Grade 11 Profession and Characteristics

Subject - O C
Lesson L1 Introduction to Commerce and Business - Part 2
Maharashtra State Board Syllabus

1. Introduction to Commerce and Business By - Nitin D. Shintre

2. Profession Profession is that part of economic activities under which a person uses his educational knowledge and special skill to render ( concrete/solidify ) services for earning some income. e . g. Professor , Architect , Lawyer , Chartered Accountant etc.

3. Characteristics / Features of Profession 1) Aim : Every profession is practiced for earning money . Also the professions do render services to their clients and solve the problems of their clients.

4. Characteristics / Features of Profession 2) Qualification : A profession can be practiced only after acquiring required qualifications which is obligatory. This knowledge has to be acquired only by systematic and formal training.

5. Characteristics / Features of Profession 2) Qualification : Each profession has a certain set of body of knowledge . (The council or association which regulates /controls the activities of professionals)

6. Characteristics / Features of Profession 3) Financial Returns: Professionals get fees in exchange of their services. Income received by professional is not fixed. Professionals can be employed in an organization or self employed.

7. Characteristics / Features of Profession 3) Financial Returns: A working Chartered Accountant gets salary but those who practice privately i . e. self-employed gets fees .

8. Characteristics / Features of Profession 4) Capital : Profession can be practiced independently or professionals can work under someone/ for some organisation. Independent practicing professional requires huge capital for setting his practice.

9. Characteristics / Features of Profession 5)Registration and Membership: Some professions have a council ( body/association ) which regulates ( controls/legalizes ) the activities of professionals.

10. Characteristics / Features of Profession 5) Registration and Membership: The code of conduct mentioned by their respective councils must be strictly followed by every professional.

11. Characteristics / Features of Profession 5) Registration and Membership: These professionals have to register them with their respective council and get certificate of practice Every practicing professional has to acquire membership from the respective council.

12. Characteristics / Features of Profession 5) Registration and Membership: e.g. Bar Council of India for lawyers , ICAI for Chartered Accountants , Indian Medical Association for doctors etc.

13. Characteristics / Features of Profession 6) Non transferability: Profession can not be transferred to other person on the will of professional. e . g. A doctor cannot transfer his medical practice to his son or daughter who has not completed concerned medical education.

14. Characteristics / Features of Profession 7) Nature of Work: Professionals charge fees in exchange of expert services. e.g . doctor charges fees for his consultation to the patient, a lawyer gives legal advises for fees.

15. Thank you