Career and Job roles after Diploma in Commercial Practice

There are a good number of job openings available for diploma in commercial practice students. The skilled diploma in commercial practice students are hired in both public and private sectors. They are hired in a number of job roles.

The present article tries to explain a few important job roles available for diploma in commercial practice students.

Cost and Works Accountant

The Cost and Works Accountant (CWA) performs audits for the organizations. The Cost and Work Accountants will certify the import and export documents. 

Role of the Cost and Works Accountant

They act as executor, administrator, valuer and are also responsible to maintain the financial records in the organization. They also provide strategic investment advice to the company’s finances.

Responsibilities of Cost & Works Accountant 

As a cost & work accountant one is needed to:

• Meet and coordinate with clients to discuss and identify their advertising requirements
• Work with agency colleagues to devise an advertising campaign that meets the client's brief and budget
• Present (alongside agency colleagues - particularly the account manager) the campaign ideas and budget to the client
• Work with the account manager to brief media, creative and research staff and assist with the formulation of marketing strategies
• Coordinate with, and act as the link between, the client and the advertising agency by maintaining regular contact with both
• Ensure that communication flows effectively
• Negotiate with clients and agency staff about the details of campaigns
• Present creative work to clients for approval or modification
• Handle budgets, manage campaign costs and invoice clients
• Write client reports
• Monitor the effectiveness of campaigns
• Undertake administrative tasks
• Arrange and attend meetings
• Make pitches along with other agency staff, with the aim of securing new business for the agency.

Salary and Emoluments

The fresh diploma in commercial practice students will be easily earning around 1.5 lakhs to 2.5 lakhs per annum as cost and work accountants, the experienced professionals will be earning around 2.5 lakhs to 3.5 lakhs per annum.

Assistant Actuary

As an assistant actuary; one will be learning the various techniques involved in analysing the data, evaluating the financial risks and communicating this information to the non-specialists. They normally work in insurance companies and they deal with insurance policy premium amounts for a customer.

Role of an Assistant Actuary

An assistant actuary evaluates, manages and advises on financial risks in the insurance companies. They use their knowledge of business and economics together with their understanding of probability theory, statistics and investment theory, to provide strategic commercial and financial advice to their clients or organisations. As an actuary one will be using financial and statistical theories to assess the livelihood of a particular individual and their possible financial costs.

Responsibilities of an Assistant Actuary 

As an Assistant Actuary one is needed to:

• Use mathematical modelling techniques and statistical concepts to determine probability and assess the risks such as analysing pension scheme liabilities to price commercial insurance
• Analysing statistical data in order to calculate for example, accident rates for particular groups of people
• Develop new financial products
• Prepare presentations reports validations and quarterly updates
• Monitoring risk within trading positions in investment banking to ensure excessive risks are not taken during the fast pace of trading
• Advising on issues such as selection of investment managers or the administration of pensions and benefits
• Working with mergers and acquisitions

Salary and Emoluments

The fresh diploma in commercial practice students will be easily earning around 1.5 lakhs to 2.5 lakhs per annum as assistant actuary, the experienced professionals will be earning around 2.5 lakhs to 3.5 lakhs per annum.

External Auditor

The External Auditors combine first-rate people skills with a high level of attention to detail to help business of all types and sized achieve their performance potential

Role of an External Auditor

As an external auditor one is required to examine financial records and other data to provide businesses, their investors and market regulators with a clear picture of how they are performing. He/she is also responsible to make recommendations for improvements.

Responsibilities of an External Auditor

As an external auditor one is needed to:

• Visit client locations and interact with different levels of management to understand the business and their needs
• Plan, carry out and in some cases design bespoke audit procedures and tests
• Attend meetings and interview staff to gather audit evidence
• Examine accounts, financial records and other documentation
• Observe stock takes and business procedures
• Use analytics to assess financial reporting fraud or operational business risks
• Prepare or contribute to a final audit report, including making recommendations for improvements to systems or processes
• Discuss the conclusion and recommendations of the audit with clients

Salary and Emoluments

The fresh diploma in commercial practice will be easily earning around 2 lakhs to 3 lakhs per annum as external auditors, the experienced professionals will be earning around 3 lakhs to 4 lakhs per annum.

Business Advisor 

A business advisor is one who has genuine interest in supporting business and the ability to use the experiences that are gained in the profession across a range of specialisations.

Role of a Business Advisor

As a business advisor one will provide information, support, coaching, advice and guidance to business clients like individuals or huge organisations. As a business advisor one is responsible to provide support to a business to grow, scale up, change or diversify their business model.

Responsibilities of a Business Advisor

As a business advisor one is needed to:

• Possess an in-depth understanding of the business support landscape and the ability to advice businesses on the range of options available
• Undertake diagnostic needs assessments with businesses including analysing the needs of the business and working with the client to put a business action plan in place
• Develop a professional network of associates who can provide a broad range of business and enterprise
• Build positive relationships with clients, partners, associates networks
• Have excellent mentoring and coaching skills
• Attend meetings with networks and associates to ensure you keep up to data with global, national, regional and local business support initiatives to ensure your client benefit
• Undertake research on behalf of a business
• Communicate with clients, networks and associates
• Provide start-up business with advice and guidance for assist
• Organise and deliver business networking events and business education seminar and workshops

Salary and Emoluments

The fresh diploma in commercial practice students will be easily earning around 1.5 lakhs to 2.5 lakhs per annum as business advisors. The experienced professionals will be earning around 2.5 lakhs to 3.5 lakhs per annum.

Final Lines

There are a certain good number of job roles available after the completion of a diploma in commercial practice. The students of diploma in commercial practice course are usually hired in a number of government and private organisations. They are also decently paid, they can expect good career growth if they take up higher studies like BBA, B.Com etc. The students with an interest towards non-technical areas, then they can join this course.