Alternate Career options for the commerce Students

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Every year more than 1.5 million students graduate in commerce and finance in India. Out of these 4 million 2.73 lacs students are from the state of Maharashtra. There are many job opportunities available for the commerce students. In this article, we are going to discuss some of the most promising career options.

Traditionally commerce students had two options

  1. MBA/ M. Com – These are the masters level programs available for the commerce students and most of the commerce entrants fall in this category. According to some estimates close to 4 million students complete these courses every year.
  2. CA/CS/CMA – These are the professional level courses for a few ambitious students who land up in commerce. CAs outperform this category.

But these days, another avenue is getting opened up for the commerce students. This is a out of the box option for the commerce graduates.

Let me explain !

Forensic accounting is going to be the rewarding career path for the commerce graduates in coming years.

Whether forensic accounting or not the employers need third party endorsements of your skills and this is where the formal education plays a major role.

Before 2011

In India, forensic accounting has been a very volatile profession, with different players trying their luck in this profession, educating the students and aspirants. Forensic accounting was dominated by non-chartered accountants till 2011. Indiaforensic and ICFAI were two important players in those days, when professionals like me entered this profession. Indiaforensic was targeting CAs in those days.

Post 2011

In 2011, ICAI itself entered the scene, it announced a course for its members. CAs suddenly started dominating the forensic accounting orofession till 2017–18.

ICAI entry expanded the horizons of forensic accounting, but things started changing again with the collapse of NBFCs and the role of Big four audit firms and the CAs working for these firms. Though the dynamics changed, Indiaforensic remained the constant player and faced a little bit of turbulence as its core target of Chartered Accountants diminished or rather evaporated.

However, under the able leadership of CA Mayur Joshi, the things changed. He is the pioneer of forensic accounting education in India. He was the real visionary who understood the importance of this profession well before anybody even thought.

Post 2018

NSE Academy grabbed this opportunity and partnered with once leader in forensic accounting certification space – Indiaforensic.

This partnership has changed the equations. With ICFAI closing its course, ICAI going on backfoot due to the role of their own members in perpetrating frauds, the new breed of Certified Forensic Accounting Professionals have gained the leadership.

The ICAI course on forensic accounting was restricted only to CAs. Commerce students at large not aspiring to become CA can not even think of doing ICAI course, forget doing forensic auditing specialization after that. In such case the only Indian option is Certified Forensic Accounting Professional.

In the research conducted few days back, we identified that CFAP is probably the best forensic accounting certification.

With the growing number of frauds across the country, the forensic accountants are in demand. However, their services can be used for any matter pending before the court of laws.

The CFAP course requires minimum experience of three years, but to attract the students of commerce they have created a foundation examination, which helps inexperienced professionals and Bcom students to get entry into the professional world.

I have seen a lot of students in Telangana, particularly Hyderabad opting for this course to get entry into IT companies or professional services firms. They get decent packages of ₹ 3–4 lacs or more.

I hope i answered your question.