. In case of CS, you need to clear Foundation, Executive and Final Courses. So this is the program which has opportunities for Company Secretary course has immense potential.
In the above module , we have discussed about the common choices students make to get going in their careers after them B.Com. But we can look up here the list of courses which a small percentage of students choose to do.
But they are beneficial too, if you take things into your stride and do them with utmost sincerity.
Let’s have a look at them.
This is one of most recognized international courses you can choose after you complete your B.Com. Certified Management Accountant (CMA) is offered by Institute of Certified Management Accountant. It’s more popular in US, but it has presence in over 100 countries in the world. Over the years ICMA has produced a lot of high calibre students. The proof is if you complete your CMA after B.Com, you will be able to earn at least 33.33% more than any non-certified accountants. CMA is much more comprehensive than any other courses you can pursue after B.Com (other than CA & CS). Curriculum of CS concentrates on both management accounting and financial accounting. This has made it very easy for its Aspirants to pursue and clear CMA. There are over 100 examination centres in the world. And to clear the exam, you only need to sit for two exams. And each exam is of 4 hours duration. The exam will consist of 100 multiple choice questions and 2, 30 minute essay questions. But remember that it’s not easy to clear as it sounds. In June, 2015, the exam percentages for two exams are 14% (CMA Inter) and 17% (CMA Final) respectively.
The college days of B.Com is over now and you are feeling perplexed and do nont know exactly what will give your career a lift. If you feel like this and want to become an accounting professional here is ACCA for you. ACCA is accredited by Association of Chartered Certified Accountants. This course is running and educating students for a very long time. More than 436,000 students have already passed out of this certification. And it has a tremendous global repute; it’s in more than 180 countries in the world. Like CMA, ACCA is also very comprehensive course. Not only teaching you the technical part of accounting, it also teaches technical and management aspect as well. But it’s not as easy as it sounds. You need to put in a bit more effort than normal. After doing all efforts perfectly, you want a great career and for that you need to clear four levels and 14 subjects in total. The fees for ACCA though are very reasonable. It’s around INR 50,000. Even the passing rate is around 50% if you take the average all levels and all papers together. So this is the global course under a small budget also have a great career in audit, tax or practice.
This is one of the best international courses you can do after your B.Com. This is as good as a CA course. Aspirants who want to chase a career in public enterprises should go for CPA. Basically CPA is organized by American Institute of CPA (AICPA). According to AICPA, there is a difference in salary when you do CPA. You would get at least 15% more salary than non-certified accountants. Making yourself CPA all you need to do sit for a long duration exam of 14 hours. There are only four subjects to clear if you sit for CPA – auditing & attestation (AUD), financial accounting & reporting (FAR), regulation (REG) and business environment concept (BEC). Passing percentage should be around 47% on average by adding the pass percentages in all the subjects.
These are the overview of courses you can do once you complete your B.Com. But having a lot of options is like being paralyzed by choices. So, how would you choose which one is right for you? For that you need to know your inclinations about certain subjects. If you are more inclined toward accounting, you should go for CA, CPA or ACCA. In Another case if you feel like finance is your cup of tea just go for MBA in Finance from a good institute and also Do some soul-search. Of course you need to have Have some time handy so that you have enough time to think about all your options.