Is accounting and finance different?

Finance and accounting are both areas of specialization within the field of commerce. They are both extremely important to the business world, but they should not be confused or thought of as the same thing. Finance is the process of managing the monetary and financial resources of a company, both for current and its future. An accounting department handles the financial reporting and financial transactions of a business, including keeping track of the money it spends, balancing its accounts, and preparing financial statements. While finance deals primarily with numbers, accounting deals with the practicalities of how to make sure the numbers add up correctly.

What is corporate law?

Corporate law is the body of law that governs companies and their structure, internal matters, and relationships with the outside world. The field of corporate law, in turn, includes the field of private company law. Private company law is the basis for the discipline of law in private business, and this system includes the laws of public companies and government-owned corporations. Its primary goal is to provide a framework to ensure legal rights and obligations within a corporation. It is the body of law that governs and regulates businesses. It is primarily concerned with the rights and obligations of business entities and the liabilities they assume.

What is the role of marketing managers?

Marketing management is planning, executing, and monitoring the strategies that are used to promote products and services to customers. It is the area of general marketing concerned with the planning, implementation, and control of advertising and other promotional efforts to promote the sale of products and services. It also involves the study of how different marketing strategies influence the growth of a brand, and how to best use these marketing strategies to generate maximum business impact. Marketing managers plan, implement, and control the various advertising and other promotional efforts, such as advertising on television, radio, the Internet, in newspapers, and ensuring that these efforts are being properly planned, implemented, and controlled in order to meet the needs and expectations of target customers.

Salary of B.Com Graduates: Based on Specializations & Job Roles [2023]

Wondering how much is the salary of BCom graduates? Then you’ve come to the right place. Commerce is one of the most popular streams among Indian students. That’s primarily because it offers various career prospects with versatile options.

This article will discuss all there is to know about BCom salary for freshers according to different specializations. Moreover, this article will discuss the best paying careers for BCom graduates. Let’s get started.

What is a B.Com Course?

The University Grants Commission accepts the B. Com or Bachelor of Commerce curriculum, a three-year undergraduate degree programme (UGC). One may enroll in distance education or an online B.Com course in addition to the full-time delivery option. Among students in the commerce stream of Class 12, it is one of the most sought-after degrees. After b.com jobs and salary options are many, making it the third-most sought-after undergrad degree in India.

Industries that have B.Com. jobs

Here is a myriad of B.com jobs that provide excellent salaries per month, in both private and government sectors, which you can look out for:

Industries that offer jobs after B.Com.:

Accounting and Auditing
Commercial Banking
Media
International Banking
Insurance Service
Tax Advisory Service
Information Technology
Telecommunication Services and BPOs
Manufacturing Service
Financial Service
Educational Institute
Government Service
Automobiles Services
Policy Planning

Job titles for B.Com. graduates

After b.com jobs and salary among these titles offer a reliable career opportunity for you:

Investment Banker
Marketing Manager
Chartered Accountant (CA)
Human Resource Manager
Chartered Financial Analyst (CFA)
Business Accountant and Taxation
Retail Manager
Certified Public Accountant (CPA)
Cost Accountant
Company Secretary
Entrepreneur
Actuary
Chief Executive Officer (CEO)
Research Analyst
Personal Financial Advisor

Learners receive an average Salary hike of 58% with the highest being up to 400%.

Importance of B.Com Education in India

Pursuing B.Com in India opens the door to a lot of opportunities as B.Com graduates can prove to be useful in various industries. This course equips the students with knowledge in accounting, finance, economics, and business management. Armed with this knowledge, the students can explore careers in finance, taxation, banking and other fields related to commerce. B.com graduates are also armed with analytical and problem-solving skills.

They are arguably an important asset for any company. As we all know, since the Indian economy is currently in its booming phase, the B.Com graduates can prove their mettle in understanding and supporting the financial prospects of any business. Their versatility and deep knowledge of financial dynamics collaborate to the nation’s economic growth and development.

Salary of BCom Graduates: Based on Specialization Streams

You might be surprised to discover how different your pay can be according to your chosen specialization. In this section, we’ll look at the average salaries of different BCom specializations:

BCom in Accounting and Finance

The average BCom salary with a specialization in Accounting and FInance is INR 4.9 Lakh per year. Wages for such professionals start from INR 1.7 Lakh per year. However, with experience and expertise, the pay can go up to INR 20 Lakh per year. With this specialization, you can pursue accountancy roles in companies. Prominent employers for this role include Tata Consultancy Services (TCS), Accenture, etc.

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BCom in Law

BCom with a law degree is becoming increasingly popular among students. It allows you to combine the knowledge of two separate domains and pursue unique roles in organizations.

With a BCom and Law degree, you can get an average salary of INR 4.39 Lakh per annum. That’s not all; beginners in this field get around INR 1.92 Lakh per year. On the other hand, senior-level professionals of this field with much experience and expertise are earning around INR 30 Lakh per annum. This means with necessary effort and persistence, and you can bag a high-paying role easily with this specialization.

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BCom in Corporate Law

Another novel and popular specialization among BCom students is corporate law. Corporate law is a branch of law that focuses on companies and laws & regulations pertaining to the same. The average BCom salary with corporate law specialization is INR 5.4 Lakh per annum.

This degree enables you to pursue multiple roles in the legal and finance sectors, including Project manager, Finance Manager, Director Risk Management, etc. With enough experience and expertise, your salary can go up to INR 30 Lakh per annum in this sector.

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BCom in Marketing Management

Professionals with a BCom degree with a Marketing & Management specialization earn an average salary of INR 3.57 Lakh per annum. You can pursue many high-paying roles with this degree, such as Management Consultant, Business Development Manager, General Service Manager, and many others.

Marketing is quite a crucial field for any business. That’s why the demand for professionals specializing in Marketing & Management is continually increasing.

You can find job opportunities in Marketing Companies, Financial Services, Advertising Agencies, and many other sectors with this specialization. The upper limit for professionals with a BCom degree in Marketing & Management is INR 20 Lakh per annum.

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BCom in Economics

Economics is a popular choice among BCom students as a specialization. As Economics covers many financial topics, it fits perfectly well with BCom’s curriculum. Salary of BCom graduates specializing in Economics earns an average salary of INR 6.3 Lakh per annum.

For freshers, this number is around INR 1.8 lakh per year and can go up to INR 20 Lakh per annum for experienced professionals. Prominent employers for these professionals are IBM India, Ernst & Young (EY), Accenture, HCL Technologies, etc.

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BCom in General Business

If you want to learn the ropes of business and its management, then you’d benefit from specializing in General Business. Candidates with BCom in General Business degree earn an average salary of INR 5 Lakh per annum.

Popular roles for this qualification are Associate Auditor, Marketing Consultant, Business Development Associate, Research Analyst, and Assistant Account Manager. This degree allows you to pursue various roles in business, management, and finance.

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Must Read: Career Options after B.Com

Advantages of Pursuing B.Com Degree

Pursuing a B.Com degree in India offers numerous advantages to the students. This program is a popular choice among commerce graduates for the reasons listed below:

This program arms the students with an in-depth knowledge of accounting, finance, economics, and business management. This paves way for varied career paths in diverse industries and sectors.
B.Com graduates are equipped with analytical and problem-solving skills which makes them reliable assets for finance, banking, taxation and other commerce-related roles.
This program offers opportunities to receive real-world experiences through internships which further increases the chances of employment.
The expanding economy of India provides job opportunities in different industries and sectors which further ensures more opportunities for their career growth.
B.Com program also serves as a foundational course for other professional courses like MBA, CA, and M.Com. These professional courses along with the foundational course of B.Com serve as a power package to score influential designations and higher pay packages in various multinational companies.

Highest Paying Jobs for BCom Candidates

You should know which jobs pay the best salaries so you can learn the required skills to pursue them. Knowing about these roles will help you make better-informed career choices. Let’s talk about the roles which offer the best BCom salary in India:

Chartered Accountant

Chartered Accountancy is one of the most popular career choices among BCom students. To become a Chartered Accountant in India, you must complete a series of exams followed by an internship.

Once you complete B.com jobs salary per month will increase manifold. The organizer of this field’s exams is the Institute of Chartered Accountants of India or ICAI. The CA exam is one of the toughest exams to crack; however, the rewards are worth the effort in this case.

The average salary of a Chartered Accountant in India is INR 7.87 Lakh per year. Freshers earn around INR 4.1 Lakh per year in this field. However, CAs with more than ten years of experience earn around INR 17.7 Lakh per year. More experience in this field enhances your pay substantially. Your location plays a huge role in determining your pay in this field. For example, CAs in Bangalore earn around 17% more than the national average.

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Certified Public Accountant

Certified Public Accountant (CPA in short) is quite similar to Chartered Accountancy. However, its organizer is the American Institute of Certified Public Accountants (AICPA in short). That’s why CPA has a global demand. You must have a bachelor’s degree in Finance / Accounting / Business Administration with a total of 150 hours of education. AICPA holds a four-part exam that you must pass to become a CPA.

CPAs help companies handle auditing, taxation, reporting, and related accounting processes. They provide their clients with understanding their financial health and offer advice to them about improving the same. CPAs have a huge demand as they can get highly lucrative roles in any company’s financial sector.

The average CPA (Certified Public Accountant) salary in India is INR 7 Lakh per year. Freshers with less than one year’s experience earn around INR 6.14 Lakh per year. On the other hand, a Certified Public Accountant with more than ten years of experience earns around INR 15 Lakh per year. Your location can affect your salary substantially as CPAs in Pune earn around 25% more than the industry average.

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Also Read: Highest Paying Jobs in Commerce Field

Actuary

Actuaries help insurance companies in determining whether they should issue an insurance policy or not. They help insurance companies determine the suitable premium for a policy. Actuaries rely on heavy statistical analysis and utilize a lot of data to examine the trends and related costs.

They help insurance companies maintain good financial health by striking a balance between risk exposure and issuing policies. You should be proficient in data science and statistical analysis to become a skilled actuary.

Apart from insurance companies, many financial service companies require actuaries to help them assess investment risks. It is one of the most lucrative sectors for BCom graduates. With a background in Economics, Mathematics, and Business Administration, you can easily enter this field and earn a handsome salary.

The average Actuary salary in India is INR 9.64 Lakh per year. Freshers earn around INR 3.55 Lakh per year, whereas seasoned and experienced professionals in this sector earn around INR 40 Lakh per year. Like all the careers we have discussed in this article, your pay as an actuary depends on several factors, such as your experience, location, expertise, and employer.

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Cost Accountant

Cost Accountants are among the highest-earning professionals in the commerce field. Their primary aims are analyzing profitability and preparing budgets for their client. They are financial experts who help companies create budgets, manage expenses, and evaluate their financial performance. Generally, manufacturing firms require the expertise of cost accountants the most.

Cost accountants figure out the real costs for manufacturing a product and its delivery to the end-user. They scrutinize all the related expenses and find which processes, products, and sections (of the business) generate the least profits. Cost accountants work in teams and build financial plans for their company.

They report to the stakeholders and tax authorities. The average salary for a cost accountant in India is INR 5.66 Lakh per year. The starting salary in this field is INR 2 Lakh per year. On the other hand, as you’ll gain experience, you can earn up to INR 10 Lakh per year.

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What other courses can you choose after B.Com.?

Following your B.Com, you can choose from a variety of courses that will help you advance your knowledge and boost your B.com jobs salary per month. Once you complete B.com, you will find various excellent jobs after b.com and salary per month. The question, of course, is which is the most valuable one. The knowledge you get in your early years significantly increases your chances of landing better-paying jobs in the future because these courses after a B. Com are investments in your future.

As a result, you must carefully analyze the courses that are offered after receiving a B.Com. You should take into account the following criteria while making a decision to find the best jobs after b.com and salary:

Advantages and Disadvantages
Preferences and Pursuits
Eligibility criteria
Financial assistance

Courses you can do after B.Com:

An M.Com degree could be quite helpful for you if you want to work in the academic aspect of the business industry.

The topics covered in your B.Com. are included in the course material. As a result, you will comprehend the material that was taught to you well. Let’s talk about getting an M.Com. if you’re considering it. With a good wage, you can explore a variety of employment opportunities after earning your M.Com. While satisfactory jobs after b.com and salary are available for candidates, M.com can offer an edge to your resume over other candidates.

Master of Business Administration (MBA)

The greatest option after b.com for getting a job and an excellent salary is to pursue an MBA if you want to work in the business sector. If you’re still debating what to do after earning your B.Com., enrolling in an MBA programme at a respected university will help you succeed. You must take the CAT or some alternative MBA test that the college of your choice accepts in order to be admitted to the best college.

Bachelor of Education (B.Ed)

A postgraduate teaching degree called a bachelor’s in education can pave the way for a successful academic career. You are eligible for this course if you graduated from an Indian institution with a GPA of between 50 and 55 percent. Other than MBA, this program is regarded as one of the best options after a B.Com.

Company Secretary (CS)

Students interested in the organization’s stock and investment management can enroll in CS courses. One of the most prominent and advanced degree programs is it. Most people choose it to complement or follow a B.Com. It takes a lot of dedication and effort to pass the exam because computer science is a complicated task to grasp. A corporate secretary acts as a crucial point of contact for the company and its stockholders. The corporate secretary oversees the company’s stock trading.

Chartered Financial Analyst (CFA)

The academic program for Certified Financial Analysts (CFA) is intended for anyone with an interest in investments and the financial system. You must pass the CFA exam if you want to work in this field. Students enrolled in the CFA program will research fundamental accounting principles, business procedures, economic principles, and environmental factors. Those who are contemplating choosing the best career path after earning a B.Com. can choose CFA for excellent jobs after b.com and salary per month.

Challenges Faced by B.Com Graduates in India

B.Com graduates face several challenges. There is no doubt that this course equips the students with necessary industry knowledge and hones them into deserving professionals. However, few graduates still face some challenges which are listed below:

Competition: This is the primary challenge faced by B.Com graduates in India which results in limited job opportunities.
Employer preference: Some employers give more importance to candidates possessing additional qualifications due to which the B.Com graduates do not stand out with a single undergraduate degree.
Upskilling: Evolution of industry requirements demands the candidates to constantly upskill themselves. The candidates who don’t do so fail to stand out from several other candidates who have upskilled to remain competitive.
Hands-on Experience: This program equips the students with theoretical knowledge. However, some students who do not have internship experiences do not possess the practical knowledge required to excel in this field.

Salary: Positions for beginners do not offer a handsome salary and package which might demotivate some of the candidates.

Final Thoughts

You might’ve noticed that some of the roles we discussed in this article required additional qualifications apart from a BCom degree. It would be best if you kept the qualifications of a role in mind while making career choices.

For example, you can complete a data science course to pursue a career as an actuary. Similarly, you can pursue a corporate law career by completing a corporate law course after your BCom LLB degree. Such professional courses enhance your chances of bagging well-paying roles and boost your career.

We hope that you found this article on the salary of BCom graduates useful. If you have any questions or suggestions, please let us know through the comments below. We’d love to hear from you.