When one thinks of lucrative career options, MBA and CA sit at the top of the list. The skill sets, earning potential, and scope for these courses are unmatched, and students today are aware of the facts. But when it comes to choosing between these two options, how does one truly decide, and based on what criteria?
MBA vs CA: Key Differences between MBA and CA
The full form of MBA is Master of Business Administration and it is a 2-year graduate-level full-time course largely focused on business management and leadership. It prepares professionals for managerial positions, equipping them with the knowledge needed to navigate tough corporate world scenarios and acing business goals. It typically involves coursework in areas such as finance, marketing, and operations and may also include an internship or capstone project. MBA programs are often designed for professionals who want to advance their careers or start their businesses.
CA stands for chartered accounting and is an international accounting designation that is administered to accounting professionals worldwide. The course consists of 3 levels – CA Foundation, CA Intermediate, and CA Finals. A Chartered Accountant is a financial professional who has completed a professional accounting qualification and has been certified by a statutory body, such as the Institute of Chartered Accountants in England and Wales (ICAEW) or the Institute of Chartered Accountants of India (ICAI).
The CA qualification involves completing a structured program of study and practical experience and passing a series of rigorous exams. Chartered Accountants are qualified to work in a variety of roles, including auditors, tax consultants, and financial advisers.
Which Is Better – MBA Or CA?
An MBA is a professional degree, whereas CA is a professional course. Both of these have their advantages and can be evaluated against each other based on a professional’s long-term goals and aspirations. Both courses have their fair share of advantages and cater to the needs of the professionals based on their career goals.
Here are some key differences that can help you evaluate which course is right for you.
Investment:
It is a well-known fact that an MBA requires investment because it costs a good amount to get into a good college. The cost of an MBA depends on which institute you pursue it from, but a good MBA, especially from a premier institution, can cost you anywhere between ₹5 to 25 lakhs.
A CA course, on the other hand, is much more economical in comparison to an MBA. As the course has 3 levels, the fee for each level sits within a comfortable bracket of ₹35,000. The overall cost of a CA sits comfortably between ₹1.2 to 1.5 lakhs.
Background:
An MBA is a postgraduate program, and anyone with a bachelor’s degree – be it a BA, or an engineering degree, can take up an MBA post by clearing entrance tests like CAT, MAT, and GMAT. The entrance exam tests candidates on their understanding of various basic subjects needed for the course.
| For CA, students who have completed two years of higher education, including a diploma course after passing the 10th class or have been admitted to the first year of graduation course or have passed the graduation course conducted by any University will be eligible for admission to the Common Proficiency Test (CPT). |
Difficulty Level:
An MBA is considered a course that poses moderate to average difficulty, but it is certainly easier than a CA course. According to a study, over 80% of students pass the exams with flying colours. CA exams, on the other hand, are difficult to crack. So if you are wondering if CA is more difficult than an MBA, yes, a CA is relatively more difficult than an MBA.
Success Ratio:
The success ratio in an MBA is far superior to that of a CA. In an MBA, about 80% of students pass the course and end up working with exceptional businesses and start-ups. They can also start their own business and take on the role of an entrepreneur. A CA, on the other hand, is a pretty difficult course to crack. Out of 100 students, only 3-5% can pass with flying colours.
Career Options:
An MBA opens up avenues to more opportunities across domains. After completing an MBA course, one can expect to work in varied roles across high-potential businesses and startups. The specialisations prepare the individual for real-time roles. However, students can unlock their dream job with Sunstone while pursuing their higher education at leading campuses across India! A CA has limited career options in comparison to an MBA.
Exposure:
The exposure that comes with an MBA is unmatched. The course can give professionals a chance at internships with multinationals which last anywhere between 3 to 6 months. A CA, on the other hand, can allow the professional to apply for a 3-year articleship, a period of practical training from any chartered accountancy firm.
Salary:
When checking the salary of a CA vs that of an MBA graduate, the number depends largely on the role, designation, experience, and location. But as per standard norms, a Chartered Accountant in India has an average base pay of 8 Lakhs Per Annum, while a person holding an MBA in Finance in India has an average base pay of 7.5 Lakhs Per Annum.
Conclusion
To conclude, an MBA and a CA are both lucrative career options that have a promising future. As an individual, one can evaluate the aspects that matter the most to them. If you are looking for a niche specialisation where time and effort are not a constraint, a CA course might be the right fit for you. If an investment is not a concern, an MBA is a right fit for you.