B.Com

You can't join MBA course just after class 12th board. For MBA, you should have to appear for graduation course and after that, you can appear for MBA. For MBA, you should fulfil the certain eligibility criteria.
So, here is the eligibility criteria for MBA:
You should have Bachelor's degree of at least 3 years for MBA.
You must have at least 50% marks for being eligible.
Candidate appeared for final year exam are also eligible for admission.
No age limit for MBA.
You have to appear for the entrance exam after securing good marks in MBA entrance exam, you can join a good college for MBA.
CAT
CET
UPTU
IGNOU
MAT
GMAT
XAT

Hello Harish,
Eligibility remains class 12th, but as we're having PCB, there may be some criteria for admission. Actually, every state has its own rules. But it's surely possible. Go to your local college and enquire.

Scope depends on where you have graduated from, how many years of experience, in which company and which division you get your new job.
After FRM, you can work for many types of companies like IT, KPO, Captive, banks, hedge funds, insurance, asset management (Mutual funds), some commodity companies, etc. You will get roles in Business analysis, risk modelling, risk reporting, risk analytics, fund manager assistant or quant developer - last two only if you are in real good luck.

Your choice should depend upon the nature of the job you would like to do or the kind of career you would want to make. However, I would always prefer M.Com first because it would enhance your knowledge of commerce subject that you have chosen and also because MBA can be done even later if you find the need for it. But if you are not interested in making a career related directly to commerce then opt for MBA.