By Rahul Nainwal,
Finance management among young adults is on the rise and rightly so. With people across the world facing various economic crises, financial knowledge is a game-changer for young professionals. A career in finance is as exciting as it is rewarding. The field is a huge attraction for young professionals who are driven and have a head for economics and accounting. The ability to quickly and intuitively grasp and process complex financial concepts are key to securing a lucrative career in finance.
A Bachelor’s in commerce, more commonly referred to as ‘B.Com’ is a degree, often chosen by students who are keen on pursuing a career in the commerce sector. However, with evolving times, it is no longer a course that is restricted to accounting. With a B.Com. degree, one can secure a career in sectors such as diverse supply chain management, travel, e-commerce, or statistics among others. It doesn’t matter if you work in the education or technology sector, or whether you’re drawn to consulting or advertising – as a professional you or your firm will always need insights on cash flow, dividends, and investments.
Courses around this line of study have been designed to create trained professionals who can manage various complex financial concepts, through smart thinking and actionable problem-solving. Even if you don’t specifically work on the financial aspects of a company, finance is at the core of every business decision.
Banks are always on the lookout for freshers, even for higher level jobs with a decent salary, who have graduated from reputed colleges in any discipline, be it in B.Com., B.A. or B.Sc. However, those with a B.Com. degree and proficiency in basic accounting skills have an edge over others in bank-related jobs which require a higher understanding of finance. Students with specialized degrees like B.Com. in Banking and Insurance are equipped with a more intensive knowledge of these two areas, which is highly valued at top banks, such as HDFC, ICICI and Standard Chartered.
A wind of change is blowing through the insurance sector, including a surfeit of career opportunities. The use of technologies like Artificial Intelligence (AI) and Blockchain has led to the demand for a more skilled workforce in this sector. Some of the most sought-after jobs in the insurance industry include of claim adjusters, actuaries and underwriters. These jobs, while seemingly similar, focus on different aspects. While the job of actuaries involves calculating probabilities of future events and underwriters deciding what risks are worth insuring, claims adjusters focus on analyzing losses to determine how much people or businesses are owed through their insurance policies. Working knowledge of new technologies like AI, ML and Blockchain in the insurance sector has also become a prerequisite. People with expertise in these areas can explore career options as data scientists, sales agents, marketers, customer service representatives and risk manager
The ecommerce sector is one of the few that saw a surge during the pandemic and has been growing ever since. India is in the midst of an e-commerce revolution, owing to the increased presence of global e-commerce companies in India over the last few years. This has led to an increase in employment opportunities, especially as these companies have expanded their workforce to support the growth that they are witnessing. Universities are stepping up and adapting their pedagogy to prepare students for future workplaces, through specialized courses such as B.Com in E-Commerce Marketing. These courses aim to impart business fundamentals and equip young professional to better understand the areas of marketing, digital marketing, accounting, finance, strategy, pricing, analytics and also social media marketing.
Overall, with a B.Com degree, students can explore a wide spectrum of career opportunities. Its versatility is one of the greatest advantages of this degree. One can tailor their B.Com degree to suit their career objectives by making smart electives choices. It is a gateway to a plethora of careers, some ultra-niche and specialized, and others with a broad focus.
(The author is Director and Head of UPES School of Business. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)