Update on 12 Jul, 22
5 minutes read
M.Com or the Master of Commerce is a 2-year postgraduate degree course that is offered by many top Institutes in India. Candidates who qualify for the B.Com degree can take admission to the M.Com course. Many top Management Colleges in India have included the M.Com course in their curriculum.
But is the M.Com course worth pursuing? What are the career options after M.Com? These are the most common questions that haunt the minds of the aspirants.
M.Com is definitely a wise choice for candidates who are looking forward to a promising future. Many top companies in the banking, finance, taxation, and insurance sectors prefer to hire candidates with an M.Com degree.
Candidates with an M.Com degree can also get good job opportunities in the education sector. In fact, the salary package received by a candidate who has completed the Master of Commerce is almost at par with the MBA degree holders.
The career prospects of M.Com are diverse but to make the correct choice, candidates must be well informed. In this article, we have provided a detailed view of the 12 career options after M.Com, the eligibility, job roles, and salary prospects.
⒈ Chief Financial Officer (CFO)
CFO or the Chief Financial Officer holds the Senior Management position in the company. The main responsibility of the CFO is to manage the financial operations of a company.
A CFO also develops a long-term investment plan for the company, creates financial reports, makes strategic business decisions, and oversees the investment opportunities of the company.
The CFO of an organization also collaborates with the other top executives to enhance revenue generation by creating accurate financial budgets.
A CFO of a company commands a high salary along with perks and other benefits. Since the CFO plays an active role in the decision-making process of a company, he/she holds a position of high esteem and respect. The average salary of a CFO in India is INR 10 Lakhs per annum to INR 12 Lakhs per annum.
⒉ Chartered Accountant (CA)
A Chartered Accountant is one of the most popular career options after M.Com. The job role of a Chartered Accountant is to manage the finances of a company, monitor the company’s processes and products, do internal auditing, provide tax services to clients, and streamline business operations.
A CFO can work in diverse firms including stock broking, legal, portfolio management, auditing, and investment companies.
There is always a high demand for CA in different industries as they contribute to the revenue generation of the companies.
Chartered Accountants have very high salary prospects. The average salary of a Chartered Accountant is INR 7 Lakhs per annum. Chartered Accountants in reputed companies with many years of work experience can get a salary of INR 40 Lakhs per annum.
⒊ Cost Accountant
The job of a Cost Accountant is one of the best career options after M.Com. Cost Accountants must be experts in Mathematics as their work involves planning the budgets of a company.
The other work areas of a Cost Accountant are estimating the productivity of products and services of different Departments, allocating resources, and managing risks to increase the profits of the company.
The average annual salary of a Cost Accountant in India is INR 5 Lakh per annum. The salary also varies with the city and the number of years of work experience.
A Senior Cost Accountant with more than 8 years of work experience can command a salary of INR 24 Lakhs per annum.
⒋ Financial Analyst
A career as a Financial Analyst is one of the tops recommended jobs for candidates after completing M.Com. A Financial Analyst works in the Finance Department of an industry or an organization and is responsible for analyzing the Financial Data of a company and predicting future financial outcomes.
A Financial Analyst also conducts thorough market research by using data-driven tools to drive productivity and revenue generation of the company.
The average salary of a Financial Analyst who has just started a career is INR 5 Lakh per annum. The salary increases with the age and experience of the candidates. For a Financial Analyst with more than 5 years of experience, the salary can go up to INR 10 Lakh per annum along with overtime and perks.
⒌ Company Secretary
Company Secretaryship is one of the top career options after M.Com. The job roles of a Company Secretary are diverse and the jobs are available in both Private and Public sectors.
A Company Secretary can also find jobs in banks, financial sectors, and law firms.
Their job roles in a company include handling the collaborations and mergers, corporate policy making and handling the legal documents of the company, and filing and managing the taxes of the company.
A Company Secretary in India has extremely good salary prospects. The average salary of a Company Secretary in India is INR 6 Lakh per annum and the salary may increase to 12 Lakh per annum depending upon the experience of the Company Secretary.
⒍ Investment Banker
The job role of an Investment Banker is to generate investments for organizations and analyze the financial environment of a company. An Investment Banker also assists clients with mergers and acquisitions, supervises the progress of the company, and manages the financial losses.
An Investment Banker also oversees the funding of the company and collaborates with potential customers to maximize the investment opportunities of the company.
The average salary of an Investment Banker in India is INR 9 Lakh per annum. An Investment Banker is among the top career options after M.Com.
The salary of an experienced Investment Banker with a top organization may go up to INR 70 Lakh per annum.
⒎ Stock Broker
Candidates who have a knack for sales and Finance can become Stockbrokers. Stockbroking has high salary potential as their work involves managing the client’s financial resources.
The main job roles of a Stockbroker include providing financial advice to the clients, updating the clients about possible investment opportunities, evaluating the financial reports of the clients, and analyzing the Financial market conditions regularly.
The base salary of a Stockbroker in India is INR 3 Lakhs per annum. The salary of a Stockbroker depends on the organization and the number of years of experience in the Financial markets.
⒏ Certified Management Accountant (CMA)
A Certified Management Accountant (CMA) works for both Public and Government organizations. The main job role of a CMA is to keep a track of the company’s financial expenses.
Certified Management Accountant is one of the top career options after M.Com and the job areas include managing and controlling business budgets, implementing cost management plans for the company, analyzing the market performance, predicting the business outcomes of the company, preparing financial statements and balance sheets, helping the company make profound business decisions.
The starting salary of a Certified Management Accountant is INR 7 Lakhs per annum. A Middle-level Executive earns around INR 1,00,000 per month and top executives have a salary of INR 1.5 Lakhs per annum.
The salary of a CMA increases with the age and experience of the candidates.
⒐ Tax Consultant
A Tax Consultant is a Financial Expert who makes sure that the clients are filing their tax returns properly. Tax Consultants also advise their clients on the best investment options and formulate ways to minimize tax liability.
He/She must be aware of the tax laws and help the company make correct financial decisions. Tax Consultants must be very good with numbers as their role involves helping their clients file their tax returns accurately to maximize benefits.
The average starting salary of a Tax Consultant is INR 3.7 lakhs per year. The salary of the Tax Consultant varies with experience, the company, and the location.
In a Tier, I city, the salary of the Tax Consultant may go up to INR 10 Lakh per annum.
⒑ Certified Public Accountant (CPA)
A CPA is one of the best career options after M.Com as their services are required by both small companies and large organizations.
The main job role of a CPA is to review the financial status of the company and help to achieve financial goals.
A Certified Public Accountant also acts as the Financial Advisor of the company and their responsibilities include managing budgets, auditing internal accounts, working with overseas clients, and checking errors in the financial records of the company.
The average salary of a Certified Public Accountant in India is INR 7 Lakhs per annum. The pay scale of the candidate increases with experience and the recruiting company.
A Certified Public Accountant working with a top organization may get a salary of INR 15 Lakhs per annum.
⒒ Internal Auditor
The job of an Internal Auditor is a good career option for candidates with an M.Com degree. An Internal Auditor requires knowledge of the business operations of a company and is responsible for businesses to achieve their necessary goals.
There are various sectors in which an Internal Auditor can work. These include Government and Private establishments, Manufacturing companies, and Service industries.
The average salary of an Internal Auditor in India is INR 6 Lakhs per annum. The salary increases with the knowledge, experience, and skills of the candidate. Senior Internal Auditors in India can get a salary of INR 12 Lakhs per annum.
A teaching job is another top career option for the students who have completed their M.Co degree from a reputed Institute.
For teaching jobs in Senior Secondary schools in India, it is compulsory to have a B.Ed degree. Candidates who complete their Ph.D. programs in Commerce or Business Management can also become faculty members of Higher Educational Institutions.
The monthly salary of a teacher with an M.Com degree is INR 20,000 to INR 30,000 per month. The salary of the candidate increases with experience.
For Higher Educational Institutions like Colleges and Universities, the salary of an M.Com degree holder with a Ph.D. is INR 9 Lakhs to INR 12 Lakhs per annum.
As you can see that there is a multitude of possibilities after completing M.Com from a recognized Institute. You can choose your profession after completing the M.Com course based on your area of interest and skills.
The best career options after M.Com offer opportunities for growth and lucrative salary prospects. M.Com candidates can gain a strong foothold in the professional world and make their future secure.
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