Salary is a major motivation for people considering a career in commerce, in addition to work satisfaction. You probably want to pursue a career that is both personally and professionally satisfying as well as one that will allow you to live comfortably thanks to a lucrative pay package as a commerce student. There is an unparalleled demand for commerce careers and job opportunities in the present-day job market. Students today have a wide range of possibilities for a safe and prosperous career, beyond the traditional medical and technical fields. On any given day, new job opportunities for commerce students emerge, and this industry’s tremendous growth has caused employment rates to soar over the world. Whether you are an artist or a scientist, almost every company involves knowledge of finance, human resources, public relations, marketing, and management. Rapid growth in the commerce sector has raised employment rates globally and brought forth a flood of new work avenues. The possibility of landing a profitable job in their preferred sector after graduation is a major objective for many students. Here are 5 lucratively paying commerce careers that come your way after you pursue a commerce degree:
- Actuary
The insurance business relies on actuaries to evaluate financial risks and plausible unanticipated happenings. By putting good risk management and mathematical tactics into practice, actuaries analyse risks and get the organisation ready for any liabilities. These risks might result in an entity or an individual losing property, becoming insolvent, or experiencing other negative effects. An in-depth understanding of math, statistics, and economics is required to become an actuary. Actuaries are in great demand across a range of sectors, including healthcare, banking, and others that demand efficient financial risk management. The average yearly remuneration for this career is between INR 9 and INR 10 lakh, making it one of the highest-paying commerce job designations in the world. A strong analytical mind and an undergraduate degree in Economics, Business Administration, Finance, or Mathematics are prerequisites for becoming an actuary.
- Asset Manager
Asset managers are specialists who are devoted to managing a client’s portfolio of investments, including cash, securities, equities, commodities, real estate, shares, bonds, and other financial assets. To assist customers in achieving their financial objectives, they are in the role of creating and putting into action investment plans. Asset managers provide their clients advice on when to buy assets and how to strike contracts that will raise the value of those assets. Along with creating methods to boost return on investment and reduce risk factors, they also stay abreast of developments in the financial markets and modify their plans accordingly. Asset managers ought to have strong communication and interpersonal skills in addition to a solid financial background in order to develop and sustain relationships with clients. It is a great choice as one of the most lucratively paying commerce careers. In general, if you want to work in asset management, you’ll require a bachelor’s degree in finance, economics, or a similar discipline.
- Chartered Accountant (CA)
One of the most coveted degrees a commerce student can get is the credential of Chartered Accountant (CA), and for good reason—it’s one of the highest-paying careers in the commerce industry. A Chartered Accountant’s responsibilities as an accounting and auditing professional include tax returns, financial accounting and reporting, financial document audits, financial report preparation and evaluation, and investment record keeping. A CA may expect to earn between INR 7 and INR 8 Lakhs per year in their early professional years, and as they acquire experience and achieve more, their pay only rises. The Institute of Chartered Accountants of India (ICAI) is the regulatory body in charge of conducting the examinations and internships required to qualify for the CA certification. Three sets of tests—the CA Foundation, IPCC, and CA Final—must be successfully passed in order to become a Chartered Accountant which can take anywhere between three to seven years.
- Compliance Officer
The role of compliance officers in the corporate sector is fundamental. They manage legal risks, ensure that internal policies and bylaws are followed, and keep their organisations out of exorbitant lawsuits. The company’s rules are developed by a compliance officer, who also establishes KPIs for monitoring compliance-related audits. To guarantee compliance, these experts work with local, state, and federal agencies. A compliance officer also establishes a suitable mechanism for reporting compliance-related concerns. Additionally, they provide compliance-related staff training and look into any instances of non-compliance. A thorough knowledge of rules, regulations, and risk management is necessary to work as a compliance officer. Due to their skill set, which includes attention to detail, analytical thinking, and effective communication, compliance officers are in great demand across a range of industries, including banking, healthcare, and technology. This job title is one of the highest-paying commerce job classifications worldwide, with an average compensation of between INR 7 and INR 10 lakh per year. The prerequisite for a profession in compliance is a bachelor’s degree in law, business administration, finance, or a similar discipline.
- Investment Banker
One of the highest-paying careers for commerce professionals is investment banking. An investment banker is someone who works collaboratively with financial organisations to secure capital for a business. They provide these businesses and organisations with financial advice on how to achieve financial objectives and create both long- and short-term financial strategies. Investment bankers focus primarily on acquisitions and sales. They contribute to revenue generation for their investors. In big corporations, they pursue jobs as money managers. They are specialists that manage a company’s merger and create legal and financial agreements; thus, they must have an analytical mind and great critical thinking abilities. If you have a talent for the stock market, an understanding of market behaviour, and a natural aptitude for finance, this is your profession. In India, a rookie investment banker usually earns from INR 10 to INR 12 lakh per year.
