Higher education in Commerce (I. Com.) was introduced in Ravenshaw College in 1957. Sri P.C. Ray and Sri R.K .Jena joined as lecturers and classes in Commerce was started in the Arts Block. As Cuttack was the centre of all business activities, Commerce education gained popularity and the govt. backed by strong public demand, opened B.Com. classes in Ravenshaw College in 1959. More teachers were posted in Ravenshaw College and the course continued successfully till 1669, when Honours courses were introduced with 16 seats. In 1969 the commerce classes were shifted to a new three storied building, now known as the Commerce Block whose construction was completed in 1970. The idea of a separate Commerce Block originated in the mind of a renowned businessman of Cuttack, Sri Ranglal Modi, who donated a sum of Rs. 1 lakh to the Govt. or Orissa for the purpose in 1959. As the Govt. took up the construction work at a later date the total cost came to Rs. 7 lakh for which the govt. decided to allot the building to three departments. Due to the popularity of Commerce education, increase of seats in I.Com and B.Com classes were felt and Post Graduate class in Commerce was opened in 1977- 78. Now the department is having 452 seats in B.Com (all Hons seats) and 64 seats in M.Com. Both B.Com Hons and M.Com are having two specialization branches. Business Management and Accounting special groups in Hons stage and Accounting, Finance and Marketing specialization in M.Com stage is available to the students. In 1991 M. Phil classes has been added to the department with 8 seats and subsequently it increase to 16 seats. In 2006 research degree in commerce and management started with Ph. D. and D. Litt. Highly meritorious students from all over India and neighbouring states like Bihar, Chhattisgarh, Jharkhand and West Bengal also consider this department as their first choice for admission. The department for its high standard of teaching and academic excellence was ranked sixth among the top ten institutions imparting Commerce education in the country by a survey conducted by India Today in 1997. During its long journey of the department has been served by some of the eminent teachers of the state who have glorified the department by their contributions.
Since its inception Ravenshaw Commerce has produced some of the best leaders that this world has ever seen. Over the years, Ravenshaw Commerce being the oldest institute has developed a very strong alumni base, which makes it unique amongst the top commerce and business management institution of the world. Ravenshaw Commerce Alumni Association occupy leadership positions as academicians, corporate managers, professionals, successful entrepreneurs worldwide.
In the age VUCA (Volatile, Uncertain, Complex and Ambiguous) digitalisation, economic power shift & global slowdown, we prepare our Commerce students to face the Sea of Challenges by equipping themselves with latest knowledge.
