Career Success: The Role of Financing in Commerce Fields

In India, studying commerce, especially courses like MBA, CFA, or CA, can be expensive. Generally, the fees for an MBA course in India can go up to Rs. 35 lakhs. Similarly, the total cost of pursuing a CA course is about Rs. 4 lakhs, whereas the average cost of completing CFA Level I can cost you about Rs. 5 lakhs. 

Additionally, these commerce fields attract several registration charges, enrollment fees, and other similar expenses. This makes it difficult for commerce students from marginalised communities to afford these courses. 

Here, financing through education loans comes in handy. It allows you to afford these courses by providing money upfront. Using the proceeds, you can study at good MBA colleges or attend the coaching classes of the best teachers without worrying about the cost immediately. 

Want to learn how financing helps commerce students like you? In this article, let’s see how taking education loans can help you.

Financing opens your doors to good job opportunities

If you study finance, accounting, or business management, you can work as a:

• Credit manager
• Financial analyst
• Accountant
• Auditor
• Tax expert

Also, you become eligible for business management jobs like business advisor, investment banker, or management accountant. In all these commerce fields, the starting salary is between Rs. 4 lakhs to Rs. 35 lakhs per year. Later, if you gain experience, you can earn much more. 

All these opportunities become available to you only through financing. By taking education loans, you can pursue expensive but high-paying courses that can help you get a well-paying and stable job.

Finance your studies now, pay later

A moratorium period is a special benefit of education loans. You think of it as a loan repayment holiday. In this phase, you don’t have to start repaying the loan. The moratorium period includes:

• The entire duration of your course

and

• An extra 6 months to 1 year after completing your course (varies by bank).

For example:

• Let’s say you take an education loan for a 2-year MBA program. Your bank offers a moratorium period of “course duration + 1 year”. You start your MBA in 2025 and complete it in 2027. Now, your moratorium period will last from 2025 to 2028. You do not have to start paying EMIs until after 2028.

However, banks charge simple interest (not compounded) during this period. This interest, too can be waived off under the Education Loan Subsidy Scheme. If your gross annual family income is up to Rs. 4,50,000, the government will bear 100% interest cost during the moratorium period. 

Avail of financing and study at top commerce colleges

An education loan helps you to afford tuition fees and living expenses. This makes it possible for you to study at top commerce colleges in India and even foreign universities. 

Without adequate financing, you can choose the best institutions instead of compromising due to cost. By studying at a top college, you get to:

• Learn from highly experienced professors and industry leaders
• Access updated courses that match industry trends
• Experience advanced learning techniques like case studies, simulations, and real-world projects
• Connect with professionals, alumni, and recruiters for better career growth.

Additionally, a degree from a reputed institution makes you highly employable and allows you to secure premium job titles at top companies.

Financing lets you support yourself during internships

Many finance and business programs require commerce students like you to complete internships. By doing them, you gain hands-on practical training. For example, while pursuing the CA course, you are required to compulsorily complete your articleship training of 3 years under a qualified Chartered Accountant. 

However, these internships or training are sometimes unpaid or offer very low stipends. This makes it difficult for commerce students to manage their daily expenses. 

During such times, you can use proceeds from education loan to cover your:

• Living costs and transportation expenses
• Education-related purchases (say tablets or books) made from online marketplaces or offline stores
• Other similar necessities

This financial support allows you to focus on learning and gaining practical experience. Additionally, with an education loan, you can choose better internships at reputed companies instead of settling for lower-quality opportunities just for financial reasons. 

Conclusion

In commerce, financing from leading banks and NBFCs allows students to pursue expensive courses like MBA, CFA, and CA. With the financial support, students can:

• Study at top institutions
• Gain practical experience through internships
• Access the latest learning methods without worrying about money

Also, with an education loan comes a moratorium period. It allows students to focus on their studies first and repay the loan later. Additionally, government subsidies can further reduce the cost of borrowing. 

By choosing the right financing option, commerce students like you can open doors to high-paying jobs in finance, accounting, and business management.