Thursday, March 14, 2019

Simple M.Com to Super M.Com

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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