Higher education plays a crucial role in shaping your career and opening doors to better opportunities. In India, commerce-related courses have gained immense popularity due to the ever-growing demand for skilled professionals in the field. If you are a commerce graduate looking to enhance your career prospects, pursuing an M.Com. could be the ideal path for you.
In this comprehensive guide to M.Com., we will delve deeper into its significance, explore different types of M.Com. degrees, and provide key insights into eligibility requirements and admission processes.
What is the Full Form of M.Com.?
M.Com. is an abbreviation that stands for Master of Commerce. This specialised postgraduate degree programme equips you with advanced knowledge and skills in various areas of commerce, such as accounting, finance, economics, and business management. By obtaining an M.Com. degree, you can position yourself as a highly sought-after professional in today's competitive job market.
M.Com.: Eligibility
- You must have completed a Bachelor's degree in Commerce or a related field.
- Most institutions require a minimum aggregate score of around 50% in your undergraduate programme.
- Some universities also conduct entrance exams or consider scores from national-level entrance exams such as the Common Admission Test (CAT) or the Graduate Management Admission Test (GMAT).
M.Com.: Admission Process
- Fill out the application form online or offline and submit it along with the required documents.
- Depending on the institution, you may be required to appear for an entrance exam or go through a selection process that includes interviews and group discussions.
- After evaluating all applications and entrance exam scores, the institution will release a merit list. If your name appears on the list, you will be invited for counselling sessions where you can choose your preferred specialisation and complete other admission formalities.
M.Com.: Duration and Fees
- The duration of an M.Com. course is typically two years if pursued full-time. However, part-time programmes can stretch over three years to accommodate working professionals' schedules.
- As for fees, they can vary depending on whether you choose a government-funded institution or private university. On average, M.Com. course fees range between ₹50,000 to ₹1 lakh per year in India.
M.Com.: Entrance Exams
To secure admission into an M.Com. programme, you will need to appear for certain entrance exams. These exams assess your aptitude and knowledge of commerce-related subjects. The most common exams include the Common Admission Test (CAT) and the Graduate Management Admission Test (GMAT).
- CAT is a computer-based exam conducted annually by the Indian Institutes of Management (IIMs). It consists of three sections: Verbal Ability and Reading Comprehension, Data Interpretation and Logical Reasoning, and Quantitative Ability. Each section has a time limit, and the exam duration is three hours.
- GMAT is globally recognised and accepted by various business schools for admission into their management programmes. Its pattern comprises four sections: Analytical Writing Assessment, Integrated Reasoning, Quantitative Reasoning, and Verbal Reasoning. The total exam duration is approximately three hours and seven minutes.
Preparing for these entrance exams requires dedication and practice. It is important to familiarise yourself with the exam pattern, solve mock tests regularly, and focus on your weak areas to maximise your chances of success.
M.Com. : Types of Programmes
M.Com. programmes come in various forms to cater to the different needs and preferences of students. Here are three types of M.Com. degrees that you can consider:
Full-time M.Com.
- These are traditional classroom-based programmes where students attend regular lectures and participate in various activities on campus.
- Full-time M.Com. programmes offer a more immersive learning experience and allow for networking opportunities with peers and faculty members.
Part-time M.Com.
- Designed for working professionals
- Students can attend classes on weekends or evenings, allowing them to upskill without interrupting their careers.
- Beneficial for those seeking career growth while gaining specialised knowledge in commerce.
Distance M.Com.
- Designed for those unable to attend classes regularly or who live in different cities.
- Students must ensure the course is recognised by Distance Education Board, or UGC.
M.Com. Course Overview
First-year curriculum
In the first year of an M.Com. programme, you will delve into core subjects related to accounting, finance, economics, and business laws. These subjects provide a strong foundation in commerce principles and practices.
Additionally, you may have elective options based on specialisation areas such as taxation or marketing. These electives allow you to tailor your learning experience according to your career interests.
Second-year curriculum
The second year of an M.Com. programme builds upon the knowledge gained in the first year with advanced subjects focusing on research methodology, strategic management, financial analysis, etc. These subjects help develop critical thinking skills required for decision-making roles in organisations.
Furthermore, students are typically required to undertake a dissertation or project to gain practical exposure and apply their learning in real-world scenarios.
Lucrative Career Opportunities After M.Com.
Upon completing an M.Com. degree, you unlock a wide range of career opportunities across industries. Here are a few popular job roles available to M.Com. graduates, along with their average salaries:
- Financial Analyst: ₹6-8 lakhs per annum
- Tax Consultant: ₹4-6 lakhs per annum
- Investment Banker: ₹10-15 lakhs per annum
- Corporate Accountant: ₹4-7 lakhs per annum
- Business Development Manager: ₹8-12 lakhs per annum
- Risk Manager: ₹7-10 lakhs per annum
- Management Consultant: ₹9-14 lakhs per annum
- Financial Planner: ₹5-8 lakhs per annum
- Auditor: ₹4-6 lakhs per annum
- Market Research Analyst: ₹4-7 lakhs per annum
Upskilling Options After M.Com.
While an M.Com. degree equips you with valuable knowledge and skills, complementing it with industry-specific certification courses can further enhance your employability and career prospects.
Consider pursuing the following certifications to broaden your skill set:
- Certified Public Accountant (CPA)
- Chartered Financial Analyst (CFA)
- Certified Management Accountant (CMA)
- Financial Risk Manager (FRM)
- Digital Marketing Certification
Unlocking Your Potential With M.Com.
The commerce industry in India has witnessed significant growth in recent years. According to recent statistics, industries such as banking, finance, e-commerce, and retail have experienced tremendous growth. This growth can be attributed to factors such as increasing consumer spending, digitalization, and government initiatives like Make in India and Digital India.
Whether you choose to further specialise or explore other options, WiZR is here to support you in planning your career path.
FAQs
1. Is it mandatory to pursue an M.Com. after a B.Com.?
No, it is not mandatory to pursue an M.Com. after completing a B.Com. degree. It depends on your career goals and aspirations.
2. Are there any scholarships available for M.Com. students?
Yes, there are various scholarships available for M.Com. students offered by government bodies, educational institutions, and private organisations.
3. Which diplomas are equivalent to M.Com. specialisations?
Diplomas such as the Advanced Financial Accounting & Taxation Diploma or the Diploma in Banking & Finance Management focus on specific areas that complement an M.Com. course.
4. Which has better potential: M.Com. or MBA?
M.Com. offers specialised knowledge in commerce-related fields, while an MBA provides a broader understanding of management and business administration. Consider your interests, long-term goals, and industry trends before making a decision.
