Job Prospects with a Commercial Law Major? (1 Viewer)

[Phaze]

Since we're not able to become a lawyer through completing a commercial law/business law major, what are the benefits and what jobs can come from it? Or is it more of a major that complements your main major?

 

[obliviousninja]

Doesn't complement lol

 

[wannaspoon]

It's a good bridging course to law if you didn't get the grades in high school... Would probably set you up pretty well with commercial firms and all...

Other than that, I don't see much you can actually do with it...

Paralegal, legal secretary, etc... better off just doing a diploma...

 

[seremify007]

Commercial law as in a major within Commerce/Business (like business law) is very different to real law. I would be surprised if you even got any credit in real law for what is covered in these subjects given they are more like an introduction to the topics to give you broad appreciation of how to consider issues and who to consult when you have questions rather than how to actually tackle a genuinely unique legal matter. The depth we cover content in is very different as is the analytical skills (e.g. one or two weeks to cover all of torts vs. a whole subject in law; the scenarios in assessments are designed to closely mimic the same fact pattern of a real case which would have been in the readings or lecture material).

That being said whilst you probably won't be able to get a job based off this major, it will give you some good analytical, reasoning, research and writing skills which will help in a lot of other professions. For example I often use the MIRAT format when documenting either accounting or audit issues and the concise writing style required in commercial law/business law subjects lends itself well to the corporate world where I need to summarise some key controversial issues for circulation with clients as well as technical teams before potentially setting global precedence for our firm.

On the other hand, doing well in these subjects can also lead you down a career as a professional tax accountant- no I do not mean Joe Bloggs doing tax returns but looking at the larger issues faced by corporations such as eligibility for special tax programs, treatment or deductions.

 

[Phaze]

Commercial law as in a major within Commerce/Business (like business law) is very different to real law. I would be surprised if you even got any credit in real law for what is covered in these subjects given they are more like an introduction to the topics to give you broad appreciation of how to consider issues and who to consult when you have questions rather than how to actually tackle a genuinely unique legal matter. The depth we cover content in is very different as is the analytical skills (e.g. one or two weeks to cover all of torts vs. a whole subject in law; the scenarios in assessments are designed to closely mimic the same fact pattern of a real case which would have been in the readings or lecture material).

That being said whilst you probably won't be able to get a job based off this major, it will give you some good analytical, reasoning, research and writing skills which will help in a lot of other professions. For example I often use the MIRAT format when documenting either accounting or audit issues and the concise writing style required in commercial law/business law subjects lends itself well to the corporate world where I need to summarise some key controversial issues for circulation with clients as well as technical teams before potentially setting global precedence for our firm.

On the other hand, doing well in these subjects can also lead you down a career as a professional tax accountant- no I do not mean Joe Bloggs doing tax returns but looking at the larger issues faced by corporations such as eligibility for special tax programs, treatment or deductions.

For someone like myself who's going to be working in Taxation & Legal in an Accounting firm (due to a cadetship) I'll obviously have to be doing accounting as my first major. That being the case, and after reading through what you said, it seems as if doing Commercial Law will be more beneficial to me if I'll be working in Accountant Taxation as opposed to doing a Finance major. Would that be correct?

 

[RishBonjour99]

Given that you'll be working in tax & legal (didn't know they gave out cadetships), commercial law may help. It is probably a good compliment to accounting but most of your training will be on the job + study anyway so doesn't matter too much. One of the tax vaccies who performed exceptionally well (received multiple offers following internship from the different tax divisions) for a big 4 this summer was a comm/arts student with acct major.

 

[seremify007]

Id say given you already have the job (congrats anyway) it's probably more about what will help set you up longer term. Do you have any thoughts on whether you plan to do CA or Masters of Tax?

For what it's worth you'll most likely do at least a minor equivalent in business law just to meet your CA prerequisites so that may satisfy your craving for the field. Career wise though you'll need to ensure that it will help you in masters of tax if that's what you plan to do (although why you wouldn't just major in tax subjects in the first place is beyond me- I assume you can but might be wrong here as this is not my area).

All in all though if I were you I'd just do finance as the major (on top of the basic commercial law subjects required for CA) as it will help broaden your options and gives you a bit more depth should you ever move to other accounting roles either within the firm or in commercial where the skills and knowledge of everything from investment pricing, yield curves and capital costs are very relevant whether you're a bank or a FMCG company.

 

[enoilgam]

I know you are combining it with something else, but as a standalone major it's 50/50. Probably the most relevant career paths for someone with this major would be a role in compliance or risk management. The route into these careers is usually indirect (i.e. via an unrelated entry level position), and you will face stiff competition from people with Law degrees or individuals with a Master's in Commercial Law. It also offers a broad skill base which can be applied to general business areas, but again, your entry into these type roles will be indirect and further education may be required.

 

[seremify007]

According to the UNSW handbook:

Business Law graduates utilise their skills in a range of business positions. Some graduate jobs include: Auditor, Business Analyst, Compliance Officer, Corporate Advisor, Financial Analyst, Financial Planner, Human Resources Advisor, Insolvency Advisor, Management Consultant, Policy Advisor, Risk Assessment Officer and Taxation Advisor.

Source: http://www.handbook.unsw.edu.au/undergraduate/specialisations/2013/BusinessLaw.html

I'd take this with a pinch of salt though as these positions would be largely dependent on what your other major is as well.

 

[enoilgam]

According to the UNSW handbook:



Source: http://www.handbook.unsw.edu.au/undergraduate/specialisations/2013/BusinessLaw.html

I'd take this with a pinch of salt though as these positions would be largely dependent on what your other major is as well.

I cant speak for the rest, but for a HR Advisor you would need additional qualifications.

 

[Phaze]

Do you have any thoughts on whether you plan to do CA or Masters of Tax?

For what it's worth you'll most likely do at least a minor equivalent in business law just to meet your CA prerequisites so that may satisfy your craving for the field. Career wise though you'll need to ensure that it will help you in masters of tax if that's what you plan to do (although why you wouldn't just major in tax subjects in the first place is beyond me- I assume you can but might be wrong here as this is not my area).

All in all though if I were you I'd just do finance as the major (on top of the basic commercial law subjects required for CA) as it will help broaden your options and gives you a bit more depth should you ever move to other accounting roles either within the firm or in commercial where the skills and knowledge of everything from investment pricing, yield curves and capital costs are very relevant whether you're a bank or a FMCG company.

I know very little regarding how a Masters of Tax would benefit me. I will be required to do a CA and I picked my units appropriately which include some Commercial Law units. What did you mean by a Major in Tax subjects? Didn't know there was a major specifically for taxation.

Probably the most relevant career paths for someone with this major would be a role in compliance or risk management. The route into these careers is usually indirect (i.e. via an unrelated entry level position), and you will face stiff competition from people with Law degrees or individuals with a Master's in Commercial Law. It also offers a broad skill base which can be applied to general business areas, but again, your entry into these type roles will be indirect and further education may be required.

The department I'd be working in is related to assisting companies with their international tax strategies, dubbed as Compliance & Consulting during my interview. Is that the same as what you meant by compliance?

 

[seremify007]

I think you might need to check with HR if your role requires a masters of tax - Normally that's for corporate tax roles but this is outside my area of expertise. That being said, a CA is more universal so it makes sense to align yourself accordingly.

To bring this back to your original question though I don't think a commercial law major will be that useful in isolation. Really it will just complement or support your other major.

 

[Phaze]

I think you might need to check with HR if your role requires a masters of tax - Normally that's for corporate tax roles but this is outside my area of expertise. That being said, a CA is more universal so it makes sense to align yourself accordingly.

To bring this back to your original question though I don't think a commercial law major will be that useful in isolation. Really it will just complement or support your other major.

Thanks, appreciate all the info guys!