Earlier on, science was one of the most sought-after streams when it came to selecting subjects for your high school years. Engineering, MBBS and dentistry were aimed for when one was graduating high school, and other subjects took a back seat. However, it is now that the importance of commerce fields has been realized, and people are cognizant of the fact that undertaking commerce during school years can be rewarding and fruitful in the long run, career-wise.
What is commerce?
In essence, commerce is the study of various subjects that deal with trade, business and accounting. This encompasses various disciplines such as Entrepreneurship, Business Law, Economics and Business Studies to name a few. There are hence multiple fields in commerce that one can undertake after studying a select number of subjects in high school.
As mentioned above, commerce is a refreshing change from science in that it deals with the transactional nature of businesses and the interactions that come about from various fields.
Specialization in commerce
Studies in commerce lead to further specializations, and a myriad of ones at that. These include but are not limited to:
Bachelors in Business Administration (BBA)
This is an undergraduate degree pursued by those who have completed their A levels or FSc in commerce subjects. It is a holistic degree touching on multiple aspects of commerce and business, and provides a strong foundation for the same.
Masters in Business Administration (MBA)
This is a higher level degree that moves on to more advanced concepts than those studied in BBA. More often than not, work experience is required to embark on this educational journey. This will help build your managerial skills further in order to take up leadership roles in the business arena.
Accounting and Finance (ACF)
This four-year degree aims to equip students with hands-on experience pertaining to handling accounting, money, business and management. On the whole, it is a specialization that aims to help you deal with different kinds of transactions.
Banking and Insurance
This is a niche degree geared towards the insurance industry and financial institutions in general. It can be thought of as a sector-oriented pursuit with great job opportunities.
Taxation, Audit, Accounting
These are all pursued by Chartered Accountants. You look into business practices, financial management, cash flows, costs and check and balances.
Applied Economics
This includes fields such as Public Policy and looks at macro and micro economic impacts on a business or country level. So in essence it is about different courses of action undertaken and their impact on various outcomes.
Top universities for commerce
The top universities for commerce are as follows:
- Harvard University
- Institut Européen d’Administration des Affaires (INSEAD)
- London Business School
- Stanford University
- Massachusetts Institute of Technology
- Bocconi University
- University of Pennsylvania
- University of Cambridge
- University of Oxford
- HEC Paris School of Management
Top 15 Highest salary jobs for commerce students
Let’s cut to the chase. The highest-paid jobs for commerce students are the ones that are pretty common nowadays. Jobs for commerce students are diverse and many, and the commerce job list hence includes the following:
Chartered Financial Analyst (CFA)
Average Salary: $77,000
Such an individual is responsible for managing portfolios and providing advice pertaining to investments for individuals or companies. This entails working in the financial services industry in places such as banks, brokerages and investment firms.
Certified Public Accountant (CPA)
Average Salary: $86,594
This job deals with providing a number of services such as helping plan to reach financial goals, auditing and financial consulting. Other work includes providing taxation or even litigation services.
Entrepreneur
Average Salary: $76,747
With more and more people yearning to get out of the 9-5 corporate grind, entrepreneurship is definitely on the rise globally. An entrepreneur sets up a new business by offering an innovative or unique product or service and indulges in the entire gamut of business activities that are required to get this idea from inception to sales.
Research Analyst
Average Salary: $63,136
Such a person pores over large volumes of qualitative and quantitative data in order to derive meaningful and accurate results from the information provided. These analysts are even utilized in STEM fields as well as in the financial services industry. Companies such as Nielsen and McKinsey i.e. consultancies and research firms are always on the lookout for such individuals and compensate them handsomely.
Chief Executive Officer
Average Salary: $129,831
One of the highest-paying commerce jobs in the world is that of the CEO. He presides over an organization and is responsible for ensuring that current plans continue to exist and work, the company grows financially in terms of top line as well as bottom line, managing change and implementing strategy.
Personal Financial Advisor
Average Salary: $81,439
This person evaluates the risk appetite of individuals and makes recommendations on how and when to invest different quantities of money in different investment avenues. Their clients are people with different short-term and long-term goals, and the aim of personal financial advisors is to match these clients’ investment horizons with demands.
Marketing Manager
Average Salary: $67,500
This individual initiates and launches marketing campaigns in order to spread information and awareness about company products, services and initiatives. Apart from a background in commerce, a marketing manager also needs to be creative in order to come up with novel ideas that stick in the minds of the consumer.
Human Resource Manager
Average Salary: $76,931
Such a person has to perform multiple activities such as conducting interviews, hiring people, looking at leaves and benefits and firing people. Also, the HRM manager has to ensure that the company’s code of conduct and best practices are being followed.
Actuary
Average Salary: $117,505
These professionals use financial and statistical analysis. Mostly used by the insurance industry, actuarial sciences helps in the evaluation of risk and pricing of insurance policies.
Cost Accountant
Average Salary: $73,854
He or she looks into budgeting, cost constraints and money balances in order to make operations more efficient. Since keeping costs low is always a priority for businesses, cost accountants rake in big bucks when working for eminent companies.
Business Accountant and Taxation
Average Salary: $69,612
These employees look at tax filings pertaining to clients, employees and vendors.
Retail Manager
Average Salary: $68,138
He or she is responsible for the efficient management and running of stores and outlets. This involves routine management, organization, hiring of employees, inventory management and paperwork.
Investment Banker
Average Salary: $60,000
One of the most popular and sought-after jobs in the world, investment banking is about assisting businesses in raising capital and hence providing funds to be utilized for different purposes.
Sales Manager
Average Salary: $67,611
This individual looks at the day-to-day operations of the business and supervises a group of sales executives or agents.
Commerce is indeed a lucrative field. Selecting a specialization and choosing to pursue it as a career can be immensely rewarding. Your best bet is therefore to study the types and varieties of jobs that are available and go for something that is in line with your interests and abilities.
