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B-COM-FINANCE-TAXATION in Finance Taxation at Rural Academy for Management Studies
Ernakulam, Kerala
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About the Specialization
What is Finance & Taxation at Rural Academy for Management Studies Ernakulam?
This Finance & Taxation program at Rural Academy for Management Studies focuses on equipping students with comprehensive knowledge in financial management, taxation laws, and accounting practices crucial for the Indian business landscape. It delves into the intricacies of financial markets, corporate finance, and the evolving Goods and Services Tax (GST) framework, preparing graduates for dynamic roles in a robust Indian economy.
Who Should Apply?
This program is ideal for 10+2 graduates seeking entry into accounting, finance, or taxation sectors. It also caters to individuals aiming to build a career in financial analysis, tax consultancy, or corporate accounting, offering a strong foundational and specialized understanding required for the Indian financial industry. Aspiring entrepreneurs keen on managing their business finances will also find immense value.
Why Choose This Course?
Graduates of this program can expect diverse career paths in India, including roles as tax consultants, financial analysts, accountants, auditors, and investment advisors. Entry-level salaries typically range from INR 2.5 LPA to 4.5 LPA, with significant growth potential up to 8-15 LPA for experienced professionals. The curriculum aligns with requirements for professional certifications like CA, CMA, and CS foundation levels.
Student Success Practices
Foundation Stage
Build Strong Accounting Fundamentals- (Semester 1-2)
Focus intently on understanding core accounting principles (Journal, Ledger, Final Accounts) and business law during semesters 1-2. Participate actively in classroom discussions and solve a variety of practical problems regularly. This strong base is critical for advanced financial subjects.
Tools & Resources
Textbooks, Online accounting tutorials (e.g., ICAI resources for foundational concepts), Peer study groups
Career Connection
A solid grasp of fundamentals is indispensable for roles in accounting, auditing, and financial analysis, laying the groundwork for professional exams like CA/CMA.
Develop Quantitative Skills Early- (Semester 1-2)
Pay special attention to Quantitative Techniques and Business Decisions. Practice problem-solving skills in probability, statistics, and basic financial mathematics. Utilize online platforms for numerical aptitude tests to enhance speed and accuracy.
Tools & Resources
Khan Academy for statistics, BYJU''''S for aptitude, Practice books for quantitative skills
Career Connection
Quantitative proficiency is vital for financial modeling, market analysis, and actuarial roles, enhancing employability in finance sectors.
Engage in English and Communication Enhancement- (Semester 1-2)
Actively participate in English language common courses, focusing on improving written and verbal communication skills. Join college clubs for debates, presentations, and public speaking to build confidence and fluency, essential for professional interactions.
Tools & Resources
Toastmasters International (local chapters), Online English speaking courses, Reading business newspapers like The Economic Times
Career Connection
Effective communication is paramount for client-facing roles, corporate presentations, and networking in the finance and taxation industry.
Intermediate Stage
Master Computerized Accounting Software- (Semester 3-4)
Gain hands-on expertise in computerized accounting software like Tally ERP 9, which is widely used in India. Complete advanced exercises, practice data entry, inventory management, and GST compliance within the software, aiming for certifications.
Tools & Resources
Tally Education Partner programs, Online Tally tutorials, College computer lab resources
Career Connection
Proficiency in Tally is a key skill for accountants and finance professionals in India, significantly improving job prospects and efficiency.
Pursue Internships in Taxation/Finance- (Semester 3-5)
Seek out short-term internships (1-2 months) with local CA firms, tax consultancies, or small businesses during semester breaks. Focus on understanding tax filing, GST compliance, ledger maintenance, and basic financial analysis.
Tools & Resources
College placement cell, LinkedIn, Internshala
Career Connection
Practical experience in taxation and finance makes candidates highly desirable for entry-level positions, providing real-world application of theoretical knowledge.
Network and Participate in Competitions- (Semester 4-5)
Actively attend finance and taxation workshops, seminars, and webinars. Join college finance clubs and participate in inter-college business plan competitions, case study challenges, or investment games to build network and apply knowledge in competitive settings.
Tools & Resources
NISM certification programs (introductory modules), Financial conclaves (online/offline), College entrepreneurship cells
Career Connection
Networking opens doors to mentorship and job opportunities, while competition experience demonstrates practical skills and problem-solving abilities to recruiters.
Advanced Stage
Deep Dive into Specialization & Certifications- (Semester 5-6)
For Finance, focus on advanced topics like Financial Markets, Investment Management, and explore NISM certifications. For Taxation, delve into Advanced Income Tax and GST, considering certifications from professional bodies. Choose an elective that complements your career goals.
Tools & Resources
NISM certifications (various modules), Taxmann publications for tax updates, ICAI study material for advanced accounting
Career Connection
Specialized certifications add significant value to your resume, making you a preferred candidate for niche roles in investment banking, portfolio management, or tax advisory.
Undertake a Comprehensive Project & Research- (Semester 6)
Dedicate significant effort to your final year project, choosing a topic relevant to Finance or Taxation in the Indian context (e.g., ''''Impact of GST on SMEs'''' or ''''Performance Analysis of Indian Mutual Funds''''). Focus on robust data collection, analysis, and report writing, preparing thoroughly for the viva voce.
Tools & Resources
JSTOR, Google Scholar for research papers, Economic Times, Business Standard for data, Statistical software (Excel, basic R/Python for analysis)
Career Connection
A well-executed project showcases research, analytical, and presentation skills, crucial for higher studies or roles requiring independent problem-solving.
Intensive Placement Preparation & Mock Interviews- (Semester 6)
Engage in rigorous placement preparation, including resume building, aptitude test practice, group discussion sessions, and multiple rounds of mock interviews. Understand common finance and taxation interview questions and practice articulating your knowledge and skills confidently.
Tools & Resources
College career services, Online aptitude test platforms, Mock interview panels (faculty/alumni)
Career Connection
Thorough preparation directly translates into higher chances of securing desired placements in top accounting firms, banks, and corporate finance departments across India.
Program Structure and Curriculum
Eligibility:
- A candidate who has passed the Plus Two or equivalent examination from a recognized board or an examination recognized by the Mahatma Gandhi University as equivalent thereto is eligible for admission.
Duration: 6 semesters / 3 years
Credits: 120 Credits
Assessment: Internal: 20%, External: 80%
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| BC1CR01 | Financial Accounting I | Core | 4 | Accounting Concepts and Principles, Journal, Ledger, Trial Balance, Final Accounts (Manufacturing, Trading, P&L, Balance Sheet), Rectification of Errors, Bank Reconciliation Statement |
| BC1CR02 | Business Regulatory Framework | Core | 4 | Indian Contract Act 1872, Sale of Goods Act 1930, Consumer Protection Act 2019, Negotiable Instruments Act 1881, Limited Liability Partnership Act 2008 |
| EN1CC01 | Common Course I (English) | Common | 4 | Academic English, Critical Reasoning, Reading Comprehension, Basic Communication Skills, Formal Writing |
| ML1CC02 | Common Course II (Additional Language - Example: Malayalam) | Common | 4 | Literary Texts, Grammar and Syntax, Vocabulary Development, Translation Skills, Cultural Aspects of Language |
| BC1CM01 | Principles of Business Decisions | Complementary | 4 | Managerial Economics, Demand and Supply Analysis, Production and Cost Analysis, Market Structures, Pricing Strategies |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| BC2CR03 | Financial Accounting II | Core | 4 | Branch Accounts, Departmental Accounts, Hire Purchase System, Installment Payment System, Royalty Accounts |
| BC2CR04 | Marketing Management | Core | 4 | Marketing Concepts and Environment, Marketing Mix (Product, Price, Place, Promotion), Consumer Behavior, Product Life Cycle Strategies, Services Marketing |
| EN2CC03 | Common Course III (English) | Common | 4 | Public Speaking, Report Writing, Interview Skills, Professional Communication, Presentation Techniques |
| ML2CC04 | Common Course IV (Additional Language - Example: Malayalam) | Common | 4 | Advanced Literary Studies, Grammar and Composition, Modern Malayalam Literature, Critical Appreciation, Creative Writing |
| BC2CM02 | Quantitative Techniques for Business Decisions | Complementary | 4 | Probability Theory, Correlation and Regression Analysis, Index Numbers, Time Series Analysis, Linear Programming (Graphical Method) |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| BC3CR05 | Corporate Accounting I | Core | 4 | Accounting for Share Capital, Accounting for Debentures, Redemption of Preference Shares, Redemption of Debentures, Underwriting of Shares and Debentures |
| BC3CR06 | Business Management | Core | 4 | Principles of Management, Planning and Decision Making, Organizing and Staffing, Directing and Motivation, Controlling and Coordination |
| BC3CR07 | Computerized Accounting | Core | 4 | Introduction to Computerized Accounting Systems (Tally), Company Creation and Configuration, Accounting Vouchers and Transactions, Inventory Management, Financial Statements and Reporting |
| BC3CM03 | Banking and Insurance | Complementary | 4 | Commercial Banking System in India, Reserve Bank of India (RBI), Types of Banks and Their Functions, Principles of Insurance, Types of Insurance (Life, Fire, Marine) |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| BC4CR08 | Corporate Accounting II | Core | 4 | Valuation of Shares and Goodwill, Final Accounts of Companies, Liquidation of Companies, Amalgamation and Reconstruction, Accounting for Holding Companies |
| BC4CR09 | Financial Management | Core | 4 | Financial Planning and Forecasting, Capital Budgeting Decisions, Working Capital Management, Cost of Capital, Dividend Policy |
| BC4CR10 | Income Tax Law and Practice I | Core | 4 | Basic Concepts of Income Tax, Residential Status and Tax Incidence, Income from Salaries, Income from House Property, Profits and Gains of Business or Profession (PGBP) |
| BC4CM04 | Entrepreneurship Development | Complementary | 4 | Concept and Process of Entrepreneurship, Qualities of an Entrepreneur, Business Idea Generation, Business Plan Preparation, Role of MSMEs and Government Support |
Semester 5
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| BC5CR11 | Cost Accounting | Core | 4 | Cost Concepts and Classification, Cost Sheet and Cost Control, Material Costing, Labour Costing, Overhead Costing and Absorption |
| BC5CR12 | Auditing | Core | 4 | Introduction to Auditing and its Objectives, Types of Audit, Internal Control System, Audit Evidence and Documentation, Auditor''''s Report |
| BC5CR13 | Income Tax Law and Practice II | Core | 4 | Income from Capital Gains, Income from Other Sources, Set-off and Carry Forward of Losses, Deductions from Gross Total Income, Assessment of Individuals and Tax Planning |
| BC5CR14 | Financial Markets and Services | Core - Specialization Specific | 4 | Indian Financial System, Money Market Instruments, Capital Market (Primary and Secondary), Role of SEBI, Financial Services (Mutual Funds, Factoring, Merchant Banking) |
| BC5OC01 | Open Course (Example: Basic Numerical Skills) | Open | 3 | Basic Arithmetic Operations, Percentages, Ratios and Proportions, Simple and Compound Interest, Linear Equations, Data Interpretation |
Semester 6
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| BC6CR15 | Management Accounting | Core | 4 | Nature and Scope of Management Accounting, Fund Flow and Cash Flow Statements, Ratio Analysis, Budgetary Control, Standard Costing and Variance Analysis |
| BC6CR16 | Goods and Services Tax (GST) | Core | 4 | Introduction to GST in India, Levy and Collection of GST, Input Tax Credit Mechanism, Registration and Returns under GST, GST Council and Administration |
| BC6CR17 | Advanced Corporate Accounting | Core - Specialization Specific | 4 | Consolidated Financial Statements, Accounting for Banking Companies, Accounting for Insurance Companies, Accounting for Non-Banking Financial Companies (NBFCs), Human Resource Accounting |
| BC6CR18 | Project and Viva Voce | Project | 4 | Research Problem Identification, Literature Review, Data Collection and Analysis, Report Writing and Formatting, Presentation and Defense |
| BC6EL01 | Investment Management (Elective) | Elective - Specialization Specific | 3 | Investment Avenues and Objectives, Risk and Return Analysis, Fundamental Analysis of Securities, Technical Analysis of Securities, Portfolio Management Theories |
