Commerce is the foundation of any society. The strong the foundation is, stronger will be the society and its people. India is a growing economy and the growth of any economy for that matter rests on the shoulders of its commerce sector. This implies the importance of commerce stream. Commerce is not just a branch for studies or a stream to choose, it is the strong base on which any nation exists.
Gone are the days when there was a dominance of science stream, now commerce is a popular choice among the students and the importance of commerce stream can be felt in every domain.
The choice of Commerce stream: the scope and why to opt for it?
Definition of Commerce:
Commerce is the exchange of goods and services, especially on a large scale. It includes legal, economic, political, social, cultural and technological systems that operate in a country or in international trade.
In the economic sense, “commerce” refers to the conduct of trade among economic agents. Commerce generally affects the well-being and welfare of citizens and residents, as it is known to directly impact the money which people have and their job opportunities as well. The term “commerce” may also refer to the buying and selling of commodities globally or across borders – between governments and between business firms.
Importance of Commerce Education:
Commerce education imparts the experience of the business world in all its manifestations. It equips students with a number of specialised skills that help them excel in different functional areas of trade, industry and commerce.
Commerce education helps support the increasing needs of business houses. It has been developed to provide aids to the growing manpower needs in thousands of business enterprises. Commerce education equips students with specialised skills that come useful in tackling problems in different functional areas of commerce, industry and trade.
The skilled manpower supplyis indispensable for the growth of a business. Commerce education has a crucial role in today’s dynamic business environment. The rapidly changing trends privatisation, globalisation and implementation of technology has made tough for organisations to survive the competition in the business world. Consequently, the demand for Commerce education has increased many folds. Business executives need to be trained to update and adapt their skills quickly as per the sudden changes in the external environment.
Exploded population growth and lack of better job opportunities have shifted the interest of our youth towards business rather than drawing a fixed salary. Earlier education was mere a means of achieving a degree on the basis of which one can draw a good salary every month. Dreams are inflating and the youth is not satisfied with the salary and risks and uncertainty of job. The youth wants a more secure and growth-oriented life which can be provided by hard earned business. This is also one of the reasons that the importance of commerce can be seen so clearly and it is becoming the first choice of the students.
Commerce is a vast subject that teaches the students all the aspects of trade and business. The major subjects taught in this field are economics, accountancy, business studies and statistics. Every subject has a special importance of its own and covers a specific area of commerce to highlight the importance of commerce stream as a whole. Every subject needs detailed exploration and research in its own zone for the student to master it. On the one hand where economics gives the student a deep insight to the economic condition and historical background of Indian economics accountancy teaches the students the skills to maintain the log books of accounts and financial sector. Business study teaches the students hacks to grow their business extra ordinarily in the modern definition. Commerce is a subject of crucial importance for the students as well as the society and the nation.
Benefits of Studying Commerce:
It is a common perception that good students will always choose science stream. The other two streams are left for those who are not good in studies. This is a completely false statement. Some of the world’s richest men like Jack Ma (Founder and Chairman, Alibaba Group) and Susan Wojcicki (CEO of YouTube) didn’t have an MBA degree or Science background. They had earned their degrees in Liberal Arts and achieved immense success.
- No matter which industry you choose to work in, a sound understanding of Commerce is invaluable to your career prospects. From financial markets and economics to the latest management practices, studying commerce can offer you the skills and knowledge to prepare you for a successful career.
- Many companies especially KPOs and BPOs prefer employees from accounts and finance backgrounds
- Recession or no recession, commerce is a subject which will always be in demand unlike those from the engineering or management background
Major Subjects included in Commerce stream:-
- Business Economics
- Financial Accounting
- Cost Accounting
- Business Finance
- Business Law
- Business Communication
Career options for students opting Commerce
If you choose commerce, you also have the opportunity to choose an out-of-the-box career option, like one in travel and hospitality, depending on the path and degree you choose. Career options for commerce students are vast and you will always have interesting profiles to work at if you play to your strengths.
If you choose to take advantage of the opportunities in commerce available to you, here are some of the job profiles you can look at:
- Chartered Accountants
- Chartered Financial Analyst
- Company Secretary
- Loans executive
- Human Resource manager
- Certified Financial Planner
- Venture capitalist
- Agriculture Economics
- Mathematics and Statistics
- Stock Broking
And this is just the tip of the iceberg. For more insight into the kind of opportunities commerce can give you, analyse your strengths and weaknesses and hone in on the course of your choice so that you can build a future career and take advantage of the burgeoning financial climate of the country.