Every year, the placement season kick-starts with the news of students from top engineering schools and colleges bagging the highest paying jobs in India. Even companies based in the U.S. recruit Indian talent by compensating with almost unimaginable packages. While this may lead to a serious dilemma for students interested in pursuing the commerce field, this article debunks the notion that only students from a science background can get the best opportunities and jobs with the highest paying salaries.
A significant number of students choose to study commerce in India. In addition to the existence of many lucrative reasons to pursue commerce, one of the primary reasons to take this trade is that it builds a strong foundation for seeking higher education at the Indian collegiate level, which eventually paves a path for many high-paying jobs and specialties’. However, the competition to bag high-salary jobs in the commerce field remains cutthroat. With a majority of students graduating with the same educational background and skill sets, landing the dream commerce job comes with its hurdles. To beat the increasing competition and convert your dream into a reality, it is important to continuously upskill yourself and keep a lookout with undeterred determination and dedication to land the best jobs in the field of commerce with the highest salaries.
Top 5 Highest Salary Jobs for Commerce Students
The commerce field has witnessed an increased demand for many job positions, making the field a pool for some of the most lucrative jobs and opportunities for students with relevant qualifications. The income generated from a particular job role significantly depends on the applicant’s skill set, experience, and educational degrees. If you’ve also recently attained the degree of a commerce graduate, here’s a list of the top highest paying salary jobs for commerce students to ease your research and help develop a plan of action:
1. Chartered Accountant (CA)
Chartered Accountancy is one of the most common professions for students in the commerce field. The statutory body of the Institute of Chartered Accountants of India (also known as the ICAI) designates individuals as Chartered Accountants after their successful qualification of 3 levels of exams and an internship or articleship. The role of a CA is to manage the accounts of big firms and companies and be responsible for the taxation of a business. The average salary of a CA ranges between INR 7-8 lpa, making it one of the highest-paying jobs for commerce students in India. Undoubtedly, the salary increases as the CA gains more experience.
The key roles and responsibilities of a CA:
- Preparing monthly financial reports for a firm
- Tracking the duties and responsibilities of the accounting team in a business
- Implementing accounting systems in the organisation
- Preparing expense budget reports
- Managing the complete financial process in the business or a company
Skills required to be a CA:
- Knowledge and fluency in statistics and accounting
- Reasoning ability skills
- Experienced in auditing and internships
- Knowledge of balancing the books and giving presentations
2. Investment Banker
The detailed study and curriculum equip commerce students to be well-versed in handling finances. Their knowledge and experience deem them fit to be an investment banker who can offer financial advice to firms to optimally utilise their funds and money and attain their desired goals. Thus, an Investment Banker is an individual who works with financial institutions to increase a firm’s capital. They make short-term and long-term financial plans for the companies to achieve their financial goals and scale-up in the business world.
The job role of an Investment Banker pays one of the highest salaries, with the average salary being INR 9-10 lpa. The salary can get as much as INR 26 lpa as they gain more experience in the industry.
The key roles of an Investment Banker:
- Act as a capital market advisor for firms and even government organisations
- Raise funds and capital in the client’s present capital market
- Crucial role in determining the prices for several financial services by helping companies and firms to analyse factors responsible for providing their services
Skills required to be an investment banker:
- Impeccable reasoning and analytical abilities to comfortably deal with a lot of numbers and figures
- Strong skill set in managing projects and people
- Strong managerial skills to deal with eminent personalities and high-profile clients
- Communication skills are essential for growth and progression
3. Chartered Financial Analyst
Chartered Financial Analyst is a globally recognized profession for commerce students that significantly helps them advance their careers. It is one of the most desired positions for anybody with initial experience in the subject of investment management. CFAs are valued in almost every sector of the finance industry for their skills in reasoning, portfolio management, personal wealth management, and consulting services.
The average salary of a CFA ranges from INR 3-10 lpa, depending on the levels you’ve cleared. To achieve the title of CFA you must clear all three levels of exams that will test your abilities in economics, accounting, security analysis, money management skills, and ethics.
The key roles of a CFA:
- Manage the wealth of a company or even assets
- Implement investment strategies to meet the client’s goals
- Risk management and performance measurement in the company
- Taxation services
Skills required to be CFA:
- Well-versed in the subjects of economics, accountancy, money management, and security analysis
- Strong managerial skills
- Communication skills are required to further grow in the profession
- Knowledge in investing and asset management of a firm
4. Certified Public Accountant (CPA)
A Certified Public Accountant is a position similar to that of a CA’s, but the difference is that the American Institute of Certified Public Accountants (AICPA) conducts it. A CPA is responsible for handling accounts, reporting taxes, and auditing corporations, clients, and even the government. Their key role is to suggest farsighted knowledge for taking accurate monetary decisions in case of a high-stake situation.
The duration of US CPA is 1 to 1.5 years, wherein a candidate must clear four parts of the CPA exam in financial accounting and reporting, auditing and attestation, regulation, and business environment. The hardships posed by CPA make it one of the highest-paying jobs with an average salary of INR 7-9 lpa.
The key roles of a CPA:
- Handle accounts and finances of the clients
- Auditing corporations and business
- Making correct monetary decisions in a high-stake situation
- Preparing, organising, and maintaining financial records with regular reviewing
Skills required to be a CPA:
- In-depth knowledge of accounting and reporting procedures
- Knowledge about the usage of specific tools for accounting systems
- Detailed and updated knowledge on tax laws
- Impeccable organisational knowledge and leadership or managerial skills along with the understanding of how to accurately present and report facts.
An actuary is an individual with advanced knowledge and understanding of the financial system. They use logical reasoning, problem-solving and mathematical knowledge to estimate the risk involved in conducting business deals. An Actuary must predict the financial impact of decisions on business and the risks or unforeseen events that can impact the functioning of a business.
The Institute of Actuaries of India (IAI) is the regulatory body, and to qualify as an actuary, candidates have to qualify for exams set by ACET. This exam tests a candidate’s core technical knowledge, core application knowledge, specialist technical knowledge, and specialist application knowledge. Once you become a successful Actuary, you’ll be enjoying the benefits of having one of the highest-paying jobs. The average package for an actuary is INR 10.11 lpa.
The key roles of an Actuary:
- Works extensively with businesses like hospitals and banks, among many others to help them manage their financial risks
- Valuation and risk management for a business
- Designing security schemes to safeguard a firm
- Advising a company on charging types of premium for their services
Skills required to be an Actuary:
- The specialised skill set in mathematics, statistics, probability, and calculus
- Skills to analyse data and evaluate financial risks
- Oral and communication skills
- Knowledge of finances, accounting, and economics
These are the top 5 best jobs for commerce students in India, with the highest-paying packages that will stay in demand as per the recent trends. The commerce field might seem restricting from the surface, but in reality, it opens up a plethora of opportunities for students as it not only helps them grow financially but also allows them to progress to different job roles. For instance, after clearing the CFA exams, candidates can diversify to job roles like Portfolio Manager, Risk Analyst and Manager, Research Analyst, and Private Wealth Manager. However, since most of these jobs demand impeccable knowledge and a high order skill set, the candidates must be equipped with the necessary knowledge and experience in order to climb up the corporate ladder quickly and efficiently.
The Chartered Financial Analyst is a globally recognised qualification in the field of finance and investment. If you have recently completed your graduation or are appearing for your final semester, you may be eligible to become a CFA. Interested? We highly recommend checking out our Chartered Financial Analyst (CFA) course. To advance your portfolio and build professional skills, try Zell Education’s interactive courses that offer flexible training timings. Get in touch at +91 7208885600 or email us at email@example.com.