What to do after M.Com?
How many of you wonder which are all the best career options after M.Com? Master of Commerce (MCom) is a popular two-year postgraduate degree offered by several recognized universities in India. Its curriculum is a level up from the concepts that you learn about in a BCom program. Typically, students opt for an MCom qualification to delve deeper into the professional spheres of accounting, taxation, banking, finance, and insurance.
But choosing a career path from a variety of alternatives without any guidance can prove tricky. It is not easy to find high paying jobs for M.Com graduates if one has not chosen the right courses after M.Com. One has to know the list of all career options after M.Com to select the right one.
If you, too, are a young graduate and wondering what to do after M.Com, this article is for you. As a commerce student, you get exposure to a plethora of business and management-related subjects. So, you would have gained the foundational knowledge upon which you can build a dynamic career. We have compiled a list of prospective work lines below that you can explore after attaining an MCom degree.
Career Options After MCom
Below is a list of some great courses after M.Com that you can opt
1. Enroll in an MBA Program
MBA is the most popular course available for students & one of the best courses after M.Com, not just graduating from commerce but any other field. An MBA degree finds a place among the most preferred options among candidates who want to qualify for managerial positions and advance their careers. While studying MCom, you learn about business, economics, stock markets, accountancy, among other things. But when you pursue higher education in business administration, you also learn how to apply your technical know-how to solve problems and help organizations grow.
Most MBA programs follow a case study pedagogy to equip students with the critical thinking and decision-making capabilities. Nowadays, leading academic institutions are offering Global MBA degrees online on platforms like upGrad. These are accredited courses that allow you to continue your academic pursuits and get mentored by industry experts in a flexible learning environment. Additionally, you can specialize in a particular field such as business analytics, digital finance, and banking, etc.
According to payscale, the average salary of MBA graduates is 7.2 LPA in India.
List of popular companies for MBA graduates:
2. Become a Chartered Accountant
Chartered Accountancy or CA has proven to be one of the top-most career options after MCom. You are eligible to take the exam right after high school, but it demands dedicated preparation. After qualifying the three stages of CPT, IPCC, and Finals, you will need to complete an articleship of 2.5 years to practice professionally. Many talented CA graduates find employment in the ‘Big 4’ accounting firms—namely Deloitte, KPMG, EY, and PwC—earning an average annual salary of INR 8 lakh. CA is one of the best courses after M.Com.
Average salary of CA graduates is Rs. 7.9 LPA in India
Top employers for CA graduates:
3. Consider doing the ACCA course
If you wish to work in accounting and finance, you can also consider pursuing the ACCA Course (Chartered Certified Accountant) qualification provided by the Association of Chartered Certified Accountants (ACCA) institute. The two-year course is highly valued in multinational corporations. But before you become an official ACCA member, you will also need to complete three years in a practical setting.
The minimum eligibility is a 10+2 educational qualification with at least a 65% aggregate score in Math, Accounts, and English and 50% in other subjects. So, many students from the commerce stream enroll in the program during their undergraduate studies only. But even if you are an MCom student, your sound understanding of accounting concepts will help you in clearing the exams. ACCA is one of the most preferred courses after M.Com.
Multinational companies have a high demand for the graduates of this course and pay a salary ranging from 5 to 16 lakhs.
Top companies hiring ACCA
4. Pursue Company Secretaryship
If you are wondering what to do after M.com, Company Secretary (CS) is one of the many pivotal job roles in an organization. A Company Secretary (CS) looks after the legal compliance and regulatory requirements of public and private sector companies. The three stages of the CS course include a Foundation, Executive, and Professional. The candidates also have to undergo 15 months of practical training, after which they become an Associate CS and earn an ICSI membership. ICSI refers to the Institute of Company Secretaries of India, which is the only recognized body providing the CS course in the country, boasting of more than 62,000 members.
The salary range of CS in India ranges between Rs 4 – 10 LPA. According to PayScale the average salary of CS is Rs. 5.8 LPA.
Also Read: Career Options For Commerce Students
5. Earn the CMA credential
Certified Management Accountant (CMA) is a professional course requiring aspirants to complete two stages of examination and gain two years of work experience. This prestigious credential is offered by the IMA, an association based in the United States, and enjoys global recognition which made this one of the best courses after M.Com.
CMA-certified individuals are acknowledged for their expertise in two core areas – management accounting and financial management. They are expected to be knowledgeable in financial analysis, planning, control, and decision support. You will find that corporate recruiters prefer hiring CMA holders for such profiles. CMA is one of the preferred courses after M.Com.
Average salary of CMA is Rs. 8.1 LPA in India
List of top employers for CPA
6. Complete the CFA course
CFA is one of the best courses after MCom. CFA stands for the Chartered Financial Analyst program. Offered by the US-based CFA institute, it presents a great doorway into the world of investment and finance. The program covers topics related to financial analysis, bonds and derivatives, portfolio and investment management, etc. Once you are through with the three tiers of CFA, you can be hired by some of the top global financial firms, such as Goldman Sachs, JP Morgan, Royal Bank of Canada, and Morgan Stanley.
To be eligible to take the Level-I exam, you should be in the final year of your undergraduate degree. Although the duration of the course is 2.5 years, it takes an average of four years to attain the tag of a CFA Charter.
Average salary of Chartered Financial Analyst is Rs. 6.6 LPA
How the city you work affects your pay:
Checkout: Highest Paying Commerce Jobs in India
7. Obtain a CPA license
One of the most prevalent career options after M.Com is the Certified Public Accountants certification. CPAs attain their designation from the American Institute of CPAs or AICPA. Individuals who possess a CPA license have an in-depth understanding of the Generally Accepted Accounting Principles (GAAP) and a robust accounting background. To acquire the certification, you will have to take a rigorous four-part exam.
Now, let us understand what CPAs do in a company. Basically, they perform the financial statements auditing and attestation functions, helping investors know about the financial health of a firm. They also provide taxation and financial planning advice to individuals and organizations.
The average salary of CPAs in India is Rs. 6.9 LPA.
8. Become an FRM certified professional
Still need options before deciding what to do after Mcom? Risk Management is a thriving industry in today’s dynamic financial market. FRM is an excellent option for those looking for short-term courses. To earn the designation, you have to undergo a nine-month program facilitated by the Global Association of Risk Professionals or GARP. The examinations are conducted in two rounds, in May and November.
An FRM certification is an indicator of your ability to identify and analyze potential financial threats. As a financial risk manager, you can offer your services in diverse domains like credit and market risk, financial services, trading, sales and marketing. Payscale assesses the average salary of FRM professionals to be between 10 to 18 lakh per annum.
After completing this course, your average salary range will be anywhere between Rs 10 – 18 LPA in India.
Top employers for Risk Manager in India
9. Crack the CFP exam
One of the most popular career options after M.Com is doing CFP course. CFP is another short-term course that can help you find avenues in the finance and insurance sectors. Although the course duration is six months, you need to perform well in other parameters to practice as a Certified Financial Planner. These requirements include your educational performance, demonstrated work experience, and professional ethics. With a CFP certification, you can take up assignments in tax planning, insurance decisions, estate planning, investment management, retirement, etc.
Average salary of certified financial planners is Rs. 3.9 LPA in India
How it increases with years of experience:
10. Get into digital marketing
For all the students who are wondering what to do after Mcom, If you are not interested in working in the realm of finance and accounting, deciding what to do after MCom can be challenging. It comes as no surprise that many commerce students choose creative occupations as well. One of these innovative pursuits includes digital marketing. It is a component of marketing that uses digital technologies to promote products and services. Modern-day businesses cannot neglect the power of the internet, and thus, this field has gained immense popularity in recent years.
There are numerous digital marketing courses in the market, with their duration varying between 3 months and 11 months. The coursework emphasizes teaching topics like Search Engine Optimization (SEO), Pay Per Click (PPC), content marketing, social media management, marketing analytics, digital branding, etc. You can check out the online PG certification in digital marketing and communication by reputed institutes like MICA on upGrad.
Knowledge of digital marketing can lead to a highly promising career in the current work environment where everyone, from corporate bigwigs to ad agencies and startups, is on the lookout for digital marketers and managers. According to Payscale, a digital marketing professional in India can earn a starting salary of around INR 5 lakh per annum. And managers can get paid as high as 15 lakh per annum, depending on their job profile.
How your pay increases with years of experience:
11. Get CIB certified
CIB is short for Certificate in Investment Banking, a six-month course for graduates who want to raise capital for companies by selling equity and issuing debt. It is a globally recognized examination that tests whether you can employ systematic and strategic methods to establish the valuation of listed and unlisted companies. Determining the right valuation forms a crucial part of investment decisions relating to Initial Public Offerings, mergers, acquisitions, and other corporate actions.
You can go for the CIB course right after your BCom. But having an MCom degree will make it easier for you to grasp the coursework, which contains themes of asset management, equity research, hedge funds, corporate finance strategy, and private wealth management. Payscale estimates an investment banking career can get you an average annual salary of INR 9.6 lakh in India.
12. Pursue a career in teaching and research
If Business and Commerce interest you as academic disciplines, you can even enter the research field. A doctorate or Doctor of Philosophy (Ph.D.) is awarded in majors like Finance, Statistics, Operations Research, Organizational Behavior, Human Resource Management, and many others. You can also look for a suitable program of study abroad provided that it meets your research interests. It is one of the best career options after MCom.
Apart from JRF, there are a number of national and international fellowships available for students exhibiting high research aptitude in Commerce, Economics, and Management. If you want to become a university lecturer, studying your way to a Ph.D. degree is highly recommended. But if you are more inclined towards teaching school students, you can opt for the two-year B.Ed program.
Also Read: Top 10 Highest Paying Jobs in India
The above is a list of some great career options after M.Com. We hope it will answer your question “What to do after M.Com?”. You can determine your interest based on your career choice that you would like to opt for after your graduation. For all young minds, wondering what to do after M.Com, you need to check the amount of time, the difficulty level, and the price of the course, before deciding which course to opt after your graduation. Any of the above best courses after M.Com are sure to land you a great job so that you can happily start your journey in the professional world.
Now that we have detailed a range of different career options after MCom, it would be relatively easy for you to locate your interests. So, gather some more information about your preferred choices and follow the path you desire!