Top 10 Highest Paid Jobs in India in Commerce Field [A Complete Report]

Updated on 25 January, 2024

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Highest Paid Jobs in India in Commerce Field

Table of Contents

  1. Is Commerce Beneficial for a Promising Future?
  2. Significance of Commerce Education
  3. Benefits of Commerce Education
  4. Key Subjects Covered in Commerce Education
    1. Some of the core subjects covered in depth through commerce education which is also best field in commerce include:
      1. Accounting
      2. Business Studies
      3. Economics
      4. Business Law
      5. Marketing
  5. Top Highest Paying Jobs for Commerce Students in India
    1. 1. Chartered Accountant
    2. How to Become a CA?
      1. Skills Required to Become a CA, best job for commerce students
    3. 2. Investment Banker
    4. How to Become an Investment Banker?
      1. Skills Required to Become an Investment Banker
    5. 3. Chartered Financial Analyst
    6. How to Become a Chartered Financial Analyst?
      1. Skills Required to Become a Chartered Financial Analyst
    7. 4. Certified Public Accountant
    8. How to Become a Certified Public Accountant?
      1. Skills Required to Become a Certified Public Accountant
    9. 5. Actuary
    10. How to Become an Actuary?
      1. Skills Required to Become a Actuary
    11. 6. Cost Accountant
    12. How to Become a Cost Accountant
      1. Skills Required to Become a Cost Accountant
    13. 7. Professional Accountants
    14. How to Become a Professional Accountant?
      1. Skills Required to Become a Professional Accountant
    15. 8. Retail Manager
    16. How to Become a Retail Manager?
      1. Skills Required to Become a Retail Manager
    17. 9. Company Secretary
    18. How to Become a Company Secretary?
      1. Skills Required to Become a Company Secretary
    19. 10. Personal Financial Advisor
    20. How to Become Personal Financial Advisor?
      1. Skills Required to Become a Financial Advisor
  6. Job-Oriented Courses
  7. Conclusion
  8. Frequently Asked Questions (FAQs)

Summary:

In this Article, you will learn about top 10 highest paid jobs in India in Commerce field.

Highest Paid Jobs in Commerce Average Salary per Annum
Chartered Accountant ₹789,396 per year
Investment Banker ₹952,752 per year
Chartered Financial Analyst ₹689,703 per year
Certified Public Accountant ₹706,944 per year
Actuary ₹972,899 per year
Cost Accountant ₹548,004 per year
Professional Accountants ₹248,912 per year
Retail Manager ₹581,199 per year
Company Secretary ₹412,665 per year
Personal Financial Advisor ₹374,861 per year

Read more to know each in detail.

In India, we follow a rigid form of the education system – dividing it into Science, Commerce and Humanities fields. While most of these fields indirectly complement each other, we are conditioned to believe that only students in the Science field get the most opportunities and lead comfortable lives and still some people believe commerce jobs don’t give you financial security, which is not true. Commerce stream jobs can provide financial security when you take the right path. There are a good amount of highest salary jobs for commerce students. Check out our free courses to get an edge over the competition.

If you take up commerce, which is essentially a field that deals with accountancy, money, monetary source, investments, etc, you can have a wonderful ‘comfortable’ career as well. Several of the highest paying jobs in India for commerce students have helped people from the commerce field lead a luxurious and comfortable life for themselves. 

Read: Top 10 Highest Paid Jobs in India

The top two things that determine a good job for an individual are job satisfaction and salary. Both of them are related in unique ways. Job satisfaction refers to working conditions like hours, colleague interaction, etc. It is also about whether your skills or talents are being employed in the right direction for the company or not.

You can also consider doing our Management Essentials Bootcamp if you are interested.

Along with the working conditions and skill utilization, job satisfaction is heavily dependent on the salary. If the pay is good, then you are more willing to provide an extra bit of work whole-heartedly as you believe that your skills are being valued properly.

Hence, the combination of both salary and job satisfaction ensures a comfortable life. Commerce jobs have the benefits of both. There are several highest paying jobs in India for commerce students where one can be satisfied mentally and financially. Clicks to read if you are specifically looking for careers after b.com. Let’s check the best courses after 12th commerce with high salary in India.

Is Commerce Beneficial for a Promising Future?

Are you fascinated by the evolving prospects of commerce and looking for the most efficient way to safeguard a future filled with professional accomplishments? Commerce might be the key. This post will explain why the commercial environment might provide a fantastic avenue for students to choose their futures and readily embrace prospective job choices. Given the rapid growth and evolution of technology, the future of commerce is likely to be one of dynamism and innovation, bringing up enticing courses after 12th commerce with high salary for those willing to adapt and succeed. Students that start on a path within the sphere of business position themselves to capitalise on these chances and pioneer the vanguard of this rapidly developing sector.

The commerce being the best field in commerce encompasses diverse professional domains like accounting, finance, management, marketing, and HR, considered as courses after 12th commerce with high salary. With the right specialized undergraduate and postgraduate degrees in these areas, students can access lucrative career opportunities in top corporates, multinational banks, financial institutions, consulting firms, etc. Programs like BCom, BBA, CA, CFA, and MBA equip students with sought-after business administration expertise. These options are no less than best courses after 12th commerce with high salary

As the Indian economy expands, commerce and trade activities will boom, creating a high demand for qualified accountants, financial analysts, investment bankers, HR managers, marketing strategists, and other commercial professionals, giving jobs for commerce students,  The practical, analytical approach of commerce education empowers students to thrive in competitive business environments and doing high salary courses after 12th commerce.

With passion and dedication, commerce students can embark on rewarding corporate careers and leadership journeys fuelled by integrity, excellence, and a hunger for lifelong learning, with various job opportunities for commerce students.

Significance of Commerce Education

Commerce education is a great advantage for those wanting to pursue business and finance careers. These courses after 12th commerce with high salary provide students with foundational information and abilities in banking, investments, taxation, personal financial management, and others. Aside from that, it focuses on supporting individual growth, developing leadership skills, and polishing critical problem-solving approaches required for navigating complicated scenarios offered by technology disruptions or rapid shifts in global economic patterns.

Graduates who pursue commerce courses after 12th commerce with high salary are more prepared to enter today’s ever-changing employment market. This readiness originates from a thorough grasp of financial literacy, accessible and inclusive to people from all walks of life. As a result, graduates receive access to attractive job possibilities in various booming industries. Finally, this endeavour adds to a nation’s economic development, driving long-term success on a larger scale.

Benefits of Commerce Education

  • Pursuing a commerce education provides a myriad of various job opportunities. Opportunities exist in finance, accounting, marketing, human resources, taxation, banking, and other fields. This diverse profession offers several work opportunities.
  • In addition, commerce education teaches the skills to launch and manage a successful business venture. It prepares individuals for business by cultivating creative and strategic thinking.
  • Commerce courses after 12th commerce with high salary teach students how to manage funds and assets effectively, allowing them to make informed financial decisions. This programme includes accounting, taxation, and wise investing methods, laying the basis for a profitable life.
  • A business education also teaches practical skills like financial accounting, taxation, effective communication, and business strategy. These abilities will serve as cornerstones of success in one’s future job.
  • The business education curriculum includes essential aptitudes such as leadership, teamwork, critical thinking, and problem-solving abilities. Obtaining certifications such as CA, CMA, or CS also gives you a competitive advantage while looking for work.
  • The journey through commerce school provides students with the necessary skills and information, making them good candidates for various employment opportunities. Furthermore, it lays the groundwork for subsequent studies, such as earning a Master of Commerce or MBA, which can lead to even more lucrative career opportunities. Commerce courses after 12th commerce with high salary is important for national economic and social prosperity.

Looking to leverage your commerce background? Dive into the wide range of career options for commerce students and unlock the door to numerous opportunities that await you in the business world.

Key Subjects Covered in Commerce Education

Commerce education is critical for students who want to flourish in the ever-changing and competitive business environment. Commerce education, which covers a wide range of disciplines from accounting to entrepreneurship, equips students with the necessary knowledge and skill set to succeed in several courses after 12th commerce with high salary.

Mastery of financial management, legal frameworks, marketing techniques, and entrepreneurial concepts is necessary for everyone embarking into the business world. Students gain invaluable skills by immersing themselves in commerce-related disciplines, allowing them to comfortably negotiate the subtle dynamics of the business realm.

Some of the core subjects covered in depth through commerce education which is also best field in commerce include: 

Accounting

Accounting includes learning double-entry bookkeeping, principles of financial accounting, cost accounting, taxation, auditing, and accounting standards. Students gain practical skills in preparing financial statements, maintaining bookkeeping records, analyzing profits/losses, assessing organizational performance through financial reports, and ensuring compliance with accounting regulations. Accounting expertise is indispensable for financial roles like accountants, auditors, and CFOs, best course after 12 commerce, ensuring high paying commerce stream jobs.

Business Studies

Business Studies cover business environment analysis and understanding management functions like planning, organizing, staffing, directing, and controlling. It also includes organizational behavior theories, principles of marketing management, production management, human resource management, and information systems for business. This is one of the considered courses after 12th commerce Business Studies provide well-rounded administration, operations, and commerce knowledge essential for managerial cadres.

Economics

Economics education involves learning microeconomics theories related to consumers, businesses, pricing of goods, and macroeconomic concepts like GDP, inflation, fiscal & monetary policies, and international trade. Students analyze economic variables impacting businesses and markets. Economics knowledge equips students with analytical abilities for business forecasting, policy formulation, and decision-making roles.

Business Law

Key topics in Business Law include the Indian Contract Act, Sale of Goods Act, Consumer Protection Act, Companies Act, RBI Act, direct and indirect taxation laws, GST, SEBI guidelines, and intellectual property laws. Students understand legal frameworks governing businesses for compliance. Essential for corporate roles in law, governance, and regulatory aspects.

Marketing

Marketing covers market research, consumer behavior analysis, product development, pricing strategies, advertising, sales promotion, PR, distribution channels, and branding. Students learn systematic marketing techniques and use marketing mix for business growth. Marketing skills are indispensable for advertising, media planning, branding, and sales roles.

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Top Highest Paying Jobs for Commerce Students in India

Let’s discuss the highest salary jobs for commerce career options in India.

1. Chartered Accountant

If you are someone from the Commerce field, you are most likely to know about the Chartered Accountancy professional course. The Institute of Chartered Accountants of India or ICAI is a statutory body which designates a person as a chartered accountant after they have gone through a series of examinations and internship. It is one of the most popular commerce stream jobs. As a CA, they can handle the important accounts of a company and ensure that the finances are properly recorded and calculated.

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Taking the role of a Chartered Accountancy is one of the highest paying jobs in India for commerce students and it is a dream of most commerce students to become a CA. As a starting salary, one can expect to get around Rs. 7 to Rs. 8 lakhs per annum as a CA. It is one of the highest salary jobs for commerce students.

This value increases when a CA gains more experience. However, the CA exams are said to be one of the toughest and so, many students stay away from it. While preparation requires immense hard work, this commerce job does pay off at the end and the fewer the attempts, the better the pay.

How to Become a CA?

Becoming a CA is a challenging journey that might take years to accomplish amid other professional courses after 12th commerce. Candidates must start by attaining a graduation degree from the commerce stream. One can also apply for CA foundational course after the 12th, but most people prefer completing graduation before going for CA. After applying for a foundation or Intermediate course, a candidate has to go through several other stages to bag the position and several other job opportunities after 12th commerce courses list with salary.

The CA course ICAI administers has three levels – Foundation, Intermediate, and Final. One has to pass exams in each level covering accounting, law, auditing, finance, and management. Completing 3 to 4 years of articles under a practicing CA and passing all exam levels makes one eligible for CA membership.

Gaining practical audit experience during articleship is invaluable, with which one will end up with high salary jobs in commerce stream. With hard work and perseverance, commerce graduates can achieve this highly respected and lucrative qualification. The CA designation is one of the most reputed courses after 12th commerce with high salary potential for those who try to clear all examination levels.

Skills Required to Become a CA, best job for commerce students

  • Analytical Skills
  • Attention to Detail
  • Commercial Awareness
  • Communication Skills
  • Time Management
  • Ethics
  • IT Skills
  • Interpersonal Skills

2. Investment Banker

As mentioned earlier, students of commerce studies and deal with finances. Hence, they are deemed as individuals who can present the best take on how any company or common person can handle their money or savings. The role of an investment banker is to provide financial advice and recommendations to different companies and firms so that they can optimally make use of their money and reach their financial goals. It is one of the highest salary jobs for commerce students.

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Investment bankers usually work in financial institutions in a capital market advisory role to corporations and government bodies. Being of the popular commerce stream jobs,  the main responsibility is to raise capital for clients in capital markets and offer a host of other financial advisory services. They assist companies and organizations in important and complex financial matters and also help decide the pricing of different financial instruments. 

It is with the help of investment bankers that most companies develop their long-term and short-term financial plans.  

How to Become an Investment Banker?

Becoming an investment banker requires strong educational qualifications complemented by relevant work experience. After 12th commerce, pursuing an undergraduate degree in finance, accounting, business, or economics is the first step. Gaining a master’s degree in finance sharpens knowledge of capital markets and valuation models.

Obtaining internships during college in investment banks provides exposure to deal execution and the banker’s role. Starting as an analyst after graduation to gain 2-4 years of experience understanding markets, financial modeling, and due diligence is highly recommended before transitioning to an associate role. Leadership skills, a strong work ethic, and networking are key. With the right mix of higher education, specialized skills, and pragmatic experience, commerce graduates can realize their aspirations of building a successful investment banking career.

Skills Required to Become an Investment Banker

  • Financial Modeling
  • Quantitative Skills
  • Interpersonal Skills
  • Commercial Awareness
  • Attention to Detail
  • Analytical Thinking
  • Teamwork
  • Technical Expertise
  • Time Management
  • Leadership

Also Read: Career Options For Commerce Students

3. Chartered Financial Analyst

Chartered Financial Analyst is one of the highest distinctions in the investment management discipline. CFA is one of the highest paying jobs in India for commerce students with an approximate salary of around Rs. 6 to 7 lakhs per annum. CFA is one of the globally recognized commerce jobs and a CFA engages in several roles – wealth management, equity, and fixed income analysis, credit analysis, etc.

To obtain the CFA designation, candidates must pass three levels of exams covering different fields of study, including such as economics, accounting, money management, security analysis, and ethics. Also, candidates must have a bachelor’s degree along with a minimum of four years of relevant work experience. If you are a CA, then you can have an advantage in the CFA examinations, since you will be offered several exemptions.

Chartered Financial Analysts can find work opportunities at banks, insurance companies, investment firms, financial securities firms, and even MNCs. Being one of the popular commerce stream jobs, the primary job of a Chartered Financial Analyst is to identify good investments for their company and also bad investments that their clients should avoid.

They gather data from multiple sources and analyze it to assess the returns and risks associated with different investment vehicles. CFA is one of the highest paying jobs in India for commerce students with an approximate salary of around Rs. 6-8 lakhs per annum and one of the highest salary jobs for commerce students. 

How to Become a Chartered Financial Analyst?

The journey to becoming a chartered financial analyst starts with enrolling in the CFA program, a three-part exam equipped to test the fundamentals of investment, financial advisory, and wealth management. Gain as much professional experience as possible to strengthen your resume and land job opportunities.

Gaining 2-3 years of experience in financial roles like banking equity research before starting the program is highly recommended. Passing all three exam levels and meeting the work requirements makes one eligible for the prestigious CFA charter holder designation. The CFA qualification is globally recognized and opens doors to lucrative careers in investment management, research, and advisory roles with leading financial firms.

Skills Required to Become a Chartered Financial Analyst

  • Financial Analysis
  • Quantitative Skills
  • Attention to Detail
  • Communication Skills
  • Research Skills
  • Commercial Awareness
  • Problem-Solving
  • Ethical Standards
  • Time Management
  • Proficiency in Tools/Software

4. Certified Public Accountant

CPA is similar to Chartered Accountancy, but it is conducted by the American Institute of Certified Public Accountants or AICPA. Hence, CPA has a global appeal. Aspirants who desire to earn the CPA designation must possess a bachelor’s degree in Business Administration/Finance/Accounting and complete 150 hours of education. All candidates must pass a four-part exam.

CPAs conduct financial statement audits and offer a wide range of attestation services to give a 360-degree view of the financial health of organizations. They offer advice to corporate bodies and families on taxes and financial planning. CPAs can bag different positions in public and corporate accounting hierarchy and climb all the way up to executive positions like the Chief Financial Officer (CFO). 

A CPA handles taxation, auditing, reporting, and accounting processes of certain clients and corporations. It is one of the best commerce stream jobs which can give you financial security. You need to have a Business or Accounting degree to get enrolled for the CPA exam and then, you have to pass the exam. A CPA can get around Rs.7-9 lakhs per annum and one of the highest salary jobs for commerce students.

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How to Become a Certified Public Accountant?

Completing professional courses after 12th commerce, a graduation degree is necessary to win CPA eligibility. The role of Certified Public Accountant requires candidates to obtain CPA certification and 150 hours worth of work experience to earn the CPA license.

Candidates must pass the Uniform CPA exam testing accounting, auditing, regulation, and business concepts to get CPA certification. Additionally, 1-2 years of work experience under a licensed CPA is required to obtain the license. Gaining internships in auditing firms provides valuable experience. With dedication, commerce students can fulfill the eligibility criteria through higher education and professional experience and achieve the reputed CPA designation.

Skills Required to Become a Certified Public Accountant

  • Accounting Expertise
  • Tax Knowledge
  • Auditing Skills
  • Quantitative Skills
  • Attention to Detail
  • Communication Skills
  • Analytical Thinking
  • Research Abilities
  • Ethics
  • Time Management

5. Actuary

An actuary is a very respectable title for professionals. Actuaries are individuals who assess the risks involved in the insurance industry. The risks include property loss, disability or other probable that could impact the company. They are experts in risk management who use their mathematical skills to estimate the probability of future events and to predict their financial impact on their clients and businesses in general.

Actuary is one of the best commerce stream jobs and since it is mostly in the analytical field, a student of actuary should have a background in Economics, Business Administration, Finance, as well as have a background in Mathematics. 

A career in Actuary is not only diverse, but it is also highly rewarding. While investment banks, insurance companies, and other financial institutions employ many full-time actuaries, Actuaries can also work independently and act as consultants for a variety of businesses/organizations. However, as an Actuary, your career will not be limited to merely financial institutions. Since all areas of business have potential risks, Actuaries can find job opportunities in non-financial domains like real estate, healthcare, etc.

An actuary can get a minimum salary of 9 – 10 lakhs per annum making it one of the highest salary jobs for commerce students.

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How to Become an Actuary?

Becoming an Actuary is a lengthy process in India, requiring students to acquire more than commerce stream knowledge. Candidates must have PCM with commerce as their preferred subject, with a graduation degree in Bcom, statistics, Maths, or Actuarial Science. Aspirants must go through Actuarial Common Entrance Test (ACET) to become an Actuary and attain other jobs after 12th commerce. 

After graduation, one has to clear the ACET exam executed by the Institute of Actuaries of India to enroll as a student member. This is followed by clearing 10 technical exams organized over 3 stages – Foundation, Intermediate, and Fellowship. The exams test skills in statistics, finance, economics, financial modeling, risk management, etc. 

Concurrently gaining 3 years of work experience is required to become a certified Actuary. Actuarial internships and networking can boost career prospects. With strong analytical aptitude and perseverance, commerce graduates can realize this challenging yet rewarding career goal.

Skills Required to Become a Actuary

  • Mathematical Ability
  • Statistical Knowledge
  • Programming Skills
  • Risk Analysis
  • Critical Thinking
  • Problem Solving
  • Communication Skills
  • Business Acumen
  • Attention to Detail
  • Continuous Learning

6. Cost Accountant

Cost Accountant is one of the top commerce jobs list in India. The two core goals of cost accounting are profitability analysis and budget preparation. Cost Accountants are financial specialists who help in making budgets, managing costs and assets of a company and evaluating the performance of a company. They are generally employed by manufacturing firms.

Cost Accountants determine the actual costs associated with manufacturing a product/service and delivering the same to the final customer. For this purpose, they scrutinizing all of the associated expenses within the supply chain and identify which products/services, processes, and departments are the most and least profitable. 

Essentially, Cost Accountants are responsible for gathering, validating, analyzing, and communication data to facilitate financial transparency and optimize processes. They are part of an executive team and help in building the financial plan for the company and reports for stakeholders and tax authorities. The salary of a fresher in Cost Accountant is around Rs. 5 lakhs per annum.

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How to Become a Cost Accountant

Becoming a Cost Accountant requires clearing the 3 stage exam conducted by the Institute of Cost Accountants of India (ICMAI). After 12th commerce, pursuing a bachelor’s degree in commerce, accounting, or finance lays the foundation. One can then enroll in the ICMAI Foundation program and take the Foundation exam.  

This is followed by the Intermediate and Final exams that comprehensively test cost accounting principles, methods, laws, and standards. Concurrently, gaining 2-3 years of practical experience in costing and finance roles is highly recommended. Candidates who pass all exam levels and meet the experience criteria earn the prestigious Cost Accountant designation. Relevant internships during college can be valuable. With perseverance, commerce students can pursue this career path to become certified Cost Accountants.

Skills Required to Become a Cost Accountant

  • Costing Skills
  • Financial Accounting Knowledge
  • Analytical Ability
  • Attention to Detail
  • Communication Skills
  • Management Skills
  • Regulatory Knowledge
  • IT Skills
  • Problem-Solving
  • Decision Making

7. Professional Accountants

Apart from Chartered Accountants, commerce students can take up the field of Professional Accountants. Professional Accountants help with the accounting, taxation and with compliance and reports. They should have a working knowledge of accounting software like SAP, Tally and advanced Excel. Professional Accountants have to create and maintain accurate financial records for businesses and individuals. They also perform audits and financial statement analysis.

Professional Accountants may either find employment in an accounting firm or they can establish their independent practice. Professional Accountant job is one among the well-paying commerce jobs in India. The salary is approximately set at Rs. 3 lakhs per annum.

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How to Become a Professional Accountant?

A professional accountant requires significant work experience besides 10+2 and graduation from the commerce stream. Candidates can apply for master’s in accounting, certification courses, or diploma courses to strengthen their skill set. 

Candidates should aim to get 2-3 years of work experience in accounting and finance roles like audit assistants, tax consultants, financial analysts, etc. This hands-on exposure develops practical skills in various accounting areas. Obtaining certifications like CA, CPA, and CMA also adds to credentials. With the right mix of education, experience, and professional qualifications, commerce graduates can establish successful careers as professional accountants in corporate firms, public accounting companies, and financial institutions.

Skills Required to Become a Professional Accountant

  • Accounting Expertise
  • Tax Knowledge
  • Audit Skills
  • Analytical Thinking
  • Attention to Detail
  • Communication Ability
  • Research Skills
  • Ethics
  • IT Proficiency
  • Time Management

8. Retail Manager

Retail Managers help in the management of supermarkets as per the terms of the business. Basically, a Retail Manager’s job is to run a retail outlet/store successfully. They may require a degree in Retail Management. 

Retail Managers supervise and manage every aspect of the day-to-day functioning of retail outlets, including sales, staff, inventory, and resources management. Retail Managers must have an awareness of brand and marketing philosophy. They must use clever marketing strategies to persuade customers to purchase products from the store. They may get a salary of about Rs. 5 to 6 lakhs per annum.

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How to Become a Retail Manager?

You can attain a retail manager position by graduating from the commerce stream and extended certification or diploma in retail management. Internship opportunities can further strengthen your resume.

Working for 2-4 years as a store supervisor after graduation to understand on-ground retail operations is highly recommended before applying for retail manager positions. Retail managers are typically promoted internally based on strong performance and leadership potential. 

Developing business acumen, analytical, team management, and problem-solving abilities helps to progress from the store supervisor to the managerial level. Relevant experience and formal education in commerce and retail provide a solid path to becoming a retail store manager.

Skills Required to Become a Retail Manager

  • Sales and Marketing Skills
  • Customer Service Oriented
  • Leadership Abilities
  • Communication Skills
  • Problem Solving
  • Decision Making
  • Organizational Skills
  • Financial and Analytical Skills
  • Inventory Management
  • People Management

9. Company Secretary
 

A Company Secretary plays an important role in the company by ensuring that the company is running as per the statutory and regulatory requirements. Company Secretary (CS) is one of the principal posts in a company or an organization. They act as the moderator between the stakeholders and the board. A Company Secretary is responsible for making legal filings like tax reports, account information as well as reports of annual earnings.  CS is one of the preferred commerce jobs in India. 

CS is undoubtedly a highly promising course after 12th commerce with high salary. The Institute of Company Secretaries of India (ICSI) offers complete training to aspirants who want to pursue CS. Company Secretaries can expect a hefty salary of Rs. 4-6 lakhs per annum.

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How to Become a Company Secretary?

Which job is best for commerce students? After the 12th commerce stream, candidates can enroll in the foundation ICSI course, while graduate candidates can apply for the intermediate ICSI course and prepare for the different examination stages.

The Company Secretary course is administered by the Institute of Company Secretaries of India (ICSI) and has 3 levels – Foundation, Executive, and Professional. After the 12th commerce, one can enlist for the Foundation Program. Graduates can apply for the Executive Program. The exams test company law, corporate governance, accountancy, taxation, and finance concepts. 

Additionally, 3 years of practical training under a CS is required for membership. Gaining articleship experience provides hands-on exposure to corporate legal compliance, drafting agreements, shareholder services, etc. With strong organizational skills, attention to detail, and commercial awareness, commerce students can clear the CS exam stages and training to earn the reputed CS designation.

Skills Required to Become a Company Secretary

  • Knowledge of Company Law
  • Understanding of Tax Laws
  • Communication Skills
  • Organizational Skills
  • Attention to Detail
  • Analytical Thinking
  • Advisory Expertise
  • Compliance Management
  • Ethics and Integrity
  • Time Management

10. Personal Financial Advisor

A personal Financial Advisor is a person who helps clients with their financial objectives, retirement savings, pensions, insurance, and management of debts. Financial advisors generally require a degree in Finance, Accounting, Business, Mathematics, Law, etc. They can get an expected salary of around Rs. 4 lakhs per year.

Also visit upGrad’s Degree Counselling page for all undergraduate and postgraduate programs.

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These were some of the highest paying jobs in India for commerce students. There are other diverse jobs that many commerce students can take up. With the right experience and skills, these jobs can also be turned into the highest paying jobs in India for commerce students.

Fields like human resources, retail management, insurance, banking, tourism, entrepreneurship, analytics, etc. hire candidates with a commerce background. With industry experience, soft skills, and specialty training, commerce students can find lucrative opportunities across various sectors.

Some of them are:

  • Financial Examiner
  • Sales Manager
  • Investment Analysts
  • Management Analysts
  • Budget Analyst
  • Finance Manager
  • Auditor
  • Accounts and Finance Executive
  • Business Consultant
  • Risk and Insurance Manager
  • Stock Broker
  • Statistician
  • Relationship Manager
  • Corporate Banking Executive
  • Credit Control Manager
  • Corporate Controller
  • Management Consultant
  • Treasurer and Finance Officer

How to Become Personal Financial Advisor?

Becoming a personal financial advisor requires candidates to complete their basic educational qualifications through the commerce stream. Specialization in a finance-related stream will be preferred, so opt for the course wisely. Attain at least a year or two of experience under a reputed company to start practicing as a personal finance advisor. Surf through after 12th commerce courses list with salary to find your best matches.

After 12th commerce, students can pursue undergraduate programs like BCom in Accounting, BBA in Finance, BMS in Finance, CFA, CA, or CPA. Gaining a bachelor’s degree in commerce, finance, or accounting provides the foundation to become a financial advisor. Additional qualifications like a CA, CFA, or CPA can significantly boost career prospects. 

During the bachelor’s program, try to acquire internships in wealth management companies, accounting firms, or banks to gain hands-on experience assisting clients. This can help build knowledge regarding tax planning, investment strategies, insurance products, retirement solutions, etc., which are integral to a financial advisor’s role.

After graduation, seek full-time roles as a junior financial analyst or associate advisor at financial services firms. Learn on the job for 1-2 years how experienced advisors evaluate client needs, create financial plans, recommend suitable investments, and monitor portfolio performance. This experience is invaluable before starting independent practice as an advisor.

Skills Required to Become a Financial Advisor

  • Financial Expertise
  • Communication Skills
  • Interpersonal Skills
  • Analytical Skills
  • Organization
  • Ethics
  • Sales Orientation
  • Technology Skills
  • Research Skills
  • Attention to Detail

Job-Oriented Courses

It is clear that you need to go through a few courses if you wish to excel in the Commerce field and get one of the highest paying jobs in India for commerce students. Most of the commerce stream jobs require on-the-job experience and some skills sets to help you grow. At upGrad, we deliver several courses that could enrich your career and help give credence to your skills. Some of the courses in upGrad offers are:

Product Management Certification Program: The product management program can help you become a product manager or an assistant marketing manager even without an MBA. In the product management certification course, you will be able to build product roadmaps, engage in product analysis and use data science for product marketing and analytics as well.

PG Certification in Digital Marketing and Communication – In today’s world, digital marketing is ruling the marketing scene. With the help of this course, you can dive into the world of digital marketing by understanding the fundamentals of marketing, dissecting the different digital marketing channels and understanding how social media and content marketing work.

PG Program in Management, Specialisation in Sales and Digital Marketing – If you want to be a sales manager and integrate digital marketing channels and tools into your marketing philosophy, then this program is a great way to start. In this course, you will learn about the fundamentals of marketing, different marketing channels, distribution and strategic management, etc.

At upGrad, we have mentored thousands of students from across the globe for different courses and careers. Checkout our degree courses offered by upGrad in association with top universities for motivated students like you looking for state-of-the-art BBA courses after completing their 12th.

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Conclusion

These are the top 10 highest paying commerce job opportunities in India – that will help you grow financially / that will be in demand. The commerce field has many areas which any student from the commerce field could explore. However, since most of these commerce stream jobs require high amounts of skill and immense ability to take on responsibilities, it is essential that a student brings relevant experience in the job.

That’s why to get one of the highest paying jobs in India for commerce students, it would be necessary to go through the right channels and go through the right courses. With upGrad, you can take the best courses and fulfil your dreams. Learning the right skill, upskilling regularly helps you find the highest salary jobs in the commerce field.

Frequently Asked Questions (FAQs)

1. Is investment banking an important field in our country?

Investment banking is an important part of the financial industry. It is one of the hardest working fields in the country. Investment bankers regulate the monetary-based transactions of the commerce industry, such as public dealing. They are also the specialists who ensure that companies can reach their goals and objectives in the most efficient manner possible. This field is one of the core fields, and is therefore one of the most sought-after fields.

2. Which field should you choose to enter the legal department of a company?

The Company Secretary is a legal position in a company. They are responsible for the administration and statutory process of the requirements of the organization or its employees. They ensure that the company's laws and regulations are followed, and that the company's paperwork, contracts, and other required documentation are completed and on file. They also provide legal advice to the CEO and the other directors when needed, and represent the company in legal matters when required.

3. What is the difference between chartered accountant and certified public accountant?

The role of a Chartered Accountant is to manage or involve in the company’s finances, taxations, accounts, budgeting, auditing, and business strategies of the organization’s goodwill. They provide guidance and advice on a wide range of topics, including tax strategies and planning, investments, and record keeping. They are responsible for ensuring that the financial records of the company are kept in accordance with the law and the company’s policies and procedures while the Certified Public Accountant (CPA) is the only professional title that has the unique responsibility of overseeing and managing the financial statements of public, private, and individual accounts. This includes the preparation, delivery, and direction of financial statements, such as income statements, balance sheets, and cash flow statements. CPAs offer a wide range of services to help clients manage their finances and make better financial decisions.

4. What is the highest-paying job in the world?

Earnings from different job roles vary as per numerous factors, including the job title, location, experience, expertise, etc. So it is almost impossible to mention one job as the most high-paying in the world. However, it is possible to locate some of the highest paying jobs in today's world. The job of a data scientist has been observed to be among the most high-paying roles this year, i.e., 2022. Data gathered from across the world suggests that the average basic earning potential of a data scientist is about INR 76 lakhs a year. Senior software engineer jobs are also extremely lucrative, along with investment bankers, CEO, and surgeons.

5. What is meant by a contractual job role?

A contractual job is basically a mode of employment that needs the individual to sign and agree with the terms mentioned in a contract before they start working with an organisation. Contractual employees, also often referred to as contractors, are generally hired for a particular project for a specified time frame and might be recruited for short-term requirements. Employers whose workload varies or those who want to validate performance before hiring permanent employees often offer contractual roles. Contractors might be hired through an agency or sign up with the customer directly. They do not come under the direct payroll of the organisation they are working for.

6. Which is better, CA or CFA?

Both CFA and CA are among the most coveted and rewarding career options that exist today. If you wish to pursue a career in taxation and auditing, studying for CA is more suitable, whereas studying CFA is better if you are more interested in portfolio management and investment banking. Many multinational companies in India demand qualified CFAs to handle their investments and portfolio. But the CA exam is said to be one of the toughest competitive exams in the world, mainly because of the subjective pattern of questions. The average pass percentage is said to be only 0.5, but it is higher for CFA at about 10%.

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Sriram

Meet Sriram, an SEO executive and blog content marketing whiz. He has a knack for crafting compelling content that not only engages readers but also boosts website traffic and conversions. When he's not busy optimizing websites or brainstorming blog ideas, you can find him lost in fictional books that transport him to magical worlds full of dragons, wizards, and aliens.

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The Idea Called UpGrad: Why Education is Serious Business India has the largest college-age population in the world — close to a staggering 125 million — but it is startling to know that less than one in five of them is doing their post-secondary education. This means only 20% of college-age youngsters are doing their higher education as opposed to 90% in the US. Will India be able to achieve its gross domestic product (GDP) growth targets at this rate? No. Will we need to double our participation rates in higher education in the next five-ten years? Yes Can pure offline, brick-and-mortar college and university models fill this massive gap? Again, the answer is obvious. Look at the challenges. One, it takes four-eight years to set up one campus/university and at its peak it could cater to 5,000-10,000 students. Two, we need to have enough trainers and teachers to feed into these facilities, many of them in remote areas or away from cities. Three, the cumulative outlay at scale for private or public-private partnership (PPP) models to cater to the entire college-going population will be nothing short of $100 billion. Four, over half of this 125 million youngsters, I believe, will have compulsions to take up a job very early in life for socio-economic reasons and may not have the flexibility to go back to college after that. In this scenario, online education can be the big disruptor for India. Of course, there will be myriad challenges, but it offers exponential solutions: it can reach the remotest parts of India, aggregate the best faculty as everyone from the offline world can participate with much less demand on their time and lastly our youth can stay in their jobs while continuing to learn. Kushagra Saran’s Journey while Impacting Education Disruption in online education can be the answer to the gigantic challenge that India, called the youngest nation in the world, is facing. 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Five-Year Plans For online education to be disruptive and for it to succeed, education will have to be thought through as a digitalfirst medium. Technology will have to be integrated to create a superior learning experience on the online platform. Online education has to move away from being a glorified content library; it has to involve peer-to-peer discussions, alumni chats, group studies and more. It has to shed its reputation of providing isolated, individual learning platforms and evolve into a social platform where you are not learning alone but studying together with a lot of individuals. Let’s come to terms with a few things. In the 21st century, what we learn will have less and less relevance after five years and hence there is a need for constant upgrade. Convergence of new forms of learning will be the fuel for and engine of economic growth. Universities need to develop programmes that are linked closely with employer demands. 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The most awaited Google I/O 2016 Conference was filled with announcements about improvements in current products and launch of some new products. In this article, we have summarized the biggest announcements from Day 1 of the conference. Google Allo Allo is Google’s new messaging app with resident chatbot. It has features like whisper/shout, expressive stickers, smart replies- which evolve with time and wide range of bot support especially the Google Assistant search bot. One of the most important features of Allo is that all its chats are encrypted but incognito mode offers end-to-end encryption and an option to send messages that self-destruct. Additionally, once you close a chat, the entire conversation is deleted forever. Google Duo Duo is Google’s mobile only companion app for Allo that helps in video calling. One of its special feature is ‘Knock Knock’ which lets users see the incoming video call feed before even answering the call. So, the receiving party can see who’s calling and where they are before they even pick up the call. Google Assistant Google takes search to the next level. Google Assistant supports “conversational understanding” to make search more natural and to better support voice searches. Google Home Home is built on the Chromecast standard, which lets it push media to other Cast-compatible speakers and screens, change temperature or lighting through Nest devices, and integrate with third party services. The entire experience is hands-free, powered entirely by voice. In fact, it doesn’t even have any buttons. Simple voice commands will control every aspect of the Home. Android N Android N comes with new features that include more control over notification size from different apps and a new picture-in-picture mode. Android N uses a new API called Vulkan that lets developers directly control a phone’s GPU for sharper 3D graphics. Android N will also download and install system updates automatically. The name of Android N has not yet been released. It is going to be selected through a crowdsourced contest. Google Daydream Google has a new VR platform built on top of Android N, and the new VR platform is called Google Daydream. It is an optimized virtual reality platform that aims to standardize the mobile-based VR experience. It also spans both software and hardware; Its biggest limitation is that it will be available only in new phones with special sensors and screen. Android Wear 2.0 Android Wear 2.0 can function independently of a smartphone. Apps no longer need a connected smartphone in order to function. Apps can function and even communicate without a phone, as long as the wearable device is connected to the internet via cellular or Wi-Fi. Users can also make data from any app show up on any watch face. Instant Apps One of the most interesting announcement was google Instant Apps. With Instant Apps, users can begin using an app instantly from right within the Google Play store without even having to download and install the app. As we can see, Google has made some big moves in the three hottest areas of tech – virtual reality, messaging, and smart assistants. However it would be interesting to see how these new products will compete with their competitors and how much of market share would they capture after their launch.
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by Mayank Kumar

13 Jul'16
7 reasons to watch UpGrad Talks today

5.19K+

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There is really no secret sauce for success. Provided you have had the opportunity to view the exclusive online tete-e-tete sessions brought to you by UpGrad Talks. With an amazing roster of world-class speakers, some from the top 1000 companies of India such as Mahindra & Mahindra, Tata Sky, Coca Cola, JP Morgan, JWT to start-up poster children such as RedBus, Snadeal, Ola & Zivame and many more, Upgrad Talks provides insights into their formulae for success. The talks also share deep learning from situations that didn’t work out and many valuable nuggets of honest, down-to-earth and practical advice from successful entrepreneurs, experts and industry leaders. While some lip service has been paid to new-age technologies and skill sets, and the evolution of industries because of these, a deeper understanding of what this signifies is missing. Upgrad Talks intends to fill this gap by bringing together thought-leaders from different walks of life and raising the level of discourse in this area, as they share their experiences. Here are the top reasons why you must visit talks.upgrad.com today and make it your daily source of insights and motivation: Get Inspired Inspiration can come from many different sources. You may get inspired when you see a problem that needs a solution, which you are able to ideate, or get inspired when you hear stories of adversity being overcome by sheer willpower. Rarely does the simple existence of wealth inspire us. It may motivate us to work harder, but inspiration stems from a deeper place that needs real stories. Upgrad Talks are stories from the folks who have lived these stories, first hand. Not only does hearing someone’s complete story of challenges, thought process and subsequent outcome inspire, it also gives birth to new ideas and provides impetus to grow in your own space.  Moreover, inspiration also stems from well-put statements such as, ‘attitude will sail you through,’ by Harit Nagpal, CEO of Tata Sky. A key benefit of listening to industry leaders is that it also inspires us to think. ‘What we think, we become,’ is a quote by Buddha that sums up this well. Go ahead, face challenges It does not matter if you are a startup or an established financial organization; challenges, big or small, exist in every level of most businesses. Challenges faced, strategized and overcome is the rite of passage for almost everyone. Not only do Upgrad Talks cover challenges faced by leading industry veterans, it also covers it from various stages of businesses along with discussion of the solutions that helped overcome them. Upgrad Talks speakers’ discuss challenges faced by businesses in different spaces, which makes these talks an interesting listen. Furthermore, is quite motivating to hear the candid conversations of business leaders. So what is the common thought on challenges in the Upgrad Talks? No challenge is too big. It also strengthens the belief that challenges help you grow and become stronger and develops a sense of confidence to take on the next big challenge. Learn from influencers People who can motivate are great influencers. To hear success stories at Upgrad Talks, which have been driven by deep-rooted passion as well as courage of conviction can be a great influence on most people. It is likely to help you push yourself to greater heights and also follow your dreams a bit more diligently. To quote Snapdeal’s Kunal Bahl, ‘ there is a fine line between stubbornness and persistence.’ Upgrad Talks is likely to help you define the lines as an excellent selection of influencers talk also about the key soft skills required to make it a significant mark on the industry that you belong to. Mentoring As you listen to entrepreneurs, business leaders and experts on models that have worked, one can also start drawing parallels to one’s one business or profession. Mentoring of this kind is both subtle and effective as it helps you choose some key takeaways from the shared experiences that are most relevant to you. Follow the series to get premium access to the best mentors in the country as they talk about education, the emerging digital age and its impact on businesses, talent shortages and advice to youngsters. A bit of crystal gazing In the series of Upgrad Talks, one is likely to come across a vast amount of business knowledge which has been converted into digestible insights that can also help you choose the next steps in your career. Speakers’ at Upgrad Talks share their business mantras and what the future is likely to be.  This is crystal gazing of the finest variety and yet another reason to tune into the talks. A healthy dash of optimism One of the unique selling points of the Upgrad Talks is that they also brings out the combined optimism in business from key industry leaders. Apart from that one can learn what is next in the industry, and explore potential future opportunities in the workspace. The upbeat and positive nature of these talks makes them a must-listen. Easily available online Just in case you were wondering how far you would need to travel to listen to such a wide range of speakers, you can breath easy. Upgrad Talks are delivered online and you can listen to them at your own convenience. All you need to do is to long onto talks.upgrad.com and you can access high quality, pre-recorded sessions online. Upgrad is making content richer, bigger and better as it kicks off with 15+ talks delivered by entrepreneurs, experts & business leaders.  You definitely do not want to miss out on the educational transformation that UpGrad is fuelling in partnership with some of the greatest minds. Remember, one can never stop learning. So, if you always aspired to hear great advice and insights from the top Indian business leaders on how you can grow your business, choose a career goal or get inspired, do take a look at Upgrad Talks. They are truly the voices that impact. Join us today and be a part of it at talks.upgrad.com.
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by Omkar Pradhan

06 Aug'16
Evolving online education: Learning Together

5.36K+

Evolving online education: Learning Together

Technologies in online learning have been making promises since early 20th century. From radio to present day MOOCs,  multiple new technologies were seen as silver bullet in revolutionising education. These promises were indeed laudable, to make education accessible to everyone, affordable for everyone and more effective. Yet, the same history of unmet expectations has been repeated every time*. Although a lot has happened over the past decade in terms of growth and expansion of online education, there are many challenges yet to be solved before we can say online learning has truly arrived. We, at UpGrad, believe the following three challenges are the biggest hurdles to the success of online education. Isolation: Online learning is solitary experience   Acceptability: Online learning’s validity in the Job Market   Not Engaging: Interplay of distractions and motivations in learning online The dismally low completion rates and high failure rates are reflection of these challenges [1]. Our goal at UpGrad is to fight these challenges and provide an unmatched learning experience for the working professionals. We believe, with the flexibility of online learning, every working professional can “UpGrade” himself without going back to full-time formal education. Hence, we need to to make online learning mainstream. In this article we would be sharing how are setting the online learning as a ‘Social Experience’ for our students, ie the first of the three mentioned challenges. In 2000s, internet surfing was mainly an individual experience and on the other hand, in 2016 almost all of internet time is a social experience. We do not feel alone in 2016 version of internet. We believe online education will have much higher engagement and completion rates once it becomes a social experience. An average student’s e-learning journey is an individual experience making him/her feel isolated. Learners move through the course with limited interactions with both their instructor and classmates. We at UpGrad, are building a new learning platform specifically designed keeping our students and their needs in mind. We believe this would be key to provide the kind of engagement levels the students deserve. The perception of social presence (or lack of) is a big concern among students and teachers in online learning. Teachers develop courses in isolation and the students take the courses in isolation. Researchers have found strong correlation between the sense of social presence facilitated by the course and student’s perceived learning [3,4,5]. Also there is good re correlation between withdrawal in the course and student’s perceived lack of social interaction and instructor presence [3]. Lack of social interaction in e-learning increases the distraction, since a learner would look for social interaction elsewhere which is usually Twitter, Whatsapp or Facebook. If there is another learner doing the same course in my apartment building, there are limited chances that I would know about him. As learners of online courses, we are oblivious of everyone else’s presence except few replies on the discussion forum. They do form Facebook groups or Whatsapp groups organically, yet the whole online learning format ends up being mostly a solo experience. Here are the steps we are taking at UpGrad in making our online programs a social experience.: Profiles : The first step in ‘social’ e-learning is knowing your classmates. We have learner profiles with education and work history along with other details. Almost everyone is encouraged to fill in their full profile along with a descriptive ‘bio’ section. There are multiple points where learners are nudged to click on the profiles. To improve discoverability of relevant profiles we not only leverage cohort social graph but also use interest graph, performance graph, complementary skills graphs. Combined with other semi random** algorithms like who was recently online, learners bump into each other in interesting ways. In the first month of Data Analytics Program, an average engaged learner viewed peer profiles 110 times. Discussions: We have a discussion forum which is contextual and relevant to the course content. We designed it from the ground up to involve learners during the course. They help each other, solve doubts, ask questions, have healthy debates on the forum. Only when there is no consensus a Teaching Assistant gets involved in clearing the doubts. Last 3 months data shows that on a daily basis 50% of the students who are engaged on the platform, also engaged actively on the discussion forum. As most professionals have different backgrounds, sharing of experiences on the forum is much valuable to everyone in the cohort. We have seen learners fall into three buckets on the forum. First is the majority producers, the top 30% of forum content producers are responsible for around 70% of the discussions. The next 50% do the rest of 30% of the content but continue to voice their opinions through upvotes. Rest of the 20% are mere observers. These numbers are highly encouraging and we will be investing more time in finding out how student-student social interactions can help in overall engagement. Figure 1: Forum topic distribution in one of our programs. Share in the pie is (questions * votes) for each topic. Bigger share of the pie is a proxy for doubts. This lead us to start live sessions on those topics. Thought Leader AMAs: Initiating and maintaining engagement on the forum is hard. To set the ball rolling, we started the discussion forum for a new cohort with getting a thought leader to do an AMA on the platform. This way not only the students got a product onboarding experience but also the social expectation was set amongst the peers. In some months, the total content creation during AMAs ended up around 20% of the total cumulative content. We also observed a side benefit of starting the program with thought leader – that learners are more helpful, behave with more civility and show much more respect for each other. This is not very unusual because it is known that a group’s eventual social dynamics are very much impacted by behaviour in initial few days. In a way, it sets the trend which follows upto the end of the course. We also explored bringing in external motivations to see how does it impact on engagement levels. At times, there were small gifts for top forum contributors and at times we included forum participation in the grading. Our primary observations show that this is to be used cautiously. We are working on establishing a balance between extrinsic and intrinsic motivations for social involvement. Facebook Groups: For all cohorts we have Facebook groups for students apart from the platform discussion forum. We were not very confident how much our forum will be used for non academic discussions and generic social sharing. However, we found more and more discussions of generic nature and sharing of articles & blogs also started happening on the forum. Hence facebook group ended up becoming redundant. We are thinking of doing away with a cohort’s facebook group with this expanded use of discussion forum In summary, having a strong sense of community within the students is a big predictor of learning outcomes. This has been researched multiple times [7, 8]. Our platform’s usage data of course progress and social interaction activity strongly confirms this research. At a time, a learner who is socially engaged on our platform has usually completed 4 times (Figure 2) course materials than a learner who does not participate in social discussions. This high correlation has been repeated across multiple cohorts. Figure 2: At a snapshot of time course completion rates for learners active on forum vs non active. Apart from the student isolation e-learning content creators and facilitators tend to work in isolation, reflecting and sharing of best practices is minimal[6]. We at UpGrad are aware of this problem, and making sure different program teams collaborate and share solutions to common problems. We do not have complete solution to isolation in learning yet. We as a company are focussed on solving this problem, we are testing out few ideas and are willing to share the results with the community. With these changes we are expecting online learning experience to be more engaging, more involving and eventually pushing up the low completion rates of online learning. These are early days of online education and we have miles to go. Bibliography [1] http://collegequarterly.ca/2007-vol10-num03-summer/rolfe.html [2] Online Social Networks as Formal Learning Environments: Learner Experiences and Activities, The International Review of Research in Open and Distributed Learning, Vol 13, No 1 (2012) [3] Tello SF (2007). An analysis of student persistence in online education. International Journal of Information and Communication Technology Education [4] Herbert, M. (2006). Staying the course: A study in online student satisfaction and retention. Online Journal of Distance Learning Administration, 9(4). [5] Morris, T. A. (2009). Anytime/anywhere online learning: Does it remove barriers for adult learners. In T.Kidd (Ed.), Online education and adult learning: New frontiers for teaching practices. Hershey, PA:IGI Global. [6] Duncan, H & Barnett J (2009) Learning to teach online. [7] Kaulback, B (2015). Learning Together : Community and Network from the perspective of designers of online learning. (Doctoral dissertation) [8] Bernard, R. M., Abrami, P. C., Borokhovski, E., Wade, C. A., Tamim, R. M., Surkes, M. A., & Bethel, E. C. (2009). A meta-analysis of three types of interaction treatments in distance education. Review of Educational Research, 79(3), 1243–1289.
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by Ankit Mittal

08 Aug'16
Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

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Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

If you are 25 years old, hold a degree in a traditional arts discipline from a well-regarded institute and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a ‘dividend,’ but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India is all set to power most of global growth in labour in the coming years. Enrolment in Indian higher education is 24% right now. With India attaining almost universal elementary education, and increased retention in secondary schools, the projected demand for higher education and jobs will only escalate. India has finally been placed on the world map with a solid advantage where labour supply is concerned. Impacting Education: My Journey and UpGrad It’s not all good news though. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be demanding high-skill workers more and more. Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies in advanced areas – think AI, robotics, data science and mining – are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers nor equipping them with skills in emerging domains. Curricula is outdated and pedagogy poorly-developed. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable (currently only 43% of Indian youth are considered fully employable). This applies to all sectors of the economy, as most industries and businesses are adopting new-age technologies and going digital within most functions. There’ll Be A Billion-Plus Job-Seekers By 2050! The positive connotation associated with our demographic shift has been taken for granted and assigned the term ‘dividend.’ But if we don’t strategically harness this change, we could easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. Realising this, even the government has begun focusing on skill development and training. Creating an entirely new Ministry and launching the Skill India Mission are clear indications of this. Another sign that skill training is gaining momentum is reflected in the growth of the Indian education and skills industry at an average rate of 13% over four years. From Rs 1.21 trillion in 2008 to Rs 2.35 trillion in 2012. However, these measures have not been enough to successfully skill India’s young. Only 2% of the Indian workforce has received some kind of formal skills training so far, and 8% have received informal training. Comparatively, 47% of China’s workforce is skill trained, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Almost half of Indian employers find it difficult to fill jobs and a similar proportion of employed youth suffer from some degree of skill deprivation. By 2050, India will be home to more than a billion jobseekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. The pace of accretion to the labour market will keep increasing, given our demographic profile and declining age-dependency ratio. Our working age population (15-64 years) will peak in 2050 and till then pressures for jobs will only become worse. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. Article Source: http://www.firstpost.com/business/skill-deprivation-education-alone-wont-guarantee-a-job-in-demand-skills-need-of-hour-3020568.html
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by Apoorva Shankar

08 Nov'16
Why The Growth Of Higher Education In India Hinges On The Private Sector

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Why The Growth Of Higher Education In India Hinges On The Private Sector

For the sake of simplicity, let’s say that the public sector’s role in education can be identified as a three-fold one. Firstly, it is tasked with universalizing access to education. Its next responsibility would be to regulate the sector and finally, to ensure quality education for all. In the context of the access provider role, estimates show that just in terms of physical infrastructure, more than a US $100 billion spends would be required in higher education alone, to double enrollment, from where it stands today (24%). Where regulation is concerned, bodies such as the University Grants Commission (UGC) and other higher education regulators are in-charge but leave much to be desired in terms of quality checks and monitoring, accreditation, etc. In fact, the UGC merely acts as a grants disbursing body now for universities and colleges, rather than a regulator. This is despite the fact that about 16% of the Ministry’s budget (2016-17) was allocated to UGC. Regarding quality, the government struggles to set standards and measure outcomes. Accreditation in the country is irregular and sub-optimal. In addition, unlike school education, where a certain level of learning outcomes may be gauged, this is difficult to do in higher education – especially assessing employability of a student post completing such education. So is there a role the government should prioritise? Further, because the government is entrusted with these roles, does it necessarily mean that they are its exclusive mandate? Or should the government act as an enabler and allow external participation if it means better execution and a higher success rate? The education and training industry is extremely large today and has strong further growth potential. With total educational spending of $2.7 trillion, the industry accounted for about 4.25% of the world’s GDP in 2010. In India alone, the spending on education and skilling has touched approximately Rs 74,000 crore. This may seem like a daunting figure but is still not sufficient. India spends about 4% of its GDP on all of education (about 1% on higher education), whereas globally the minimum recommended expenditure on education is 6% of GDP. Most of the public expenditure on higher education is used upon salaries and maintaining existing institutions, leaving very little to be spent on curriculum, research, and technology. However, spending on education still has enormous scaling to do and this is where the private sector comes in. Private players will have opportunities from rising demand in segments not well covered by the public education system (like adult education and vocational training). They bring in additional capital and are able to make huge investments, especially when government spending is insufficient and results in substantial infrastructure and investment deficit. For instance, the government had set a target of achieving a 30% enrolment ratio in higher education by 2020. The enrolment ratio currently is 24%. Judging by historical trends, and the current pace of rising enrolments, this target seems difficult to achieve. We may need a better, plan to succeed. Plus, the demand for higher education is only set to accelerate with growing population, higher enrolment as well as retention of students in schools. The private sector could play a crucial role in plugging these gaps and matching demand. In fact, it is already capturing the market in a big way, as can be seen in the adjacent graph. Enrolment in, and share of, private higher education institutions has surpassed that of government institutions (data as on 2013). Even the online education market in India expected to grow to US $40 billion by as soon as 2017. Unlike the education sector, which is legally mandated to operate on a not-for-profit basis, for-profit skill training institutes can be set up. This, coupled with initiatives of the National Skill Development Corporation, has encouraged the private sector to set up vocational training institutes. Corporate interest has also increased in the skill development space because of the benefits that accrue to businesses themselves, in the form of adequately trained manpower as a ready pool for future hiring. Majority of institutions offering professional disciplines are now in the private sector. There is a tendency of the public sector to view the private sector’s involvement in the education space with scepticism. But the private sector is necessary because of its ability to match industry demand for superior skilled manpower. It supplements infrastructure, facilities, technology and pedagogy and has an added advantage of escaping bureaucratic control and retaining autonomy to a large extent. Private players often collaborate with reputed international universities for faculty and other benefits which can be attractive to prospective students. They are also heavily investing in research-based education. As consumers of skilled manpower as well, the private sector is in a position to understand what type of skill training is to be imparted, and eventually benefit from it. This makes skill-training more efficient and effective. All three education-related roles of the government are equally important. However, while regulation should remain outside the purview of the private sector, nothing should stop them from assisting the public sector in maximising enrolments and improving quality of education. Public needs to work with private and create a level-playing field, in order to uplift the overall quality of education. Article Source: http://www.huffingtonpost.in/mayank-kumar/why-the-growth-of-higher-education-in-india-hinges-on-the-privat/
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by Apoorva Shankar

08 Nov'16