Bachelor of Commerce (B.Com) is a three-year undergraduate degree in commerce which equips the learners with essentials skills and knowledge to be competent and to succeed in the field of business and commerce. This degree gives the learners a wide variety of knowledge, students here learn how to analyse data, how to account for transactions in various types of businesses and prepare their financial statements, business and economic laws, enter affecting international trade and finance, management theories etc.
B.Com degree is divided into three years of two semesters each. With each passing semester, students dive deep into theory of subjects like Accounts and Finance. The first semester is aimed at inculcating basic communication and entrepreneurial skills in students, while the sixth semester is aimed at inculcating the students with the knowledge of Audit principles, Income Tax Act, Advanced Accounting etc. While a degree like BBA is more management and entrepreneurship oriented, B.Com is more commerce-oriented and it gives students an overview of the various domains affecting businesses.
B.Com is offered by various top tier universities in India. Due to the effects of the covid pandemic, many institutions have gone online to make it easy for learners living in remote areas to enrol themselves in a college.
What is ACCA?
ACCA, or the Association of Chartered Certified Accountant, is a globally recognised and respected qualification in the accounting domain which gives varied opportunities to the holders of this qualification in the private as well as the public sector. ACCA was formed in 1904 headquartered at London with its principal administrative office in Glasgow. ACCA institute offers the Chartered Certified Accountant qualification. The institute has 2,33,000 members and 5,36,000 prospective members spread across 178 countries.
Just like the structure of the Chartered Accountancy (CA) profession regulated by the Institute of Chartered Accountant of India (ICAI), ACCA is also divided in three stages:
- Applied Knowledge
- Applied Skills
- Strategic Professional
ACCA has 13 exams spread over these three stages. Apart from clearing these 13 exams and the three stages, professionals are also required to complete 36 months working experience in a role relevant to the profession.
Why should you choose ACCA?
ACCA qualification works on the basics to advanced levels of Accounting and Finance. Accounting and Finance being such broad domains, ACCA professionals have flexible job options across the domain. A person interested in Accounts and/or Finance domain should definitely check out ACCA.
The following things make ACCA a sought-after qualification:
- Global recognition
- Industry relevant and current age curriculum
- Flexible examination schedule
- Varied job opportunities in different sectors across different countries
Apart from these, an ACCA certified professional also gets these additional qualifications:
- B.Sc. in Applied Accounting from Oxford Brookes University
- M.Sc. in Professional Accountancy from the University of London
Job options after ACCA
ACCA opens a wide variety of sub-domains of Accounting and Finance for a professional to choose from, some of these options are:
- Business Analyst
- Financial Analyst
- Financial Planning and Analysis
- Forensic Accountant
- Finance Manager
- Management Accountant
- Tax Services
B.Com subjects helping in ACCA
India has come a long way since the LPG policy of 1991 aiming to globalise India’s economy, the introduction of Ind-AS (IFRS affiliated Accounting Standards tailored specifically to the requirements of the various Indian Sectors) is another step to bring the accounting institutions and businesses in the country at par with others in the world. Because of this and the current age curriculum of B.Com degrees of the top-tier universities of India, an ACCA aspirant can get exemptions up to 4 out of the 13 subjects.
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Exemptions are received in the following subjects of ACCA:
- Business and Technology (BT)
- Financial Accounting (FA)
- Management Accounting (MA)
- Corporate and Business Law (LW)
Apart from getting these exemptions, students get the benefit of studying other subjects in B.Com which helps understand the basics of many other subjects of ACCA. Some of these B.Com subjects are:
- Organisation Management
- Principles of Management
- Basics of Cost Accounting
- Basics of Financial Accounting
- Business Law
- Income Tax – Direct Taxes
- GST – Indirect Taxes
- Financial Analysis and Reporting
- Financial Management
ACCA is one of the most respected accounting and finance qualifications in the world. If you are a commerce graduate or a commerce student in India and you are interested in Accounting and Finance domain, you should explore ACCA as a profession. Top-tier universities in India like the Manipal University Jaipur provides a base to clear the basics of more than 50% of ACCA subjects. After finishing your online B.Com from MUJ, you would not only get exemptions in 4 subjects, but you would find it relatively easy to study other subjects as well as you have already read some of them in your B.Com degree.
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