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CA Himanshu Jain

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Equity research is one of the most aspired roles in the financial industry. As the name suggests, the role of an equity research entails studying a company in detail and publishing it, so that every retail investor does not have to go through the trouble of it and can simply study the research reports.

Broadly, the main duties performed by equity researchers are –

  • Analyzing financial information,
  • Preparing reports,
  • Attending various meetings such as AGM and investor meets,
  • Evaluate risks and opportunities,
  • Help portfolio managers in decision making, etc.

Now, Let’s dig down on how to research a company:

Industry Identification & Analysis

The first and foremost part when researching a company is to understand –

  • The industry it operates in
  • What is the entire market size of that industry
  • Forces on which the industry is dependent upon
  • Key market players with the highest market share and their business model
  • What are the potential opportunities and threats the industry is exposed to
  • Is there any Govt. intervention in that industry
  • Legal and political risks involved
  • Tax and subsidy related policies in the industry, etc.

Doing the above research helps you arrive at a broad level decision as to whether the industry is cyclical, risky or a stable one. For example- A tobacco industry is highly exposed with tax rate issues and hence always trades at a comparatively lower valuation in comparison to a consumer staple industry.

Another example would be Airline industry, due to performance directly linked with global crude prices the industry is very vulnerable as it is not able to further pass on the increased cost to its customers and has to take a toll on its margins sometimes even negative.

By understanding the complete market size you can arrive at broad level figures as to what exactly is the market size and at what pace is it growing YoY, and if a company can achieve a 10% market share how much can the company grow.

Understanding the business model of the company:

Now, once you complete the industry research part and decide to move ahead in that industry, you need to understand the company’s business model in depth as to

  • How the company runs its day to day operations
  • Who are its end customers
  • How is the company disrupting the industry
  • How is it creating and serving a value different from its other competitive partners
  • Is it into B2B or B2C model
  • What is driving the revenues and what are the major expenses associated to drive the revenue.

Every company has a unique business model despite being in the same industry; let’s understand this with an amazing example:

DMart (Avenue Supermarkets), a mass market supermarket chain company which started its operations in the year 2002 came up with its IPO in 2017 and got listed at a 114% premium to its issue price on the listing day and as per the current market price (June 2020) it translates to a return of whopping 769%.

This is only because of the unique business model of the company. Major portion of expenses for such businesses is the monthly rental expense. However, DMart used to buy its properties or enter into 30 – 40 years of long term lease to curb out the yearly rental increments. As a result, over the period of time when the rentals decreased the margins of other competitors such as Big Bazaar, Dmart was able to get more efficient every year.

Also DMart operated on very few billing counters to reduce manpower requirement and to use much of its space to display a larger variety of products. Also, the company operates on a low interior cost concept which reduces the operational expenses. 

So, this is how you need to find the key differentiating factors in a company from its competitors.

Analyzing the Financials Statements and ratios:

Once you understand the business model and other operational metrics of the company the next step is to analyze the financials of the company and figure out the company’s financial health. You need to dig down deep on the following statements:

  • Profit and Loss Statements: This statement records all the incomes and expenses and gains and losses that a company incurs throughout the year. P&L helps you understand the factors driving the revenues and the costs and the expenses incurred to generate that revenue. For more insight you should compare the P&L statements of the company for last couple of years to see the trend off all the items.
  • Balance Sheet: It is a statement that records a company’s assets, liabilities and equity as of that date.  The balance sheet gives insights into the capital structure and the net worth of the company.
  • Cash Flow Statements: This is probably the most crucial statement out of all three, as it gives insights into the amount of cash entering and leaving the company through different activities. It shows how well a company is able to manage its cash positions, pay its obligations and fund its further capex.

These three statements contain the most crucial set of information and when compared with previous year statements, they give the trend and path the company is following and help in creating future projections as well. 

Another important aspect is to perform Ratio analysis using the financial statements and arriving at key figures to access the financial health of the company from different aspects.

Performing Valuations DCF, Trading & Transactions Comps:

The last part in the research is to arrive at the intrinsic value of the company. Once you arrive at the intrinsic value you compare it with the current market value and if the intrinsic value you arrive at is higher than the market value it’s a buy and sell in case the market value is higher than the intrinsic value

DCF (Discounted cash Flows)- Under this method you compute the future projected Free cash flows based on some set of assumptions and then discount them to the present value. Mainly there are two cash flows that are computed and discounted:-

  1. Free Cash Flow to Firm (FCFF) – as the name suggests, it is the cash flow left after paying all the expenses and the capital expenditure that is left for both the capital providers equity and debt.
  2. Free Cash Flow to Equity (FCFE) – this is free cash to firm – debt payments ie- only that which is left over for the equity shareholders.

After the computation of cash flows, you discount them with the appropriate discount rate to arrive at the present value.

Transaction Comps- Here, the value is derived by comparing M&A transactions in the same industry in the recent past, the valuations at which those deals took place and an average multiple of all those deals is arrived and the company is valued at that average multiple of all those recent deals in the industry.

Trading Comps- Here the multiples at which all the other companies in the industry are trading at is calculated and an average of all those multiples is applied to the target company and the value is derived. The most common multiples used are P/E ratio, P/B Ratio, P/Sales, EV/EBITDA.

Comparing two columns in excel is on of the most basic and important step of data analysis. There could be two cases while we are comparing the data points in a column, as you can see in table of content below –

To find the columns which have same value in a row

To check if both the columns have same value in a row, we can apply a simple “=” to check. If the values are same, it will return “TRUE” else it will return “FALSE”.

Suppose we are comparing column A and B in Row 1, the exact syntax would be –

=A1=B1

For example, view the video below –

To find the values of one column which are also present in the other column

If you want to compare two columns and check if values in one column exists in the another column and vice versa you can check with following ways:

  1. Using MATCH formula

MATCH formula is used to determine if a particular value is present in an array. It returns the row number in which the value is present. The exact syntax is as given below –

=MATCH(lookup value, lookup array, [match type])

  • Lookup value- the value you want to look up
  • Lookup array- The array where you want to find
  • Match Type- Exact or Approximate (0 is used for exact match)
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To compare the two columns using MATCH formula, we will select a particular value in Column 1 as ‘Lookup Value’ and find out whether it exists in Column 2, which will be selected as ‘Lookup Array’ in this case.

This would return us with the Row number in the Column 2 where the value exists. If it doesn’t exist, then it would return an error.

For example, view the video below –

  1. Using Conditional Formatting

You can also use conditional formatting to determine if the two columns have same values or not as demonstrated in the video below.

If you’re done with your MBA and still looking for courses, then in all chances, you haven’t bagged your dream job yet.

Even if you have got one, you may want to further hone your skills. BUT, you need to actually understand as to WHAT you want and WHY you want it. Else, you’ll be wasting your time and money.

You may have read various articles on the web which try to ‘pitch’ you various courses after MBA. Don’t just be carried away by the advice. Do your own good research to figure out What’s best for you.

If you have Majored in Finance subjects during your MBA, then following are the best, handpicked courses and career options that we suggest –

Investment Banking Courses

You must have heard of this term during your MBA. So much so that, most of the people take up Finance major to break into this field!

It’s not easy to get in. Although, there’s no substitute to hard work. If you have missed out a chance of getting into this coveted Job during your MBA placements, then you need not worry yet.

Basically, you need to polish two major skills to stand out and get shortlisted – Financial Modeling and Valuations.

  • Job Profiles – Investment Banking Associate, Financial Analyst, Equity Research, Valuation Analyst etc.
  • Employers – Goldman Sachs, JP Morgan, Citibank, Morgan Stanley, Bank of America, Credit Suisse, HSBC, Avendus Capital etc.
  • Salary – Although Salaries would also depend upon the college that you have graduated from, but they average out to be INR.10 LPA
  • Where you can do it from – There are plenty of short term training institutes claiming to place students in such profiles. However, only The Wallstreet School reveals the real Linkedin IDs of their previously placed students, who have solidified their base in the Investment Banking domain. You can do your R&D and get back to us, if you’re interested in this course.
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Certifications such as CFA, FRM or ACCA

All the above mentioned certifications are worthy enough, if you want global recognition. Almost every blog on this topic would suggest you to do these courses after MBA. Please DON’T blindly do them.

Now, one by one I’ll explain each one of them and Why should you do it?

  • Chartered Financial Analyst (CFA) – It’s a global certification in Finance which can help you widen your knowledge base in Equity Research, Valuations and Portfolio Management. You can Leverage the CFA certification to get a job in VC/PE firms or boutique Investment Banks
  • Financial Risk Management (FRM) – Again a global certification, but for a different purpose. If you wish analyse the risk involved in financial transactions involving Loan sanctions, Insurance Covers etc. then FRM can be a right choice for you.
  • CPA – It is also a global certification given by AICPA which is compulsorily required to practice as a public accountant in US. WIth CPA, you can get into profiles such as Assurance services, Forensic Accounting, Tax and Financial Planning, International Accounting, Internal and External auditing etc

A Doctorate in Finance

A non traditional, but one of the most coveted career choice after an MBA in finance can be a PhD or a doctorate, with specialization in Finance.

A handful of candidates fancy to live the lifestyle of professors which they encounter during their MBA journey. And yes, this is the path to achieve that.

  • Eligibility – In order to be eligible for a PhD in Finance, you need to have a Master’s degree in Finance, which you will of course have after completing your MBA. Also, you need to have a valid GMAT score or must have cleared UGC NET, depending upon the college’s criteria.
  • Best Colleges – Top 5 IIMs, ISB and XLRI
  • Job Profiles – Researcher (Finance), Associate Professor
  • Salary – Salaries of professors at MBA colleges can range from 15-20 initially. Later on, they can also earn royalty on their own research and publications.

Courses in Stock Market

If you have an investor alive within your sole, then you can also manage your funds and park them at the right places to multiply them. It can serve as a side income for many. In some cases, it may exceed their mainstream income, in which case people might leave their job to pursue it full time.

  • Why you should do it – To invest, you need to have knowledge. Otherwise, tips, tricks and recommendations from friends are just a gamble. Trust me, you’ll start feeling handicapped later down the line if you aren’t well versed with the mechanism of stock market.
  • Where to start from – Start with the book, “The intelligent investor” to see if you’re able to develop interest. Thereafter, you can look out for plethora of courses and Youtube channels which are out there on the web.
  • What NOT to do – Always be careful not to take “help” from someone while investing. Always learn the fundamentals and then frame your own strategies.

Often times, while dealing with data we get duplicate values. These duplicate values can lead to double counting in data and hence give wrong results. This makes it important to remove the duplicates to get the desirable results.

To remove duplicates, select the Array where you want to remove duplicates and then press ALT + A + M

For further steps, completely read the article till the end.

Basic Rule : Suppose there is an array which has duplicate entries in Rows 1,2, and 5. While removing duplicates, excel will just keep the first instance of the duplicate, that is Row 1.

Removing Rows with completely duplicate entries

Consider the example below, where Row 2 and 3 are exactly identical i.e. Name, City and Age, all are similar in these two Rows.

If you wish to remove the rows which are completely duplicate i.e. they have the same entries under all columns (Name, City, Age) then you can simply press ALT + A + M and tick mark all the columns of the dialogue box that appears, as shown below

After you click OK, the Excel will keep only the Row with first instance of the entry and remove all the other Rows, which are completely duplicate to it, as shown below.

Removing Rows with duplicate entries under certain columns

Consider the example below, where Name and Age in Row 3 and 5 are identical. However, the City column in these two Rows are different.

If you wish to remove the rows in which certain values are duplicate i.e. they have the same entries under specific columns, then you can simply tick mark those columns in the dialogue box which you want to consider for removing such duplicate rows .

In this example, we want to consider only duplicate entries under ‘Name’ and ‘Age’, as shown below.

After you click OK, the Excel will keep only the Row with first instance of the duplicate entries and remove all the other Rows, as shown below.

We hope that you found this article informative.

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In this article, we will learn about basic Logical Functions of MS Excel, namely IF, OR and AND. We will also learn how to use them in combinations such as IF with AND & IF with OR

Logical functions are the functions that check for a given condition. If the value satisfies the condition, the logic will display results according to the condition.

IF Function

The first function is IF function. If the value/ formula satisfies a particular condition it will give results as per condition satisfaction.

Syntax of IF function

IF(logical_test, [value_if_true], [value_if_false]) wherein

• logical_test: The condition that need to be evaluated

• value_if_true: The value that you want to print if the condition is satisfied

• value_if_false: The value that you want to be returned if the condition is not satisfied

For Example –

AND Function

The second function is AND. AND function returns “TRUE” or “FALSE”. If all the conditions in the formula is satisfied, it will return “TRUE” else it will return “FALSE”.

Syntax of AND function

AND(logical1, [logical2], …) wherein

• logical1: The first condition that you want to check that can be either TRUE or FALSE

• logical2, logical3 …: Additional conditions that you want to check that can be either TRUE or FALSE. You can check maximum of 255 conditions

For Example –

OR Function

The Third function is OR. OR function returns “TRUE” or “FALSE”. If one of the conditions in the formula is satisfied, it will return “TRUE” else it will return “FALSE”.

Syntax of OR function

OR(logical1, [logical2], …) wherein

• logical1: The first condition that you want to check that can be either TRUE or FALSE

• logical2, logical3 …: Additional conditions that you want to check that can be either TRUE or FALSE. You can check maximum of 255 conditions

For Example –

Usage of IF with AND

IF AND combination is used when there are multiple conditions which we want to test and if all the conditions are true it gives us the result as per condition satisfaction

Syntax of IF-AND Combination

IF(AND(logical1, [logical2], …), [value_if_true], [value_if_false]) 

For Example –

Usage of IF with OR

IF OR combination is used when there are multiple conditions which we want to test and if one of the conditions are true it gives us the result as per condition satisfaction

Syntax of IF-OR Combination

IF(OR(logical1, [logical2], …), [value_if_true], [value_if_false]) 

For Example –

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Mean, median, and mode are different measures to determine average in a numerical data set. They each try to summarize a dataset with a single number to represent a “typical” data point from the dataset.

Mean

The “average” number is found by adding all data points and dividing by the number of data points.

Example: The mean of 9, 5, and 1 is (9+5+1)/3 = 15/3 =5

How to find Mean using Excel?

The mean of a dataset in Excel can be found it by applying the formula “Average” to the data set. Also if you want to calculate the mean quickly you can just select the range. In the bottom right corner, you can find average of the array.

For example:

Median

Median also; The middle number is found by ordering all data points in ascending order and picking out the one in the middle (or if there are two middle numbers, taking the mean of those two numbers).

Example: The median of 9, 5, and 1 is 5 because, when the numbers are put in order (1,5, 9) the number 5 is in middle.

How to find Median Using excel?

The median of a dataset in Excel can be found it by applying the formula “Median” to the data set.

For Example:

Mode

Mode is the number which occurs most frequently in data set    

Example: The mode of (4, 4, 2, 4, 3, 2 ,2 ,2) is 2 because it occurs four times, which is more than any other number.

How to find Mode using Excel?

The mode of a dataset in Excel can be found it by applying the formula “Mode” to the data set.

For example:

Standard Deviation

Standard deviation is a measure of the amount of variation or dispersion of a set of values. A low standard deviation indicates that the values tend to be close to the mean of the set, while a high standard deviation indicates that the values are spread out over a wider range.

How to find standard deviation using excel?

The median of a dataset in Excel can be found it by applying the formula “STDEV” to the data set.

For example:

We hope that you liked this article and found it informative.

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In a world where education is gaining increasing importance, super-specializations are the way to go. For those in the Finance Industry, FRM is one of the courses that can help you land the right job or get the promotion that’s been evading you! 

In this article we’re going to brief you regarding everything you need to know about the FRM Course, right from its curriculum and fees to the scope and eligibility criteria for its membership. 

What is FRM?

Before we get into the details of the course curriculum, it is better to understand what the course is about, its ultimate objective and who the course is best suited for. 

FRM stands for Financial Risk Manager. The FRM Program is a course offered by the Global Association of Risk Professionals (GARP, USA). This course is designed to help professionals better equip themselves to understand and manage risks faced by businesses which leads to a career specialized in Risk Management.

FRM Course Eligibility:

There is no basic criteria to undertake the FRM Examinations. A student in first year of Graduation is also eligible to appear for the FRM Part 1 exam. However, there are certain criteria to be fulfilled in order to obtain the FRM Certificate. 

In order To be eligible to get certified as a Financial Risk Manager, the following criteria need to be satisfied:

  • You must have cleared Level 1 and 2 of the FRM Program, within 4 years of applying for the Part 1 exam.
  • You must have a Minimum 2 years of relevant work experience in Risk profile, within 5 years of clearing Part 2 exam.

FRM Exam Pattern

The FRM exams (Both Parts) are held twice a year – on the third saturday of May and November. One can appear for both the parts on the same day. However, it is not recommended due to enormity of syllabus. In essence, a candidate can clear both levels of the examination within one year minimum. 

Given below is a table reflecting the exam pattern of the two parts of FRM Examination –

ParticularsFRM Part IFRM Part II
No. of Questions100 MCQs100 MCQs
Duration4 Hours4 Hours
TimingsMorningAfternoon
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FRM Course Fees

The Exam Fees depends on the level and as is common with several International Programs, offers a varied fee depending upon the deadline opted for – Early, Standard or Late. When you enroll for Part I exam, you need to pay a one-time enrollment amount of $400, which is not applicable in Part II.

Exam Level Enrollment Fees Early  Standard Late
Part I $400 $425 $550 $725
Part II 0 $350 $475 $650

FRM Curriculum:

The most important feature of any program is its curriculum. We’ve identified the key areas of study covered across the FRM Program.

FRM Part 1 Subjects:

TopicWeightage
Foundations of risk management 20%
Quantitative analysis 20%
Financial markets and products 30%
Valuation and risk models 30%

FRM Part 2 Subjects:

TopicWeightage
Market Risk Management 20%
Credit Risk Management 20%
Operational & Integrated Risk Management 20%
Liquidity and Treasury Risk Measurement and Management 15%
Risk management and investment management 15%
Current issues in financial markets 10%

Job Profiles and salary of FRM Charter :

Any profile that a FRM Charterholder gets into, will involve calculation of risk, some way or the other.

Take an example of a Risk Manager of an Insurance company. The Risk Manager would determine whether or not to extend an insurance cover to a particular asset, person or a business . He uses various quantitative tools to arrive at the decision. The FRM course teaches you such tools to arrive at such decisions.

Upon completion of the certification, regardless of the title given to you, your basic job profile would focus around Risk Analysis, Risk Identification and Risk Management for various investments and projects that you work on. 

  • Job profiles – Risk Analyst, Operation Risk officer, Risk consultant, Portfolio Manger, Credit risk specialists etc.
  • Average Salary – The Salary of FRM Charter depends upon the work experience, Job profile and the recruiter. Average salary of FRM is $99,000 in USA and INR 10,00,000 in India
  • Recruiters – Recruiters Include Investment Banks, Commercial Banks, Insurance companies and consulting firms such as HSBC, CITI, Goldman Sachs, JP Morgan, Allianz etc.
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Frequently Asked Questions (FAQs)

What is the salary of FRM Charterholer?

The Salary of FRM Charter depends upon the work experience, Job profile and the recruiter. Average salary of FRM is $99,000 in USA and INR 10,00,000 in India

What are the Job opportunities after FRM?

A FRM Charter can work in Job profiles such as Risk Analyst, Operation Risk officer, Risk consultant, Portfolio Manger, Credit risk specialists etc.

What is the Fees of FRM Exam?

Initial enrollment fees for FRM Exam is $400 . The additional registration fees for Part I is between $425 to $725 and for Part II is between $350 to $650 depending upon the deadline you want to apply in.

There was a time when being a Chartered Accountant and earning prestigious ‘CA’ prefix before your name was considered as a masterstroke.

BUT, tables have turned now in the era of rapidly evolving world. Moreover, the future of finance and business seems tremendously dynamic and emerging.

So in order to raise value and stand out of the crowd, it is important to set a stage for the next steps after completing your CA.

This isn’t just another article which simply lists down the courses after CA, it also gives you a deep thought interpretation about WHY you should do that course.

Without a delay, let’s have a look at the most popular courses after clearing Chartered accountancy Exams.

Investment Banking – The Top Trending Career

If you have ever been fascinated by the Cushy lifestyle of Investment Bankers in movies or anywhere on social media, then this is THE BEST option for you.

In order to start your career in Investment Banking, you need to opt for short term training for two basic skills – Financial modelling and Valuation.

  • Profiles : Valuation Analyst, Investment Banking Analayst, M&A Analyst etc.
  • Top Institutes to pursue this course:  Only The Wallstreet School reveals the data of previously placed students, with their Linkedin profile links. No other institute does so.
  • Employers : JP Morgan , Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse, Barclays Investment Bank, Deutsche Bank, UBS, RBC Capital Markets etc.
  • Salaries : Starting at 9-10 Lakh Per Annum
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CFA (Chartered Financial Analyst) – A ladder to International Finance Career

Many CAs opt for the CFA exam, right after qualifying their Finals. This combination gives you an all-around knowledge and in the field of Core Finance.

It gives you more international acceptability, than what CA as a standalone degree can give. It can help you take up jobs outside India.

  • Profiles – Portfolio Management, Equity Research, Valuations, Portfolio management, Stock trading etc. .
  • Employers : Investment Banks and Consulting firms such as Goldman Sachs, JP Morgan, Crisil, HSBC, Deloitte, Evalueserve etc.
  • Best institutes to prepare for CFA: The Wallstreet School (Official Prep Provider), Fintree, Sanjay Saraf etc.
  • Salaries : For fresher CA’s with a CFA Charter, salaries tend to average anything between 8 and 12 lakh.
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LLB (Bachelors of Law) – Take up the legal suits yourself

These days, CAs have developed their craze towards law. The reason is pretty obvious .

You can have better hold over legal language and edge over other Chartered Accountants in matter drafting appeals or presenting cases before authorities.

  • Entrance Exams: Common Law Admission Test (CLAT), AILET – All India Law Entrance Test, LSAT – Law School Admission Test etc.
  • Best law colleges : National Law School of India University (Bangalore) and NALSAR University of Law(Hyderabad)
  • Salaries : Campus recruitment salaries at prestigious law colleges start as high as Rs 35,000 to Rs 40,000 per month.
  • Profiles : You can take up cases on Civil Law, Corporate Law, Labour Law, International Law, Family Law, Constitutional Law, Patent Law etc.

FRM (Financial Risk Manager) – Analyze the Risk

FRM is globally recognized designation issued by Global Association of Risk Professionals .

During your CA journey, you might have sometimes calculated the Risk associated with a particular portfolio in the subject of Financial Management.

If you’re fascinated by that, you can opt for this course. It’s drafted on similar lines.

  • Exam: You need to clear both levels of FRM. The examination is conducted in November and May.
  • Employers : ICBC, Bank of China, Citi, KPMG, Deloitte, E&Y, Deutsche Bank etc.
  • Salaries : For fresher CA’s with a FRM, average salary is around 7-8 lakh.
  • Profiles : Risk Manager or Credit Manager in Banking sector, Insurance sector or Consulting firms.
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CS (Company Secretary) – Become a Corporate Lawyer

We have seen many Chartered accountants pursuing CS along with, or after they qualify CA finals. Many subjects of these two courses are overlapping and hence getting 2 degrees from same knowledge is a useful proposition.

Chartered Accountants usually pursue CS to get a strong hold in Corporate law, along with their core domains – Audit and Taxation.

  • Exam : To get the CS Degree, you need to clear the three levels of examinations – Foundation, Executive and Professional. If you’re a CA, then you will get direct admission in CS-Executive.
  • Profiles : A combination of these two degrees would boost up the chances of getting a Job as a Legal Adviser to MNCs for matters related Taxation, Audit and Accounting.
  • Salaries : Average Salary of a Company Secretary rangers between 6 to 7 Lakh

CPA (Certified Public Accountant) – Setup your International Practice

CPA is the American version of Chartered Accountancy. The CPA degree is given by American Institute of Certified Public Accountants, and it is mandatory to have this degree in order to practice as a Public Accountant in US.

  • Profiles : A Chartered Accountant with a CPA degree can work in a wide variety of areas like Assurance services, Forensic Accounting, Tax and Financial Planning, International Accounting, Internal and External auditing etc
  • Salaries : Average Salary of a CPA is between 6 to 7 Lakh in India.
  • Employment opportunities : If you’re looking for opportunities to setup your practice in US or to get a job in Indian MNCs for the profiles mentioned above, then CPA is a good option after Chartered Accountancy.

Conclusion

Don’t just blindly follow people’s advice to pursue CPA, CS, CMA, etc. Every person is special, has different abilities and therefore, what suits to others may not suit them.

It totally depends on what profile you are interested in and what work you want to do for the rest of your life. Trust your instincts.

Frequently Asked Questions (FAQs)

Which is the best course after CA?

It depends upon your interest. If you want to get into core finance, then CFA is the best option. If you want to stay in accounting, then you can go for CPA or ACCA.

How to become an Investment Banker after CA?

You need to master the skills of Financial Modeling and Valuations. Thereafter, you can start applying to investment banks

Which course to do after CA to get a high salary?

Usually, the highest rewarding career in Finance domain is Investment Banking. Thus, you can pursue CFA to break into this field.

If you’re looking for Courses and Career options after B.Com, then most probably you’re in the final year of your graduation or you’ve completed it.

We all have a dilemma about the career choices at some point during our graduation. Keeping that in mind, I have tried to make this article as comprehensive as possible.

It’s not just another blog which simply lists down the courses after B.com. Rather, it’s a whole analysis of each course – Who should do it and Why should you do it?

Making an appropriate career choice after B.Com is a BIG Deal. Even a slightest mistake at this point of your career can land you into distress.

To help you decide about the career path, this article lists out different career option with relevant details such as Salaries, Job profiles, Cost and Time Duration of the course.

Job Oriented Certifications

Most of the times when we’re looking for career options, we’re actually interested in the Jobs that we would get if we choose that option. Thus, we will first look at the short term certifications which can fetch you a decent Job even before your Masters, given that you work hard.

Investment Banking Certification

This is the most elite Job profile that you can get just after B.com. It’s related to core finance and not accounts, audit or taxation. If you’ve ever been fascinated by the companies such as Goldman Sachs, JP morgan or HSBC, then let me tell you, this is the most desired profile that they offer.

  • Duration – 1 to 2 Months
  • Estimated Cost – Rs. 50,000
  • Job profiles – Equity research, Business Valuation, Financial modeling
  • Employers – HSBC, EY, KPMG, Mcube, JP Morgan, CRISIL, Moody’s and thousands of boutique investment banking firms.
  • Average Salary – It depends upon your previous work experience, academic background and negotiation skills. Generally, B.com freshers get Rs. 3 to 6 lakh per annum.
  • Best Institute to pursue this course – Honestly speaking, the main criteria for choosing the best in this industry should be ‘Transparency’ of placements. No other institution except The Wallstreet School reveals the past placements. We’ve revealed the real Linkedin and Facebook accounts of around 1,000 previously placed candidates, who have solidified their base in Investment Banking domain on our Placement section. You can do your R&D and get back to us, if you’re interested in this course.
Popular Course in this category
Certificate in Investment Banking 60+ hours of Videos | 100% Placement Support | Real Life Case Studies

Digital Marketing Certification

This is another trending certification that commerce graduates can pursue without any technical skillset as pre-requisite. If you’re fascinated by the terms such as SEO, SMM, SEM or PPC, then you must be knowing by now that they all come under the umbrella of Digital marketing.

  • Duration – 3 to 4 Months
  • Estimated Cost – Rs. 50,000
  • Job profiles – This is the most interesting part pertaining to Digital marketing industry. You work with clients to increase their sales using Social media, Search engines and a bunch of analytical tools
  • Employers – Each and every B2C business that sells products or services online.
  • Average Salary – For a fresh commerce graduate, the salary ranges between 2 to 4 Lakhs.
  • Best Institute to pursue this course – You will find a ton of content over the web to learn Digital Marketing. But I would suggest you to not to go to any particular institute. Rather, you can follow some super knowledgeable Channels such as – Neil Patel, Ankur Aggarwal and Intellectual Indies.

Data Science Certification

Any and every useful result on earth has been derived from Data. For a simple example, Google Maps gives us the real traffic conditions based upon the data that it collects from the GPS activity of the people around. Netflix or Youtube gives us the recommended videos based upon our past behavior, which is based on Data. If you’re fascinated by How they drive such results, then you can go for this certification.

  • Duration – 3 to 4 Months
  • Estimated Cost – 1 to 3 Lakh
  • Job profiles – Business Analyst, Data Analyst, Business Intelligence Analyst
  • Employers – All Major KPO’s, EXL Analytics, Moody’s Analytics, EY, KPMG, PWC etc.
  • Average Salary – 3 to 4 Lakh for a commerce graduate without prior work experience.
  • Best Institute to pursue this course – You can enroll for courses on Udacity or coursera (Trust me, they are best in terms of knowledge). However, if you’re seeking placements, you can go for Great Learning, Edureka, Jigsaw Academy etc.

Professional Courses

The Courses under this subhead will give you a Tag (CA,CFA,FRM) which you can use to deliver professional services independently, or as an employee.

Chartered Accountancy (CA)

Each and every finance graduate in India must have tried pursuing CA, or has a friend who is doing CA. The essence is that there are a large number of candidates appearing for such exam, but the pass percentage is really low. If you’re fascinated about analyzing Financial Statements of a company, you can go for this course.

  • Duration – After Clearing CPT (Entrance), you can give IPCC (Intermediate) after atleast 1 year. Thereafter, you need to go through articleship under a practicing CA for 2.5 years. Finally you can give CA Final examination. Thus, Minimum Duration is 3.5 years.
  • Estimated Cost – 4,00,000
  • Job profiles – Audit, Taxation and Due Diligence
  • Average Salary – 7 to 8 Lakhs

Chartered Financial Analyst (CFA)

It’s the most sought after degree for those who want to make an International career in core Finance. By core Finance, I don’t mean Audit, Taxation or Accounting. It refers to elite profiles that I’ve mentioned in Investment Banking Certification above. It adds to your CV and makes it stand out for the employers. Moreover, CFA is a pre-requisite for many finance jobs as well.

  • Duration – CFA Level I exam is held in june and December. Whereas, CFA Level II and III examinations are held only in June. Thus minimum duration is 1.5 to 2 years, if you clear it in first attempt.
  • Estimated Cost – Enrollment fees is $450 USD. The fees for each Level of CFA ranges from $700 to $1,450 USD.
  • Job profiles – Equity Research, Portfolio Management, Valuation Analyst, Investment Banking etc
  • Average Salary – Rs 616,736 according to Payscale.
  • Recruiters – Major recruiters are Investment Banks and Consulting firms such as HSBC, Goldman Sachs, JP Morgan, Deloitte, PWC, EY, KPMG, Evalueserve etc.
  • Best Institute to prepare for CFA – Trust me, the teaching style and experience of the faculty is the main catch here. You would find many coaching centres . The Wallstreet School is an Official CFA prep provider of the CFA institute. People with absolutely zero or negligible knowledge of finance find our CFA training as a major savior for them 
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CFA Level I Prep Course Official Prep Provider | 91% Passing Rate | 120+ hours Videos

Financial Risk Manager (FRM)

Financial Risk Manager is a designation issued by Global association of Risk Professionals (GARP). People with specific interest in Risk Management shall go for this course. Now, the question is – What exactly is Risk Management. Take an example of a Risk Manager of an Insurance company. The Risk Manager would determine whether or not to extend an insurance cover to a particular asset, person or a business or not. He uses various quantitative tools to arrive at the decision.

  • Duration – You need to clear both FRM Part I and II. The examination is conducted in November and May. So, the minimum duration is 6 Months. Although you can appear for both the Parts one single day, it’s not recommended. Thereafter, the candidate must acquire atleast 2 years of work experience in risk management to get this certification.
  • Estimated Cost – Enrollment fees is $450 USD. The fees for each Level of CFA ranges from $425 to $550 USD.
  • Job profiles – Risk Analyst, Operation Risk officer, Risk consultant, Portfolio Manger etc.
  • Average Salary – It ranges from INR 8,00,000 to 23,00,000 depending upon your position, experience and industry.
  • Recruiters – Recruiters Include Investment Banks, Commercial Banks, Insurance companies and consulting firms such as HSBC, CITI, Goldman Sachs, JP Morgan, Allianz etc.
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FRM Level I Prep Course Official Prep Provider | 95% Passing Rate | 100+ hours Videos

Post Graduation

This is the most traditional path that most of the commerce graduates will follow. But, there’s a big, big catch here. Your career after Post Graduation totally depends upon the Reputation and Brand name of the Institute from where you’re pursuing it. Also, you need to be sure as ‘why’ you’re doing it. Following are the options –

MBA (Master in Business Administration)

If you ask any B.com graduate in India about their future plans, they would say ‘MBA’. MBA can give you practical expertise in area of General Management, operations, Finance or marketing. However, almost 3,00,000 candidates appear for MBA entrances every year, out of which 4,000 to 5,000 candidates get admission in top 30 colleges. 

  • Duration – 2 years
  • Estimated Cost – 15 to 25 Lakh
  • Job profiles – It totally depends upon which field have you mastered in – Finance, Marketing, Human Resource or Operations. Also, if your college has a big brand value, you may get a job in core profiles of your domain, otherwise you may end up getting backend or a BPO job.
  • Major Entrance Exams – CAT, GMAT, XAT, SNAP, MICAT, IIFT
  • Average Salary – Again, It totally depends upon the reputation of the college from where you’re doing MBA. However, according to Payscale, average salary after an MBA degree in India is Rs. 6,99,000.
  • Best colleges to pursue MBA –  Top seven IIMs, XLRI, SPJIMR, MDI Gurgaon, SIBM Pune, Indian School of Business (ISB)

M.com (Master of Commerce)

Although not preferred by many, but people keep this as a backup option. But in real sense, it should be done if you’re interested in Academia, University teaching or research. It’s an extended version of B.com. Most of the subjects that you learn have roots in the books that you’ve already studied during Undergrad

  • Duration – 2 years
  • Estimated Cost – 50,000
  • Job profiles – Since there is no value addition in skillset if you pursue M.com, the private job opportunities are almost same as that of a B.com graduate. However, if you clear NET (National Eligibility Test), you can apply for the post of Assistant Professor in commerce colleges.
  • Average Salary – 3 to 6 Lakhs
  • Best Colleges – Delhi School of Economics, Shri Ram College of Commerce, Hindu College.

Government Jobs

Government Jobs are know to be the most safest and steady. Most of the Indian parents want their kids to get a secured government Job so that they can settle early in life. Let’s have a look at the major options available.

SSC CGL (Combined Graduate Level)

Combined graduate level exam conducted by staff selection commission is the most sought after competitive government exam in India. It’s also considered as a backup option by the students preparing for UPSC, and that’s why it’s also called Mini IAS. SSC CGL is conducted to fill groub ‘b’ and group ‘c’ vacancies in various departments and ministries of central government.

  • Eligibility – The candidate must have a Bachelor’s degree. Also, there’s a maximum age limit depending upon the type of the designation or post.
  • Posts and designations– Assistant Section officer, Income tax Inspector, Sub Inspector (CBI), Assistant Audit officer etc
  • Ministries and Departments – CBDT, Central Bureau of Investigation, CAG, Ministry of Railway, Ministry of external affairs etc.
  • Salaries – The starting salary ranges from 30,000 to 60,000 depending upon the type of the post or designation you have got.

To view complete details regarding Salaries, Eligibility, Age limit, you can visit the official website of Staff Selection Commission

IBPS PO (Bank Probationary officer)

It’s a combined entrance exam conducted by Institute of Banking and Personnel Selection to fill Manager Scale I vacancies in 20+ nationalized banks

  • Eligibility – The candidate must hold a Bachelor’s degree from any recognized university. Also, the age of the candidate must be between 21 to 30 years.
  • Posts – Assistant Manager, Deputy Manager Scale I
  • Recruiting Banks – Allahabad Bank, Bank of Baroda, Punjab National Bank, Oriental Bank of Commerce, State Bank of India etc.
  • Job Profile – The work mostly revolves around sanction and processing of loans, customer grievance handling, revenue budgeting etc.
  • Salaries – Rs. 40,000 (Approximately) including basic pay, Dearness Allowance, HRA etc.

To view complete details regarding Salaries, Eligibility, Age limit, you can visit the official website of IBPS

UPSC Civil Services Examination (CSE)

Union Public service commission conducts this examination to fill in the positions of high repute, power and authority in the central government. Around 1 Million students apply for this examination every year for some odd 800-1000 vacancies.

Eligibility – Eligibility – The candidate must hold a bachelor’s degree from a recognized university. Also, the candidate should be atleast 21 years of age and must not have attained the age of 32 years

Designations – Indian Administrative Services, Indian police Services, Indian Revenue Services, Indian Foreign Services etc.

Ministries and Departments – CBDT, Ministry of Railways, Ministry of External Affairs, Home Ministry, Ministry of Finance etc.

Job Profile – All the reputed government designations such as Commissioner of Income Tax, Commissioner of Poilice, District Magistrate, Cabinet Secretary, Additional Secretary.Salary – Starting Salary depends upon the Post and Designation that you’re working on. Total Salary consists of Basic Pay + DA + HRA + TA + other Allowances. To view the complete list of Salaries for various, Designations, click here.

Conclusion

We really hope that this article added to your research of making an appropriate career choice. Ultimately, it’s YOU who has to make the ultimate decision. All the Best!