BAF/B. Com (A&F) i.e. Bachelor of Accounting and Finance/ Bachelor of Commerce in Accounting and Finance is an undergraduate program which was introduced by the University of Mumbai in the year 2003-04. It is a 3-year self-financing degree course spread across six semesters i.e. two semesters a year, that focuses on the domains of Accounting and Finance. It also provides opportunities to gain a broader insight into the financial aspects of Business and Management.
The objective of introducing this course was to enable self-employment and provide skilled professionals in the field of Accounting & Finance to organizations. A blend of Interaction, Presentations, Projects, Industrial Visits and Practical Training is used to build the skill set of BAF students to enable them to produce innovative solutions to problems, apply research skills to business challenges and communicate effectively. BAF will aid you in the process of acquiring knowledge in the areas of Financial Accounting, Cost Accounting, Auditing, Taxation, Economics, Business Law, Business Communications and IT.
What to study after BAF?
Master of Commerce/ M. Com (Accounting and Finance):
M.Com in Accounting and Finance is a 2-year postgraduate program in the domain of accounting and finance along with related aspects. The course is designed to provide a holistic view and in-depth knowledge of the disciplines of Accounting and Finance and quite literally make them ‘Masters’ of the trade. This course is available only in a handful of countries, particularly commonwealth nations.
Master of Commerce/ M. Com:
One can also do an M. Com or Master of Commerce degree which is a postgraduate master’s degree focusing on commerce, accounting, management and economics. Rather than focusing on just the accounting and finance side of the story, this course is designed to fit the bill of the ‘Jack of all trades’. This course is offered only in commonwealth countries.
Chartered Accountancy (CA):
CA is considered as the 2nd best course in the world. So what does it take to become a CA? CA exams in India are conducted by ICAI (Institute of Chartered Accountants of India) and requires clearing the CPT, IPCC and Final CA. A BAF graduate, can directly appear for IPCC which has 2 groups. After clearing one of the groups, you will have to register for articleship under an experienced CA for a period of two and a half years. After clearing both the groups of IPCC and articleship, you can appear for Final CA, which also has 2 groups, which when cleared, you will finally become your parent’s favorite child— a Chartered Accountant (CA).
Fun Fact #1: Only 2-3% of the applicants actually clear all the levels in one go.
Chartered Financial Analyst (CFA):
The Chartered Financial Analyst Program is a professional credential offered internationally by the American-based CFA Institute to investment and financial professionals. A candidate who successfully completes the program and meets other professional requirements is awarded the “CFA charter” and becomes a “CFA charter holder”. As of October 2018, there are approximately 150,000 charter holders around the world in more than 165 countries.
Fun Fact #2: Only 9% (approx.) of candidates have consecutively passed all three levels in the past decade.
Company Secretary (CS):
Company Secretary (CS) programme in India is administered by The Institute of Company Secretaries of India (ISCI). You need to clear 3 exams viz. Foundation, Executive and Professional before you become a CS. You also need to register for an internship of 1 year pre or post clearing the final level. This course will provide you with knowledge and understanding of corporate finance and legal affair practices.
Financial Risk Manager Program (FRM):
FRM exams are conducted by Global Association of Risk Professionals (GARP, USA) and require clearance of two exams– FRM Level 1 and FRM Level 2. It is conducted in the months of May and November. You need 2 years of work experience in the related field after clearing the two levels, which will then qualify you to be bestowed with the Financial Risk Manager’s certificate. An FRM Certificate holder has career opportunities in Risk Management, Trading, Structuring, Modelling, etc.
Master of Business Administration in Finance (MBA- Finance):
The core courses in an MBA program cover various areas of business such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing and operations in a manner most relevant to management analysis and strategy. MBA in finance specifically entails the study based around the subject matter of Finance. This is one of the most sought- after courses after BAF and can be pursued in both- domestic and international universities.
The following are some other postgraduate courses that a BAF student can apply for:
- Masters in Cost Control and Control Accounts
- Masters in Corporate Accountancy
- Masters in Advanced Accountancy
- Masters in Accounting and Finance
- Masters in Accounting and Taxation
- Masters in Accounting and Auditing
- Masters in Accountancy and Business Statistics
- Master of Business Administration in Cost and Management Accounting
- Master of Financial Management (M.F.M.)
- Master of Commerce M. Com. (E. Commerce )
- Master of Financial Services Management (M.F.S.M.)
- Diploma in Investment Studies (D.I.S. )
- Diploma Course in E-Commerce & Financial Accounting Mgt.
- PGDPA – Post Graduate Diploma in Professional Accounting
- M.Phil. (Accounting)
- Post Graduate Diploma in International Financial Accounting System (PGDIFAS)
- Certificate Course in Central Excise (CCCE)
- Certificate Course in Financial Accounting & Taxation (CCFAT)
- Certificate Course in Income Tax (CCIT)
- Certificate Programme on Capital Markets (CPCM)
According to a StudySid survey, approximately 6 out of 10 BAF students are looking at CA as their next step after graduation. MBA in Finance and CS were close seconds. A staggering 81% of students in our survey expressed the desire of going abroad to pursue higher studies.
Advice: It is essential that you don’t follow the herd but take decisions which suit you and will advance your career further.
