Bachelor of Commerce or B.Com. is a 3-year undergraduate course divided into 6 semesters. B.Com. studies commerce subjects like Accounts, Business, Economics and others. This field has broadened with time and a number of specialties are added to it. B.Com. in Insurance Management is a new addition in the list of specialties offered with the core B.Com. course.
B.Com. in Insurance Management is a new course and hence only selected colleges offer this course in India. Career College in Bhopal is one of them. It offers B.Com. in various streams and Insurance Management is one of them. Other colleges that offer this course are IPER College in Bhopal.
The course fees range between INR 20,000 and 60,000 for the total duration. The probable salaries offered to successful postgraduates in this field are between 3-5 lacs per annum.
Listed below are some of the major highlights of the course
|Examination Type||Semester System|
|Eligibility||10+2 from a recognized University|
|Admission Process||Direct admission to colleges. However, some colleges may check student's skills in through an entrance test.|
|Course Fee||INR 20,000 - 60,000|
|Average Starting Salary||INR 3-5 lacs per annum|
|Top Recruiting Organizations'||Chadha & Co., LIC, Axis Bank, Muthoot Finance, HDFC Bank, Syndicate Bank, etc.|
|Top Recruiting Areas'||Banks, Insurance companies, Public and private holdings, etc.|
|Top Job Profiles||Insurance sales agent, Insurance Account Manager, Policy manager, etc.|
The students who wish to go for the course B.Com. in Insurance Management must have completed 10 + 2 from a recognized board or university. They must have attained at least 55% marks in their final examinations. Some entrance exams are also conducted in the country and the students are advised to attempt at least one of them in order to get admission in their choice of college.
Admission to B.Com. Insurance Management can be done on the basis of merit only. Those who fulfill the eligibility criteria i.e., those who have completed high school/ 10+2 with minimum 55% aggregate marks from recognized board.
Listed below are some of the top institutes offering the course Bachelor of Commerce [B.Com] (Insurance Management) in the country with the corresponding locations and fees charged by them
|Name||City||Fees per annum in INR|
Insurance management is a term which is used for protecting the assets. Studying commerce alongside insurance management helps the students to form a deeper understanding of how the insurance policies work. Insurance management subject also covers on how to protect assets like car, property, life insurance, etc.
In the course of the study, the students are familiarized with the topics that revolve around insurance management and are taught about the ethics and policy system followed in India. Why insurance is important and who can get it is also discussed in the study of this course.
After completing this degree, students can get placed in banks, insurance firms, nursing homes, hospitals, law and other pharmaceutical companies as Policy Advisors. B.com in Insurance Management graduates can get lucrative jobs in both the public and private sector.
The student of B.Com in Insurance Management attains expertise in his area by getting to work hands on with reputed companies. This is the way to learn more about how the Insurance firms work and how do they deal with clients. Students will get to learn about personal and commercial insurance, management of property loss and insurance policies that comply to certain situations.
Risk management is also focused upon in this course as it comes as a part and parcel of the insurance industry. Property insurance is also highlighted in the study of this course as businesses often secure their property in the long run. Since property is the most valuable asset to businesses, it's insurance is covered. Different elements of the program include fire insurance, jewellery insurance and children's insurance terms.
With property insurance, your business space and its contents can be safeguarded. You can even request for a cover to regain lost income or additional expenses incurred at the time of closing the business. Personal insurance provides an insight of the current market scenario and what will be its impact in the future. This course covers topics of homeowners and residential insurance types such as automobile, watercraft and umbrella insurance.
A semester wise breakup of the course’s syllabus is tabulated below
|Semester 1||Semester 2||Semester 3|
|English I||English II||Company Accounts I|
|Financial Accounting I||Financial Accounting II||Business Economics|
|Principles and practice of Banking I||Insurance law and Practice||Legal and Regulatory Aspects of Banking I|
|Business management||Principles and Practices of Banking II||Financial management|
|Principles of Insurance||Financial Mathematics||Workshop on Numerical skills|
|Value Education||Environmental Studies||Campus Recruitment Training I|
|Semester 4||Semester 5||Semester 6|
|Company Accounts II||Income Tax||Management Accounting|
|Services Marketing||Cost Accounting||Business Communication|
|Legal and Regulatory Aspects of Banking II||Financial Statistics||-|
|E-Commerce & E-Business||Business Environment||-|
|Workshop on Reasoning Skills||Campus Recruitment Training III||-|
|Campus Recruitment Training II||-||-|
|Non Major Elective|
Job opportunities for B.Com. graduates exist in banks, financial institutions, insurance companies, outsourcing firms and audit firms. A commerce graduate can begin working as an account assistant in any firm, in a CA firm or any other small-scale business.
CA practicing firms in India like TR Chadha & Co., Thakur Vaidyanath Aiyar & Co. and Singh Suri & Co. hire a number of fresh B.Com. graduates. These firms usually employ for auditing work as well as for taxation assignments. B. Com. graduates also get hired for accounting and research work in a given firm.
Corporates also get hold of fresh B.Com. students from campus itself. Recruitment policies have changed over the years. The companies now seek a mix of employees to work in their firm. Hence, a mix of graduates are required from diverse backgrounds to achieve a common goal. Commerce graduates get an advantage over other graduates because of the present scenario-following-curriculum and exposure to varied subjects. Often the students go for a generalized degree like B. Com before venturing out for a specialized degree.
In the banking sector also fresh B. Com Insurance Management graduates are in high demand. In the bank, their duty is to help the clients manage their accounts related to insurance policies. They take care of the monthly installments paid by the clients to renew their insurance and tracks the balance remainder for every client. In nationalized banks, a B. Com graduate has to take up a Probationary Officer exam. Government offices also recruit freshers at the post of assistant grade. The most popular and most sought-after area for B. Com graduates is in the sales and marketing functions.
Some of the popular avenues open to graduates of Bachelor of Commerce [B.Com] (Insurance Management) are listed below with the corresponding salaries offered for the respective positions.
|Job Position||Job Description||Average Annual Salary in INR|
|Insurance Account Manager||An insurance account manager promotes his company's insurance products to potential buyers. He also advertises his insurance products to distributors, brokers and independent financial advisers. You will be responsible for the sales of the products and business accounts.||5-7 lacs|
|Insurance Sales Agent||Insurance sales agent is the one who sells and promotes one or more types of insurance. He can be the the agent who sells property, casualty, life, education and home, health and long-term care insurances. An insurance agent offer comprehensive financial planning services and benefits of insurance, especially to those who are approaching retirement.||2-4 lacs|
|Accounts Manager||The Account Manager looks after the array of accounts pertaining to a firm or insurance company. His target is to achieve high sales and feed into the accounts database. He may also supervise the work of account executives. Account Managers build relationships with new clients and help them design plans that lead to productivity.||5-7 lacs|