Commerce Education – Challenges & Opportunities

Introduction

               India’s education system is often cited as one of the main contributions to the economic rise of India. In India commerce education is very important part of education which is called as Business Education. It is a living and evergreen discipline and it
is totally different from other disciplines.
           
           Commerce Education is the area of education which develops the required knowledge, attitudes and skills for successful
heading of Trade, Commerce and Industry.

            Commerce has grown from a subject to a full-fledged
faculty in most of the universities and had acquired a pride of
place amongst different academic disciplines. The growing phenomenon of globalization, liberalization and privatization has been influencing the Commerce education. To meet the growing needs of the business society, there is greater demand for sound development of commerce education.

                                       Objectives

• To understand the problems of contemporary commerce
   education.
• To examine new aspects and trends in relation to Commence
   education.
• To propose a new approach to commerce education.
• To have practical orientation of commerce education.
• To know the development of commerce education.
• To impart valuable knowledge in the field of commerce education

                          Commerce Education

            Commerce Education, as a branch of knowledge imparts experience of business world at a large in all its manifestations. Chessman defined Commerce Education as - “That form of instruction that directly and indirectly prepares the business man for his calling”. 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 Education

              Commerce education had developed to support the growing needs of business houses. However, over the years, there has been a fundamental shift in the very approach of commerce education; from a professional to a theoretical education. At this juncture there is a need to redefine the commerce education in the changing scenario and strengthen it further.
             Globalization and Technological trend have made difficult for organizations to survive in the competitive world. As a result
the importance of Commerce education has been increased many folds. 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.

    Challenges and Opportunities in Commerce Education

            Commerce is considered as one of the most popular career options in India. Commerce education is the backbone of the business and serial development of the nation. This education stresses on developing the people and making effective use of available resources.

Challenges
 
• Global issues in economy, commerce and management.
• Foreign Direct Investment role.
• Reforms in Indian and International Economic Sectors.
• Role of World Bank and IMF.
• Export and Import of Trade, Commerce and Industry.
• National and International strategies for stock market and
   investors in competitive markets.
• Government policies for mergers and acquisitions.
• Challenges and Strategies in Currency Market in International
   scenario. 

Opportunities
 
• A graduate in commerce had ample opportunities as he
   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.
• A graduate in commerce will with specialization in Banking
  & Finance will have opportunity in Banks and Insurance
  companies.

                                        Conclusion

             The traditional Commerce education has become irrelevant
in the new era of globalization. There is an urgent need to overhaul the existing business education system to cope up with the dynamic world With trade and commerce assuming innovative dimensions in the context of growing international business, the curricula for Commerce faculty should be adapted and re-structured to meet the future challenges of the economic, manufacturing and service sectors.
             Keeping in mind the significance of modern commerce education, 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.                        
             Education now becomes an industry, there is explosion of technologies and knowledge in all sphere. The quality of Commerce Education has become a major marketing issue in the changing environment. As per specialization, a practical training should be provided to the students. By making relevant and practical oriented Commerce Education, we may impact global competitiveness to our students. The students now have a vast choice regarding the institutions in which they want to study and accordingly they can develop their skills and equip themselves for the future and ultimately fit themselves for the future needs of changes in both in the industrial and services sectors within the country.