10 best career options after MCom

Master of Commerce or MCom is one of the most popularly pursued postgraduate degree programs among graduates in commerce. The course provides them the opportunity to advance their knowledge base and skill sets in this domain. If you have recently completed your MCom degree or are considering pursuing the course, this blog can help you understand the top career prospects upon graduation. We discuss in detail here the 10 best career options after an MCom degree. 

Best career options after MCom

You will have a range of career options after an MCom degree as it has huge demand in the relevant industries. The top job roles for MCom graduates can range from Chartered Accountant and Financial Planner to Lecturer. Let us take a look at some of the best job roles and the average salary of MCom graduates in India.

1. Chartered Accountant (CA)

The role of a CA is one of the toughest but also the most well-paying career options for MCom graduates. They can work for public as well as private organizations. Their job requires dealing with the company’s financial records and offering advice to increase profit. They need to have good mathematical knowledge as their work revolves around numbers.

Roles and responsibilities 

• Financial auditing to check the company’s financial position 
• Provide financial information to increase the profit margin of the company
• Tax planning to reduce the company’s tax liability       

Important skills needed 

• Good communication skills
• Proficiency in mathematics 
• Interest in business and tax-related issues

The average annual salary of a Chartered Accountant in India: INR 8 lakh – INR 12.6 lakh per annum

2. Corporate Accountant 

A Corporate Accountant is a professional who deals with a company’s finances. They mostly work for private organizations but sometimes can work for public organizations too. They are responsible for assessing the financial performance of the company.

Roles and responsibilities 

• Conduct thorough accounting by tracking receipts, expenses, and payments
• Generating the balance sheet and financial statements 
• Managing taxes and payroll for the company 

Important skills needed 

• Critical thinking to make important decisions 
• Analytical and mathematical skills
• Good communication skills

Average annual salary of a Corporate Accountant in India: INR 8 lakh – INR 9 lakh per annum

3. Business Consultant

Business Consultants, also known as management consultants, are responsible for offering advice to help in a company’s growth. They use their skills to maximize profits and resolve issues in the company. They also advise on different business areas such as HR, IT, management, and marketing.

Roles and responsibilities 

• Analyzing company data
• Reviewing business strategies 
• Working on resolving company issues

Important skills needed

• Excellent verbal and written communication skills
• Leadership skills to handle team members
• Knowledge of the financial aspects of a business 

The average annual salary of a Business Consultant in India: INR 7 lakh – INR 18 lakh per annum

4. Professor/Lecturer

A Lecturer teaches undergraduate students, while a Professor teaches postgraduate students too, as they mostly possess a PhD degree in the discipline. Both roles include teaching and sometimes they might be managing their own research. Apart from having good knowledge of their domain, they also need to have skills to deal with students helpfully.

    Roles and responsibilities 

• Planning and preparing lessons
• Conducting topic research for lessons
• Assessing the work of students

    Important skills needed 

• Excellent communication skills
• Time-management skills to handle administrative as well as classroom duties 
• Patience in dealing with students

The average annual salary of a Professor/Lecturer in India: INR 6.8 lakh – INR 18 lakh per annum

5. Tax Consultant

This is among the top job roles for MCom graduates. Tax Consultants manage tax issues for their clients by providing tax advice and preparing tax returns. Apart from managing tax-related issues, they also help clients with inheritance issues or charity. They need to be adept with tax rules and regulations. 

           Roles and responsibilities

• Analyze the accounting data of the client
• Handle tax-related issues or claims
• Develop tax-planning strategies

           Important skills needed 

• Excellent mathematical skills to work with numbers
• Communication skills to advise clients on tax regulations 
• Computer skills to handle the software and tools required for the job

Average annual salary of Tax Consultant in India: INR 6 lakh – INR 8 lakh per annum

6. Investment Banker 

Investment Bankers are financial experts who provide support to clients in acquisitions and mergers, capital raising, corporate restructuring, debt and equity advisory services, and many other tasks. They provide financial services to organizations as well as the government.

  Roles and responsibilities 

• Researching market conditions 
• Assessing the financial worth of the company 
• Preparing financial documents

  Important skills needed 

• Good communication skills 
• Ability to assess risks and guide clients during deals
• Computer literacy to handle software

Average annual salary of an Investment Banker in India: INR 5 lakh – INR 18.5 lakh per annum

7. Financial Planner/Wealth Manager

Financial Planners or Wealth Managers provide support to their clients by assessing financial statements and suggesting ways for growth. They assess the company’s financial documents such as expenses, liabilities, and income. They need to be up to date on financial laws.

           Roles and responsibilities

• Analyze a company’s financial data
• Create financial strategies to promote growth
• Prepare financial reports

          Important skills needed 

• Communication skills to explain complex data in simple words
• Decision-making abilities 
• Research skills to stay updated with the latest financial laws

The average annual salary of a Financial Planner/Wealth Manager in India: INR 5 lakh – INR 8 lakh per annum

8. Actuary

An Actuary is a financial expert who offers advice on the risk of future events. They have a good understanding of finance, mathematics, and statistics to predict the future. They are helpful for any business as they provide an estimated success rate of new product launches or any new business decision. 

          Roles and responsibilities 

• Create statistical data
• Estimate the probability of an event
• Prepare financial reports 

          Important skills needed 

• Good knowledge of finance, mathematics, and statistics
• Computer skills to handle different software
• Good communication skills 

Average annual salary of an Actuary in India: INR 4 lakh – INR 28.8 lakh per annum

9. Certified Management Accountant (CMA)

A CMA is a professional with expertise in accounting and finance. They can work in roles such as Financial Analysts, Cost Accountants, Corporate Accountants, Managerial Accountants, Private Accountants, or Industrial Accountants. 

           Roles and responsibilities 

• Prepare financial statements for the organization 
• Supervise the budget preparation and cost calculation 
• Plan budgets and manage the costs

           Important skills needed 

• Good understanding of business proceedings
• Communication skills
• Knowledge of computer tools to manage work

Average annual salary of a Certified Management Accountant in India: INR 4 lakh – INR 12 lakh per annum

10. Auditor

Auditors are responsible for verifying the financial reports of the organization and ensuring that financial laws are followed. They play an important role in ensuring financial transparency and accountability. Auditors can be of different types, such as External Auditors, Internal Auditors, Government Auditors, Forensic Auditors, or Information System Auditors.

           Roles and responsibilities 

• Verify the accuracy of financial statements 
• Assess the potential risk and the effectiveness of risk-mitigation strategies
• Advice on improvements required based on the findings

           Important skills needed 

• Excellent verbal and written communication skills
• Good understanding of business markets
• Proficiency in using computer software

Average annual salary of an Auditor in India: INR 4 lakh – INR 10 lakh per annum

Pursue online MCom with Online Manipal

Manipal University Jaipur (MUJ) offers a range of degree programs online. These online courses are offered on the Online Manipal platform. The online MCom degree program is one of the courses available for students who have completed their graduation in commerce and opens doors to many career options after MCom. This is a two-year course divided into four semesters and you need to invest 15-20 hours of work each week to successfully complete this course. 

The university is Rajasthan’s 1st NAAC A+ accredited university. It also features in the list of the top 15 management universities in India in 2023 by Careers360. 

The university’s experienced faculty provides practical insights and helps develop the skills required in an MCom degree to build a successful career. Apart from this, students also gain access to 10,000+ courses on Coursera to enhance their skills.

Conclusion

If you’re interested in a career in finance, enroll for an online MCom degree with Manipal University Jaipur. Online Manipal offers you the choice to pursue MCom from the comfort of your home. 

This course will open doors to a variety of roles in banking and financial services, accounting and finance, e-commerce, marketing, and IT. The average salary of MCom graduates is also generally higher, of course depending on the students’ expertise and the job location.

Apart from educational qualifications, some skills required in MCom graduates are critical thinking, communication abilities, computer literacy, mathematical knowledge, and awareness of financial laws. With these critical skills, they are highly likely to boost their career prospects in the relevant industries.