What are the fields in commerce
Answers
Explanation:
. Economics
It is the study of the production, transfer, and use of goods, services, and resources. It is a research-oriented career and would require you to learn and make use of various theories, principles, and models. Economists conduct researches and analyse data to predict market trends, build economic theories and models, and make recommendations for resolving economic issues. The field has an extremely positive future outlook, as there is a huge demand for qualified economists in consulting firms, private banks as well as public sectors, both in India and abroad.
- Career Opportunities in Economics
Professional opportunities in this field include working as an economist, statistician, strategist, risk management analyst, operations research analyst, insurance underwriter, budget analyst, etc.
- Educational Path to Pursue Economics
To make a career in this field, you have to pursue bachelor’s – B.A/B.Sc. (H) Economics, Bachelor of Business Economics, or a major in Economics, following which you can pursue a Master’s in Economics.
- Commerce Without Maths
Most of the top colleges for Economics require you to have a Maths background in order to be eligible for the course. This rule has been made keeping in mind the strong relationship of Economics with Maths and research. There are, however, some colleges that do allow you to pursue Economics without Maths, such as Loyola College, Christ University, Mount Carmel College, etc.
- Some Top UG Colleges for Economics
Sri Ram College of Commerce (SRCC), Delhi; Lady Shri Ram College(LSR), Delhi; H.R College of Commerce and Economics, Mumbai; St. Xavier’s College, Mumbai; St. Stephen’s College, Delhi; Loyola College, Chennai; Fergusson College, Pune.
- Actuarial Science
Actuarial Science is a field dealing with the analysis of risk across various fields, such as insurance, business, finance, and healthcare. Professionals in this field (called Actuaries), employ mathematical equations, statistics, and financial theories to determine risk and uncertainty associated with various future events that can impact business. To this end, they collect statistical data, conduct analysis, and design and implement numerous business strategies.
Their work can thus involve designing and determining the pricing of insurance policies, establishing the amount of liabilities, etc. It is one of the emerging career options and is extremely lucrative on the monetary front. However, it is also considered one of the toughest careers, with longer work days than others on average, and a relatively tough academic cycle. It can be an excellent career option if you enjoy numbers, statistics, and data analysis.
Career Opportunities in Actuarial Science
Actuaries work in life insurance, general insurance, health insurance, pension funds, enterprise risk, actuary consulting firms, investment, pension and retirement, risk management, etc.
Educational Path to Pursue Actuarial Science
You are required to clear the Actuarial Common Entrance Test (ACET). After clearing your entrance, you can register at the Institute of Actuaries of India (IAI). There are 15 exams in total conducted by the IAI, however, you can start working as an actuary after clearing only 4-5 exams. The most beneficial graduation streams for this career include Maths (Hons.), Statistics (Hons.) and B.Com (Hons.).
- Commerce Without Maths
Although there is no rule barring non-maths students from pursuing this career, such students are likely to face difficulties, as this is a highly numbers and data driven field.
- Management
Management is the coordination, planning, forecasting and organizing of a company’s processes, to ensure effective functioning and growth. It is another popular career route, with a relatively reliable career progression. It is a broad field that allows you the opportunity to select from different roles and specializations, including operations, marketing, HR, finance, international business, sales, etc.