Here is a complete explanation of Self Financing.
What is Self Financing?
Self-finance refers to generating sufficient income to finance itself whereas regular finance refers to borrowing money from banks and other financial institutions. This is the meaning of self-finance in simple words.
Self-financed courses or many types of finance un-aided courses are courses that are not funded by the government or any type of government-related, so the student who chooses a finance career has to pay only the course amount from his own pocket, unlike aided courses.
“The curriculum of self-financing courses is definitely better linked to the industry than regular courses.
It includes many practical programs,” said an expert principal at a finance college in the United States.
He said that specialized courses provide better employment opportunities to students, banking firms prefer BBI graduates and angel broking firms hire BAF students.
However, others believe that most students opting for self-financing courses are deprived of the perceived benefits of the programs due to a lack of competent teachers, poor infrastructure in colleges, and curricular deficiencies.
“In self-financing courses, most of the teachers are appointed on a temporary basis. They have very little industry exposure and as a result, the curriculum lacks adequate practical aspects,” said another expert in finance courses in the United States, who has taught in several city colleges in the United States of America.
He argued that, during college placements, recruiters usually do not make any distinction between regular and special course students.
“Many students of BAF and BBI do not get jobs in their respective areas of specialization,” he said.
A member of the commerce faculty at MU suggested that the old colleges, with the necessary infrastructure and resources, are able to do justice to these courses, but the condition of the new colleges is not encouraging.
“Self-financed courses include project-based learning. However, many colleges do not have information and communication technology (ICT) and other resources. Hence, they run these courses just like regular B.Com,” he said.
He said that while the university is sending local inquiry committees to take stock of the condition of the colleges, it has failed to implement the committee’s report.
What Is Self Finance Course?
Self-financing courses are such courses for which financial assistance is not given by the government or UGC and the student has to bear the cost of studies most working students do this course and bear the cost of the studies themselves. Self-financed courses cost more than regular courses but the curriculum remains the same.
Self-financing courses are still a hit at city colleges, but the question is whether they are really useful to students.
Courses such as Bachelor of Management Studies (BMS), Bachelor of Mass Media (BMM), Bachelor of Banking and Insurance (BBI), and Bachelor of Accounting and Finance (BAF) are designed to complement a career in finance-related programs launched in 2000. needs of students.
Even as many colleges under the University of the United States of America offer these programs, the jury is out on whether they make students more employable.
Some colleges said students in self-financing programs also called unaided courses because they are not subsidized by the university have an edge over standard Bachelor of Arts (BA) or Bachelor of Commerce (BCom) courses.
Principals said student strength in a class for self-financing courses is limited to 60 students, while the regular undergraduate class has 120 students, so students get more attention from their teachers.
“We have been able to use different teaching methods such as role-play and seminars,” said the experts.
What Is Self Finance College?
Self-financed colleges are colleges that do not receive grants from the government through the UGC or directly from any central or state government.
Self-financed colleges are either prescribed by the state government by an act passed by the state legislature and are called private colleges of the state or established by the central government with special permission from the human resource department or ministry and are called deemed universities, known as colleges or deemed Universities.
In fact, you cannot say which one is better because on some grounds self-financed institutions are better because they provide state-of-the-art facilities and on other grounds, government institutions are better because they charge less. So, it depends on which institutes you are comparing and for which courses.
Which Are Self Financed Courses?
Here is the list of self-finance courses. You can choose any of the ones for your career and make the future brighter.
- B.Com (General) Commerce and Accountancy, Business.
- Management Commerce OR Business Studies, Accountancy.
- B.Com. ( Accounting and Finance)
- B.Com (Corporate Secretaryship) Commerce and Accountancy with Economics.
- B.C.A. Mathematics is compulsory with computers.
- Service Management and Dietetics
What Is Self Finance Scheme?
The self Financing International Students Scheme provides facilities to students who want to fully finance their studies, living, and meet all other expenses on their own.
For students who want to make a career in finance, there are many self-finance schemes offered by colleges.
Self-financed courses are those on which the state government is not spending anything and the colleges themselves are generating funds to run them from the fees collected from the students.
What Is the Difference Between Regular and Self Finance Courses?
The availability of finance seats is decided by the university or colleges. Many of the universities do not have self-finance seats last year, total seats are normal.
The difference is only in the fee to be paid. Self-finance fee to be paid by the students
In general seats, the student gets a scholarship from the government. which means that there is no fee to be paid by the student.
In regular seats, the cost of the course is provided by the university fund or UGC fund, hence, the fee is less self-financed, for such courses the university or the UGC does not provide any grant so the fee for such courses is high.
Though both are private colleges, the salary and other expenses of the teachers will be borne by the management which will be taken from the students.
In other cases, government-aided management will take care of the expenses. Hence the fee structure will be less.