Be it on a macroeconomic scale or with a specific industry perspective, it is employment which ultimately indicates the health of the economy or industry. Students who are freshly trained in finance, face an exciting and dynamic world. Ultimately however, for the majority of the students, it is all about getting placed.
In the commerce domain, bulk job placements are in the domain of Finance & Accounts. Corporate placements has a definite matrix of eligibility criterion of education, projects and skills and very few educational institutions meet the rigorous demands.
Prominent among these set of criterion is team work, time management, compliance, analytical skills, strategic planning, budgeting, numerical proficiency, work prioritization, operations management, customer resource management, risk management, leadership, synergizing, confidence, negotiation, professionalism and finally and perhaps most critical, ethics.
Most general education are ill equipped to impart this gamut of critical skills that prepare them for jobs. At this juncture, it is clear that only professional courses can rise to the challenge.
In the professional courses subset, 3 choices exist for students: Indian & Global MBA, Indian Finance & Accounting Professional Courses and finally, Global Professional Finance & Accounts courses. MBA as a choice is immensely popular but the issue is a problem of plenty. Unless the student studies from the top 20% of Indian and global colleges, the MBA investment is not worthwhile. Top range Indian Courses are close to Rs 30 Lakhs and at global level, it is in the range of Rs 1-1.5 Crores. Clearly the issue here for bulk of the students in India is funding, not to mention, the grueling academic & non-academic criteria for global colleges admission.
The second option is Indian Finance and Accounts courses. The main issue is abysmal pass rates and after spending half a decade struggling through the course, the return on investment is nowhere close to the effort involved. Yet, jobs are almost guaranteed, however low paying they might be.
That leaves the only option of pursuing global finance and accounts course and of the popular ones that are based in UK and US- oldest and most reputed- CIMA, ACCA, CMA US, CPA US- the cost range is an affordable 2-4 Lakhs and merit students can certainly clear every subject in first attempt.
Of this lot, employers tend to hire students from organizations that regularly interact with corporate bodies and incorporate their feedback in academics, transparently interacting with all stakeholders.
ACCA UK has been performing this role to perfection in India, tying up students placement and training with Approved employers and academic training with Approved Learning Partners. They have global portability in 183 countries and eligible to sign financials in 78 countries. Every week, they organize Round Table conferences with companies to input their feedback on ACCA academic content. This is noticed by companies and everyday, 120-150 fresh jobs of ACCA show up in India job portals. Such is the situation that demand for ACCA qualified members is more than supply. ACCA has incorporated the entire gamut of required skills in its 13 papers. This system of dynamic changes in syllabi keeps its members employable and industry relevant. Not just private sector, the government sector and RBI has now made it mandatory for people to know IFRS, which is comprehensively covered by ACCA. The Diploma in IFRS is also published as a requirement for Grade B jobs in RBI.
Students are assured of being job ready and job relevant the moment they become full ACCA member. ACCA takes care of their academic support, internship and full placement. ACCA may not be the first organization nor they may be the last, yet their impact on Indian commerce students is very strong. Very few education bodies understand the pulse of Indian companies but ACCA are one of them.
Placement is a mysterious matrix but when certain bodies understand the code, their members are well set.