What value an M.Com degree can add to your career?

  • By Christy J. Varghese
  • 15 April 2022
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M.Com degree is a two-year postgraduate program. It has four equally distributed semesters with subjects such as financial management, cost accounting, international markets, taxation regulations, banking, managerial processes, and eCommerce, among others. This course is usually taken after a bachelor's degree in Commerce or other business-related fields such as business administration, economics, business studies, etc.

During the M.Com course, you may have to take up a few additional electives or projects as well. Moreover, M.Com also offers various specialisations similar to the BCom degree. This is one of the most sought-after non-professional courses that benefit business and commerce enthusiasts and aspiring accountants alike.

M.Com 1st Year Syllabus

The first year is usually more relaxed and easy for the aspirants. During the first two semesters, most of the fundamental subjects are taught, and the basics of the discipline are reiterated. 

The table below contains a list of subjects you may learn during the first year of an M.Com degree course:

Semester 1 Semester 2
Financial Management Management Concepts and Organisation Behaviour
Accounting and Managerial Decisions Business Environment
Corporate Legal Environment Corporate Financial Accounting
Computer Applications in Business Economics of Global Trade and Finance
Managerial Economics Corporate Tax Planning
E-Commerce Marketing Behaviour
Statistical Analysis Strategic Management

Besides, the above table is not exhaustive, and many institutes may change their prescribed curriculum based on the trends and faculty decisions.  

M.Com 2nd Year Syllabus

For a general M.Com degree without any specialisation, the second year usually deals with the core aspects of the fundamental subjects from the first year. But if you are pursuing an M.Com degree with a specialisation, you will learn about the specialisation subjects in-depth during this time. 

The following table contains a list of probable subjects you will learn when pursuing a general M.Com degree from any reputed institute in the country:

Semester 3 Semester 4
Financial Markets Income Tax
Research Methodology in Commerce Financial Bank Management
Banking and Finance Human Resource Management
International Finance Investment Management
International Markets Entrepreneurial Management
Commercial Bank Management Projects 

As stated before, the above table is not exhaustive, and many institutes may change their prescribed curriculum based on the trends and faculty decisions.

M.Com Specialisation Syllabus

There are over ten different specialisations that you can opt for when pursuing an M.Com degree. These include traditional fields such as financial management, banking, and taxation, as well as contemporary fields such as computer applications, international markets, etc. 

The tables below list these specialisation subjects and some added information about the books that may come in handy: 

  • M.Com Accounting and Finance:

This specialisation provides an in-depth understanding of the accounting systems used by businesses and the financial systems in place today. The various subjects and a few books have been listed in the table below:

SUBJECTS BOOKS AND AUTHORS
Economics for Business Decisions
Accounts Management 
Cost Accounting
Business Environment, Modern Banking
Management Accounting
E-Commerce
Corporate Legal Environment
Economics of Global Trade and Finance
Insurance and Risk Management
Indirect Taxation
Risk Management
How Finance Works: The HBR Guide to Thinking Smart About the Numbers
By Mihir Desai

Capital Market And Financial Services
By Mahesh Kulkarni 

  • M.Com Taxation:

This degree provides you with information about the taxation systems, taxation policies centered around the corporate world, corporate regulations, registration mechanisms, compliance structures, etc. The various subjects and a few books have been listed in the table below:

SUBJECTS BOOKS AND AUTHORS
Law of Direct Taxes & Practices, 
Income Tax Act, Assessments
Registration
Returns Recovery of Tax Refund,
Basic Concepts, Definitions, and Charge of Income Tax Act,
Income from Salaries and House Property, 

Gross Total Income Computation

Tax Authorities and Tribunal, 
Rebates and Double Taxation Relief,
Business Environment,
Corporate Legal Environment
Business Tax Assessment and Planning 
-By Avaghade Mahendra Ramchandra, Doke Ajinath Maruti, et al.

Understanding Taxes In India
 -By Ram Dutt Sharma 

  • MCom Banking and Finance:

This MCom degree offers two technical specialisations in banking and in financial management. This is a technical specialisation that includes subjects such as bank management, legal banking structures, investment management, financial risk management, debt management, et al. The various subjects and a few books have been listed in the table below:

Subjects Books & Authors
Commercial Bank Management
Banking Law and Practices
Legal Framework of Banking
Cooperative Banking System
Financial Risk Management,
Investment Management Analysis
Financial Services
International Financial Markets
Debt Management
Treasury Management
Accounting and Auditing of Banking
Auditing of Banking Sector
Currency Derivatives

Principles & Practices of Banking 2021
-By IIBF
Financing Trade and International Supply Chains: Commerce Across Borders, Finance Across Frontiers
-By Alexander R. Malaket
Financial Management
-By IM Pandey

  • M.Com Financial Management:

This is one of the most technical specialisations offered under the MCom degree regime. The various subjects and a few books have been listed in the table below:

Subjects Books & Authors
Financial Management
Business Environment
Business Economics
Entrepreneurship Development
E-Commerce Management
Human Resource Management
Business Management
Quantitative Methods for Business
Financial Accounting & Packages
Marketing Management
Quantitative Techniques for Business 
Information Technology for Business
Banking Law and Practices
Bank Management
Financial Derivatives
Advanced Banking
Insurance Actuarial
Insurance Products & Management
Insurance & Risk Management
Portfolio Management
Banking & Technology
Financial Markets & Services
Principles of Life Insurance
Security Analysis and Investment Management


The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies
By Frank J Fabozzi
Financial Analysis And Control
By Suhas Mahajan
Business Economics (Macroeconomic Analysis)
By HL Ahuja
Guide to Financial Management
By John Tennent Investment Management (Security Analysis and Portfolio Management)
           By VK Bhalla

  • MCom Business Management:

This degree is centered around managing business operations. Although the course subjects are similar to an MBA, this course is highly academic. You will learn the fundamentals of business management along with the role of commerce. The following table contains the list of subjects and a few book recommendations:

Subjects Books & Authors
Strategic Management
Cost and Management Accounting
Business Ethics and Corporate Social Responsibility
Corporate Finance
Research Methodology for Business
Economics for Business Decisions
Strategic Management
E-Commerce
Macroeconomics Concepts
Human Resource Management
Entrepreneurial Management
Marketing Strategies and Practices
Organisational Behaviour
Advertising and Sales Management
Supply Chain Management
Rural Marketing
Retail Management
Tourism Management
Management of Business Relations
Organisational Behaviour: Text and Cases
By Kavita Singh
Principles of Corporate Finance 
By Franklin Allen, Richard A. Brealey, Stewart Myers
Strategic Management: Planning for Domestic and Global Competition
By John A Pearce, Richard Braden Robinson
Organisational Ethics: A Practical Approach By Craig E. Johnson Research Methods for Business: A Skill-Building Approach By Roger Bougie, Uma Sekaran

  • MCom Computer Applications:

This course is a specialised one. It includes commercial courses and prioritises the use of technology in doing so. You will learn about the working of an online business or trade and the best practices in using technology to make business processes seamless. The following table contains the list of subjects and a few book recommendations:

Subjects Books & Authors
Fundamental of Computers
E-Commerce
Management Accounting
Financial Management with Software
Banking Practice, Theory, and Laws
Financial Accounting with Software
Internet and its Applications
Office Automation Lab
Business Accounting Software
Internet and Web Designing in Commerce
Cost Accounting using Technology
Management Concept with Technology

 Essentials of E-Commerce Technology 
By V Rajaraman
The Business of Ecommerce: From Corporate Strategy to Technology By Paul May Basics Of Computer Application In Business  By H N Tiwari, Hem Chand Jain 

Besides, there are many other specialisations offered in the MCom domain. These include Marketing, Human Resource Management, Operations Management, Supply Chain Management, e-Commerce Management, Retail Management, and International Financial Markets, to name a few. 

You must stay updated about the specialisations offered before selecting an institution to pursue a specialised MCom degree.

MCom Subjects

MCom has an array of courses and subjects. While most of these subjects help students understand the key elements of commerce and industry, a few subjects are technical and assist students in tackling modern-day business problems. 

The following table contains semester wise data on what to expect from the subjects at large and a few books that may come in handy:

Semester About the Subjects
Semester 1 The first semester encompasses basic concepts and fundamental subjects in the field of commerce and industry. These include corporate legal environment, Managerial Decisions, Cost Accounting, Financial management, and Managerial Economics. 
Semester 2 In the second semester, you will learn a few more fundamental courses such as Corporate Financial Accounting, Tax Planning, Business Environment, Organisational Behaviour, Economics of Global Trade and Fiance, among others. This is an important phase in the degree as you will also be introduced to new concepts such as strategic management and marketing.
Semester 3 The third semester is one of the most technical semesters in the MCom degree course. During this phase, you will learn the concepts of financial management, accounting management, banking systems, banking laws, industrial relations, international finance and markets, and research methods used in the industry. 
Semester 4 This is the last semester in the 2-year MCom degree programme. The fourth semester includes specific commercial subjects such as HR management, Investment Management, entrepreneurial Management, et al. You will also have a chance to work with the industry in projects and training modules. There may also be a few sessions of professional skill and personality development during this time. 

However, there may be a few changes from college to college depending on the faculty and the course structure.

In the same regard, the following table contains the list of subjects taught when pursuing an MCom degree with a specialisation from any distinguished institute in India:

Specialisation Name  About the Specialisation Subjects
MCom Taxation This is a traditional specialisation that offers the aspirants an in-depth understanding of the core taxation systems and policies in place. It also has subjects such as Corporate Taxation, Salary and Rebates, Returns, Indirect Taxation Methods, Compliance, Corporate Legal Environment and Business Environment to complement the rigorous focus on taxation related modules.  
MCom Banking and Finance This specialisation is one of the most technical ones under the MCom umbrella. You will have to study subjects such as banking laws, commercial bank management, investment management, international finance, risk control, debt management, international banking, securities, et al. 
MCom Accounting and Finance This specialisation offers the aspirant a comprehensive understanding of the core concepts of accounting and financial management. This is a technical specialisation and contains subjects such as management accounting, cost accounting, international trade and finance, risk management, etc. 
MCom Business Management This is a relatively new specialisation that has become important in the past decade. The aspirants of this specialisation learn about the business and management fundamentals that are core to a business setup's commercial and corporate business. You will learn subjects such as Business Environment, Managerial Economics, Organisational Behaviour, HR practices, Industrial Relations, etc. 
MCom Financial Management This is a highly specialised branch of the MCom degree that deals with a rigorous curriculum around subjects such as financial management, accounting, business management, banking laws and practices, financial derivatives, international trade and markets, e-Commerce, insurance management, portfolio management, etc.
MCom Computer Applications This is a relatively new specialisation offered as a part of the MCom degree. It includes subjects such as e-Commerce, accounting using technology, business management and technology, financial planning, and organisational theory, among others. This specialisation prepares you for the new-age digital businesses. It also helps you align your commercial vision with tech-back solutions.

Best Books for MCom

Here is a list of the best books to follow if you are planning to pursue an MCom degree in India:

Book Name Author/Publisher
Master of Commerce for All Entrance Exams Vijay N. Kothari 
Unique Publications 
Guide to Financial Management John Tennent
Corporate Finance: Theory and Practice Aswath Damodaran
Law Relating to Computers, Internet and E-Commerce Ramnath Kamath
Universal Publishers India
Investment Management (Security Analysis and Portfolio Management) VK Bhalla
Strategic Management Pradeep Kumar Sinha
Nirali Publishers
The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies Frank J Fabozzi
Principles of Corporate Finance 8th Edition Franklin Allen, Richard A. Brealey, Stewart Myers
Business Research Methods   William G. Zikmund, Barry J. Babin, Mitch Griffin
The One Minute Manager Ken Blanchard, Spencer Johnson
Organisational Behaviour: Text and Cases Kavita Singh
Vikas Publishers
Modern Marketing Principles Practices R S N Pillai
S. Chand Publishers
International Business: Competing in the Global Marketplace  G. Tomas M. Hult
McGraw Hill
HR from the Outside In: Six Competencies for the Future of Human Resources Dave Ulrich, Jon Younger
McGraw Hill
Business Laws PPS Gogna S. Chand Publishers
Strategic Management and Business Policy J. David Hunger, Thomas L Wheelen
Good Strategy/Bad Strategy: The Difference and Why It Matters Richard P. Rumelt
Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalisation Andrew Crane, D. Matten
Accounting Made Simple: Accounting Explained Mike Piper
International Financial Management   Alan C. Shapiro , Peter Moles

However, there are many other books you can choose from depending on your preferred specialisations and type of reading.

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