Question

Distinguish between:

Employment and Profession.

Answer 1

Employment	Profession
1. Meaning: Business is an economic activity, conducted to earn remuneration.	Profession is also an economic activity under which a person uses his knowledge and provide services.
2. Nature: A person works for another person or organisation to get his livelihood.	A professional has to take formal training before starting his profession.
3. Special education: It depends on the nature of employment. Some type of employment requires a specific type of education. Whereas in some cases any education is acceptable.	Professional is required to take formal education to practice a profession.
4. Returns: An employee gets remuneration in the form of wages or salary.	A professional gets fees from clients.
5. Registration: An employee does not require registering himself with specific associations.	A professional has to register under the respective body or association eg. A Lawyer has to register himself With the Bar Council of India before carrying out his profession.
6. Capital requirement: Employees need not invest money in the business. He does not require capital.	Profession can be practiced independently or professionals accept a job in any organization. Independent practicing professional requires huge capital for setting his practice. It differs from profession to profession.
7. Code of conduct: Employee has to follow the rules and regulations of his organisation.	There is a specific code of conduct for a professional. This code is decided by the respective association.
8. Decision making: Employee has no right to make decisions in the organisations unless he is asked.	A Professional can take his own decisions as he is the owner.
9. Tenure: Every employment has a specific tenure. It means the maximum period for which an employee can remain in the employment is fixed. The employee has to retire after that period.	Professionals can work throughout his life also.