Career Options in Commerce after 12th

12th is really a milestone. After 12th you must be searching for some options for Professional courses. So, let’s read about Chartered Accountancy (CA), Company Secretary (CS) and Association of Chartered Certified Accountants (ACCA). One of the most important points about all these courses is student of any stream i.e. Commerce, Science or Humanities can join. So, if you are a Science, Commerce or Humanities student you can all read on this blog and get some good information about Professional Courses or Career options in Commerce after 12th.

1. Chartered Accountancy (CA)

CA has 3 levels as follows:

1.1 Foundation Course:

Paper 1: Accounting 100 marks

Paper 2: Business Laws 100 marks

Paper 3: Quantitative Aptitude

Part A: Business Mathematics 40 marks

Part B: Logical Reasoning 20 Marks

Part C: Statistics 40 marks

Paper 4: Business Economics 100 marks

Eligibility for admission and appearance in Foundation Examination

• Register with BOS after passing class 10 examinations.

Appear in Foundation examination after appearing in Class 12 examination and completing minimum study period of 4 months before the 1st day of the month in which examination is held.

Validity of registration

• 4 years from the date of registration.
• No revalidation permitted.

(If a candidate is not able to clear Foundation Exam within 4 years of registration, he can opt for alternative route of direct entry to Intermediate Course subject to fulfilling stipulated conditions.)

Passing Criteria:

50% in each paper (with negative marking -25% for each wrong answer to MCQ’s in paper 3 and 4).

Once you clear the CA Foundation exam then you shall be eligible for the next level i.e., CA Intermediate.

1.2 Intermediate Course:

Group I

Paper 1: Advanced Accounting 100 marks

Paper 2: Corporate and Other Laws 

Part I: Company Law and Limited Liability Partnership Law 70 marks

Part II: Other Laws 30 marks

Paper 3: Taxation

Section A: Income Tax Law 50 marks

Section B: Goods and Service Tax 50 marks

Group II

Paper 4: Cost and Management Accounting 100 marks

Paper 5: Auditing and Ethics 100 marks

Paper 6: Financial Management and Strategic Management

Section A: Financial Management 50 marks

Section B: Strategic Management 50 marks

The paper shall be partially objective and partially subjective (30% case study based MCQ’s and 70% descriptive questions) in all papers. It shall be a closed book test for all the papers. There would be no negative marking for wrong answers to MCQ.

Others details:

For Foundation Route:

The study period shall be of 8 months.

For Direct Entry Route:

After completion of 8 months of study period.

Validity of registration:

5 years. Re-validation with prescribed fee permitted once.

Pass percentage:

40% marks in individual paper and 50% marks in aggregate to pass the group.

If a student secures 60% or more, in paper/papers in one attempt, exemption of each paper(s) for immediate 3 attempts is allowed. Thereafter, exempted paper/s will be treated as permanently passed and students have to score 50% to pass in the remaining paper/s individually. The student may, however, opt to surrender the exemption after 3 attempts.

Eligibility to appear in CA Final Examination:

1. A candidate who has passed both groups of the Intermediate examination.
2. Completed the prescribed second level soft skills and information technology courses.
3. Qualified the four self-paced modules (four SETS).
4. After completion of six months from the end of the 2 years practical training period, before the 1st day of the month in which examination is held.

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1.3 Final Course:

Group I

Paper 1: Financial Reporting 100 marks  

Paper 2: Advanced Financial Management 100 marks

Paper 3: Advanced Auditing, Assurance and Professional Ethics 100 marks

Group II

Paper 4: Direct Tax Laws and International Taxation 100 marks

Paper 5: Indirect Tax Laws

Part I: Goods and Service Tax 80 marks

Part II: Customs and FTP 20 marks

Paper 6: Integrated Business Solutions (Multidisciplinary Case Study with Strategic Management) 100 marks

Apart from this there are Self-Paced Online Modules which are to be cleared.

Another salient feature of the CA Final course

• The number of papers at this level would be 6. The remaining two papers in the existing course, namely, Economic Laws and Strategic Cost Management and Performance Evaluation, are being included in the new scheme as self-paced online modules.
• Multi-disciplinary case study is being made compulsory, and the same would be integrated with strategic management. This paper is necessary to assess the student’s ability to integrate the concepts and provisions across different subject areas, analyse them and apply them in addressing issues and solving problems in a multi-disciplinary case study involving strategic decision making.
• The current elective papers like risk management and financial services and capital markets would be included in a self-paced online module, out of which students can opt one based on their desired area of specialisation.

Manner of assessment

• Partially objective and partially subjective (30% case scenario/study based MCQ’s and 70% descriptive questions) in all papers.
• Open book/restricted open book pattern of assessment.
• Computer-based/physical examination, as decided by the Council from time to time.
• No negative marking for any wrong answer to MCQs.

Eligibility to appear in Final Examination

• A candidate who has passed both groups of the intermediate level examination.
• Completed the prescribed second level soft skills and information technology courses.
• Qualified the four self-paced modules.
• After completion of 6 months from the end of the 2 years practical training period, before the 1st day of the month in which examination is held.

Passing Criteria

• 40% marks in individual paper and 50% marks in aggregate to pass the Group.
• If a student secures more than 60% marks in paper/s, exemption of paper for immediate 3 attempts is allowed.
• Thereafter, treat the exempted paper/s as permanently passed and the student has to, however, score 50% to pass in the remaining paper/s. However, students may have the option to surrender the exemption after 3 attempts.

After clearing the exam of one of the most prestigious institutes of India you shall be awarded the degree of a Chartered Accountant.

Certificate of Practice

• In case of members desiring to obtain Certificate of Practice at any point of time, one year of post-qualification experience in a CA firm will be required. In case of existing members, if they have one year of post-qualification experience in a CA firm at any point of time in the last 5 years, one year of post qualification in a CA firm will not be required.

There are also loads of post qualification courses available to equip you better.

For more information about CA Course

2. Company Secretary (CS)

2.1 CSEET (CS Executive Entrance Test)

Eligibility: 12th pass or appeared students or equivalent thereto. 

The details for CSEET are as follows:

To pass the CSEET exam, candidates need a minimum of 40% in each subject and an aggregate of 50%.

2.2 CS Executive

Eligibility: CSEET pass students with CSEET pass result not older than one year/CS Foundation pass students/ Graduates/ Post Graduates/ CA Final pass students / CMA Final pass students.

Subjects details for CS Executive are as follows:

Group I:

Paper 1: Jurisprudence, Interpretation and General Laws.

Paper 2: Company Law & Practice

Paper 3: Setting up of Business, Industrial & Labour Laws

Paper 4: Corporate Accounting & Financial Management

Group II:

Paper 5: Capital Market & Securities Laws

Paper 6: Economic, Commercial & Intellectual Property Laws

Paper 7: Tax Laws & Practice

2.3 CS Professional

Eligibility: CS Executive pass students.

Group I:

Paper 1: Environmental, Social and Governance Principles and Practice

Paper 2: Drafting, Pleadings and Appearances

Paper 3: Compliance Management, Audit & Due Diligence

Paper 4: Elective 1 (Select 1 paper out of 4)

1. CSR & Social Governance
2. Internal & Forensic Audit
3. Intellectual Property Rights – Law & Practice
4. Artificial Intelligence, Data Analytics and Cyber Security Laws & Practice

Group II:

Paper 5: Strategic Management & Corporate Finance 

Paper 6: Corporate Restructuring, Valuation and Insolvency 

Paper 7: Elective 2 (Select 1 paper out of 5)

1 Arbitration, Mediation & Conciliation

2 Goods & Service Tax (GST) & Corporate Tax Planning

3 Labour Laws & Practice 

4 Banking & Insurance – Laws & Practice

5 Insolvency & Bankruptcy – Laws & Practice

3. Association of Chartered Certified Accountants (ACCA)

The ACCA qualification is very flexible. You choose how to study, how often you sit for exams and where you do your work experience.

As part of the flexible approach to study, many exams are computer based. You can appear for exams at the licensed centers.

Students progresses through three elements of the ACCA Qualification on their journey to ACCA membership, these are:

1. ACCA exams
2. Ethics and Professional Skills module and
3. Practical Experience Requirement

3.1 ACCA exams

3.1.1 Applied knowledge

The Applied knowledge exams provide students with a broad introduction to the world of finance and develop your essential understanding and techniques in accounting. These exams are:

1. Business and Technology
2. Financial Accounting
3. Management Accounting

3.1.2 Applied Skills

The Applied Skills exams build on existing knowledge and understanding and develop strong, broad and practical finance skills required of future strategic professional accountants in any sector and industry. These exams are:

1. Corporate and Business Laws
2. Taxation
3. Financial Reporting
4. Performance Management
5. Financial Management
6. Audit and Assurance

3.1.3 Strategic Professional

The Strategic Professional exams prepare students for future leadership positions. They develop the strategic vision using your unique blend of technical, ethical and professional skills. You can specialize in areas that best suit your career ambitions. Students must complete both Essential exams and choose two of the options. These exams are:

3.1.3.1 Essentials

Strategic Business Reporting

Strategic Business Leader

3.1.3.2 Options

Advanced Financial Management

Advanced Audit and Assurance

Advanced Taxation

Advanced Performance Management

3.2 Ethics and Professional Skills module

Students are required to complete our Ethics and Professional Skills module which develops in students the complete range of skills that employers told us they need. By introducing students to the full spectrum of advanced ethical and professional skills and exposing them to realistic business situations, our students are ready to shine with recruiters and be really credible in the workplace.

3.3 Practical Experience Requirement

Being a confident, inspiring and trusted professional comes with experience so to qualify as an ACCA member you must complete a minimum 36 months relevant work experience and achieve 9 performance objectives.

Your time in a relevant role and performance objectives need to be signed off by a practical experience supervisor. The practical experiment requirement allows you to put the knowledge learnt through your studies into practice in a real work environment.

This was all about the 3 most renowned professional courses of Commerce. I hope this was helpful.