INTRODUCTION

Indias education system is often cited as one of the main contributions to the
economic rise of India. In India commerce education is very important part of
education which is called as Business Education. It is a living and evergreen
discipline and it is totally different from other disciplines. Commerce Education is the
area of education which develops the required knowledge, attitudes and skills for
successful heading of Trade, Commerce and Industry. The first Commerce school
was established in Chennai in 1886 by Trustees of Pachiyappas Charities.
Commerce classes started in the Presidency College, Kolkata in 1903.The Sydenham
College of Commerce and Economics was established in 1913 as the first institution
for higher education in Commerce. Commerce has grown from a subject to a full-
fledged faculty in most of the universities and had acquired a pride of place amongst
different academic disciplines. The growing phenomenon of globalization,
liberalization and privatization has been influencing the Commerce education. The
demand for Commerce education has spiraled over the last decade.

Today students of Commerce at the graduate level could opt for a range of courses
and options. For instance, a student could either opt for Bachelor of Commerce,
Commerce (Honours), Investment and Financial Accounting, Banking & Insurance,
Business Studies and Foreign Trade. Similarly at the post graduate level he can opt
for Masters in Commerce, International Business and Human Resource and
Organizational Development, Finance and Control, Banking & Insurance etc. To meet
the growing needs of the business society, there is greater demand for sound
development of commerce education

OBJECTIVES
To understand the problems of contemporary commerce education.

To examine new aspects and trends in relation to Commence education.

To compare the study of commerce education with India and Singapore .

To have practical orientation of commerce education.

To know the development of commerce education.

To impart valuable knowledge in the field of commerce education.

 COMMERCE EDUCATION IN INDIA
Commerce Education, as a branch of knowledge imparts experience of business
world at a large in all its manifestations. Chesseman defined Commerce Education as
- Commerce education is that form of instruction which both directly and indirectly
prepare the business man for his calling. The commerce education is primarily
meant for providing the students in-depth knowledge of different functional areas of
business so as to prepare people required by the community for the purposes of trade,
commerce and industry. Importance of Commerce Education Commerce education
had developed to support the growing needs of business houses. However, over the
years, there has been a fundamental shift in the very approach of commerce
education; from a professional to a theoretical education. At this juncture there is a
need to redefine the commerce education in the changing scenario and strengthen it
further. Globalization and Technological trend have made difficult for organizations
to survive in the competitive world. As a result the importance of Commerce
education has been increased many folds. The School of commerce should play
pivotal role in equipping our future dynamic managers with the emerging trends of
Commerce skills to face the challenges of dynamic business world.

CHALLENGES AND OPPORTUNITIES IN COMMERCE

EDUCATION IN INDIA
Commerce is considered as one of the most popular career options in India.
Commerce education is the backbone of the business and serial development of the
nation. This education stresses on developing the people and making effective use of
available resources.

CHALLENGES

Global issues in economy, commerce and management.

Foreign Direct Investment role.

Reforms in Indian and International Economic Sectors.

Role of World Bank and IMF.

Export and Import of Trade, Commerce and Industry.

National and International strategies for stock market and investors in competitive

markets.
 Government policies for mergers and acquisitions.

Challenges and Strategies in Currency Market in International scenario.

OPPORTUNITIES

A graduate in commerce had ample opportunities as he can join any private institute
or government organization as a specialist in any of the Commerce stream and they
can also pursue professional courses such as Company Secretary, Chartered
Accountant, and ICWA.

A graduate in Commerce can also opt careers in financial services as a Financial

Consultants, Stock Brokers, Merchant Bankers, Budget Consultant, Financial
Portfolio Manager, Project Formulation Manager, Tax Consultants.

A graduate in commerce will with specialization in Banking & Finance will have
opportunity in Banks and Insurance companies.

E-COMMERCE
E-Commerce a branch of commerce involves conducting business using modern
communication instrument like Internet, Fax, Telephone, E-data interchange, E-
payment, Money transfer system. E-Commerce provides multiple benefits to the
consumers in the form of availability of goods at lower cost, wider choice and save
times. People or Consumer can buy goods with a click of mouse button without
moving out of their house or offices. Similarly, online services such as Internet
Banking, Tickets includes Airlines, Railway, Bus Bill Payment,Hotel Booking etc.
have been tremendous benefit for the customers. E-Commerce education has been
phenomenal in making a deep impact on higher education. Growth in the Internet
over the last few decades has led to great impact on communication and research in
the institutes. Many MBAs,Working Professionals, Administrators, Housewives and
similar people who fell short of time to go to a campus program have been able to
benefit immensely from online sources. E-Commerce education has opened new
avenues for Cyber law studies. It need not be stated that the importance of Cyber
laws has increased by leaps and bounds in the recent years. With hundreds of
Cybercrime cases every day, awareness and knowledge about Internet has become
more important- Commerce education not only equips students about latest career
development advancements, it also opens door for access to information and
knowledge.
 SINGAPORE EDUCATION SYSTEM
Apart from enjoying a status of famous shopping and tourism destination, Singapore
is also emerging as a place for pursuing innovators serve societal needs. This will be
accomplished with a focus on Design, through an integrated multidisciplinary
curriculum and multi-disciplinary research. The university is expected to open its
doors in April 2012, with its campus constructed by 2015. A graduate medical
school,Duke-NUS Graduate Medical School Singapore, was also created through a
partnership between Duke University School of Medicine and NUS to increase
Singapores capacity to develop a vibrant biomedical hub.Specialized institutions
have also sprung up, both local and international. For instance, well-known business
schools University of Chicago Graduate School of Business and INSEAD, New York
University Tisch School of the Arts,LASALLE College of the Arts and Nanyang
Academy of Fine Arts (NAFA) provide specialized education in the arts, and the
Digipen Institute of Technology focuses on world-class technology education. In
addition, polytechnics were also set up to train middle-levelprofessionals and their
main aim is to educate and nurture theirstudents to excel in work and in life, and to
equip young as well adult learners with skills and knowledge to enhance their
employability in the market. A total of five polytechnic schools (Ngee Ann
Polytechnic, Singapore Polytechnic, Nanyang Polytechnic, Temasek Polytechnic, and
Republic Polytechnic) were established in Singapore to cater to students those who
passed the secondary school and those who are interested in learning more technical
subjects with hands on training. Most of the diplomas offered are three years duration
and their course curriculum is designed to meet the industry needs. Last, but not the
least; the Institute of Technical Education (ITE) was established as a post-secondary
technical institution of excellence. The basic purpose of the institute is To Create
Opportunities for School Leavers and Adult Learners toAcquire Skills, Knowledge
and Values for Lifelong Learning in a Global Economy [Mission statement: ITE].
The Institute of Technical Education campuses were reorganized under the
"Collegiate system" into 3 major colleges around the island, ITE College Central,
ITE College West, ITE College East. You may also choose to send your children to
one of the over 300 private education institutions in Singapore. Private schools offer
a large variety of courses, including language and professional programmes. When
choosing a private school, do make sure it has proper accreditation. The EduTrust for
Education and Singapore Quality Class for Private Education Organizations are two
hallmarks of quality implemented in Singapore.
PATHWAY OF LEARNING IN SINGAPORE EDUCATION
SYSTEM
According to the system, students in Singapore generally undergo six years in
primary school and four to five years in secondary school. They can then enroll in
post-secondary institutions, pre-university courses, or move on to the polytechnics.
Eligible students are subsequently given the opportunity to enroll in the universities.
Under the MOE, The Higher Education Division (HED) oversees the provision of
tertiary and technical education in Singapore as well as registration of private
schools. It oversees nine statutory boards five Polytechnics, the Institute of
Technical Education (ITE), the Science Centre Singapore (SCS), the Institute of
Southeast Asian Studies (ISEAS) and the Council for Private Education. HED also
oversees the development of four autonomous universities (the NationalUniversity of
Singapore, the Nanyang Technological University, the Singapore Management
University and the Singapore University of Technology and Design).

ISSUES FOR SINGAPORE HIGHER EDUCATION

Critics of the education system, including some parents, state that the education
system is too specialized, rigid, and elitist. Often, these criticisms state that there is
little emphasis on creative thinking, unlike education systems in other societies, such
as those in the States. Those defending the current education system point out that
Singaporean student have regularly ranked top when competing in international
science and mathematics competitions and assessments. Detractors believe this is
more an indication of students' skills in using rote to prepare for a certain style of
competition or examination than of their ability to think critically. There have also
been complaints about excessive educational streaming at a young age. A popular
local film, I Not Stupid, highlights the competitiveness of the system and the social
stigma that students struggling with studies have to face. The best students are
streamed into the best and normal classes, while the others are streamed into the
foundation class, where teachers usually allow them to get worse, since they are part
of the "ungifted" class Singapore's Ethnic Education Problems The problem is a
serious and persistent one. Figures from the Education Ministry show that while
Singaporean exam results have increased across the board over the last decade, the
stark disparities between the city-state's main three ethnic groups remain. In2008, just
59.3 percent of Malay students achieved 5 passes at O-level, the exams taken by 15
and 16-year-olds, compared to 86.2 percent of Chinese and 73 percent of Indians.
 CONCLUSION
With a growing emphasis on information, global economy, higher education was
viewed as increasingly essential for the worlds population. Information technology
and mobile technology is now forcing education sector to change according to the
needs of the time. The most emerging dimension of the business and commerce
education in the 21st century is the need for business school to use technology and
make it integral part of course contents. The present economy requires the type of
skills and knowledge that our courses offer. The changes are very fast and our courses
also must keep pace with the changes. Therefore molding ourselves to the changing
environment is an inevitable part of curriculum.