The
broad meaning of commerce is a branch of business, concerned with the exchange
of goods and services. It includes all those activities which directly or
indirectly facilitate that exchange. In today's context, the e-commerce,
internet based sale and purchase platforms (Amazon, Flip-cart, etc.) are well
known to youth population. Similarly, the popular commerce educations are -
B.Com and M.Com - offered at colleges/universities. The commerce related
branches include: BBA, MBA, Chartered Accountancy, Cost Accountancy, Company
Secretaryship, etc. Therefore, the inter-link between B.Com/M.Com and other
commerce related studies is available now in higher education system. For the
academic benefit of students of Chartered Accountancy/ Cost Accountancy/
Company Secretaryship, the specific specialization B.Com (or) M.Com degree
programmes is readily available in India.
*B.Com
(General)
*B.Com
with Major in Accountancy and Finance
*B.Com
with Major in Corporate Affairs and Administration
*B.Com
with Major in Financial and Cost Accounting
Company
Secretaries of India: The Institute of Company Secretaries of India constituted
under an Act of Parliament, i.e. the Company Secretaries act, 1980 is the only
recognized professional body in India to develop and regulate the profession of
Company Secretaries in India and to award the certificate bestowing the
designation of Company Secretary to a candidate qualifying for membership of
the Institute. It was in 1960 that the Government of India formed an Advisory
committee to standardize the basis qualifications needed for company
secretaryship course and to conduct the company secretaryship examination.
Initially, the Company Law board registered the students, conducted company
secretaries examination, provided practical training facilities and issued
Government of India, Diploma in Company Secretaryship to qualified candidates
from 1960 to 1968. As the number of persons taking up the company secretaryship
course grew, the Government promoted on 4th October, 1968 the Institute of
Company Secretaries of India under Section 25 of the Companies Act, 1956 for
taking over from the Government of India, to conduct the company secretaryship
examination. The Institute has since been converted into a statutory body
w.e.f. 1.1.1981 under the Company Secretaries Act, 1980. The Institute has on
its rolls over 20,000 members including over 3,000 members holding certificate
of practice and has totally registered over Five Lakh Twenty thousand students
since the inception of the course in 1960.
Bachelor
of Commerce with Major in Corporate Affairs and Administration: It is designed
and developed in collaboration with the Institute of Company Secretaries of
India, exclusively for the Company Secretaryship students. The main objective
of this programme is to develop skills and competencies of the students in the
field of competencies of the students in the field of Corporate Affairs and
Administration. The students can simultaneously study B.Com with Major in
Corporate Affairs and Administration with company secretaryship foundation programme
offered by ICSI. This programme comprises of 104 credits, out of which 24
credits are from IGNOU and 80 credits are part of foundation and executive
programme. Once a student passes Company Secretaryship Foundation and Executive
Progarmme automatic credit transfer is given in this B.Com programme for all
those students. This scheme facilitates
the students to obtain dual degree simultaneously.
Master
of Commerce in Business Policy and Corporate Governance: It is designed and developed in collaboration
with the Institute of Company Secretaries of India exclusively for the company
secretaryship professional programme students. The main objective of this
programme is to develop skills and competencies of the students in Business
policy and corporate governance. Students can simultaneously study this M.Com
programme along with company secertaryship professional programme offered by
ICSI. This programme comprises 12 courses out of which 4 courses once a student
passes 8 courses of company secertaryship professional programme, he/she
receives credit transfer for those 8 courses in this programme. This scheme
facilitates the student to obtain dual degree simultaneously when student
passes company secretaryship programme.
The
Institute of Cost Accounts of India (erstwhile the Institute of Cost and Works
Accountants of India) was first established in 1944 as a registered company
under the companies Act with the objects of promoting, regulating and
developing the profession of Cost Accountancy. It has since been continuously
contributing to the growth of the industrial and economic climate of the
country. The Institute of Cost and Works Accountants of India is the only
recognized statutory professional organization and licensing body in India
specializing exclusively in Cost and Management Accountancy. A cost account is
a person who offers to perform or perform services involving the costing or
pricing of goods and services or the preparation, verification or certification
of cost accounting and related statements.
It
was during the early years of World War II, that the concept of cost as an
independent entity made its beginning in the industrial circles of the world.
Due to the prohibitive cost of defense operations, the then governments at war
found it difficult to ascertain the price of defence purchase and thus evolved
the concept of cost + contracts. This forced the contractors to submit the cost
of the work to be undertaken by them, in order to be awarded the contract. 1945
brought the end of the war, and the nations ravaged by the effects of war began
large-scale reconstruction of their economies through industrialization. The
end of colonialism meant that many nations gained their independence, and this
process increased rapidly. The late forties and fifties can really be termed
the golden era of industrialization. The importance of cost accounting as being
central to the formation of government polices provided the foundation of the
rapid growth of the profession. What began as a mere exercise in estimating the
cost, later developed into a movement for efficiency and optimum utilization of
scarce resources.
Bachelor
of Commerce with Major in Financial and Cost Accounting: Student can
simultaneously study this programme with ICAI foundation/intermediate courses
offered by the Institute of Chartered Accounts of India. It comprises of 104
credits, out of which 24 credits are from IGNOU and 80 credits are part of ICAI
Foundation/ Intermediate courses. Once a student passes ICAI Foundation/Intermediate
courses, automatic credit transfer is given in this B.Com with Major in
Financial and Cost Accounting programme for all of those ICAI
foundation/Intermediate courses. This scheme facilitates the student to obtain
dual degree simultaneously.
Master
of Commerce in Management Accounting & Financial Strategies: It is designed and developed in collaboration
with the Institute of Cost Accountants of India exclusively for the ICAI
students. The main objective of this programme is to develop skills and
competencies of the students in Management Accounting and Financial Strategies.
Students can simultaneously study this M.Com in Management Accounting and
Financial Strategies with ICAI final programme offered by ICAI. This programme
comprises of 72 credits, out of which 24 credits are from IGNOU and 48 credits
are part of ICAI final course. Once a student passes ICAI final course,
automatic credit transfer is given in this programme for all of those institute
of Cost Accounts of India Final course. This scheme facilitates the student to
obtain dual degree simultaneously.
Charted
Accountancy: During fifty eight years of its existence, ICAI, set up under an
Act of Parliament, has created a unique name in the society. ICAI is a premier
accounting body in the country. The letters 'CA' which stands for 'Chartered
Account' and widely recognized as alphabets of trust. Over the years, the
chartered accountancy profession has achieved rapid growth by virtue of quality
professional services rendered by its members and the profession has occupied a
prominent role in the development of the country. Increasing responsibilities
are being placed by the Government and society on the members of the profession
and their specialized knowledge and skills are being utilized in various fields
of activities. The Institute is playing a prominent role in the International
Accounting Bodies as well.
ICAI
has contributed in the fields of education, professional development,
maintenance of high accounting, auditing and ethical standards. It is
imperative for ICAI to have an understanding with IGNOU, well known for its
contribution in the areas of open and distance education, research, extension
and training. Both the educational bodies strive to provide sustainable and
learner centric quality education. Separately, they have also been helping
millions of students across the country and abroad in qualitative education.
The understandings have helped in commencing of a special B.Com with Major in
Accountancy and Finance and a special M.Com in Finance and Taxation by IGNOU.
Exemption in these B.Com and M.Com courses are available according to what the
students study in ICAI courses. This understanding will also facilitate
collaborative personal contact programmes for the students as well as foster
research initiatives to improve pedagogy for the commerce and management
studies.
Charted
Accountancy is a challenging profession that offers practice or job
opportunities in the areas of accounting, auditing, corporate finance, project
evaluation, company and other business laws, taxation and corporate governance.
The multifaceted knowledge a chartered accountant enjoys through unique
academic programme blended with practical training is what the business and
industry need in the advent of liberalization, privatization and globalization
of Indian economy. Chartered Accountants are better equipped to discharge
accounting and audit function in a computerized business environment. A
globally acclaimed profession capable of offering new vistas to young talents,
new vision to young talents, a new vision to build a career and a new idea to
blossom.
Recognizing
subjects studied in the entry level course of chartered accountancy and
subjects of study in the first stage of chartered accountancy, course under the
approved scheme of education and training of the ICAI, as well practical
training component, IGNOU conducts a specialized B.Com course majority in
Accountancy and Finance for the students of chartered accountancy course by
which exemption is granted in certain common subjects such that these students
can improve their learning process by acquiring knowledge in new areas rather
than concentrating in the same subject, which are covered in the theoretical
education scheme of the chartered accountancy. Further, recognizing subjects of
study in the chartered accountancy final stage, the IGNOU conducts a special
master programme in commerce majority in finance and taxation for the benefit
of students who are undergoing CA final course or who have already qualified CA
final examination.
Bachelor
of Commerce with Major in Accountancy and Finance: Students can simultaneously study this B.Com
programme with Chartered Accountancy First stage offered by ICAI. This
programme comprises of 96 credits, out of which 32 credits are from, IGNOU and
64 credits are part of Chartered Accountancy course (First Stage). Once a
student passing Chartered Accountancy first stage, automatic credit transfer is
given in this B.Com (A & F) programme for all of Chartered Accountancy
first stage course. This scheme facilitates the student to obtain duel degree
simultaneously.
Master
of Commerce in Finance and Taxation:
Students can simultaneously study this programme along with Chartered
Accountancy Final Course offered by ICAI. This programme comprises of 13
courses, out of which 5 courses are offered by IGNOU and remaining 8 courses
are part of Chartered Accountancy Final course. Once a student passes the 8
courses of Chartered Accountancy Final Course., he/she receives credit transfer
for those 8 courses in this programme. This scheme facilitates the student to
obtain dual degree simultaneously when a student passes CA final, he/she
becomes the member of CA and at the same time he/she is also qualified to
receive this M.Com degree by completing only 5 more courses from IGNOU.
The
requirements of students for commerce degree (or) PG degree is increasing
day-by-day. To meet such requirements,
the professional bodies in commerce education system associated with the
universities of Open and Distance Learning System (Eg: IGNOU). Given the
opportunity, it is for the young students to avail the golden opportunity
provided by Open and Distance Learning System. Getting multiple benefits from
single professional study of Chartered Accountancy/Cost Accountancy/ Company
Secretaryship) is possible now. It provides more professionalism in commerce
education.
(The
authors are Dr. S. Ganesan and Mr. S.Shaji, IGNOU, Regional Centre, Port Blair
and can be reached at rcportblair@ignou.ac.in (M-8900936718)
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