JOIN USToday, commerce and business education is the second most attractive degree course after engineering. This is due to the quick placement and attractive salary obtain by candidates.
Employers prefer commerce graduates because of conceptual/theoretical knowledge of business which is useful to the organisational activities. And recruitment of such commerce degree candidates reduces the cost of training. To make it more attractive and practice-oriented, every college should start a Commerce Laboratory and demonstrate the business activities.
Today, all professional educational courses have wide demand in the job which market is mainly because of practicals i e application of theory in laboratory and practice with different experiments. It makes concepts clear. Hence, many educationists suggested establishing Commerce Laboratory in every degree college and post-graduate centre. In addition, they suggest, the students should be taken to banks, factories, business Organisations, markets and offices to show the actual working. They can understand the real workings of the business and get confidence of setting their own venture instead of working under some person.
Earlier, commerce graduates belonging to urban/industrial areas were absorbed quickly because of good communication and presentation skills. But today due to development in communication and transportation, rural candidates are also employed by the employers due to common syllabus. Further, the turnover rate of rural candidates in job market is less compared to urban candidates.
Now the enrollment to commerce education by the girl students has also increased. Thus, currently it is very difficult to get a seat in a good college by a meritorious student. In almost all colleges, the seats are full.
The trade and commerce is rapidly increased due to liberalisation, globalisation and privatisation. This requires more number of commerce graduates and also commerce professionals like chartered accountants, company secretaries, cost accountants, MBA Graduates. Our commerce professionals have a good demand in the world as financial advisors, consultants and auditors.
Though any degree holder can join the above mentioned commerce professional course, the commerce degree holders will have more scope of success. Hence, there is greater preference to commerce course.
Practical-oriented and introduction of specialization in degree level course of study will enhance the scope of the commerce students in the job market.
Commerce Laboratory
The Commerce laboratory is a new concept, wherein students practice their theoretical knowledge gained in the classroom. In addition students carry on more and more experiments. Mock commerce and business activities are undertaken in laboratory. By this method of learning and practicing, candidates will develop self-confidence of running a business profitably and understand the practical difficulties.
Considering the importance of practicals in commerce and business Education, Sri Pratap Memorial Rajput College of Commerce (Jammu and Kashmir), The Deccan Education Society’s Brihan Maharashtra College of Commerce, Pune (2003), The Maharashtra Education Society’s (MES) Garware College of Commerce Pune (Maharashtra State), Patna Women's College (PWC), Patna (2010), have established the Commerce Laboratory. The Osmania University during 2008, in its Board of Studies meeting approved the budget proposal for establishing Commerce Laboratory in every college and in every post-graduate department.
It is very difficult to list out, what the laboratory should have and what kind of practicals to be conducted/ demonstrated/ practiced. However, a well-trained and knowledgeable teacher can develop any number of practical exercises to make the candidate understand the concepts.
The first and foremost thing is to provide a well-furnished room with internet connectivity. Keep teaching aids like projector, video camera, multimedia, laptop, TV, CD, LCD player and public address system to be provided to help and practice. Seating arrangement is to be made for conducting meeting, interview, and group discussion. using public address system.
I Display Photos of the successful business icons, their ideas, way of working, their goals, their growth and achievement are to be displayed. This will motivate students to set their life goals and try to be ambitious. Keep videos, books and writings related to such big giants and their success stories, so as to understand how they can become successful.
n All kinds of forms used in banks, finance corporations, insurance, Tax Departments etc. like Pay-in-slip, NEFT, RTGS forms, Account Opening Form, Debit, Credit, ATM cards to understand the rules and regulations applicable to them and the procedure for applying and precautionary measures to operate them. Students will be asked to fill such forms. Bank loan advancing documents like Agreements relating to Lien, Pledge, Hypothecation, Mortgage should be kept.
n Keep Prospectus, Share Certificates, Debenture Certificate, Memorandum of Association, Articles of Association, Annual Reports, Director/Chairmans Reports, Audited Balance Sheets, Profit and Loss Accounts etc.,of the various companies, which will help students to study, compare, evaluate and analyse the financial position.
Financial Bills like Bills of Exchange, Promisory Notes, Quotations, D.D. Cheques etc,
Posters, Advertisement copies, Prospectus regarding Professional Educational Courses like CA, ICWA, CS, MBA, PG & other Higher Educational Courses are to be displayed to help them to choose the courses of study.
n Notifications, Amendments, Circulars on various financial matters issued by reserve Bank of India. Insurance Regulatory Authority, Stock exchanges, Government Departments etc., are to be kept.
n Various Magazines / Jourals / Bulletins relating to Marketing, Finance, Management and daily newspapers like The Economic Times, The Business Line, The Financial Express etc., are to be displayed.
II. Practice
n Students are asked to fill up the Income Tax, Sales Tax and Municipal Tax Returns and ask them to submit in the respective departments. For imparting practical knowledge, the Tax Practicing Consultants to be invited for providing the latest information. Today most of the returns are submitted through Internet (online). Hence, practical submission of returns to be practaiced in the college itself by the students.
n Online Stock Exchange activities should be shown to the students by which they can understand the mechanism of Share Market. Share Brokers are invited to train practical aspects of share transactions and also the precautions to be taken
n Mock Meetings, Interviews, Group Discussions, Elections, Votings, Selection of candidtes, Problem Solving, Negotiations, etc., to be practiced in the lab. which will facilitate them to develop Communication, Participation and Presentation
Skills.
These activities are recorded and replayed so that the students can understand their mistakes and rectify them. Various sessions are conducted to hone Communication, Presentation, Leadership Skills.
III Provide & Keep:
n To facilitate Role Playing activities like Marketing, Management, Meetings, Discussion etc., a full-fledged meeting room with a mike system and furniture is provided.
IV Organise:
Organise Seminars, Conferences and conduct Competitions related to business activities to develop healthy competition among the studentsConduct Preperatory (Mock) Competitive examinations like FDA,KPSC, Banks etc.,Get affiliation to run hartered Accountancy, Company Secretary, Cost and Works Accounts, Bank Examination Courses.
n Organise Sales Melas and Exhibitions to involve our students to develop the leadership qualities and to build organising capacity.
n Invite non-commerce students and the Public to visit the lab, and understand the business transactions.
The above list is sample activities to be done in the lab. A creative teacher can develop number of activities to suit the present business situations. The laboratory will also help a teacher to undertake research work and perform extension services.Conclusion
Establishing a Commerce Lab does solve some of the praactical problems faced by the students. The Evaluation of students’ performance is to be made not only on theory but on performance in the lab. UGC and Government take initiative in establishing Commerce Lab. in every college to impart practical knowledge to the Commerce students like Science students.
(The author is an Associate Professor of Commerce, RTES Arts, Science & Commerce College, Ranebennur)