Overview
The students who are interested in the finance industry can take up this course. It includes the basics of banking operations, regulation, monetary auditing, selling of financial products and services, studies of economics, management and laws of financial sector. In the course the students are assigned internship in various insurance companies and banking institutions. There are bachelor’s and master’s degree available for this stream and the specialized programmes offers a mid-level expertise in this stream. It is designed for those students who can
- Tackle various financial issues and activities in the banking and insurance sector
- Operate effectively in the banking and insurance environment in the financial service sector
- Handle various technologies in the same field.
Let us see what the course offers to the students
- Theoretical and application-based knowledge in banking and insurance sector.
- management and analytic skills to work with different financial tools like
- regulatory agencies
- Global markets.
- lending finance
- investing
- customer service skills
- commercial, public and private banking
- bank management
The degree given is a B.Com degree and it should be opted by students who have good communication skills, ability to handle customers, knowledge about the financial industry etc.
Let us now take a look at some of the top universities around the world suitable for this course.
Sr. No
|
University Name
|
Country
|
1
|
Harvard University
|
United States
|
2
|
Massachusetts Institute of Technology (MIT)
|
United States
|
3
|
Stanford University
|
United States
|
4
|
University of Oxford
|
United Kingdom
|
5
|
The London School of Economics and Political Science (LSE)
|
United Kingdom
|
6
|
University of Chicago
|
United States
|
7
|
University of Pennsylvania
|
United States
|
8
|
University of Cambridge
|
United Kingdom
|
10
|
Columbia University
|
United States
|
Degree Course Details
The degree can be specialized into the following along with specialized certificate courses which are usually a yearlong or a few months.
Level
|
Duration
|
Bachelor’s degree
|
3 – 4 years
|
Master’s degree
|
2 years
|
Top universities with fees
The university fee depends on the country, course taken and many other factors. Some of the top universities mentioned below also give a good number of scholarships through which a part or whole of the tuition fees can be deduced.
Sr. No
|
University Name
|
Fees
|
1
|
Harvard University
|
|
2
|
Massachusetts Institute of Technology (MIT)
|
48.9 Lakhs
|
3
|
Stanford University
|
|
4
|
University of Oxford
|
42.8 Lakhs
|
5
|
The London School of Economics and Political Science (LSE)
|
30.6 Lakhs
|
6
|
University of Chicago
|
|
7
|
University of Pennsylvania
|
50.1 Lakhs
|
8
|
University of Cambridge
|
|
10
|
Columbia University
|
|
Admission and Eligibility
Most of the colleges consider the documents like Statement of Purpose (SoP), Letters of Recommendation (LoRs), entrance exams and/or entrance interviews. This process assesses the candidate’s interest and capability towards the course.
- A few colleges ask their applicants to submit financial records of the family along with the registrations so as to ensure that the family can pay the tuition fees and miscellaneous expenses over the course of the first year. If the university is offering a scholarship you’re eligible for, you can apply for it and show it as a financial support to the course taken.
- In addition to this, many colleges permit their students to intern and do part-time jobs so as to be able to handle their expenses as in case of Canada. It is important to be noted that pursuing a Masters’ education in the USA would require 16 (12+4) years of education which often poses a problem for Indian students who’ve completed their bachelors in 3 years or so.
- Foreign countries also require their international students to submit scores of tests like IELTS, GRE, TOEFL, GMAT, SATs, etc. in order to prove fluency in the English language.
Course
|
Eligibility
|
Bachelor’s degree
|
TOEFL – 90
IELTS 6.5 – 7.0
10 + 2 qualification along with any specific requirement of SAT/GMAT score demanded by any university
|
Course Syllabus
The course is 3 years long with 6 semesters included with them. The core syllabus may depend from college to college but here are some of the common subjects included in the syllabus
SEMESTER I
|
SEMESTER II
|
Entrepreneurship Management
|
Human Resource Management
|
English I
|
English II
|
Financial Accounting I
|
Financial Accounting II
|
Principles and practice of Banking I
|
Insurance law and Practice
|
Business management
|
Principles and Practices of Banking II
|
Principles of Insurance
Physical Education
|
Financial Mathematics
|
Value Education
|
Environmental Studies
|
SEMESTER III
|
SEMESTER IV
|
Company Accounts I
|
Company Accounts II
|
Business Economics
|
Services Marketing
|
Legal Regulatory Aspects of Banking I
|
Legal Regulatory Aspects of Banking II
|
Financial management
|
E-Commerce & E-Business
|
Workshop on Numerical skills
|
Workshop on Reasoning Skills
|
Campus Recruitment Training I
|
Campus Recruitment Training II
|
Non-Major Elective
|
Non-Major Elective
|
-
|
Institutional Training
|
SEMESTER V
|
SEMESTER VI
|
Income Tax
|
Management Accounting
|
Cost Accounting
|
Auditing
|
Financial Statistics
|
Business Communication
|
Business Environment
|
Project
|
Campus Recruitment Training III
|
-
|
Career and Job Prospects
After pursuing a B.Com degree in banking and insurance the students can go for an M.Com, MBA or a career in banking, insurance, finance, auditing, accountancy, in government or private sector. They can also go ahead by making their career in the field of insurance and entry level banking jobs. Some of the employment areas for these students are
- Automobile industry
- Business schools
- Charity associations
- Investments
- Consultancies
- Aviation industry
- Banks
- Indian Civil services
- Credit companies
- Educational institutions
- Indian economic services
- Health departments
- Research agencies
- Mortgage companies
- Property developers
Average Salary
The average salary for B.Com students vary in the banking industry, with a higher degree they can apply for higher posts. However below are some of the job titles and their average yearly salary for B.Com level.
JOB POSITION
|
AVERAGE ANNUAL SALARY IN INR
|
Accountant
|
INR 2,64,000
|
Cashier
|
INR 1,77,000
|
Insurance manager
|
INR 6,13,000
|
Loan counselor
|
INR 2,02,000
|
Financial Advisor
|
INR 4,24,000
|
Let us take a look at the job descriptions of the above job profiles
- Accountant – they perform administrative duties like maintaining schedules, filing, providing telephone support, transcription and production of forms. They also take care of the tax returns and financial statements. It is the Accountant’s responsibility to meet with clients to discuss their equipment, financial matters, tax liability and real property.
- Insurance Manager – they work in the insurance companies who specialize in life and health insurance or property and casualty insurance. They are called an Actuary whose function is to research and forecast certain risk events to occur and how these events will impact their company with potential loss.
- Loan counsellor – they work for a financial institution, processes a client’s application material, verifies the client information and come up with a financial plan. They give details about the types and rate terms of loans available, and produce the legal paperwork important to complete the process.