REVITALISING COMMERCE HIGHER EDUCATION-Challenges & Opportunities

ABSTRACT

The article is an objective introspection about the Commerce Education–Its objectives, its problems, its job potential, its quality and its relevance to the present day needs of our country.

The growing phenomenon of globalization, liberalization, & privatization has been influencing the commerce Education. We must create a super industrial educational system and to do this we must find for our objectives, methods in the future education must forward in to future objective. The higher education sector in India is very wide the commerce education in national development and economic development is well established. The objective of higher education can be achieved only change in system. The output of commerce education should full global competition but we have to face that commerce graduate and post graduate have look of practical knowledge. We and  our country want practical oriented commerce education in this age.

Commerce education is taking slowly and professional approach the industries are no longer in need of skilled or single skilled person they expect a trained, qualified skilled specialist who can meet the industry requirement properly. Some science and engineering institute developed practical oriented coerces and skilled person who are needed for corporate and industries requirement.

Keywords: Commerce, career, job orientation, higher education, skills, knowledge.

Introduction

                               

Education should be three part process of Importing knowledge, developing skill and attitudes and value toward life and society in general. It must enable the individual to develop the activity skill to earn and carry in reasonable standard of living, it must also enable him to almost so that intelligently. Indian economic is mixed economy. Commerce has grown from a subject to fully fledged faculty in most of the universities and had acquired a pride of place.The technological revolution has further provided new dimensions E-banking, E-finance, E-marketing, E-commerce, E-investment , E-trade world become a village. Commerce education is business education it’s required and develop knowledge skills an attitudes for the handing of trade commerce and industry the recent commerce education has emerged accountant cost & works accounts. Company secretary & Business administrator commerce education is totally different from other disciplines it must create new routes to nation commerce is dedicated to developing tomorrow’s leaders manager, professionals.

Commerce/Business Education

Business education or commerce education is that area of education which develops the required knowledge, skills and attitudes for the successful handling of trade, commerce and industry.Till yesteryears, commerce education is business education. But, in tune with the needs of the business and society, independent professions have emerged in the form of chartered accountant, cost and works accountant, company secretary and business administrator (M.B.A.). Thus, the cream of commerce has gone and it remained now as an academic discipline giving general and liberal education.

Chesseman defined Commerce Education As- "Commerce education is that form of instruction which both directly and indirectly prepare the business man for his calling.’’ Commerce education has emerged as one of the most potential pursuits in the wake of industrialization. Most of the Education Commissions constituted in post independence India to explore higher education have undoubtedly held that the commerce education is primarily meant for providing the students in-depth knowledge of different functional areas of business so as to prepare people required by the community for the purposes of trade, commerce and industry.

Importance of Commerce Higher Education

The Higher education imparted students of commerce intended to equip them with the specialized skills useful in different functional areas of trade, commerce and industry. The Commerce higher education plays an essential role in today’s dynamic business environment.The rapid trend of globalization and technological changes have made difficult for organizations to survive in the competitive world. As a result the importance of Commerce education has been increased many folds. Business executives need to update their skills due to sudden changes in the external environment. Due to the increasingly complex nature of organizations and businesses, there is a need that the business schools impart relevant, current , and cutting edge knowledge to the students.  The School of commerce should play pivotal role in equipping our future dynamic managers with the emerging trends of Commerce skills to face the challenges of dynamic business world.

Contents of Commerce Education

Commerce offers foundation for many professional careers like Finance, Planning, Accountancy, Tax Practitioners, Banking and Broking etc, besides academics, research, and many more. Persons having flair for accounting, finance, commodities, marketing and trading etc. generally choose Commerce. As a stream of study, Commerce can be studied the Higher Secondary level. This paves the way for higher studies in commerce related subjects. The undergraduate and postgraduate Education in Commerce is  offered at University. Departments and colleges spread all across the country. Specializations are offered at postgraduate and at research levels. A number of subjects can be studied under disciplines of Commerce in conjugation like; Accountancy, Economics ,Mathematics, Business , Finance, Marketing , etc. Most commerce colleges in India offer the following subjects in their curriculum:

Business Economics :

 This would cover concepts like the laws of demandand supply, law of returns, elasticity, theory of pricing under different market forms etc.

Financial Accounting :

This subject would deal with the preparation of financial statements like-Profit and Loss statements, Balance Sheets and Final accounts of a company, knowledge of Indian and international accounting standards, calculation of depreciation and valuation of shares and goodwill of a company.

Cost Accounting :

This would include process, job and contract costing, costing of overheads, standard and variance costing and budgetary control

IncomeTax :

 This would encompass the nature and basis of charge of incometax, tax planning, tax deduction, incomes not taxable etc.

Auditing:

This would deal with vouching, valuation and verification of transactions, assets and liabilities. It will also include studying the auditing of different organizations like clubs, hospitals and charitable concerns.

Business Finance:

 This would include in its scope financial analysis as a diagnostic tool, the management of working capital and its components as well as capital structure leverages.

Business Law:

This subject would discuss the different laws in India relating to, among others, the Companies Act Marketing: This subject would deal with products, pricing methods, promotion, channels of distribution, logistics etc.

E-Commerce:

E-Commerce involves conducting business using modern communication instrument like Internet, Fax, Telephone, E-data interchange-payment, Money transfer system’s-Commerce provides multiple benefits to the consumers in the form of availability of goods at lower cost, wider choice and save times. Commerce education has been phenomenal in making a deep impact on higher education. Growth in the Internet over the last few decades has led to great impact on communication and research in the institutes. Many MBA”s, Working Professionals, Administrators.

Online Education: It has become an important mode of education. Since the regular courses in India are getting very expensive and highly competitive, distance and online education is fast developing as an amazing option for the students E-learning opportunities are immense in India. Even the distance education programs are serving wonderfully. Distance learning can be availed through various types such as interactive CD-ROM programs, Mobile learning programs, Tele courses or Broadcast course via Television or Radio, Postal correspondence programs and many more.

Challenges in Commerce Education

Today, the business world feels that the Commerce graduates and post-graduates lack in right kind of skills which are needed. We have to adopt market orientation to our products to make them saleable. Commerce education has become irrelevant in the new era of globalization. The impact of globalization on the corporate sector has suddenly created a demand for trained human resource of business education with innovative ideas, new approaches in business as well as professional skills. The Indian government has liberalized the commerce and business education market since 1990s, resulting in an unprecedented growth in the number of commerce and management  institutions mostly through private participants. The students now have a vast choice regarding the institutions in which they want to study. Since the commerce graduates and post-graduates produced by these institutions are primarily absorbed by industry, there is a growing need to match the curriculum and structure of business education to better fit the needs of changes in both in the industrial and services sectors within the country. Moreover, it is important to properly assess the quality of commerce education imparted to the students in various institutions for proper decision-making regarding selection and recruitment by potential employers.

The present system of commerce education does not equip the students either for taking up jobs requiring knowledge of general subjects or jobs that demand knowledge of a technical or specialized nature.Time has come now when a commerce graduate is not being accepted even as a qualified book-keeper. Consequently, he finds himself in a “noman’s land” neither a generalist nor a specialist.

Problems (The reasons for weaknesses of commerce education)

a. Craze for Medicine, Engineering, Management and IT courses.

b. Un popularity of commerce at competitive examinations :- the syllabus of commerce at competitive examination is not attracting even the meritorious commerce students.

c. Commerce graduates are not eligible for teacher training courses, such as

B.Ed

d. Lack of knowledge about commerce at school level as commerce education is not introduced at school level in many States.

e. No preference or reservation for commerce graduate either in employment or in admissions to professional courses like C.A, CWA, CS,  M.B.A. etc.

f. Poor teaching in many colleges forcing many students to go for tuitions, which means additional cost and effort.

g. High student low teacher ratio.

h. Lack of proper infrastructure:-it is some times remarked that many colleges are virtually academic slums.

i. Instruction in regional media and in adequate or non availability of reading material in regional media.

j. Inadequate teaching aids like commerce lab, CTV-Video films.

k. Untrained and ill-equipped teachers.

l. It is more content oriented rather than skill and practice oriented.

m. Even the content (syllabus) is not up-to-date.

n. Many a time commerce graduates are found lacking communication and decision-making skills.

o. Lack of practical exposure both to the teacher and taught.

p. Defective admission policy:- In many a case students who are not able to get seats in other courses are opting for commerce for scholarships. In such a case it is futile to expect wonderful results.

Q .Commerce teacher is a jack of all trades:- perhaps he is the only person who is expected to teach all the subjects.

r. Oriented towards classroom theoretical teaching

Thus, commerce education is facing innumerable problems today. These problems have a direct bearing on the course objectives, course content and course conduct. These problems need serious attention and close scrutiny. It is high time for soul searching for an objective appraisal whi ch will provide the basis for evolving a new strategy for giving a better deal to commerce education in the years to come.

For this we have to make some sort of SWOT/TOWS ANALYSIS.

T-Identify the threats to commerce education.

O-Identify the areas of opportunities still available for commerce even after providing for CA, CWA, CS and MBAs and new opportunities in to which you can enter.

W-What are your weaknesses because of which you are not preferred? (Here, deliberate efforts have to be made to overcome the weaknesses).

S-What are your strengths, if any? It is better to concentrate on and consolidate on your strengths.

Challenges

 Challenges and Strategies for controlling inflation and promoting growth

 Emerging issue in global Economy, Commerce and Management

 Internationalization of Financial Market in the World

 Role of Foreign Direct Investment and Foreign Institutional Investment

 Reform in Indian and International Economic Sectors

 Challenges and Strategies of IMF and WORLD BANK for International competition

 Challenges and Strategies for commodities markets in the world and in currency market in International scenario

 Challenges and Strategies for export and import of Trade, Commerce and

Industries in global scenario

 Challenges and Strategies in Currency Market in International scenario.

Opportunities in Commerce Education

Commerce is considered as one of the most popular career options in India. Commerce education is the back bone of the business and serial development of the nation. This education stresses on developing the people and making effective use of available resources. Commerce education develops the relationship of people with one another. Commerce education covers wide area of business and society. Commerce education provides to the business and society that how to use it for the betterment of self and oneself. Commerce education gives to the people for democratic living, good citizenship and proper utilization of resources. It provides skill oriented education to students and society.

At the undergraduate level, Bachelor of Commerce, a three year full time course. And

Master of Commerce at the post

Graduate level. After completing course in the field of Commerce, a student can join any private institute or government organization as a specialist in any of the Commerce stream and they can also pursue professional courses such as Company Secretary, Chartered Accountant, and ICWA. A graduate in  Commerce can also opt careers in financial services as a Financial Consultants, Stock

Brokers, Merchant Bankers, Budget Consultant, Financial Portfolio Manager, Project Formulation Manager, Tax Consultants. Careers in Management are also available in the field of Personnel Management, Production Management, Financial Management, Marketing Management, and Material Management, other are as of Management such as Hotel Management, Hospital Management, Tourism Management, Event Management, Office Management, Export and Import Management. In the Bank, call for

Commerce graduates and post graduates with specialization of Banking. Insurance Companies can also call for Commerce graduates and post graduates with specialization of Insurance. Industrial segment are also call for Commerce graduates and post graduates with specialization of accounting skill including Computer Technology.

The following are the major areas which need to be properly addressed to ensure relevance to our commerce education.

a. What should be the admission policy and procedures?

b. What should be the nomenclature of the degrees?

c. What skills are required to be imparted to commerce students so as to make them cater to the needs of industry and business?

d. Would you like them to be generalists or specialists in some skills?

e. What should be the nature of subjects and content of the subjects?

f. What should be the duration of the Course?

g. How to ensure practical exposure?

h. What is the pedagogy? (i.e., teaching methods and aids)

i. What type of examination and evaluation system is required to ensure quality?

j. How to ensure faculty training and development?

Re- Orientation of Commerce Education

  Academic Oriented Courses: for giving liberal commerce education, for developing quality of mind, logical thinking, initiative, attitude to life and a general  understanding of business.

 Vocational/Self Employment Oriented Courses: such as taxation, management accounting, financial analysis, cost accounting.

 Job Oriented Courses: such as computer accounting, salesman ship, advertising, secretarial practice etc for small jobs.

  Management Oriented Courses: The Institutes of Management in the country are catering to the demands of elitist managerial personnel of industry. We need a second level of personnel to cater to the requirements of small and tiny industry.

 Commerce and computers go together. There must be computer papers even at U.G. Level.

 Commerce students should also be provided with Computer Lab, Commerce Lab,  Field visits, industrial tours, Practical records as in B.Sc. Assignments record Practical Training/internship.

 Teacher training in industry Industry people for guest lecturers

Industry/Profession people as guest faculty C.As, L.L.Bs as Teachers, Industry and Profession co-operation for placement.

    Trainer must be trained first. The University Department should take the lead. Whenever the syllabus is changed whenever new subjects are introduced. Even for general updating and posting with latest developments in the field. Training is essential for the teachers especially in Quantitative Techniques, Business Communication and Repor tWriting, Computer usage, Accounting Packages etc.

These are some of the ideas for revitalizing Commerce Education especially in rural areas. Of course, a word of caution is that not to proliferate with too many degrees to avoid problems of recognition and equivalence etc.

Conclusion

Commerce should plays pivotal role in equipping our future dynamic managers with the emerging trends of Commerce skills to face the challenges of dynamic business world. Globalization and liberalization of our economy with privatization and technological revolution have posed the most unprecedented challenges before the commerce education. We cannot stop suddenly what is happening. But we can plan for the future. Let the liberal and general education be there. But mostly confined to open universities and correspondence courses. Let us develop micro specializations which are skill oriented or job oriented and introduce with new nomenclature and in selected colleges which are financially sound and have the necessary infrastructure facilities. Preferably, such colleges may be asked to have industry linkage with a Memorandum of

Understanding with industry with regard to practical training, guest lectures, teacher training etc.

The syllabus of commerce education must contain knowledge component skill component of practice component. The educational policy makers need to think about this matter seriously. With a growing emphasis on information, global economy, Higher Education was viewed as increasingly essential for the world’s population. Information Technology and Mobile Technology is now forcing education sector to change according to the need of the time. The most emerging dimension of the Business and Commerce education in the 21^st century is the need for Business School to use technology and make it integral part of course contents. Education now becomes an industry, there is explosion of technologies and knowledge in all sphere.

The learned members may take this opportunity for an objective introspection about the Commerce Education–its objectives, its problems, its job potential, its quality and its relevance to the present day needs of our country. Let it not be said that men of our generation failed to give it a timely turn towards new meaning and usefulness.

                                                                                                                         Rajesha.K.S