Commerce is considered to be one of the most important fields in India. Every person who dreams of becoming an expert in the field of business, finances, and accounts opts for the commerce field. Business, trade, and industry are all essential economic activities. These are all goal-driven. As we know the industries serve as a major backbone for the growth of a nation’s economy. For a flourishing industry, we need knowledge and a good hand in business, trade, and other economic sectors.
The British came to India with the motive of trading. They introduced this proper concept of trading and business in India by becoming our rulers. Commerce has become an important part and parcel of our lives. It is crucial for us to become well-versed with economic and financial terms for a handsome income. Almost all human activities in this modern world revolve around economics. This can be trade-related, manufacturing, or commerce and finance. A commerce graduate has a firm foothold in any business proposal that deals with money.
A person with a well-to-do knowledge of commerce gives a student a deep understanding of business and its many functional areas. This equips students to meet the community criteria for industry, commerce, and trade.
Commerce courses make young individuals confident enough to take hold of their finances and manage them wisely. It enables one to make educated judgments about the present and future situations that impact them. More than one-third of the learners work, which implies that teens are already making financial and job decisions. The issues addressed in this field, helps the students efficient enough to analyze and take wise decisions regarding their coming years.
Commerce studies are enjoyable; one can participate in the curriculum since the themes are about real-life things that are happening in the world right now. Commerce education enables the learner to express their thoughts and become an excellent intellect in finances.
Pros of studying commerce
- Expertly finding viable solutions in finances.
- Being optimistic and taking wise financial decisions.
- Spreading the knowledge of this field across the globe and making changes as per the needs.
Future scope of commerce
With globalization and a leap in the corporate world, there is a greater need to reinvent, revise and enhance commerce education in India. Commerce forms an essential part of Indian finances and business. Without commerce, the nation's corporate development will come to a halt. As a result, it is essential that there are no blunders in the smooth functioning of the system. Many professional skills are developed through business education. As a result, when compared to other types of professional education, commerce offers greater career opportunities. Due to its career opportunities, people are looking optimistically towards the commerce sector and dreaming of being a successful commerce degree holders.
Commerce and the industry sector are interlinked with one another. A country's prosperity is determined by its caliber of making business deals and trades with other countries.
Challenges and Future of Commerce
We can also term Commerce education as business education. Commerce students can get the positions of Chartered Accountant (CA), Cost and Works Accountant (CWA), Company Secretary (CS) etc. Commerce field is different from the other fields. As a result, it must figure out new paths to meet the nation's goals. There is a higher necessity for the solid development of commerce education to fulfill the expanding needs of the business community. The importance of commerce education has grown. It implies a significant shift in how commerce and management education is seen in India.
Taking into consideration of all these benefits of Commerce background, if you are interested in pursuing a Commerce degree here is a guide for you.
Let us fulfill your dreams in the dream city of India (Mumbai)
We have a list of Top 10 renowned Commerce Colleges in Mumbai
1. Narsee Monjee College of Commerce and Economics
Narsee Monjee College of Commerce and Economics books its first place in this list, as we discuss about the best commerce colleges in Mumbai. This college is famous among students as NM College. It gets the 7th position all over India for being the best commerce college.
NM College offers undergraduate as well as post-graduate programs in the commerce field. One can get admission in this college to pursue higher secondary studies too. Narsee Monjee College of Commerce and Economics follows the curriculum of Mumbai University. The institution organizes regular industry trips to provide students with a hands-on experience with how businesses operate.
2. Mithibai College
Mithibai College makes its place consistently in the top 5 commerce colleges across India.
Mithibai College of Mumbai provides the students a degree program and one junior college program. The Degree College is divided into three main departments and 21 sub-departments, and it offers 26 undergraduate programs, 17 post-graduate courses, and 7 doctoral courses in various Arts, Science, and Commerce fields.
Mithibai College has the honorable and prestigious award of Guru Nanak General Championship Trophy of the University of Mumbai for 12 consecutive years. Many of Mithibai's athletes represented the college worldwide in various competitions. Many of them are the award holders of the distinguished Shri Shivchhatrapati Award of the State. Mithibai students make the college proud by owing many Arjuna Awards at the National level.
3. H.R. College of Commerce and Economics
H.R. stands for Hassaram Rijhumal. H.R. College is a private college. It started serving as good commerce college from the year 1960.
HR College offers nine different programs in four streams: junior college, degree-college, and research department. HR College provides four streams: junior college, degree-college, and research department. Ph.D. aspiring students for this college need to take a proctored entrance exam for admissions. The college only accepts online applications.
4. Kishinchand Chellaram College
Kishinchand Chellaram College, or KC College, is an autonomous institution in Mumbai, Maharashtra, India. It has received an "A" mark from The National Assessment and Accreditation Council. It is one of the first colleges to receive this mark. This college came into existence in the year 1954.
The university started functioning under the Star College Scheme. Since the year 2016, it functions with the aid of using DBT (Department of Biotechnology) Government of India. The infrastructure of laboratories had been advanced and diverse sports and seminars had been organized with the funding furnished with the aid of using DBT below this scheme, to generate hobby in college students for pursuing technological know-how in addition to motivating them for pursuing studies in future. On the final touch of the 3 years below this "Star College scheme", the university became offered with the "Star College" repute in 2019 with investment furnished doubled from the preceding investment of "Star university scheme". The university gets the funding under the program of FIST software with the aid of using DST (Department of Science and Technology) Govt. of India, with a '0' degree provided of eighty lakhs in 2016 for development in technological know-how guides and growing infrastructure of laboratories.
5. Jai Hind College
Jai Hind College started functioning from the year 1948. The college provides all three streams for the 12th HSC boards. It also provides undergraduate programs, 5 post-graduate programs, and other Certification or Skill development and Value-added Courses. Jai Hind College also provides self-financed and vocational courses. The reason behind these courses is to boost students' employability.
If you wish to apply in this college you need to check out their merit list and cutoffs. The admission process in this college is based on merit and entrance examination score. Students get excellent placement opportunities from this college. Every year, over 90 businesses, including well-known MNCs such as Ernst & Young, KPMG, and Deloitte, provide placements for Jai Hind students. Priyanka Chopra, Aishwarya Rai, Kiara Advani, and many other well-known celebrities have graduated from this college.
6. St. Xavier's College
St. Xavier's College is a private commerce college in Mumbai. The functioning of this college is in the hands of the Bombay Province of the Society of Jesus. This college started functioning on January 2, 1869. Undergraduate, Postgraduate, Certificate, and Diploma programs in Arts, Science, Business, and Commerce are available at the college. Admission to these programs is dependent on both merit and entrance examination. The cut-off for the college's entrance exams is always between 92 and 98 percentile for general category candidates.
St. Xavier's also offers excellent job placement options to its students. The institution saw a considerable increase in the number of placement offers during the most recent 2020 placement campaign. The largest remuneration package has surpassed INR 30 LPA. Accenture, Axis Bank, Crisil, Mahindra & Mahindra, SAP, and many more companies are involved in college recruiting.
7. Ramniranjan Anandilal Podar College of Commerce and Economics
Students call this college by the name RA Podar College. The responsibility of running this college comes under Pune's Shikshan Prasarak Mandal. RA College provides its topper students with the gift of scholarships. Students are fond of RA Podar College. RA College comes in the list of the best commerce colleges in Mumbai. This college takes us back to history as it came into existence in the year 1940.
The Shikshan Parasark Mandal is serving as the trustee of this college since 1940. RA College got the Mumbai University affiliation in the year 1950. This college has many different departments and various student clubs for arranging college fests and events. RA College is known for providing the good placement as well as growth opportunities.
8. D.G. Ruparel College of Art, Science, and Commerce
The responsibility of running and managing the finances of D.G. Ruparel College comes under Pune's Modern Education Society. This college is famous for commerce and BSc courses. D.G. Ruparel is a private college. It has got the Mumbai University’s affiliation.
They provide fair and good placements for their students. D.G. College started functioning from the year 1952. D.G. Ruparel College looks forward to women's empowerment. Many history-related political leaders have visited this college. Indira Gandhi was one of these leaders.
9. KJ Somaiya College of Arts and Commerce
K J Somaiya Institution of Arts and Commerce (KJSAC) is a for-profit college located on the 65-acre Somaiya Vidyavihar campus. This college starts functioning from the year 1959. Somaiya University’s small part is KJS College. Somaiya University provides around 28 schools and organizations. KJ Somaiya College of Arts and Commerce is a UGC-accredited college that was placed 18 in India Today's 'Commerce' category in 2021. KJSAC is associated with the University of Mumbai and provides 25 different BA, B.Com, M.Com, MA, and Ph.D. programs in the Arts and Commerce streams, as well as 12- to 18-month certification courses. Furthermore, the college accepts Class 12 students into the junior college's Commerce and Arts departments.
In terms of placements, KJ Somaiya College has a good hand. Every year, more than 50 firms come in to recruit students. The highest package provided till now has reached INR 7 LPA, while the average CTC is INR 2-3 LPA.
10. Sydenham College of Commerce and Economics
Sydenham College is Asia's one of the oldest colleges in commerce sector. This college started functioning from the year 1913. Sydenham College has Dr. Homi Bhabha University's affiliation.
The former governor of Bombay Lord Sydenham’s name is given to this college. He was the one who took essential steps in setting up a commerce institution in Bombay. Sydenham College is thus the oldest degree-awarding institution in business. K.S. Aiyar served as the college's first honorary principal. Percy Anstey, an economist, was named Principal in 1914 and served until he died in 1920. Dr. B.R. Ambedkar, an Indian jurist, and philosopher taught at the college.
The old Commerce education has become obsolete in the current globalized age. To keep up with the fast-paced world, the present business education system must undergo fruitful changes. With trade and commerce is soaring up to new heights in the context of expanding international business. Commerce courses need to undergo a few enhancements and updating techniques to meet the future demands of the economic, manufacturing, and service sectors. Since the 1990s after understanding the importance of commerce education, the Indian government is making provisions so that the commerce and business sector progresses. The results pose an extraordinary increase in the number of commerce and management schools, primarily through private participation.