Explore a Successful Career in Finance after MCom

Explore a Successful Career in Finance after MCom

Explore a Successful Career in Finance after MCom,May 04, 2024

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May 04, 2024

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Finance is one of the main factors in every economy. It comprises an important part of our day-to-day life. Finance comprises getting, handling, and investing money. It includes getting information about how to use money efficiently for our personal economic growth as well as for the nation’s growth. The importance of finance in the business world is what generates the requirement for jobs related to finance. Multiple college graduates clear exams and get their desired jobs at high salary rates in the finance sector 

Students and graduates are attracted to the finance sector and are willing to learn about career opportunities in finance like never before. As per a trusted report, almost one-third of jobs in India are in the banking and finance sector. It implies that the demand for MCom courses is increasing. This blog will cover the successful career paths in Finance after completing Mcom.

About M.Com

M.Com also known as Master of Commerce is a 2-year postgraduate degree offered to students after completing the program focuses on several components of commerce and co-related subjects. The course curriculum may differ as per the university, but topics covered in the course can be advanced financial management, research projects, taxation, international businesses, and others. M.Com course comprises coursework, project research, and mostly internships so that students can have both theoretical and practical knowledge regarding their subject matter and it will additionally improve their skills. The M.Com course concentrates on subjects like Economics, Management, Accounting, Marketing, and other related subjects which they have built their base at the time of undergraduate studies. 

Also Read: Online BCA: Full form, Admission 2024, Fees, Syllabus, Entrance Exam & Career Scope
 

Courses offered in M.Com

Courses offered in M.Com are given below: 

 

Managerial Accounting

Business Law and Ethics

 

Business Economics

Financial Accounting and Reporting

 

Marketing Management

HR Management

 

Taxation Laws and Practices

 

Corporate Finance

Cost Accounting

 

International Business

 

What are the Career Options in Finance after M.Com

 

An M.Com degree offers you various options after completing your studies. Here we will discuss the finance-related career options you can follow after completing your degree. 

  • Cost Accountant

A cost accountant is a financial professional who calculates and evaluates the finances and costs linked to providing services or during manufacturing. The main function of a cost accountant consists of calculating the entire profit and loss statement, inspecting a role or position, and proposing a budget to make the whole thing profitable. Additionally, a cost accountant can inspect and calculate the cost incurred during the manufacturing, shipping, and administration. 

  • Tax Consultant

A Tax consultant is a professional guide to help companies and individuals with tax-related queries and help them in tax optimization for the short and long term. Tax can include property, capital, income, etc. To become a tax consultant, you need to get a degree in finance, accounting, law, or any related field. To become a tax consultant, one needs to have a strong command of accounting theories and formulas, tax laws, and finance management. To become a tax consultant, you need a degree in M.Com, but if you want a job in a taxation consultancy firm, you additionally require an LLB degree as taxation firms prefer LLB graduates to handle legal tax matters. The consultant's work is to make changes and transform the system's work and practices. It is important to have proper theoretical as well as practical knowledge as an intern before applying for the Tax Consultant job profile. This work profile requires a person with ample experience with accounting and monitoring daily operations. 

  • Certified Public Accountant

Certified Public Accountant is a job role given to accounting professionals who are licensed and affiliated. A Certified Public Accountant (CPA) offers financial guidance to people and organizations to help them attain their objectives. Not every accountant is a CPA, but all CPAs are accountants. CPAs and accountants mostly get mistaken with each other. An accountant and a CPA vary primarily in their training and certification. A person with an M.Com degree is eligible to apply to the American Institute of Certified Public Accountants (AICPA) for the position of certified public accountant.

All kinds of entrepreneurs and Fortune 500 firms require the assistance of a CPA. Businesses and sectors hire CPAs to work as corporate accountants, and they also work for the government and non-profit government organizations. The main responsibilities of a CPA include reviewing financial data for a firm, creating finance-related paperwork, conducting audits, and filing taxes. 

  • Investment Banker

An investment banker is a professional who assists companies, governments, and other institutions to raise funds and capital using multiple sources. Investment Banker

An investment banker is a professional who assists organizations, governments, or other entities in raising funds via various channels. Investment bankers are specialists occupied by financial companies to assess an organization's financial health, capital requirements, and objectives. An investment banker's main role is to work as a mediator between organizations searching for funds and investors who are willing to make financial investments in addition to offering solutions for specific problems. Furthermore, one of the investment banker's duties is to recommend methods to convert an organization’s ideas into reality.  

After completing a degree in M.Com, those who are interested in investing in business can enroll for this job profile. You can also enroll in specialized courses dedicated to investment banking. 

  • Financial Analyst

A financial analyst evaluates the financial health of an organization and proposes solutions to meet the requirements of its stakeholders. A financial analyst's basic responsibilities involve investigating microeconomic indicators and market patterns. Financial analysts' studies help companies to make smart financial and business choices. Furthermore, the expert can guide a company on bond issuance, IPO/stock splits, and other services related to finance. A financial analyst not only assists companies with their future investment plans but also analyzes the security and profitability of a company's investments, identifying where and how it invested it.

Becoming a financial analyst necessitates adequate financial knowledge. While someone with a B.Com Hons. degree centered around finance receives a job as a financial analyst, an M.Com majoring in Finance is better. Apart from a bachelor's or master's degree, a person can complete levels 1, 2, and 3 of the CFA course by taking the CFA exam conducted by a US-based CFA institution.

  • Chartered Accountant

A Chartered Accountant in a nutshell is an experienced accountant who is in charge for overseeing all the financial reports that are prepared by the business. The term "charter accountant," or "CA," relates to a specialist who organizes and analyzes financial data and payments so that a company can easily comprehend its spending and investment. Senior management finds that interacting with a CA makes it simple to arrive at company decisions that will save costs and improve revenue by boosting output.

In India, people wishing to work as professional chartered accountants should have a chartered accountancy certification. The Institute of Chartered Accountants of India (ICAI) conducts three levels of the ICAI CA exam. While some people opt to pursue Chartered Accounting with an MCom degree, others opt to pursue the same profession with a bachelor's degree in commerce.

Also Read: BA: Full form, Admission 2024, Fees, Syllabus, Entrance Exam & Career Scope

 

Conclusion

If you intend to pursue or are currently pursuing an M.Com and thinking of making a career in finance after M.Com, these are some of the best career options available for the financial line. You can choose what you want to further pursue and work towards gaining knowledge and skills in that particular field. These suggestions will help you to choose the right path as per your knowledge. You should keep working towards strengthening your skills and knowledge and work hard to become successful in your chosen profession.

Frequently Asked Queries

A1. After completing the M.Com degree, individuals can opt for various career paths in finance like finance analyst, investment banker, Tax Consultant, Chartered Accountant(CA), and others. The choice varies depending on your skill, interest, and final goal. 

 A2. An additional certification and diploma can increase your chances of getting better pay and high job profiles but it is not necessary. You can start with the basic degree also and work on yourself to upgrade your skills. 

A3. Effective usage of financial software and tools, logical and analytical critical thinking, ability to solve issues, interpersonal abilities, and an adequate understanding of financial terms and laws are all necessary for success in a finance career. 

A4. M.Com graduates should stay updated on the market trends like the development of fintech, the growing significance of data analytics in decision-making, sustainable finance, ESG (Environmental, Social, and Governance) investments, and regulatory changes that affect the financial sector.

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