Commerce Education: Challenges and Opportunities

Recently, Islamia College Alumni Association (ICAA) organized ‘Prof Wajih-u-Din Jeelani Memorial Lecture’ delivered by Prof Khurshid Ali, Former Dean Academics, Kashmir University. The President of the Association, Dr Khurshid A Khan (Principal) while presenting introductory remarks highlighted achievements of the College. Dr Khurshid A Mahajan, Secretary ICAA, gave an account of the activities conducted by the Association during the past few years. The proceedings were regulated by Dr Seema Bashir, Head PG Department of Commerce. Dr Nazir A Shah Registrar SSM College of Engineering, Pattan (Co- Chair)and Mr TaffazulHussainFormer Executive President JK Bank (In Chair) paid profound homage to Prof Wajih-u-Din Jeelani.

Prof (Dr) Wajih-u-Din Jeelani was the first who joined as faculty in the Department of Commerce in 1962, thus becoming the ‘Founder of Commerce Education in Kashmir’.

Prof Wajih, as he was fondly known, was a teacher par excellence who, in addition to his area of specialization, had enormous knowledge with regard to Indian Higher Education System and on the Indian financial sector.

He was a thorough gentleman, great scholar, lifelong learner, empathetic listener, highly communicative and a dedicated teacher having a welcoming attitude with all other qualities of a good knowledge worker. As he had a passion for books, he authored some books viz;Book-Keeping and Accounts, Economic and Commercial Geography, etc. Prof Wajih was so affectionate to his students that, reportedly, on his death bed at AIIMS New Delhi, he was remembering his students even in the state of unconsciousness. Dr Wajih left for the heavenly abode at a very young age of 43.

Commerce Education in Kashmir was first started in 1962 when Islamia College of Science and Commerce Srinagar was established in 1961. Though at present other academic institutions in the valley are engaged in dissemination of Commerce and Accounting Education, nevertheless, Islamia College still remains a premier temple of knowledge in imparting Commerce Education. Since the days of its inception, the students of this institution have been taught by teachers of national repute who have shaped their careers.

Islamia College has always been an admirable example of an academic institution geared to the needs of the economically weaker sections of the society, and the ICAA Initiative for strengthening the skills of students is a logical extension of that vision and mission.

It is noteworthy that the fast-paced world of today is certainly interesting. Itis influenced by forces of globalization, knowledge societies, advances in science and technology and the Artificial Intelligence (AI) boom-an issue for future trends in business and trade. These forces are closely interlinked giving rise to hyper competition in all human endeavours, making new demands like quality people with extensive unparalleled knowledge, extraordinary values and skills for the sustainable development and posing fresh challenges to the existing systems. Added to this, climate change, the aftermath of the pandemic and other business uncertainties have affected all particularly business-people and policy-makers who are moving into uncharted waters. This being so, knowledge has become an essential commodity and the knowledge industry a driving force for advancement of societies. Hence, to thrive in this type of speedy evolving ecosystem, imparting right type of education in preparing human capital plays a vital role in shaping the destiny of any society.There is a need to introduce new job-oriented professional and vocational courses which will not only meet the industry requirements and technological advancements made in respective fields but are also in line with the implementation of National Education Policy (NEP 3.0) Document adopted by the Union Cabinet in July 2020. The changing scenario has offered the students more openings, greater self-confidence and out of the box ways to hone their skills. This has naturally spurred demand for imparting quality education and thereby competent management of the whole education system. In such an environment, the importance of an effective system of Commerce Education (Commerce, Accounting and Research) is self-evident and critical to economic development, individual and societal well-being as it provides inputs to the young and talented graduates towards turning themselves into successful and dynamic managers, business executives, entrepreneurs, administrators, planners and decision-makers of tomorrow. Enough has been done to recognize some major issues confronting this branch of knowledge which all commercists/economists and teachers face in seeking to give this stream its rightful place.

It may be stated here that Commerce Education has a vital role to play in today’s ever changing business environment that makes it difficult for organisations to survive the growing competition. This has led to the need for Commerce Institutions to impart relevant education reflecting the changes in society.

Commerce Education has undergone sea changes with increased focus on international partnerships and internships, student exchange programs, joint/collaborative degrees, etc. The use of innovative and latest technologies in teaching is a trend that is also catching up. It has been rightly said that ‘If we want to save the world, we have to reinvent Commerce Education.’

Most of the Commerce Institutions have started paying attention to upgradation, rationalization and restructuring of course curriculum to make them practically viable for aspirants. Since no institution can afford to remain stagnant adorning the adornments of former grandeur, it must stay modern by progressing and accepting the changing pattern in order to gain more splendor.

Commerce Education is a much sought-after field for many. Today, the best and brightest students want to study Commerce as major subjects for it is a sure way to well-paid jobs with great prospects for advancement.

To honour, celebrate, acknowledge, recognize intellectual and academic contributions and memory of Professor Wajih, a Memorial Lecture titled “Commerce Education: Challenges and Opportunities” was organized in the College.The lecture was initiated not just to commemorate the memory of the ‘Founder of Commerce Education in Kashmir’ but also to emphasize his vision of creating a society full with knowledge pertaining to global business arena.

The key-note speaker has not only been the student of Prof Wajih but also the first commerce graduate of the valley. Although the subject was not easy to understand for the heterogeneous audience, the eloquence of the speaker and the simplicity of his interpretation engrossed them.  He started with recalling his association with this College and Prof Wajih thereby enlightening the students and faculty alike on different aspects of Prof Wajih’s life and his contribution in Commerce Education.Pertinently, Commerce once regarded as the most sought after stream, has lost its sheen and glamour. Only 16 per cent students opt for Commerce while 40 per cent go for Arts, 19 per cent for Science and 25 per cent for other streams.

Thus, the once most cherished branch of education is now relegated to the back seat. There are some issues to be taken care of. More concerns no doubt will emerge as studies in this important subject continue but the following seem unavoidable at present and require the serious attention of all who wish to see this branch blooming:- 1) Infrastructure (Physical, Digital, Intellectual) Deficit: Commerce being a professional degree needs more facilities and students/institutions should keep pace with technical advancements; 2) Out-dated Curriculum: Needs regular updating keeping in view the needs of industry, emerging developments to be introduced, fresh faculty well versed in latest technology to be recruited and more faculty development programmes to be launched; 3) No Industry Exposure: Students have lost the track because of the lack of on-the-job training, internship and apprenticeship.

The youth of Jammu and Kashmir is incredibly talented and dynamic and with the right support and opportunities, they can achieve great heights. No scholarships and financial aid are granted so that talented students would seek admission in reputed academic institutions that otherwise join 2^nd class institutes resulting in garbage in and garbage out (GIGO) thus leading to quality deterioration.

The student-centric initiatives play an instrumental role in driving positive changes in institutions. The corporate needs should be well echoed in the Commerce Education Curriculum by putting more emphasis on practical exposure and execution skills as against just theory;4) No Stress Laid on Communication and ICTSkills: A big constraint coming in the way of commerce graduates, no age-old system will work-students need to avail upcoming opportunities by improving communications skills as also garnering proficiency and keeping current with 21^st century skills (like Artificial Intelligence, Machine Learning, E-com, Digital Marketing). The present generation being blessed with ample knowledge and analytical bent of mind, should aim to use it to the fullest by equipping themselves with adequate technological skills; 5) Globalization: World is now a global village, wide field is open for learners who need to add value to their competence in terms of quality so as to be able to compete in global arena; 6) Entrepreneurship: This is another opportunity that commerce students should seize. An increasing focus on developing entrepreneurial mindset is now clearly visible.

As India is going to be the 3^rd largest economy by 2030 next only to America and China, commerce graduates have a bright future. There would be great demand for commerce graduates particularly in finance and accounting.

Simple degrees do not matter as the corporate organizations are concerned about what actually and how efficiently and effectively students deliver.

Therefore, what is required is that one should possess1) ExemplaryCommunication skills; 2) Quantitative skills; 3) Problem-solving skills; 4) Leadership Skills; 5) Critical and analytical Skills; 6) Self-Confidence; 7) Multitasking Skills; 8) Adaptability; 9) Commitment and dedication; 10) Time Management skills; 11) Strong Negotiation Skills; 12) Knowledge of New and Latest Technology; 13) Be Proactive; etc. 

The immediate concern of Commerce Education, however, should be to do away with age-old system of one-way classroom teaching and resort to Role-play System of Teaching, Case Studies, Seminars, Workshops, Project Reports, Demonstration and Application of Machines and their working and students to be equipped with knowledge of latest Computer Applications, etc.Instead of merely pushing students into the number game, teachers need to help their students develop the capabilities and necessary skills essential for the business world.

Lastly, it may be mentioned that the ‘Memorial Lecture’ was conducted with due regard to well-set and accepted universal norms, procedures and protocol.

There were no claps or cheers; no questions or discussions; no presidential remarks at the end, no laughers, etc. There was a short break for five minutes. The house was re-assembled for a technical session on ‘Role of Alumni in Institution Building’. The proceedings have been recorded separately.

The writers have been dutiful students of Prof Wajih-u-Din Jeelani and Prof Khurshid Ali.

DISCLAIMER: The views and opinions expressed in this article are the personal opinions of the author.

The facts, analysis, assumptions and perspective appearing in the article do not reflect the views of GK.