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50 CAREER OPTIONS IN COMMERCE & ARTS
Generally, when it comes to commerce or arts sector, people usually think of the mainstream careers. However, in today’s era there are many career options which are not fully explored. We have listed down over a 50 career options in commerce & arts which you can choose from.
You can opt for pursuing a career in below mentioned fields in any of the following ways: career options in commerce
(to know in detail of the strengths and weaknesses for each of the modes click here to read detailed article)
Every entity irrespective of their size or nature needs finance team who can handle finances. They do accounting, audits, compliances, budgets, investments & handling investors. Broadly there are 7 categories in this about which you can study in respective tabs. career options in commerce
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Collaboratively, accounts & taxes are termed as Finance team of any entity. Though it is one team, but it has 4 Career choices to choose upon – Accounts, Treasury, Direct Taxes & Indirect Taxes. Generally, Treasury is a separate department in foreign countries, but in India they are part of finance team or accounts team. Audits has two divisions – Statutory Audit & Internal Audit.
The Finance teams of any entity records day to day to financial transactions & takes care of statutory compliances like Income Tax (IT), Goods & Service Tax (GST) and Customs. Audits relates to examining & evaluating financial transactions and reporting in case of any observations found. Hence, audits are done to check on the transactions, corporate governance and internal control processes. Therefore, Audit starts after finance team have finished their part.
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During Covid-19 pandemic / lock down, most of teams except Finance teams & Auditors had suffered either losing job, reduction in salary or instance of no work / less work. However, this was not the same with Finance team or Auditors. Instead, they had more work & pressure while working from home. The finance job is always considered to be safe & secured.
GST is still in the melting pot & does have frequent amendments. Hence, the requirements of manpower will keep increasing as the law keeps changing. Though IT is a well settled law, still the need is immense. Accounts is a common thing which every entity requires. Hence, as new set-ups are increasing, the need for finance career will also increase.
Auditors work will never end. The entities are desirous of continuing their business & need of checking their books & financial transactions will always be there. Also, statutory audit & internal audit has mandating condition for doing audit of few entities on periodical basis. Hence, the possibility of conducting audits will be permanent.
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Fortune Business insights suggest that during 2019 to 2024, the accounting market will grow at a CAGR of 8.5%. career options in commerce
Silicon India estimates that 1.3 million tax and accounting consultancies will be needed to meet the demands of not only Indian companies but foreign companies looking to expand its businesses in India as well
BFSI has been in the list of top 5 hiring sector from 2014 to 2019. Moreover, for year 2015 & 2016, it has been in top 3 hiring sectors. Further, from year 2017 onward it is the top-most hiring sector
BFSI Sector Skill Council of India (BFSISSC) has projected manpower requirement of the BFSI labour force by 2022 to be 8.5 million which is an increase of about 4 – 4.5 million from where we stand today career options in commerce
As per US Bureau of Labor Statistics, the need for financial managers will be increasing. They estimate that from 2018 to 2018, the financial managers jobs will have 16% growth rate career options in commerce
As per US Bureau of Labor Statistics, the employment of business and financial operations occupations is projected to grow 7 percent from 2018 to 2028 career options in commerce
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The possible roles are not specifically defined as every entity has designed their own structure & designations. Also, as the scope is so wider, number of roles are also many. Accountant, junior accountant, senior accountant, finance head, tax accountants, tax advisors, tax examiners, tax managers, revenue managers, business tax consultants, income tax consultants, statutory auditors, internal auditors, finance managers, treasury, payroll processing, data entry personnel & cashiers are few of the roles named here.
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Analytical Skills
Organisational Skills
Team Player
Critical Thinking
Adaptability & Flexibility
Time Management
Industry Knowledge
MS office Skills
Knowledge of accounting software’s (Ex: Tally)
Communication & Interpersonal Skills
Problem-solving & decision-making
Ability to work under pressure
Deadline Oriented
Presentation & report writing skills
Professional Skepticism
Hardworking
Knowledge of various statutes
Updating on recent amendments in laws career options in commerce
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Check the introduction tab to see how to go about careers and options that can be opted for.
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On overall basis, employment growth of accountants, tax personnel & auditors is expected to be closely tied to the overall economy. As the economy grows, more workers should be needed to prepare and examine financial records & taking care of various compliances.
The workload will never reduce & the growth will always be upgrading. That is the reason, jobs in finance team are safe & secure. Also, as growth upgrades, manpower requirements increase & in turn hiring increases. Therefore, this makes this field one of the best hiring sector.
The audit is mandated for only few entities & in few countries. Still theory suggests that management voluntarily opts for regular periodical audits for their entities. Hence, this is not dying for sure. But technological advancements are progressing & auditors use lot of tools & Artificial Intelligence (AI) for conducting audits. Therefore, auditors with AI will surely replace traditional auditors in this digital world!
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It is a financial services which helps persons, companies or government to raise capital by advising on the strategies. Investment Banker acts as agent either by underwriting or acting as client’s agent in issuance of shares. They assist & advice companies on mergers & acquisition. They also provide investors with best investment opportunities. The best example of investment banking company in Goldman Sachs.
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There is always a myth around this field that anyone who is great with numbers is well suited for this Career. This is one of the skill needed but not only this! The best investment bankers, along with being math whizzes, are persuasive, aggressive, quick-witted and have unflappable work ethics
Drawn by the attraction of high salary, young, aggressive, aspiring finance students right out of college often choose this Career. This is one of the Career where 21 year old with a Bachelor’s degree can earn six figure salary in the first year itself. Also, you would have other bonuses & incentives supporting your salary. Though this is not a simple job. This will be tiring & stressful. You need to work for an average 50 to 60 hours a week. The saying is apt for this Career that “money does not come easily”
This Career offers you to build complex & large financial models at early stag of your Career. You will exposed to high profile transactions. This Career is fruitful in terms of money but also regarded as extreme challenge & steep learning curve.
India is expected to be the fourth largest private wealth market globally by 2028
As per Payscale India, the average salary for an Investment Banker is Rs 702,124 per year. While Glassdoor India shows an average salary as Rs. 902,800 per year
As per Businesswire, Asia-Pacific was the second largest region accounting for 26% of the global investment banking market in 2018
In 2019, FPI investment in Indian equities touched a five-year high of Rs 101,122 crore (US$ 14.47 billion)
Merger and Acquisition (M&A) was worth US$ 25.162 billion was recorded in the first ten months of 2019
The market for Initial Public Offers (IPOs) has also witnessed rapid expansion. In 2019, US$ 2.5 billion was raised across 17 IPOs
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If you read about this Career, you will understand that the work involved is heavy & stressful. As such it would involve a lot of work & has multiple roles. Though the roles are entity specific, we have named few of them. They are Analyst, Associate, Senior Bankers, VP & Directors.
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Customer service
Numerical ability
Attention to detail
Analytical skills & Technical skills
Communication & Interpersonal skills
Professionalism
Willing to work for long hours
Patience & persistence
Negotiation skills
Maintains client’s relationship
Strong accounting & finance knowledge
Presentation skills
Stress management
Solid networks
Financial modelling & deal execution
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Check the introduction tab to see how to go about careers and options that can be opted for. career options in commerce
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High salary & heavy workload. These two things are most important in defining this Career. This is one of the career which will pay you huge salaries. At the same time, you will be toiling many hours for work. Many people wish to become investment bankers due to huge earning potential of an investment banker.
A fresher in online investment banking course can easily earn anywhere between 4-8 lakhs rupees per annum and even get bonus & other perquisites. Business trips to exotic locations, flying in business class, staying in luxurious hotels, meeting the top officials of companies and networking with highly powerful and prolific people are all perquisites of being an investment banker.
If you believe in combination of high earning & willing to work for long hours, then this the perfect Career to choose upon! career options in commerce
Venture Capital (VC) means providing financial assistance to startups or entities at early stages with high potential growths – mainly them who has less alternatives to raise money. In exchange of these funds, they acquire equity or stake in the entity. The analyst does a lot of research before advising the venture capital investors in which entities to make potential investments. Their tasks involve assessing financial reports, business documents & other appropriate information. They also speak to managers, owners & employees of the entity to get more insights. Once the assessment is done, the analyst sets up the meeting between VCs & the entity. The VCs post investment exits from the company via acquisitions or Initial Public Offerings (IPO). The analysts should also ensure to close the deal including monetary & non-monetary terms.
You meet many entrepreneurs & understand their business. You present VCs about the entrepreneurs & their businesses. VCs puts in money based on your recommendation & you earn you share from both the parties i.e. VC & entrepreneur. Do you think it is that simple, no its not, you have hell lot work to do before completing a VC transaction.
It is all about finalizing a business deal but involves a lot of work. Hence, makes the scope wider. You would have heard about foreign direct investment. Those investments are also finalized by the venture capital analyst. This role is for them who are passionate about startups, highly articulate, and capable of understanding the market/customer side in addition to the technical product details.
If you believe in helping start-ups getting investment funding or any company who is well established & need investors, then this field is made for you. VC remains a glamorous industry. For many, it offers the intersection of financial deal making with the ability to make tangible and positive interventions post investment.
The U.S. Bureau of Labor Statistics (BLS) reports that financial analysts should experience a 6% rate of job growth from 2018 to 2028
According to Glassdoor, in 2019 the average annual salary for venture capital analysts is INR 38.62 lakhs (approx.)
The year of 2018 saw a total of $254 billion invested globally into 18,000 start-ups via venture capital financing — a 46% leap from 2017’s figures
As per Angelblog, minimum return on VC fund is 20% . career options in commerce
Customer service
Numerical ability
Attention to detail
Analytical skills & Technical skills
Communication & Interpersonal skills
Professionalism
Stress management
Positive attitude
Patience & persistence
Negotiation skills
Maintains client’s relationship
Time management
Commercial judgement & awareness
Presentation skills
Being able to raise money.
Solid networks
Long-term vision and ability to see opportunities
Financial modelling & deal execution
Check the introduction tab to see how to go about careers and options that can be opted for.
The job of venture capital analysts is challenging one. You need to work the transaction in full detail & make sure there is no room for any wrong estimation. One small error & whole deal will go for a toss. Also, the transactions are of high value. Hence, makes this job too risky!
The main aim is to maximize the return on investment. Due to current scenario between India & China, many Chinese products & services had bigger impact. Therefore, many of them will encash on opportunities to start their own production line to support traders. Start-ups who wish to substitute Chinese products will be at boom but they will require big time money. VC investors will also be tempted to invest in such start-ups.
Henceforth due to India-China conflict & Make-in-India movement, more & more investors will be need of the hour & venture capital analysts will be in high demand. So, folks don’t miss out on this bigger opportunity & pursue this as your Career!
The main task in this field is to manage communications between the company & its investors. They help in handling inquires, setting up meetings and resolving the grievances of the investors. Most of the heavily regulated company appoint them to handle relationship with the investors. They do not get involved in day to day operations of the company. They give all the necessary information to investors about companies performance & operations.
At the time of crisis, they try to manage healthy relationship between company & the investors. They even try to avoid any impact on the pricing of the share at the time of crisis. The communication is two dimensional where information or guidance by investors is communicated to the management. They can be a part of public relation department of a company or reports to CFO or CEO of the company or a separate department as well.
If you think you can be decisive & problem-solving person, then this just perfect Career for you to choose. The work in this field does not require technical skills. The main work is to manage the relationship of investors & company. Though managing relation at times becomes difficult when the situation becomes worse. Communication between investors & company is so important, that is why investor relation analyst is in demand.
The scope is limited & you need not be expert in numbers. Mostly, public companies who has lot of investors need them. So, you will get a chance to meet high profile investors & top officials of the company. Also, we get involved in understanding the business in depth as they get chance to speak to other divisions about their performance & operations.
The U.S. Bureau of Labor Statistics (BLS) reports that financial analysts should experience a 6% rate of job growth from 2018 to 2028
According to Glassdoor, the average annual salary for investor relations analysts is INR 5.91 lakhs (approx.)
Analytical skills
Communication & Interpersonal skills
Professionalism
Decision-making
Positive attitude
Patience & persistence
Maintains relationship
Effective people management skills
Entrepreneurial skills
Presentation skills
Attention to detail
Understand financial reports
Study daily financial market happenings
Check the introduction tab to see how to go about careers and options that can be opted for.
career options in commerce
Are you a people person, then do not hesitate to choose this as your Career. This Career is about blend of financial skills & analytical skills. Though financial skills is restricted to read financial reports & studying financial market happenings. However, you need to have strong analytical skills & resolve the grievances between investors & the company.
Folks if you think you will not be able to handle too many deadlines or breaking your head with financial information & numbers, then do not wait to start your Career in this field. Most importantly, you should be able to handle people & make quick decisions in resolving investors grievances.
Career Options in Commerce: Risk Analyst/Finance Risk Manager
The sole purpose of this Career is to limit or mitigate the risks involved in investment decisions for maintaining profit and growth. They examine entities investment portfolio including foreign investments and evaluate risk involved therein. Analysts identify and analyze the areas of probable risk endangering the assets, earning capacity or success of organizations. Using their analytical skills, they foresee current & future losses and make suggestions to reduce risks through various investment strategies. Risk management follows simple 4 steps process theory: Identify the risk >> Assess the risk >> Control the risk >> Review risk control. There are many versions of steps of risk management but mostly revolves around these 4 steps and the end result is to minimize the risk involved.
Can you think of strategies for safeguarding the entity from any risk, threats or financial collapse, then this is the better field is appropriate to choose upon. It is like avoiding the damage at one hand & controlling the outcome on the other hand. The career requires a significant level of work skill and hence is not easy to get into.
This area is not settled like others. It is a new area of study in India. It is extremely specialized area focusing on managing risks from share market crash, project failures, or financial failure, share market operations, investments and insurance risks. As it is a new area, there are wider opportunities to explore & become a risk analyst or finance risk manager.
You are expected to design and implement an overall risk management process for the entity, plan risk control actions, monitor and suggest changes into the organization in managing risks. He or She should be able to write appropriate reports and supervise implementation strategies
The U.S. Bureau of Labor statistics anticipates job growth in the field of risk management at about 19% from 2016 to 2026
According to Glassdoor, the average annual salary for risk analysts is INR 12.80 lakhs (approx.)
However, Payscale estimates average salary to be INR 11.72 lakhs (approx.)
An article by consultancy.org predicted that the global market for consulting services in the area of risk management will be $80 billion by 2020
career options in commerce
Risk management specialists are found working for a wide variety of businesses and organizations, though as of late, many are found primarily in the banking and financial sector. To name few roles, they are risk analyst, risk advisor, safety consultant, loss control specialist, chief risk officer, risk specialist, risk manager, risk surveyor, risk executive, risk modeler, risk engineer, risk assessment analyst & risk operations team manager.
career options in commerce
Business & Analytical skills
People management skills
Technical & Negotiation skills
Communication & Interpersonal skills
Leadership qualities
Financial Acumen
Industry & market knowledge
Professionalism
Judgement & Decision-making skills
Strategic thinking capability
Computer proficiency skills
Endurance to regulation
Presentation skills
Attention to detail
Networking ability
Check the introduction tab to see how to go about careers and options that can be opted for.
career options in commerce
This field will require hard work & dedication. Risk management is a platform which will give you an opportunity to become a crucial player in any organization. The major attraction for this career to shine so bright is that there are only a few organizations that undertake a new project without assessing the risks involved.
Do you believe you can assess risk & try to avoid or reduce the impact of it, then this Career is made for you. The field is not established & new to India, hence, it will be good to develop yourself into the field with the development of the nation!
Career Options in Commerce: Budget Analyst
Budget & Forecasting / cost analysts help public and private institutions organize their finances. They are typically a part of Finance Operations/ Financial processing, however there are budget and forecasting specialists as well. Also, there are certain companies which take up only budget, forecasting and cost analysts to understand in detail the financial costs.
They determine the financial outcomes by collecting operational data/reports, whilst conducting analysis and reconciling transactions. Budgeting and forecasting area include team-work and collaboration with other teams as the budget and forecasting team is responsible for cutting report cycle time, diving deep into finding reasons for deviations and increasing reporting accuracy thereby improving cash and capital forecasting.
They help in improving accuracy of the corporate financial planning and provide direction to future decision-making. They not only deal with budgets for finance but also for other things like purchases, sales, income, expenses, liabilities and assets which thereby forms the overall budget of the organization.
As you get a chance to budget for most the areas / departments in an office, you get to know about whole business & the its functionalities. Also, you get an opportunity to meet top officials & departmental heads. You will get a chance to meet interesting people & gain different experiences on your journey.
The budget analysts also get an opportunity to work out budgets for one of project or special projects too. Since you are directly involved in the budgetary and monetary policies it makes it a very respectable job. The demand for this field is always high unlike other professionals where demand fluctuates over the years.
Job growth anticipated in the field of budget analyst is about 4% from 2018 to 2028
According to Payscale, the average annual salary for budget analyst is INR 6.5 lakhs (approx.)
Around 42% of the budget analysts work in Federal government, state government & local government.
Developing budgets
Interpretation of information
Managing processes
Developing standards
Performance management
Knowledge of financial software
Analytical Skills
Communication Skills
Aptitude for maths and calculus
Detail Oriented
Financial Management Skills
People management
Writing & Presentation Skills
Knowledge of the industry & market
Numerical Ability
career options in commerce
Check the introduction tab to see how to go about careers and options that can be opted for.
Do you believe you can prepare a budget for company & keep constant checks with the actual & check on for any deviation, then this a Career you would love to pursue. Your work would not stop at checking deviation. You should recommend changes to respective department for reconciling the differences observed. They also must suggest on cutting the spending & utilizing those funds on more useful resources.
The work pressure in this field is at peak only when you should meet each departments & design a budget for the entity. Once the budget is finalized post discussion with top management personnel, the pressure reduces & you can have a happy work life balance. Have a happy work life balance & start you Career as a Budget Analyst.
Career Options in Commerce: Financial Advisory Services
career options in commerce
Most of you will relate only CA’s to the services in this category. But like we discussed in accounts, tax and audits, even graduates can have a successful career in all such fields.
First let’s understand what all the topics are included in this category. Financial advisory services include valuation, Corporate Financial advisory in relation to investment and financing decisions, deal structuring, business feasibility studies, Investment attraction and financing, Anti-Corruption & Bribery Advisory, Corporate Investigations, Business Plan study, merger studies, valuations, due diligence and Deal closing.
Generally, these services are termed as M&A Corporate Finance, M&A Transaction, M&A Valuation, Restructuring, Financial Crisis advisory services or overall Financial Advisory Services.
Also, a word of caution here, Financial advisory is one of the most difficult profiles to get into as a graduate and you certainly need something more than average to get into a career in this field.
This career is rewarding but like every career there will be a problem. As you would have seen in the above paragraphs about various types of work which provides a range of opportunities not widely available in many Career fields. This has boundless earning potential, flexibility in work schedule & control over the practice. However, the main problem is that this field is highly stressful & takes long time to build a client base.
The greatest role of the financial advisor is providing information to client to make a strategic financial decision. This field is preferred to those who are energetic & ambitious in life. If you observe the work involved, one thing is unique & that is every work will have different situation. Though the work to be done is same but the situation around that work will be different. This will keep you to be on toes & you will love to do the work.
The financial advisor career is among the best business jobs and best-paying jobs, according to U.S. News & World Report’s career rankings
The U.S. Bureau of Labor statistics expects job growth in the field of financial advisory services at about 7% from 2018 to 2028
An article by Economic times in 2019 stated that 70% of Indian investors work with personal advisors compared to 54% globally.
Merger and Acquisition (M&A) was worth US$ 25.162 billion was recorded in the first ten months of 2019
career options in commerce
Communication, interpersonal and listening skills
Capability to explain complex information
Ability to network and establish relationships with clients
Research and analytical skills
Negotiation and influencing skills
Determination and tenacity
Ability to work in a team
Time management skills
Customer service skills
Self-motivation and organisation
Good level of numeracy and IT skills
Target-driven mindset
Flexible approach to work
Decision-making skills
Understanding the needs of client
Ethical and professional approach to work
Interpretation of data
Analyze trends & markets
Check the introduction tab to see how to go about careers and options that can be opted for.
Business entities have plans in place as to what they want to achieve in short term & long term periods. Still at few times, they need assistance in taking financial strategic decisions. The important aspect is to take good financial decisions & get bigger returns in future! If you can help doing that then this field is just perfect to choose upon.
Also, this field is unique as you will have to be on toes & keep updated with the updates & amendments in government regulations. This means that you will have continued learning. From rules, regulations, tools, and planning techniques to changes, improvements and new hurdles and to think differently.
Not to rule out the variety of works involved which will not make your life monotonous. So, what are you waiting for. Just grab the opportunity & start your Career as Financial Advisor.
Is your money safe at home? Yes, No or May be, the safest place money is either deposited into banks or invested in insurance for future returns. Do you wish to work in these places, then read more about them in respective tabs.
Career Options in Commerce: Banking & Loan & Credit Analyst
Banking: Banking career or jobs are backed up by a huge wealth of diversity. For beginners, the banking sector provides an excellent opportunity to develop an understanding of the global economy. It paves the way for identifying various challenges in the marketplace and provides tremendous opportunities globally.
Credit / Loan Analyst: The main role of this career is to check the credit worthiness of the client & his ability to repay the debts or credit card bills. A credit analyst obtains and evaluates financial data including the payment history of the client, their liabilities, earnings, and assets. The analyst examines the level of risk. The data are used to advise about acceptance or denial of a loan or credit cards and to ascertain whether to upgrade or degrade credit limits or charge additional fees. However, they are not considered as separate team but known as part of banking operations.
Jobs in banking sector are of tremendous pressure & you should be on toes 24/7. However, the advantage is that every person has or is willing to open a bank account. There is also high demand for personal loans. Banks includes financial institutions & Non-banking financial institutions (NBFC).
In earlier times, people were happy to keep money at their homes or may be in their vaults secured by passwords or locks. Now the trend has changed. People feel happy and secured when their money are deposited into banks. This helped in reducing the risk in people’s life. Not to question on the services provided by the banks – digital banking, loans, insurance policies, lower interest rates on loans, credit cards, debit cards, higher interest in savings account & fixed deposits etc.
The current ruling party in India has a vision that each & every individual has bank account. With this keeping in mind, future opportunities are going to be massive. The ease of banking due to digitalization has also helped people inclined to banking sector.
Currently, there are a total of 34 banks functioning in India of which 12 are public sector banks and rest 22 are private sector banks
Deposits under Pradhan Mantri Jan Dhan Yojana (PMJDY) stood at Rs 1.06 lakh crore (US$ 15.17 billion) with 37.34 crore accounts registered
An article by IBEF stated that growth in deposits grew at 6.81 percent & reached US$ 1.90 trillion by FY 2020
Growth in loans (credit off-take) surged to 1,936.29 billion US$ in FY 2020 at CAGR of 13.93 percent
As on January 31, 2020, the total number of ATMs in India increased to 210,263 and is further expected to increase to 407,000 by 2021
Public sector banks’ assets stood at Rs 72.59 lakh crore (US$ 1,038.76 billion) in FY 2019
Possible roles:
There are various jobs/ division in a bank to start working in such as operating executive, sales, loan, etc. A graduate may begin a career in any of the fields. Also, in today’s world there are many opportunities in banking sector which includes banking and NBFC companies. To name few roles, they are Bank teller, Bank marketing representative, Internal auditor, Branch manager, Loan officer, Data processing officer, Sales executive, Client adviser, Compliance officer and Financial manager
Customer service
Cash handling skills
Numerical ability
Organisation skills & Problem-solving
Attention to detail
Analytical skills & Technical skills
Communication & Interpersonal skills
Teamwork & Professionalism
Stress management
Quick learner & Sharp memory
Positive attitude
Patience & persistence
Negotiation skills
Maintains client’s relationship
Time management
Commercial awareness
Check the introduction tab to see how to go about careers and options that can be opted for.
Specifically, to get into public sector (government banks), one has to go through exam conducted by the government through Institute of Banking Personnel Selection (IBPS) or other recruitment exams (like separate exams for SBI) in relation to the role of clerk/ Probation officer/ Specialist officer.
Banking is one job which I guess will never stop. During lock down or Covid-19 pandemic, most of them had no work or working from home. Few of them even enjoyed at their houses trying out new dishes. But Banks were open & employees of bank had to work. In fact, they had more work to do during lock down. The only drawback in this sector is work pressure.
With the vision of current government of every individual having bank account & increasing risk in banks like credit risk, liquidity risk, money laundering terrorist financing, risk compliance of bank’s operations, foreign exchange risk, interest rate risk, and other market risks, the opportunities are bound to increase. The employment rate will surge & more openings will be available. Do not wait for too long & jump into this sector to start your Career!
Career Options in Commerce: Insurance
There are always two flip sides in a coin. Similarly, insurance also do have two sides – First one is Entity selling insurance policy & second one is agents / brokers selling insurance policy of first mentioned entities. The first includes underwriting, customer service and claims processing and handling. These are mostly dealing with work done within the insurance entity and includes all the back-end work. It also includes customer service and the claims roles which deals with front ending with customers.
The second one i.e. selling insurance policy of the entities is not normal career, it involves deep understanding of the customer requirements, policies, price factor and meeting a lot of people. It’s like you want to work in the insurance sector yet be your own boss.
Almost everyone wants to take an insurance policy for themselves. Be it life insurance, medical insurance, health insurance, car insurance, bike / two-wheeler insurance, travel insurance, insurance for safety of stock & office premises, fire insurance etc. There are many more insurance types, but we have named few commonly purchased ones.
People take insurance either to safeguard themselves & their belongings. The insurance policy is also bought for investment purpose & claiming as tax deduction. Due to multiple insurance types & willingness of the people buying them makes this field full of opportunities & wider scope. People think its necessary to buy insurance for safety & enduring benefits for family members.
The insurance industry of India has 57 insurance companies – 24 are in the life insurance business, while 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment.
An article by IBEF stated that gross premium collected by life insurance companies in India increased from Rs 2.56 trillion (US$ 39.7 billion) in FY 2012 to Rs 7.31 trillion (US$ 94.7 billion) in FY 2020. During FY 2012–FY 2020, premium from new business of life insurance companies in India increased at a CAGR of 15 per cent to reach Rs 2.13 trillion (US$ 37 billion) in FY 2020.
Overall insurance penetration (premiums as per cent of GDP) in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001
The market share of private sector companies in the non-life insurance market rose from 15 per cent in FY 2004 to 56 per cent in FY 2021 (till April 2020). In life insurance segment, private players had a market share of 31.3 per cent in new business in FY 2020
Life insurance industry in the country is expected to increase by 14-15 per cent annually for the next three to five years
career options in commerce
Insurance covers a wide range of roles, from analyzing and calculating risks to selling policies, setting premiums and processing claims. Most positions will be within actuary, insurance broking, loss adjustment or underwriting. Common roles include management trainee, trainee actuary, trainee loss adjuster, underwriter, insurance broker / agent / sales executive, customer relations, claims processor and product manager
career options in commerce
Customer service
Numerical ability
Organisation skills
Problem-solving
Attention to detail
Analytical skills
Communication skills
Interpersonal skills
Teamwork
Professionalism
Results-oriented
Quick learner
Sharp memory
Positive attitude
Patience & persistence
Negotiation skills
Maintains client’s relationship
Adaptability & flexibility
Check the introduction tab to see how to go about careers and options that can be opted for.
This is one more field where Artificial Intelligence technology is picking up. Lot of the insurance companies are shifting their works in more technological mode rather than traditional methodology where documents used to be collected physically & applications used to handwritten & signed by the person buying insurance policy.
The kind of work where technology is involved attracts youngsters to get into that space. Though the insurance sector is still in development stage, youngsters would prefer this as they will also learn & grow about technology world.
The customers are also happy as most of the things happen through their laptops or phones & they need not give time on collecting ID proofs, filling application forms & meeting the agents / brokers. They get all the information about the policy at their fingertips.
Hence, there is huge scope & opportunity to explore in this field as people will continue to invest their money in buying insurance policies.
When you see the word designing, you either think of drawing or presentation. We are here to clear this misconception. We have listed 6 career options under this category. You read about them in respective tabs.
Career Options in Commerce & Arts: Website Designing & Development
When making a website there are two critical aspects to it, one designing the website and one is developing it. Web developers (sometimes called front end developers) are the computer programmers who use coding and make websites. Web designing is the process of creating the entire look of a website. It includes overall website layout, web page layout, content production, colour palette, font, visual themes, the graphic design etc.
In today’s world, to make a website you do not need to know hard core coding nor designing. There are millions of themes available which can be used along with word press, wix and numerous other platforms for starting a website that you only need to know the basics of technology and can start a career.
More and more people are understanding the utility of being online and now every new business, small or big wants to have their own website. Even if one is not online, everyone knows the potential of being online. And that gives this sector a huge podium to display your skills.
Due to economies of scale website development is becoming lesser costly. Further, with the less capital and promise of worldwide reach, it’s a lucrative option to be explored by most businesses and that makes this exploration a huge opportunity.
To engage with the audience many Companies are changing the look and feel of the website frequently. Even if not change, there is constantly new announcements, new products and new offerings that have to be added on the website. Whether it is changes or annual maintenance, it means continuous work for the developers/ designers.
In relation to website development the major divisions are development and designing. The roles revolve around making designs, choosing from the millions of websites that are available, understanding the client requirements and then suggesting a website according to that, developing theme websites, coordinating with clients, relationship management, ensuring the website is up and running always, maintenance of the websites are just a few of the variety of the types of work that is available in this field. These all would become various roles with a mix and match of the above responsibilities twined into the roles
A website developer should be aware of some front-end technical skills like HTML / CSS, JavaScript, Version Control / GIT, Responsive design, Testing / Debugging, Browser developer tools, Web Performance / Automation Tools, back end basics, Search engine optimization & Command line. Apart from this, they should be tech friendly, creative, improvising, learning new skills to support technological advancements & know coding languages.
Website designer required to possess skills are Time management, Project management, Customer service, Creative, Flexibility, Adaptability, understands Customer requirements, Extrovert, Communication skills, knows English language & basics of front-end technical skills
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With the increasing utilization of technology on public systems, like Aadhar/ voter card/ passport which can be done online, it is clear message that the world is moving online. Further, with the lots of options available, it is easy to get into this sector even with the limited technology knowledge. Therefore, this sector is growing and would continue to grow especially in India because in terms of technology penetration we are still far behind compared to other developed nations.
Career Options in Commerce & Arts: Graphic Designing
What?
Graphic designing is where professionals create visual content to communicate messages. They design art in print & electronic media, such as magazines, television graphics, logos, and websites. They develop the overall layout and production design for advertisements, brochures, magazines, and corporate reports. By applying visual hierarchy and page layout techniques, designers use typography and pictures to meet users’ specific needs.
Why? – The Scope!
Graphic designers are required in so many industries like Advertisement, Print, Web designing etc. New designers must be aware of tools such as Photoshop, Gimp, Flash, Dreamweaver, Fireworks, Blend, Illustrator, Coral Draw or more. The Indian graphic and communication design industry is on the rise. There is an increasing need for graphic communication in the modern day commercial activities. With the growth in services like printing, advertising, book publishing, film, FMCG, consumer durables, etc, the graphic and communication design industry is expected to grow.
Statistics:
Possible roles:
The sector of graphic designing encompasses into itself various types of roles such as Multimedia Designer, Web Designer, Logo Designer, Brand Identity Designer, Flash Designer, Creative/Art Director, Photo Editing / Photoshop Artist, Layout Artist or product Designer to name a few. All the roles could be towards working on different segments which includes making posters, visiting cards, pamphlets, letter heads, standees, magazines, flyers, mailers, messages, brochures or catalogs. In every space every Company wants to get attention of its target customer’s and hence the roles are endless.
Skills:
How?
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Conclusion
With the ever increasing use of technology, this industry is bound to grow. Unlike the US, India’s technological transformation journey has just begun and it is yet to show up its full impact. Further with the numbers showing the lacuna in obtaining quality services, the possibilities in graphic designing are up to where your imagination can take you.
Career Options in Commerce & Arts: Animation & VFX
Did you like Ironman or Superman or Kungfu Panda? We bet you did! The animation and VFX industry is at a boom like never before. Instead, regular Bollywood movies also want to add 3D and VFX to it. And if you are creative and like technology, this is an area to be.
The animation and VFX sector has taken a major leap with people demanding more and more of such movies and series, the demand for people in this sector is only increasing. In today’s era there is absolutely nothing that cannot be made on the screen, whether you want to blast a building or get someone into a water world, it can all be done with the tap of your keyboard.
With the ever increasing use of technology, this industry is bound to grow. Similar to that of web designing and developing or graphic designing. Unlike the US, India’s technological transformation journey has just begun and it is yet to show up its full impact. The statistics directly provide ample evidence for this. Further, another interesting thing of this sector is that with advancement in technology, most of the digitized works get dependent on each other. For example, the gaming industry’s dependency on Graphic Designing, animation and VFX. All the 3 of the design service often go hand-in-hand being used together and so on.
There are a variety of jobs that are available for beginners in the industry. Let’s have a quick look at a few of them to understand the kind of scope available in the animation industry.
In-between animator, Modeller, Background artist, Layout artist, Story Broad Artist, Clean- up Artist, Scanner operator, Compositor, Character animator, Special effect artist, Digital ink and paint artist, Key frame animator, Lighting artist, Image Editor, Rendering artist, 2-D Animator, Texture Artist, Rigging artist & 3-D animator
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With the ever increasing use of technology, this industry is bound to grow. Unlike the US, India’s technological transformation journey has just begun and it is yet to show up its full impact. Therefore, the demand for animation or similar sectors is rising. The reason being same for all such sectors i.e., animation, 3D technology, VFX, web designing, advertising agencies, website development & designing and other related fields. It’s about time to try out on your creative hats and get going into this industry.
Career Options in Commerce & Arts: Gaming
Ask someone what was their favourite past time in lock down and the most common reply would be playing games. Right from youngsters in school to grand-parents, everyone played some or other games. And who does not like to play game?
The gaming industry has been of tremendous interest from the past few years. In reality, now the gaming industry is also being taken up by education institutes to teach via fun and interactive games and with more people jumping into this arena, gaming is definitely bound to grow.
Everyone loves games and with the recent trends, gaming is going to be one sure short way to relax, entertain, take a break or millions of such small reasons that people search for distractions. The computer and console gaming has played a huge part in shaping up the gaming industry across the country in the last two decades. The market value of computer gaming was estimated to be around 96 million U.S. dollars in 2019, while that of console gaming was around 240 million U.S. dollars during the same time period. However, the biggest boost for gaming has been the mobile phones with the market value of mobile gaming in India along was estimated to reach about 405 million U.S. dollars by 2022. The number of new job opportunities in the country’s gaming industry is a clear indicator of the constant evolution of this sector.
One game development needs hard work of several contributors from “Writer” who gives manuscript about the roles and description to “Deployer” who deploys the application into the App Stores. Amongst the many roles in this sector, a few of them are provided for reference: Writer, Game Animator, Game Producer, Audio Engineer, Software developer, Game designer, Game Artist, Game developer, Game designer, Lead Designer, Level Designer, Level scripter, Computer Programmer, Gaming Tester, Game Modeller, Character Animator, Art designer, Freelance developer / designer, Game quality assurance tester and Game-play Programmer.
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Technology is a booming space and as commerce students you do not have to feel that you would leave behind. With the combined knowledge of commerce and technology there are a lot more spaces that are up for grabs than ever before. Any of the 4 fields (Web designing, Graphic designing, Animation & VFX or Gaming) would give a long lasting career and is in the game for some time to come.
Career Options in Commerce & Arts: Interior Designing
In simple words it means turning the way a place looks into more attractive, appealing and aesthetically pleasing. It also deals with improving the use of the space available. It is an art that focuses on appropriate use of space, architecture and design to make built environment more attractive, comfortable and ultimately more useful to human beings! Architecture and creative design combines to form the base of interior design.
An interior designer plans and designs the interior/ exterior of a house, office, restaurants, room or any location by coordinating with suitable colour, texture, lighting and other decorative materials.
Interior designing scope today is much higher than it used to be. With a greater need for sound and competent design, there has been a greater demand for good interior designers. On the other hand, due to rising population and a paradigm shift in family structures, the per capita land consumption is decreasing day by day. Therefore, effective and efficient use of the limited space is not just the choice, but the need of the people.
There are various sectors that require interior designers or designers in general. The roles usually are at assistant or associate level depending on the type of degree/ qualification/ experience/ knowledge you have pursued. Also, you could open your own firm. The sectors include:
Skills you need to possess are creativity, eye for detailing, attentive, trend updations, communication skills, drawing skills, flexibility, people management, problem-solving, numerical ability, computer skills, designing and knowledge of real estate sector.
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The number of construction companies & dwellers are increasing. In turn no of construction activities is increasing. As a consequence, the space is diminishing. Therefore, the space has to be efficiently & effectively to be used. Also, people want customized interiors & willing to spend for it. This is because of standard of living is increasing. Hence, there is a need for Interior Designers & this field is becoming one of the booming industry.
Career Options in Commerce & Arts: Fashion Designing
Fashion designers are tasked with the responsibility of creating original garments / clothes, accessories as well as footwear. Fashion Designing is a form of art that is dedicated to the creation of clothing and other accessories that form part of someone’s lifestyle. Modern fashion designing can be further divided into two broad categories: ready to wear and haute couture (personalized).
This art is influenced by cultural and social attitudes and has evolved over time and place. While Interior designers design and make use of a space, fashion designers do the same thing with anything that a person wears.
Fashion designing is the most appealing, glamorous and exciting career option in recent times. The wide range of products in fashion industry entails a fantastic variety of professional roles to choose. Designing suits to people having creative eye, designing various types of apparel (like for men, women, children, sportswear, maternity wear, formal wear and various accessories). The other choices include costume designer, fashion photographer or those who enjoy being more hands-on throughout the garment production process, there are various possible roles. In the current scenario, with the rise of various fashion e-commerce companies like Myntra, Amazon, Jabong, Flipkart, Voonik and Limeroad, the demand for fashion professionals has increased exponentially.
The various profiles in this field are Fashion Designer, Fashion Marketer, Fashion Illustrator, Fashion Coordinator, Fashion Concept Manager, Quality Controller, Fashion Consultant, Personal Stylist, Technical Designer, Fashion Coordinator, Fashion Merchandiser, Fashion Photographer, Social Media Influencer, Stylist, Footwear Designer, fashion bloggers, fashion journalist, textile analysts or Fashion Show Organizers.
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Suddenly there has been increase in fashion sense amongst India & upgrading every day. Hence, it creates a huge demand for fashion designers. This field is a combination of colour with varied designs. In this world, most of the people observe what one is wearing and therefore it is very important to feel and look nice. That is certainly accomplished by Fashion Designing sector.
Today many of them are interested in trading of shares or any other security. Also, with trading do you enjoy managing people & guiding them for investments. If yes, this is the perfect category to read upon. Read various career options available in respective tabs.
Career Options in Commerce : Stock Broker/Equity Research analyst/ Financial Analyst
Stock Market is a place where buyers & sellers trade in shares, debentures & other securities of the company which are listed on stock exchange. This is how it works: The company who wish to get their securities traded by general public list their securities on to stock exchange. The main work in this Career is to analyze whether to buy, hold or sell the security. They also predict the future price which is also called as target price.
There are two types – buying analyst or selling analyst. Buying analyst forecasts the price at which security should be purchased or kept at hold. Selling analyst calculates the price at which security should be sold. Background in mathematics & statistics gives an upper hand in this field. The reports by the analysts are mainly used by the Portfolio managers, Stock-brokers or Fund managers.
Financial analysts are also responsible for tracking a company’s financial performance, verify it against a plan, analyzing business performance and market conditions to create forecasts, and helping senior management make tactical and strategic decisions by providing periodic reports and may contribute to shaping the strategic planning of the company.
Stock-brokers helps & guides in buying or selling of security. Equity research analyst predicts the price at which security should be bought, sold or hold. Financial analyst apart from recommending security, also indulges in guiding business to make well-informed commercial decision.
A career in share market is a very good option indeed. The job opportunities are opened in various organizations because of the Economic growth and liberalization & increasing market day by day. People from all backgrounds whether science, commerce or humanities, are showing more and more interest to pursue their careers in Stock Market today
Today, many of them wish to invest in equity or any other type of security with profit motive. However, they do not have the knowledge to decide in which entity & which security to invest in. Hence, brokers or analyst guides or recommends where to invest & how much to invest. So, given the largely growing investing population of India makes this field more important.
You will be able to learn so many things before recommending the client or entity to take well informed decision like studying market trends, analyzing securities, knowing about varied businesses or industries & calculation for target prices. This field will always in demand due to rise in financial markets.
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Today, there are so many platforms like Zerodha, Sharekhan, Angel broking etc. However, people know how to use these apps, but they do not where to invest & which security to invest. Therefore, this is one of biggest factor & need of this Career. If you have information & depth knowledge in Sensex or NIFTY, then this is right Career choice to pursue.
The needs of people & growing population of investing people in India will make this Career a brighter one. Also, most of young ones currently are interested in stock market. They keep looking at trends in Money Control App or google about the entities & their security prices. So, friends just invest yourself in this Career & make your future to earn the profits!
Career Options in Commerce : Investment Management Analyst
Portfolio / Investment management analyst are also called as Investment Financial analyst. They typically work with a collection of investments called a portfolio, though they can also advise clients about individual investments. The motive of the analyst are to maximize the yield on various investments made by the client.
The work involved is similar to stock-brokers or equity researchers suggesting on investment of the securities. Equity researchers mainly focuses on stock whereas portfolio / investment management analyst will focus on stocks, debentures, bonds or any other type of securities. The analyst study economic trends evaluate historical performances & provide written recommendations whereas stock-brokers just give recommendation whether to buy or sell.
One of the most desirable careers in the financial industry is that of the PORTFOLIO / INVESTMENT MANAGER. They work with a team of researchers and are responsible for making the final investment decisions. To become a portfolio managers, you should start working as a researcher. With performance & strong expertise, you move to become a portfolio / investment manager
If you are interested in financial markets & analyze variety of securities & guide client with recommendation. After recommending, you need to make trades for the client & maintain their portfolios. Hence, the client has lot of faith & trust in the recommendation & work of portfolio / investment manager.
Not to forget about the money involved. This is one of the Career which is highly paid & investors for whom you work also wishes to invest larger sums in varied securities. The best part of this Career is you will be able to save clients from financial disasters & risks. Also, you will be able to help clients with optimal allocations of funds into varied securities.
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Portfolio management focuses on analytical side of investments rather than sales aspect. There are so many best portfolio managers in the world. This makes the field so successful. Many of them wishes to invest today but do not know where to invest into. Investor wish to invest the amount & do not want to handle any other work. Their primary focus of the investor is on amount invested & returns on them.
Hence, because of those investors & growing investing population in India, portfolio / investment managers future will be bright. Not to forget about the reputation & revenue, managers will get. Don’t delay in choosing your career, if you can handle portfolios & manage people, then this is the right choice of Career.
Career Options in Commerce : Personnel Finance Planner
Financial Planner / Manager is a money management professional who helps individuals and organizations in meeting financial goals both long-term and short-term. They analyses your financial situation and offers financial advice suitable for living and growth.
They look at all needs of individuals including budget, saving, taxes, insurance, investments, debt and retirement plan etc. Financial Planning / Management is method of achieving life’s monetary goals through wealth management, asset management or money management.
They manages the assets / wealth of institutional investors like pension funds, insurance companies, banks, charitable foundations, state institutions, mutual funds & other private sectors. They do thorough research via micro & macro analytical tools. They package an individual / entities reserves and invest them as profitably as possible in the world economy.
The fundamentally believe in twin objectives – growth of a client’s assets / wealth over time with mitigating risk. They provides financial services to persons with high net worth or ultra-high net worth. They make sure that you do not invest all your wealth / money in one form of asset. They ensure you invest your money / wealth into diverse forms of asset.
The scope is wider as the services provided by the planner / manager is wide. They assess the financial needs of individuals / entity and help them with decisions on investments (such as stocks and bonds), property, tax laws, insurance etc. They also help clients for meeting education expenses, financial planning, tax advice, tax planning, saving for retirement through investments, retirement planning & accounting service.
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In simple words, it means you understand financial needs of the investor & wisely invests your wealth / money into various assets. This field will involve a larger sum for investment purpose. Also, the scope is wider due to varied types of services planner / manager provides. If you can be a person handling pressure, lot of money & people, then this a perfect field to choose upon. So, invest wisely in this Career & make lots of money for your client & yourself!
Like corporate finance, this is another team which every entity will need. They concentrate on selling goods or services of the entity with various promotional activities & advertisements. We have listed down Careers in this category. Read it in respective tabs.
Career Options in Commerce & Arts : Marketing
Marketing can be best described as applying various techniques and tools to build your brand image and increase sales. Marketing is a huge field which includes Digital Marketing, Sales and Business Development (BD). Each of these have been described in separate sections. If you want to pursue a career in entire Marketing without restricting yourself to Digital marketing or Sales & BD, your scope, roles and skills would be combined of all that is mentioned in these individual sections.
Marketing executives oversee many aspects of a campaign throughout the entire lifespan of a product, service or idea. As such executives are likely to have a great deal of responsibility which could include:
There is a variety of options under marketing as well. The options you could choose from are Sales and Business Development, Digital Marketing, Brand Management, Market Research, Advertising and Content Marketing.
Marketing is an ocean with tons of varieties and specializations under it. Few are Marketing specialist, Sales coordinator, Brand Manager, Business Development executive, Web producer and designer, Product management analyst, marketing analyst, Advertising analyst, Chief Marketing Officer, Research, Communications executive.
Furthermore, alongside marketing you could pursue careers like Freelancing, Blogging, Become a Youtuber, Startup your own firm/agency or Affiliate Marketing.
Same as that of Digital Marketing, Sales & BD combined
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The future of marketing is very bright. Anyone can pursue marketing with some professional training, but to level up on the corporate ladder, you will require to outsmart your colleagues in term of skills and knowledge. Hence, marketing is a safe and wise career choice if you have the skills mentioned above. Plus, with multiple options to branch out to this could be a gold mine waiting to be explored and get your niche.\
This is a digital era, and in this digital age, the demand of marketing is growing at leaps and bounds. As per a survey by India Hiring Intent Survey 2020, amongst the top 5 skills that the future demands, digital marketing is one of them. Everyone wants to learn digital marketing today, either to pursue a career in that field or build one’s business.
Amongst the entire marketing, digital marketing is one filed which is growing at the speed of light and occupies the highest share in today’s environment. Indeed, with everything moving digital, this is poised to become the bestseller segment. It is an easier and better ways to network and connect and get more customers. Social media is no more a tool for just influence, but also used to generate Sales. Therefore, pursuing digital marketing as a specialization makes sense due to the wide scope and a budding career choice.
With growing demand for digital marketing, there is a huge growth in the types of work done under digital marketing. It could range from improving social media presence, improving brand awareness, improving SEOs, improving user awareness and keeping a tab on the analytics / trends and many such sub-sets that one could work on.
Having an overall idea of digital marketing is best, but if you wish and your job demands, you can specialize in one of the digital marketing fields. They include:
Further, the job profiles would include Digital Marketing Manager, Content Strategist, SEO Specialist, SEM Specialist, User Experience Designer, Data Analysts, Email Marketing Specialist, Internet of Things Marketing Specialist, Bot Developer and Social Media Marketer.
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In today’s competitive world where companies are striving to sustain and grow, the market is a red ocean where such companies are innovating every day to outsmart their competitors and establish their share.
There is a simple rule, either innovate, adapt and grow or quit, because in this ever-changing world, there is no more place for companies who cannot prove their importance and add value to customers more than their competitors. Hence, it most important to bring progressive improvements or bombard the market with a Radical innovation.
Digital marketing is going to grow even more in the coming years, and is also the future of marketing, so do not miss out on learning the basics of it irrespective of the fact that you choose this as career to pursue.
Sales and business development are considered and the same by few. But it’s not true. They go hand in hand, but there is some distinction between. Business development can be considered as early sales. BD executives are accountable to nurture the relationship the company has with clients and customers. They are responsible to help the company grow, generate leads and develop new opportunities for the company.
Sales is actually selling the product / service to customers. The definition of sales has evolved with time. Earlier, sales just meant going and selling a product / service to someone. Now, sales are not just mere selling, but developing a loyal customer and building the bond of trust and relationship with them. That is the reason Sales and Business development now go hand in hand.
Sales is the driving force of a company. Every company requires charismatic individuals to close valuable deals for them. So, until companies stop selling, which obviously will not happen, the future of sales as a career is very bright. Today, sales just do not happen face to face. There are a multiple ways to generate sales now. Social media which was earlier a tool only for influence and such activities is now a very valuable platform to generate leads and sales. Same goes with search engines. Technology has evolved, and so are the skills required to become a successful salesman. That’s the reason the demand for qualified and professional sales and BD personnel is also immense.
The various roles under sales and business development includes market research analyst, lead strategist, customer relationship management, BD executive, sales executive, relationship manager, customer support and feedback analyst.
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The secret to grow and excel at any profession or career path is practice and continuous learning. It is very important to not stop learning, work on gauging new skills and learn from past mistakes.
Sales and Business development provides ample opportunities to learn and grow and the major portion is involving with the customer on a day-to-day basis.
The careers in this category are unique where people management is main focus & resolving their grievances. Also, assessing personnel & knowing if they are right for your entity is another focus in the category. To know more about the field & Careers involved, read it in respective tabs.
Career Options in Commerce & Arts : Human Resources
There is one department in every company which conducts the process of recruitment, hires employees, decides the pay scale of employees, manages their grievances, conducts training and development for them, bridges the gap between employees and employers, provides incentives, ensures safety, creates a healthy workplace, and makes policies for the company. Yes, this is the human resources department. All HR executives have all the above mentioned plus a lot more responsibilities to fulfill.
HR is a very interesting and diverse field. An HR executive can work in any industry like real estate, manufacturing, finance, marketing, pharmaceuticals, etc. The list is too long because every company in every industry requires employees and every established company has a human resources department.
India is the one of the Fastest Growing Economy in the World. So, the demand for talent is High. However, the gap between the skills required in HR’s and the skills they possess in increasing. Moreover, few also believe that AI will replace the HR managers in future. While experts disagree, it is evident that the competition is going to increase. Therefore, to stand out and sustain, you should bridge that gap and know more than others. Hence learning new things is very much advisable (who knows this better than an HR).
The various profiles in this field are HR business partner, HR generalist, HR department or branch manager, chief HR officer, Recruitment specialist, Social media recruiters, people services specialist or manager, HR advisor, compensation and benefits specialist, training and development manager, placement specialist, human resource management system analysts, internal communication specialist, rewards and recognition specialists, compensation specialist, office admin executive, law and compliance specialist, talent search team or developing internal policies and enforcing them. Entry-level generalist positions are often titled human resource analyst / executive and support the work of the whole department or takes care of any particular core area.
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The Human Resources field is evolving, and AI has seeped in. HR’s are now expected to know more as compared to the past. Now and in future, AI driven tools will pave way for future. Even today, HR’s are shifting to basics in terms of employee experience and possessing empathy. The organizations which focus on their work culture, employee development and employee experience thrive in this competitive world.
Career Options in Commerce & Arts : Public Relations
Public Relations (PR) can be boiled down into two main responsibilities: promoting a brand and protecting it. On the promotional side of PR, professionals help businesses or individuals develop a positive reputation with the public through various unpaid or earned forms of communication, like placements in traditional media, social media, and blogs. On the protective side of PR, they help their company or clients maintain their public reputation or defend it during crisis.
However, in the current world, the traditional way of doing PR is old and everything is more of internet based. Public Relations is a career for those who have excellent communication skills and who wish to pursue a career that offers an opportunity to interact with lots of people.
Public Relations, as a subject is a part of Mass Communications. Other similar subjects include corporate communications, technical communication and so on. This sector is also similar to advertising where a lot of work would be similar to public relations. However, while marketing induce customers to buy, public relations focuses on creating an impact and a brand image.
An organization’s reputation, irrespective of its size or business, plays a crucial role in its success and survival. With more and more Companies realizing this, in India, the field of Public Relations is on the rise. With advent of technology and everything available on the tip of the button, people are realizing how much bad image can cost them and investment onto its brand will help Companies grow in a long way.
Since it is similar to marketing and advertisement the possibilities are endless and roles defined are only general roles. There are also roles that are designed depending on the capabilities of the person and what one can get onto the table for the Company. The various roles include Public Relations Executive, Public Relations Officer, Content Creation Analyst, Media Relations Management, Social Media Manager, Community Relations Manager, Spokesperson, Publicist, Copywriter or anything that would portray Company’s image. Also, the roles includes Reputation Management and Crisis Management specially designated to come live in turbulent times.
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The MX India report of 2016 stated that the biggest challenge for the public relations industry were availability of talent, talent retention and increasing price pressure. The public relations industry in India is on the cusp of a profound change. As it finds itself speeding past the Information Age and into the Conversation Age, its scope is expanding well beyond media relations.
Are you a person who loves social life & wish to serve people by providing information or resolving their personal issues. If you think these are things of your interest, then this category is made for you. Do read about various career options available in respective tabs.
Career Options in Commerce & Arts : Mass Media
Mass media refers to creating content & reaching to larger crowd in varied ways like advertising, TV, radio, social media platforms, news applications, films, broadcasts, video games, audio recordings, blogs, podcasts, newspapers, magazines, billboards, signage’s, public events etc.
Mass media is about creating content and reaching to larger crowd via various modes of technology. This field is widely spread both in India & abroad. There are multiple varieties of jobs/ career paths available in this segment. Mass Media could be via:
Social medias (films, radio, ads in television, emails, music, videos, websites, blogs, online ads, broadcasts, podcasts, audio recordings or updates in mobile applications); or
Outdoor media (billboards, signages, kiosks at public places, advertisement on buses, sports stadiums, trains, commercial buildings, shops etc and public events.); or
Print Media (books, newspapers, magazines, pamphlets and comics)
More than 850 television channels & 25 OTT platforms & in India including English & other regional languages
In cinema advertisements revenue generated was over INR 11 billion rupees in 2019
Hitbullseye has estimated size of the entertainment and media industry to grow at a compound annual growth rate (CAGR) of 19 per cent over the next five years.
Outlook estimates digital medium is expected to grow around 27% & print medium is expected to grow around 3%
Fashion Photographer
Film Director
Producer
Radio Jockey (RJ)
Sound Engineer
Sound Mixer and Sound Recordist
Video Jockey (VJ)
Art Director
Editor
Screenwriter
The skills required for this field are writing skills, critical thinking, multi-tasking, research minded, problem solving, cultural awareness, creativity, communication skills, adaptability & good listener
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With the future in mind, youngsters will be preferred for most of the roles in these Career as they know the technology better than experienced ones & they know how handle it. Further, digital mediums including OTT platforms are the future of media. India has picked up speed in developing these platforms and the opportunity is wide in this sector as you can grow your career with this growing industry.
Career Options in Commerce & Arts : Journalism
Journalism is a part of mass media & mainly deals with news, trends, issues, people & current affairs in politics, science, sports, education, technology and everything happening in the world.
Every 2-3 hours, an incident occurs and earlier it was difficult to reach all people with the stories. However, with the increase in the number of mediums from traditional methods of radio, television, newspapers to social media awareness, blogs & online applications, it has become very simple to do so.
Indeed, you can individually start your own news channel right away with ease in this sector. In last 5 to 6 years, social media posts, videos, documentaries, videos, blogs & news applications have played key role in giving information & creating awareness more than any other medium.
More than 350 news channels in India including English & other regional languages
IMS Noida has anticipated growth of this field to have CAGR of 13.9 percent during 2016-21, the industry is expected to reach a whopping US$ 37.55 billion
The roles can be general or specific areas like finance, politics, sports, education, law, technology, science, criminal & many more. The common defined roles are Reporter, Editor, Proof-reader, Designer, Program producer, Researcher, Content writer, News presenter, Cartoonist, TV Correspondent, Critic to name a few.
The skills required for this field are knowing English or regional languages, adaptability, flexibility, written & verbal communication skills, persistence, determination, knowledge of computer skills, good listener & confident.
Check the introduction tab to see how to go about careers and options that can be opted for.
If you look 15-20 years back, news updates were given through traditional methods of television, radio or newspapers. But today, individuals who can create content & provide information digitally succeeds.
With the future in mind, youngsters will be preferred for most of the roles in this Career as they know the technology better than experienced ones & they know how handle it.
Career Options in Commerce & Arts : Psychology
Psychology is the study of the human mind and behaviour, which embraces all aspects of conscious and unconscious experience as well as the thought process. This is the reason psychology has application in all walks of life. Usually, the tendency of the students is that this field is mostly chosen by the doctors. However, this is not true.
People are hesitant to share their problems, think over it a lot and end up becoming victims of mental disorder or depression. The cases of depression are growing at rapid rate including in teenagers, adults, youngsters whether men or women. To practice in psychology, you need to obtain either Masters degree or Doctoral degree and that is the reason many people do not opt for this course making the demand always lesser than supply.
Further, since it is diverse field covering all walks of life, this field has ample number of specializations and locations where they are hired.
Psychologists are hired at various locations and that includes Schools, Advertising Industry, Welfare organizations, Universities, Forensic labs, Rehabilitation centers, Hospitals, Testing Labs, Research centers & Guidance centers
There are multiple options to choose upon for specialization in this field. Following are the options:
Clinical psychology
Criminal / Forensic psychology
Sports psychology
Organizational/Industrial psychology
Counselling psychology
Health psychology
Development psychology
Approximately 150 million people in India need therapy for their mental health disorders and less than 30 million people seek help.
The overall need of Psychologists is around 85,000 and there are only 3,400 available
S. Bureau of Labor Statistics has projected this field to grow at CAGR 14% from 2018 to 2028
There are varied options of expertise to choose upon in this field & multiple recruitment options. Hence, there are bundle of jobs that can be encashed upon. The various profiles in this field are Practitioner, Counselor, Teacher, Consultant, Clinical staff, Social worker & Therapist.
The skills required in this field are ability to read minds, understanding behaviour, thoughts & feelings, good listener, high patience, written & verbal communication, analytical research, problem-solving and extrovert
Check the introduction tab to see how to go about careers and options that can be opted for.
Psychology is not a common Career but a potential one. Today there are so many problems or issues in a person’s life, either you will be able to manage them or you end up having psychological problems. The work pressure has become unbelievable & complicated family issues and the fast changing environment aren’t to be ruled out and therefore there is a dire need for psychologists.
Career Options in Commerce & Arts : Hospitality
At the core, the hospitality sector is all about the business of greeting people and helping them to have a good time. Hospitality is a global discipline – it’s about celebrating people and cultures from all across the world & from all walks of life. Working in hospitality will mean driving business through the experience you provide to people – so it’s important to have a genuine passion for connecting with them.
Hospitality Industry covers a broad range of verticals that include accommodation, restaurants, cafes, bars, theme parks, airlines (and aviation), cruise ships, resorts, events, transportation and every possible tourist attractions.
This field is growing & energetic as it has varied options to work upon. The various sectors in this industry are hotel, travel agencies, restaurants, bars, pubs, discos, spa, conferences, beauty salons, casinos, housekeeping department, cruises or flight. This field has wider scope as hospitality field is spread across the world & is exposed to varied cultures & languages.
According to IBEF, the total jobs in tourism sector is equivalent to 8.1% of total employment in the country and is expected to grow by further 2% by 2028.
India was globally 3rd largest in terms of investment in travel and tourism with an inflow of US$ 45.7 billion in 2018, accounting for 5.9 per cent of the total investment in the country.
As per Careers 360, the hospitality industry is one of the fastest-growing sectors in India and is expected to grow at 16.1 per cent CAGR to reach INR 2,796.9 thousand crore by 2022.
This sector is so wide that is almost impossible to list down all the roles available. We have provided below the majority of the roles that are common depending on the sub-sector:
Few basic skills required for this field are adaptability, flexibility, always smiling, attentive, good communication skills & language friendly.
Check the introduction tab to see how to go about careers and options that can be opted for.
One of the drawback is that there is the odd timings of the job in this industry. Usually it may not be a 9 to 5 job with Sunday as weekly off. Any work you do, the joy you get when your customer is satisfied is totally different. This is the perfect field if you think you can be patient & generate happiness in life’s of your customers.
Do you believe in building business & processes involved there in. Then this is the category you would wish to read upon. We have listed down 6 Career options to choose upon. Read about them in respective tabs & become chief in what you do!
Career Options in Commerce & Arts : Entrepreneurship
Many do not believe entrepreneur to be a career choice however entrepreneurship is an attractive career choice for those seeking authority with responsibility in their career. Entrepreneurship, as defined by google is, “the activity of setting up a new business and taking financial risks in hope for profit”. With time, brilliant companies are coming into existence which offer products and services which either the world needs or makes life simpler and more comfortable. Entrepreneurship as a career is a lot in demand, especially by youth nowadays, which is the root cause of the creation of the startup culture.
Entrepreneurship is not a new concept. It exists from the ancient times, but definitely, the concept and the field is more evolved now. Earlier, only people with business background families were believed to be good at it. But soon people realized that this art can be learnt and can be practiced by all. The success of the business depends upon the entrepreneur and his skills, it has nothing to do with blood. With digitalization, availability of education and artificial intelligence, it is very easy to set up your business compared to past. You obviously have to be dedicated, gather the required skills and expertise, if not you will fail.
Can you solve a problem? Do you believe in concentrating on solutions more than the issues? Then your scope for entrepreneurship is much higher than others.
India has the third largest start-up ecosystem in the world, which is expected to grow by 12-15% every year.
2-3 start-ups are born every day (as per govt reports).
According to the Randstad Workmonitor survey in 2017, 83% of Indians prefer to become entrepreneurs.
In the World Bank’s ease of doing business index, India ranked 143 in 2015 but saw an enormous development and ranks 63 in 2019.
60% of the start-ups fail in their first year and 90% fail in 5 years
In a venture of your own, you are master and the employee both. There are no fixed roles for entrepreneurship as long as you are creating something that solves problems or improves experience of something existing, then you are an entrepreneur and then the roles are needless.
Leadership
Calculated risk taker
Strong intuition
Work ethics
Communication skills
Team player
Creativity
Patience
Perseverance
Motivated
Solving complex problems
Crisis management
Visionary
Anger management
Time management
Learn from failures and pounce back
Money management
Decision making skills
Jack of all trades: You might be a master in a specific field, but being the jack is equally important when you start your business. You must know multiple things and build a team which complements each other.
Check the introduction tab to see how to go about careers and options that can be opted for.
Entrepreneurship is not a nice straight road. There are hundreds of ups and downs, a bunch of failures, and things might not happen as you want them to be. But essentially, an ideal entrepreneur has the courage to face failures, learn from them and come out stronger and smarter. Failures are their best teachers. So, the path to become a successful entrepreneur is not definite and jolly as it seems, but if you are passionate about it and are ready to overcome all the hurdles that can come along your way, only then opt for this Career.
Career Options in Commerce : Management & Business Consulting
Management consulting basically means helping other companies solve their problems by providing solutions arrived on after conducting a good amount of research and analysis. It also involves researching and proving data that tell the real picture.
Management consultant and business consultant are often used interchangeably, but there is a thin line of difference between them. A business consultant often works with start-ups or smaller companies, while a management consultant works for bigger companies. But apart from this, everything else stands similar. So, from henceforth, we shall only use the term management consultancy. The leading consultancy firms include McKinsey, Boston Consultancy Group, Bain & Co, Deloitte, KPMG, PWC, EY etc.
One of the best things about people is that we do not stop taking invoice and therefore consulting will never lose its charm. The industry is witnessing huge increase due to a greater number of businesses being started. Since most of these are by the youth or by people not from the management background, often for decision making it is the management and business consultants that come to the rescue. Consultation includes in its ambit all business factors right from finance, supply chain, operations, IT, HR, technology, work culture and every other business team where decisions are required to be taken.
In 2015, the size of global consultancy industry stood at 126 billion USD, and in 2019, it was 160 billion USD (Statista)
So far in 2020, even in the situation of a pandemic, the industry stands at 132 billion USD.
The Indian consultancy industry is expected to grow at an annual compounded growth rate of 30% to become an industry worth INR. 27,000 crores by the end of 2020, as per the reports of Assocham.
Consultants Review estimates that around 2.2 lakhs people getting employment in almost 10,000 consultancy firms across the nation
Under management consultation, there are various types of specializations. Below are broad categories of consulting. In every form of consulting, you can specialize in specific fields. When you work in a leading company, you can be assigned to one of the role, but if you are working in a start-up of small firms or starting your own firm, you might have to wear multiple hats in your category of consulting.
The role under consulting could depend on the type of firm or team that you join. To name a few of the broad areas, consulting includes Strategy consultation, Operations consultation, IT consultation, HR consultation, Financial Advisory & Marketing consultation.
Work ethics
Communication skills
Interpersonal skills
Integrity
Team player
Creativity
Patience
Solving complex problems
Crisis management
Time management
Can handle stress
Can work under pressure to meet deadlines
Analytical skills
Research skills
Flexibility
Commercial awareness
Being aware of the business environment
Emotional intelligence
Presentation skills
Microsoft office – excel, word, ppt
Confidence & Maturity
Check the introduction tab to see how to go about careers and options that can be opted for.
Consultation seems like a dream job to many. Consultants get to work with million dollar clients, travel to multiple places, and earn a handsome for their services. But we often overlook the grind they have been through and the hard work they put in. Consulting is gaining a lot of importance and is seeing tremendous growth. To become a consultant, you need a strong skill set, and your educational qualification plays an important role in this career choice.
Career Options in Commerce : Quality Management
Quality management is the management of all quality related project activities. The term ‘quality assurance’ is often used as equivalent to quality control, which is totally based on the quality of a product. A quality manager is responsible for the conditions of a company’s services and products. This role has a wide reach and is applicable in any sector because it ensures that standards are met throughout all processes of the company, from customer relations to manufacturing processes and everything in between.
In the world where brands are at loggerheads to make a space for themselves, quality plays a major part. Businesses that cannot ensure quality in their products would quickly lose credibility and consumer trust, ultimately resulting in plummeting sales. There enters quality management. A sound quality management implementation ensures that a company provides services that are not only up to the mark of the customers but exceeds customer expectations because no customer would want their hard-earned money to be spent on something of poor quality.
It has been proven that customer satisfaction leads to customer loyalty and loyalty will ensure the customer gets more sales. Therefore, the scope of quality management will always be at the helm of affairs of any Company.
Four Indian companies have won the prestigious Deming prize for implementing Total Quality Management (TQM) for the year 2019 – Siemens Gamesa Renewable Power Pvt Ltd, JSW Steel, Larsen & Toubro and Elgi Equipments Ltd
Few companies who follow TQM are Mahindra & Mahindra, Ranbaxy, HUL, HDFC, Infosys, Oberoi group of hotels Ford, Toyota, Motorola & Xerox Corporation
Glassdoor released its 50 best jobs in 2017 & quality manager was ranked number 22
CNN Money cited the 10-year job growth for QA Managers at 15% in its 2015 Best Jobs in America report
The roles under quality management are Quality Management Consultant, Quality Manager, Quality Auditor or Quality Analyst. These roles could be pursued in different segments. While some of them are core tech related, there are quality management techniques which are quite often used in manufacturing and other industries as well. Further, quality management also includes developing quality control process, creating and verifying processes and quality assurance standards. There are various quality assurance techniques such as Kaizen, 5S, TQM, TPM etc. and a career in quality management would mean to know and understand all these techniques and apply the right ones on the right processes.
Good Listener
Self-Confidence
Patience
Innovative with analytics
Leadership qualities
Excellent technical skills
Numerical ability
Planning & organization skills
Problem-solving
Team member
Communication & Interpersonal skills
Strong visual inspection skills
Knowledge of quality lab tools
Alertness
Flexibility
Check the introduction tab to see how to go about careers and options that can be opted for.
If you are someone who is very precise and likes to ensure each and every detail of it is followed, well quality maybe a profession for you. Everyone wants to become an auditor but you may not like the field of accounting and if you are still passionate about auditing, quality management could be one of the things to take up. In totality, quality management involves the processes of “controlling, ensuring, and improving quality” in business productivity and operations.
With the world behind improving quality, not just of the product but of the processes as well, it is one of the fields you can get into and drive improvement wherever you work.
Also, there is a huge dearth of qualified professionals not getting into these fields mainly because of the fact that people are not aware of such careers. It’s exactly a time where these sectors are booming and if you are trained enough, you will be able to make a huge leap in your career in these fields.
Career Options in Commerce & Arts : Risk Management
Risk management means avoiding shocks on one hand and on the other implementing change to control the outcome. Risk management becomes a good management area for organizations which mange risks effectively in achieving their goals. As the name speaks loudly for itself, it is the identification and assessment of the risk. To sum up, it involves reducing or eliminating the risk.
In the current business world where everything is unstable, it is important to have a strong risk management which allows a team to thoroughly evaluate risk and suggest adequate risk management measures to either completely eliminate the risk or reduce the negative financial impact of the risk to a substantial extent. Further, risk management can be taken up in many areas such as Finance, Operations, Internal control, Enterprise risk and any such segment where there is a possibility of fall down of the particular division. You could become a generalists who cover several different areas or a specialist who concentrate on a single area.
Statistics:
The global risk management market size was valued at $6,258.40 million in 2018, and market forecast is projected to reach $18,504.22 million by 2026,
As per report published by Allied Market Research, the sector is expected to grow at a CAGR of 14.6% from 2019 to 2026
The BFSI segment is excepted garner significant global risk management market share. However, the manufacturing sector is expected to grow at a highest rate during the forecast period.
You could be appointed as Performance Manager, Risk Surveyor, Risk Manager, Risk Management Adviser, Risk Analyst, Risk advisor, Safety consultant, Loss control specialist, Chief risk officer, Risk specialist. Further, jobs are offered in multiple sectors like Banking Financial Services and Insurance, IT & Telecom, Retail, Healthcare, Energy and utilities, Manufacturing, Government & Defense and other such sectors. Also, it involves ensuring the board of directors are aware of the significant risks and hazards or the business heads have risk-management knowledge for decision-making and providing awareness to individuals of the responsibility in relation to risk management.
Skills:
Analytical risk assessment skills
Problem-solving
Strategic thinking & planning skills
Financial knowledge
Ability to build relationships
Working under pressure
Adaptable to changing environment
Management & Leadership Skills
Business understanding
Communication & Presentation Skills
Negotiation & Diplomacy
Numerical Ability
Endurance to Regulation
Networking Ability
Check the introduction tab to see how to go about careers and options that can be opted for. Further, specifically for risk management there are numerous professional courses that are available which can be pursued for better prospects in the risk management career.
In recent times, especially after the Covid-19 pandemic running across the world, the risk management sector has generated greater interest and is expected to significantly grow with more Companies wanting to have a sort of defense mechanism for themselves against any type of risks and save businesses. Though the most prominent sectors for hiring in risk management are financial, insurance and banking sectors. The scope in other industries is improving significantly. The manufacturing sector, owing to the surge in supply chain risk, reputational risk, intellectual property risk, fraud, and bribery risk have also become the hotspot for risk management. With increasing risks, the risk management is bound to increase.
Also, there is a huge shortage of qualified professionals not getting into these fields mainly because of the fact that people are not aware of such careers. It’s exactly a time where these sectors are booming and if you are trained enough, you will be able to make a huge leap in your career in these fields.
Career Options in Commerce : Operations Management
Operations management involves planning, designing, organizing, executing, directing, implementing strategies, supervising and controlling the process of converting resources/raw material into the desired product. It includes overseeing the entire production timeline from the input stage to the finished product and is mainly delivery focused.
The goal of operations management is to ensure that the production process goes through smoothly, in a cost-effective manner and in a timely fashion, while maintaining the required quality standards. It deals with the wide range of decision making tasks.
There is an immense demand for operations management professionals, across multiple industries and at various seniority levels. Considering that nearly every company requires an operations management team, there are opportunities galore. At present, ‘Make in India’ movement and more manufacturing companies set to step foot into India, time will tell that those who entered into the operations management in this time would be glad to have entered at this phenomenal time.
An operations manager carries a varied portfolio of responsibilities that differ depending on the company and the product or service they offer. Three broad categories are Production management, Financial management and Resource management. Operations management includes wide range of tasks, such as forecasting, product design, supply chain processes, maintenance, inventory, and quality management.
According to the US Bureau of Labour Statistics, more than one-third of new jobs in the management field will be for operations management
Overall operations management employment growth estimated at 12.5 percent till 2022
Operations managers who have logistics expertise may ideally expect job growth rate about 22 percent
The Bureau of Labor Statistics projects 6.9 percent employment growth for business operations managers between 2018 and 2028
Operations Management is a core aspect of business. It is responsible for a number of key functions of a business including managing logistical processes, overall supply chain, overseeing production, building relationships with vendors/ customers, warehousing, managing flow of materials etc. It ensures all the day-to-day operations of the business are done efficiently and smoothly.
For this there are various types of roles such as operations executive, process manager, manufacturing consulting executive, general operations manager, area operations manager, plant manager, deputy manager, production analyst, production manager, industrial engineer, time study analyst, inventory manager, purchasing manager, schedule coordinator, distribution manager, supply chain specialist/manager/analyst, operations team leader/operations manager/operations analyst, procurement specialist/buyer/purchasing manager, project manager or logistics manager to name a few.
Ability to think analytically
Communications & Leadership skills
Executes effectively
Conflict management
Problem-solving & Decision-making
Data entry & Processing skills
People management
Deadline-oriented
Budget development
Critical thinking skills
Planning & organizing
Knows how to delegate work
Team player
Adaptability & Flexibility
Stress tolerance
Check the introduction tab to see how to go about careers and options that can be opted for.
In the Indian market, the economic growth of the nation, globalization, rising competition and the ‘Make In India’ initiative have led to an increased demand for operations management for better productivity and success. Whether in the private sector or government services, operations management is a key component for the growth of any company.
In India, the concept of operations management is on the rise. Although, currently the courses are limited to MBA/ post graduate diploma and very few certificate courses, considering the sector is on the rise the courses would also increase. Presently, the pool of operations managers in India is severely constrained due to enhanced economic activity witnessed during past two decades.
Career Options in Commerce : Logistics & Supply Chain Management
Technically both Logistics and supply chain management are parts of operations management, however, these specific careers are highlighted because of the scope in the industry. Supply chain management (SCM) is meeting the customer demand of product or service by effectively and efficiently managing the processes involved right from Sourcing, Distribution to Warehouse and Inventories.
With increasing e-commerce sector, supply chain management would also increase its footprint in India. Besides, a massive initiative like ‘Make in India’ would entail special focus on optimization of supply chain and its management. It is very gainful system which has a big potential in India and companies looking to hire SCM professionals as they are the ones who will drive the business in the future. This is because the entire world is focusing on improving their delivery mechanisms and ensuring the supply chain becomes efficient. The losses on inefficiencies are huge and with online deliveries on the rise if the same are not optimized at the earliest, there would be stupendous losses that many corporates would have to bear.
With a gross domestic product (GDP) of over US$474.3 billion, the Indian industry spends 14 percent of its GDP on logistics.
The country’s logistics industry which is worth around USD 160 billion is likely to touch USD 215 billion in the next two years
The Global Ranking of the World Bank’s 2016 Logistics Performance Index shows that India jumped to 35th rank in 2016 from 54th rank in 2014 in terms of overall logistics performance
Operations managers who have logistics expertise may ideally expect job growth rate about 22 percent
Supply chain management is a subset of operations management. This process is specifically responsible for overall management of the logistics and obtaining logistical competencies. The various roles under this are Purchase Manager, Strategic Planner, Materials Analyst, Supply Chain Manager, Warehouse Manager, Supply Chain Directors, Supply Chain Network Manager, Supply Chain Analyst, Purchasing Manager, Supplier Relationship Manager, Inventory Manager, Supplier Quality Project Manager, Supplier Management Analyst, Contract Analyst, Strategic Sourcing Manager, Inventory Control Manager & Logistics Manager
Project management
Technical understanding
Cost accounting skills
Understanding of e-business / e-procurement systems
Problem-solving
Understanding of cross-cultural / global issues
Understanding of the legal issues involved
Time management
Leadership
Communication Skills
Understanding of customer’s expectation
Adaptability & Flexibility
Able to manage stress
Ability to get best from people
Check the introduction tab to see how to go about careers and options that can be opted for.
The critical role of supply chain and logistics management in the e-commerce industry, along with the ‘Make in India’ campaign, has recently helped operations management become a more prominent sector in recent years. With supply chain getting more and more digitized, growing customer demands & making any brands presence everywhere requires omnichannel supply chain. Other factors like sustainability & agile supply chain are also evolving this sector. Further, the introduction of GST has also given the necessary push to the logistics and supply chain management industry making this the most talked about sector in the last couple of years.
Today, data is available everywhere but what data is important & how it will be useful is something many of them do not know. If you want to play with data & generate meaningful information, then this is tab you would want to read about.
Career Options in Commerce & Arts : Mass Media
Recently I read, data is the new kingdom. If you have been analyzing the market and trends, it is quite right. Data is everywhere, but the biggest task today is to identify which one is valuable. We all have Google and so many other mediums to get information at our disposal. But the biggest challenge remains to identify the useful ones from the whole dump. That’s where data analytics comes into the picture.
To put in the simplest way possible, the job of data analyst is to process the assorted data, refine it, convert it in readable format & provide the important & appropriate data.
Today, data analytics has become a big career option in India. It helps to take more knowledgeable conclusions based on data & study with speed & accuracy. It enables in improving operational productivity, customer service & competitive advantage over market players.
Workplaces are becoming more tech driven & fast paced today, hence, professional who has knowledge of data analytics are playing an important role. The start-ups & tech entities are investing in hiring data analysts who can retrieve data & help in taking efficient decisions.
There are different forms of data analysis like quantitative data analysis, qualitative data analysis, data mining, predictive analytics, and machine learning. The scope of data analytics In India includes organizations in banking, policing, fraud detection, healthcare, telecommunications, e-commerce, energy and risk management
IBM claims that the annual demand for data scientists, data developers and data engineers will lead to 700,000 new recruitments by 2020
According to a Modis survey involving 347 business profiles, 97.44% of respondents – from mechanical companies through to banks – perceive the analysis of big data as an opportunity
Women are giving tough competition to men in data analysis field — the female to male data analyst ratio is 41 to 59
According to one of the McKinsey report in 2018 focusing on the healthcare industry, “data analytics and information services will have the fastest growth rate at 16% to 18% over the next five years”
S. Bureau of Labor Statistics reports that the demand for data science skills will drive a 27.9 percent rise in employment in the field by 2026
As per Glassdoor, average salary of data analyst is INR 5.10 lakhs in India
The scope is so wider that there are multiple job roles in this Career. Different roles in this field are data engineer, data scientist, data architect, database administrator, data analyst, IT system analyst, operations analyst, quantitative analyst, data analytics consultant, digital marketing manager, database administrator, machine learning engineer, business analyst, big data engineer and statistician
Structured Query Language (SQL)
R or Python-Statistical Programming
Data Visualization & Data warehousing
Presentation Skills & Public speaking
Machine Learning
High level of mathematical ability
Problem-solving & computer skills
Methodical and logical approach
Ability to plan work and meet deadlines
Accuracy and attention to detail
Interpersonal skills & Team worker
Written and verbal communication skills
Data Analysis and Exploration
Statistical & Domain knowledge
Gathering data & finding patterns
Project management & Critical Thinking
Check the introduction tab to see how to go about careers and options that can be opted for.
But the biggest flip side of data analytics that you would not get a role in data analytics with only your basic graduation. While in majority of other fields your job/ career chances will increase if you take up a specialized course, in case of data analysis your job/ career chances will begin if you take up a basic course on data analytics.
You all know that the best place for searching or finding any data is multiple social medium platforms. However, the best place to find any data is GOOGLE. Data is most pursued career as there is data generation all around every day. The field has been developing at fast past from past few years & will continue to do so.
Since this career is developing at rapid rate, don’t forget about the competition increments. So, if you wish to pursue this field then you will have to be in the 5th gear right from the start to avoid any hiccups. It’s a challenging field. Therefore, you will have to keep upskilling & do the further studying required to be ahead in the race.
The industry is searching for data analysts, business entities require data for taking decisions & the world around is full of data. If you think you can visualize any data in more meaningful information for anyone, then this is right choice for a Career you have to pursue
As the name suggests, this category requires creativity to run in your blood. Does creativity come naturally to you? Does thinking out of the box seem normal to you? Then these career paths might interest you These paths include traditional and modern careers to choose from!
Career Options in Commerce & Arts : Event Management
Event management involves organizing events including overseeing all logistics leading up to and during the event. Event managers execute the event plans by managing staff, finances, vendor relationships, and more. The events could range from product launches, theme parties, birthday parties, wedding celebrations, exhibitions, workshops, corporate seminars, conferences, musical concerts, parties, road shows, celebrity promotions, film awards, fashion, celebrity shows etc.
An event manager is responsible for marketing, designing the basic framework, hunting for sponsors (if applicable), handling overall logistics, locating destinations / site, getting performers, booking the artistes, making arrangement for transport for different people and on the D’ Day plans, managing the budget, the teams of people responsible for each function, supervising the services of all outside vendors, coordinating with professionals, as well as overseeing the execution of the event.
The supply of qualified event managers is insufficient to meet the growing demand. This gives rise to great employment and earning chances. Event management is catching up as a bright career option due to element of style, flamboyance, glamour and glitz associated with pertinent corporate and social events because of the increasing trend in marketing and retail sector.
In today’s era even a small birthday party has to be planned so that there are no hindrances or trouble to the guests. The ultimate test for the event management company is perfectly planning & organizing to ensure no barriers or concerns for guests.
MBA-ESG stated that this industry has been growing at a rate of 16% CAGR and is poised to grow at 20% during the coming years.
A report by EY-EEMA (Event and Entertainment Management Association), the events industry in India is predicted to cross 10,000 crore mark in upcoming years.
Jagran Josh based on EY survey revealed that 73% of the event management company organizes events within & outside national borders. This shows high opportunities in global markets.
The various profiles in this field are Event coordinator, Event Planner, Exhibition Organizer, Stage Decorator, Wedding Planner, Logistics Manager, Public Relations Manager, Promotion and Marketing, Designing, Administration, Activities Planner, Event Operations Manager, Social Media Coordinator, Creative Director, Client Service Manager, Production Manager, Stage / Set Designer and Emcee.
There are multiple roles due to the wide range of work to be performed in an event. It depends on the type of event that one is working on to decide how to bifurcate and assign roles.
Friendly and out-going nature
Remaining on the move.
Communication skills
Presentable personality
Flexibility of schedule and time.
Keen observer
Inquisitiveness
Good perception
Eye for detail
General awareness
Clear-headed
Logical
Diplomatic
Intellectually curious
Self-motivated
Fluent in language
Confident
Organised
Alert
Creative
Pro-active
Check the introduction tab to see how to go about careers and options that can be opted for.
Ability to think out of box and creativity enables event manager to be successful. This is one of the most trending Careers to choose upon as today everyone wants to get away with planning or organizing events as they also want to be a part of the event & enjoy it.
Do you not click with the traditional careers choices ? Don’t worry! We have got some off the beat careers you might want to check out. This is your time to understand if this is your thing!
Career Options in Commerce & Arts : Freelancing
Freelancer is a self-employed individual who is not committed to a particular employer for a fixed salary. A freelancer has a particular skill (like coding, designing, etc) and offers to provide such skill-based services to anyone who is in need of it, be it company, individuals, or anyone. Freelancers may work independently, in co-working spaces or can be represented by a company.
Freelancing is completely a different type of career and therefore it wouldn’t be prudent to write a blog on the same using the similar set of standards as others. Please read the detailed blog on freelancing by clicking here
Career Options in Commerce & Arts : Passion
Pursuing your passion as your career means doing those activities which ignite a spark within you for a living. Often when people want to pursue their passion as their career choice or are confused whether to choose or not, they overlook few important aspects.
If you want to figure out if your passion can be followed as your career, click here to read in detail about passion and know the difference between skills and passion. Also, explore making careers in common passions such as photography, writing and travel. Click here to read the full article.
Career Options in Commerce & Arts : Politics
Politics as a career in India is not really what many want to pursue because it is often associated with terms like corruption, nepotism, greed, immorality, etc. There are actually a lot of people who want to create a change and drive the political scenario of the country in the right way, but they are scared of dirtying their hands in the process.
Today, India is a developing country and it demands educated, driven and proactive people who has the required knowledge in political aspects like the international relations, economics, public policy, etc. to take on the reins of the country and overcome the challenges of a developing nation. Please read full details about the Career by clicking here
Career Options in Commerce & Arts : Civil Services
The Civil Services Exams (CSE), the most prestigious exams in India is conducted by the Union Public Service Commission. It is also popularly known as UPSC exams. These exams are conducted to select candidates who shall assume the 24 civil services in India. The selects to these services constitute the class of career bureaucrats.
Civil Services is a dream of many. Even though it’s the toughest exam in the country, it is one of the most sought out careers by Indians. Being selected to one of the services is an honor in its own. This career choice is one of the most respectable and looked up to profession in India. Click here to know all details about this Career
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