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Tag: Commerce Course

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A Career In Commerce And Job Opportunities

IntroductionCommerce has been a course that has been neglected a lot in India. The…

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Introduction
Commerce has been a course that has been neglected a lot in India. The basic system has divided courses into three categories- science, commerce, humanities. Science has always been valued the highest in India because everyone thinks the students in this field get more opportunities and better jobs when compared to the other two fields and also the pay is high so they can live a luxurious life. However, have you ever wondered what exactly to do After Bcom course?

Even though the statement is true it’s not only for science students. Even a commerce student can earn a good amount and live a comfortable luxurious life. In every job, the main importance is your pay and comfort according to your lifestyle. Therefore, your skills play an important role no matter the course.

What Is Commerce? Who is it for?
Commerce is essentially the conduct of trade among economic agents. It usually refers to the exchange of products, services, or something useful, between businesses or entities. From a better perspective, nations are only concerned with managing commerce in a way that enhances the well-being of their citizens, by providing them jobs and producing beneficial goods and services.

Commerce has existed from the time humans started exchanging goods and services with each other. Starting from bartering to the creation of currencies to the establishment of trade routes, humans have found ways to exchange goods and services and build a distribution process around the process of doing so.

In the present time, commerce normally refers to the macroeconomic purchases and sales of goods and services by large organizations at scale. Commerce is for any person who is interested in finance and transactions. So, if you have done a Commerce course and wish to make a career out of it, here are some career options that you should consider.

Top Highest Paying Jobs In Commerce field

Chartered Accountant
If you’re someone from the Commerce field, you’re presumably to understand about the Chartered Accountancy professional course. The Institute of Chartered Accountants of India or ICAI is a statutory body that designates an individual as an accountant after they need skilled a series of examinations and internship. It is one of the foremost popular commerce stream jobs. As a CA, they will handle the important accounts of a corporation and make sure that the finances are properly recorded and calculated.

Taking the role of a Chartered Accountancy is one of the absolute best-paying jobs in India for commerce students and it is a dream of most commerce students to become a CA. One can expect a starting salary of around Rs. 6 to Rs. 7 lakhs per annum as a CA. It is one of the very best salary jobs for commerce students.

when a CA gains more experience the value also increases. However, the CA exams are said to be one of the toughest then, many students stand back from it. While preparation requires immense diligence, this commerce job does pay off at the top, and therefore the fewer the attempts, the higher the pay.

Investment Banker
This is one of the highest-paying highest paying jobs in the field of commerce in India. Being an investment banker offers a huge salary in the commerce field. The duty of the investment banker is to provide advice and suggestions to various companies and firms so that they can use their money more effectively and achieve their financial goals.

Most companies develop their long-term and short-term financial plans with the help of investment bankers. according to their experience, an investment banker can get a salary of Rs. 20-25 lakhs per annum.

Chartered Financial Analyst
Chartered Financial Analyst is also one of the biggest posts in the field of investment management. CFA places amongst the highest paying jobs in the commerce field in India. any Commerce students who opt for this get an average salary of Rs. 12 lakhs per year. It is a good job profile that concerns commercial services globally.

CFA is also an essential part of many fields like asset management, equity, credit analysis, and revenue analysis, so on and so forth. They collect data from multiple sources and analyze it and evaluate the advantages and disadvantages of different investment vehicles.

Certified Public Accountant
The CPA is quite the same as the Chartered Accountancy, but CPA is offered by the American Institute of Certified Public Accountants (AICPA). hence, the CPA has a global interest.

Candidates who wish to obtain a CPA degree must have a bachelor’s degree in either Business Administration or Finance or Accounting and must complete 150 hours of study. The CPA does jobs like managing tax, auditing, reporting, and accounting processes for organizations or MNCs.

It is one of the jobs in the commerce field with a high salary that may lead to commercial broadcasters that can give you financial security. One must have a Business or Accounting degree to be eligible to appear for the CPA exam. A CPA can get a salary of around Rs.7-9 lakhs per annum.

Actuary
An actuary is another respectable career option for people who are looking for jobs in the commerce field with a high salary. Actuaries are people who test risks involved in the insurance industry. Risks can include loss of property, disability, or other potential risks to the corporate.

They are risk management professionals who use their mathematical skills to live the likelihood of future events and predict their financial impact on their customers and businesses generally.

As an actuary, your work won’t be limited to financial institutions. As all areas of business are in danger, Actuaries may find employment opportunities in non-financial domains like land, health care, and other similar fields. An actuary can get up to a minimum salary of 10-14 lakhs per annum.

Cost Accountant
Cost Accountant is another one of the top jobs in the commerce field. There are two main objectives of accounting profit analysis and budget preparation. they are financial experts who help with budgeting, cost management, and company assets and evaluate company performance.

They are usually employed by manufacturing firms. Cost Accountants are essentially responsible for collecting, verifying, analyzing, and communicating data to facilitate financial visibility and improve processes.

They are also a part of the executive team and helped develop the company’s financial plan and report to stakeholders and tax authorities. a fresher has a salary of around Rs. 4 lakhs per annum as a Cost Accountant.

Professional Accountants
In addition to Chartered Accountants, students can also take up the profession of Professional Accountants as it also comes under the highest paying jobs in India. Professional Accountants help with accounting, tax, and compliance reporting.

They should have a working knowledge of accounting software such as SAP, Tally, and Excel. Accounting professionals should create and maintain accurate financial records for businesses and individuals. Professional Accountants can also get a job at an accounting firm or can set up their independent process. They can earn around Rs. 6 lakhs per annum as starting package.

Cost Accountant
Cost Accountant is another one of the top jobs in the commerce field. There are two main objectives of accounting profit analysis and budget preparation. they are financial experts who help with budgeting, cost management, and company assets and evaluate company performance.

They are usually employed by manufacturing firms. Cost Accountants are essentially responsible for collecting, verifying, analyzing, and communicating data to facilitate financial visibility and improve processes. They are also a part of the executive team and helped develop the company’s financial plan and report to stakeholders and tax authorities.

The salary of a fresher as a Cost Accountant is around Rs. 4 lakhs per annum. Retail Manager – A Retail manager assists in the management of supermarkets as per the business principles. The job of a Retail Manager is to run the sales or store successfully. They need a degree in Retail Management.

Retail Managers manage and monitor all aspects of the daily operations of stores, including sales, inventory, staff, and resource management. They have to be familiar with the product and their marketing philosophy. They must use clever marketing strategies to persuade customers to buy products from the store.

Company Secretary
The essential job of a company secretary is to ensure that the company they are working with, runs with proper coordination and while adhering to all the legal requirements and rules.

The Company Secretary (CS) is one of the main positions in the company or organization. CS serves as president between stakeholders and the board. They are responsible for making formal submissions such as account details, tax reports, and annual receipt reports.

CS is also one of the most popular commercial activities in India. Company Secretaries can expect a high salary of Rs. 6-7 lakhs per annum.CS is undoubtedly the most promising course.

Personal Financial Advisor
A personal financial advisor is a person who assists their clients with their financial goals, pensions, retirement savings, insurance, and debt management. Financial advisers require degrees in finance, finance, business, Mathematics, Law. They can get a salary of around Rs. 5 lakhs per annum.

Conclusion
These were the ten highest paying jobs in commerce fields in India. There are many more jobs for commerce students as well which provide decent pay. To name some of them are statistician, sales manager, finance manager, budget analyst, auditor, so on then forth.

It is a field suitable for those people that incline the sector of accountancy, finance, economics, and lots of other related fields. Several students in India join the sector of commerce only because they think it’s an easy choice than that of science but the reality isn’t so. If you’re hooked into this field then it definitely features a lot to supply and if you’re a hardworking person then you’ll get the highest salary jobs in the commerce field. Even though you don’t go for professional courses like CA or CFA, there are also some short term job oriented professional training programs available in the market to get entry in the commerce field job. Link for one of most sought after accounting course for commerce students is provided herewith.

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Learn Commerce Structures: All About Partnership Firms

When you start a business or a venture one has to make decisions. And…

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When you start a business or a venture one has to make decisions. And business is a whole new process of setting a company or a firm that is just like a newborn baby. A baby has to be taken care of and has to be taught everything and also needs spoon-feeding. A new venture requires a whole lot of effort and partnership is the most major part of it. 

A partnership is a part of a new venture and you as an individual have to decide whether you want to do solo business or you want a helping hand. So, today we will learn about a partnership, different features of partnerships, and different types of partnerships.

If you are a person who wants to start a new venture after B.com course in Ahmedabad. The partnership will be the most important aspect of it. And here you will get to know partnership and how a partnership works? And what is a partnership? And some of its key features.

A partnership is part of a business or a new venture. Also, a partnership is considered to be a kind of business. In this kind of business, minimum of two partners decide to come together for a new venture and share responsibilities as decided by them. In a partnership, there is a formal agreement that takes place between two or more people and they are the co-owners. And in this agreement, all have shared as mutually decided in profits as well as losses. Also, there is no solo decision; the majority of all the partners have to agree to the decision.

In India, all functions and aspects of partnership works or are administered under ‘The Indian Partnership Act 1932’. This law specifies and explains that a partnership is an association between two or more individuals or organizations who have agreed to be co-owners of a venture and they have to share the profits and loss as mutually decided. Also, the share of profits that have been generated from a business should be done under the supervision of the members or on the behalf of other members.

Features Of Partnership

Now that we have understood what a partnership looks like, let’s look at some features that constitute this type of arrangement.

  1. Partners Agreement: In a company or an organization the association of two or more partners is the most important aspect. When you as an individual decide to do a partnership for your new venture all the partner’s agreements will be the prior thing to do. An agreement is the basis of an association between two or more individuals. This is a type of agreement that is always written. Also, some people do an oral agreement evenhandedly. But it is preferable to do a written agreement. Also, it is always that all partners have a copy of their written agreement. The agreement should also be norarised and prescribed stamp duty has to be paid on the same. We have also registered our firm with the registrar of the firm.
  2. Two or more two people: In a new venture it is always suggested that there should be a partnership of two people which have a common goal. In an enterprise, for a partnership, at least two people should be there. Whereas there can be more than two people depending upon what is your goal. 
  3. Sharing of profit: When two people form an association for a common goal so it is a rule that they have to share the profit or loss that is being processed by the company. The partners have to share the profit as well as loss as mutually decided.
  4. Profit Motive: It is very important that when you and your partners start a business that business should be profitable and have a gaining motive.
  5. Correlated Business: In a partnership both the partners are the co-owners as well as an agent of their firm. Any act performed by a partner will affect the other partners and the company. So, this point acts as a test of partners and their partnership.
  6. Limitless Liabilities: Every partner in a partnership has limitless liabilities.  All the partners are jointly and severally liable for all the losses caused by  the firm.

These features are the most important for the person who wants to start a partnership. After commerce course in Ahmedabad, an individual must have learned about the features of a partnership and how it works.

Types Of Partnerships

Partnerships are divided into different categories depending upon the state and at which part of the world business operates. Here we will talk about three common types of partnerships.

  • General Partnership: This type of partnership comprises two or more two people who have formed an association to run a business. In this type of partnership, every partner has an equal right and every partner can exercise their rights. Every partner has the right to control business and also participate in every activity like decision making, management activities, etc. Not only the rights, but there is equal sharing of responsibilities as well as liabilities. Any type of loss, profit, or liability every partner will be held responsible for the same. Even if one partner is sued, the rest of the partners are held accountable. The court or the creditor will hold the partner’s assets. So, people usually don’t opt for this type of partnership.
  • Limited Partnership: In this partnership, includes each of the final and restricted partners. the final partner has unlimited liability, manages the business, and also the alternative restricted partners. restricted partners have restricted management over the business (limited to his investment). they’re not related to the everyday operations of the firm. In most cases, the restricted partners solely invest and take a profit share. they do not have any interest in taking part in the management or higher cognitive process. This group action means that they are doing not have the correct to compensate the partnership losses from their revenue enhancement come back
  • Limited Liability Partnership: In an LLP partnership all the partners have limited liability. Each partner is guarded against alternative partners’ legal and monetary mistakes. A Limited Liability Partnership is similar to a Limited Liability Company (LLC) but different from Limited Partnership and a general partnership. We have to register LLC to registrar of companies under LLP Act to start the same.
  • Partnership At-Will: Partnership at Will can be defined as a partnership where no clause has been mentioned about the expiration date of the partnership. Under Section 7 of The Indian Partnership Act 1932, Two clauses have to be fulfilled for Partnership At Will
  1. The partnership agreement should not have any fixed expiration date.
  2. No particular determination of the partnership should be mentioned.

Therefore, if the duration of the partnership has been mentioned in the agreement that will not be considered Partnership At Will. Also, If the firm has initially fixed an expiration date but continues or is operational after the given date then that is considered Partnership At Will.The technicalities of Partnership can only be learned from a good institute. Like the commerce course in Ahmedabad offered by H.L College of Commerce.

Advantages of Partnership

  • In a partnership, there is an easy formation that can be done through an oral or written agreement
  • In a new venture, there is a large use of resources instead of  being a sole proprietor you can be share and contribute the capital
  • There is flexibility where you can make any changes ad required to achieve the motive
  • All the loss and profits are equally shared and burden so no one individual is a loss or profit
  • A partnership firm has a combination of new skills because there is the advantage of knowledge, skill, talents and experience.

Disadvantages Of Partnership

  • There is a limited amount of capital
  • There are unlimited liabilities
  • There is difficulty in transferring shares because the funds can only be transferred once the agreement is done
  • A partnership business could face dissolution just in case of death, economic condition or mental or physical sickness of active partners
  • A partnership has limited business sizes and it barely has its existence of the law so there is a less public faith
  • In a partnership, some dispute can occur in terms of authority and the profit so this create problems between the partners and for the business
  • With a lack of prompt decision the partner’s square measure needed to make consequences before creating any call within the partnership business.All the partner ought to move to debate the matter of business. therefore this takes a very long time to form a call and conjointly delays it
  • There is a risk of implied authority that the two active partners are the decision-makers of the business, but there is no certainty if the partner is deciding for the betterment of the business. There is a risk whether the partner is deciding for his or her benefits

Conclusion

A partnership is the best way to do business. As it creates opportunities for any two or more individuals and this brings the best out of it. Two or more minds with creative and mind-blowing ideas give outstanding performance and results. The partnership is a benefit for those who have a proper written agreement because that will help in doing a proper and well-structured business with equal responsibilities and liabilities.

Part – iv- Learn Commerce structures IV: Public Limited Company
Part – iii – Learn Commerce Structures III: Private Limited Company
Part – ii – Learn Commerce Structures II: Proprietorship Firm