Which is better in CA vs MBA: Courses, Scope, Skills, Salary
CA vs MBA – Given the competitive nature of today’s marketplace, no one can overlook the value of a professional degree. On the one side, students have professional courses such as CA and CS, on the other side, students also have the option of postgraduate degrees such as MBA, each with its own set of benefits.
There is always debate among aspirants about whether they should pursue CA or MBA as a career option. Even though their areas of expertise are dramatically different, these are two of the country’s most popular and well-known career choices.
Do you need help deciding among top career courses like CA and MBA? Learn more about the course outline and key differences between CA and MBA programs.
CA vs. MBA
MBA graduates have a wide range of career options in several aspects of business and proper management, evaluation, and company strategic skills. Chartered accountancy, on the other side, is associated with specialization in all aspects of finance and accounting. It can be complicated to choose amongst CA and an MBA if a student has a specific interest in finance.
Here in the below mentioned table, we will cover the major aspects of CA vs. MBA, such as course structure, scope, career, salary, study duration, eligibility, and more.
|Study Duration||4.5-5 years||2 years|
|Fees||On an average 2 lakhs||Depends upon the college|
|Eligibility||For admissions, you must have a minimum of 50% in 10+2 commerce and pass the foundation exam.||50% in any undergraduate programme and the candidates should clear the CAT exam or other related exams.|
|Governing Body||ICAI (Institute of Chartered Accountants India)||UGC (University of Grants Commission)|
|Domain of Study||Finance, Accounts, Internal Auditing, Taxation||Business Management, Business Development, and Human Resources|
|Levels of Examination||Level 1 – CPT Exam|
Level 2 – IPCC Exam
Level 3 – CA Final
|Practical Exposure Offered||Articleship||Compulsory internship ranging from 3-6 months|
|Who can pursue?||Students with an interest in accounting and finance.||Students interested for business development and management.|
|Career Options||Internal Auditing, Finance, Accounts, etc.||HR, Marketing, Sales, Data Analytics, Financial Analyst, etc.|
Overview About CA Course
Chartered Accountancy is a professional certification course. The course deals in accounting, finance, and taxation that most commerce students pursue a career in accounting or auditing.
CA refers to a person who has completed a Chartered Accountancy course. After passing the 10+2 exam, candidates must take the foundation level exam to start the CA journey. If a candidate has a bachelor’s degree, then he can directly go for the CA Intermediate course.
The CA Course’s primary goal is to expose students to the financial and accounting sectors. To complete the entire CA levels, it takes a minimum of 4-5 years if they can clear all the levels in a single attempt. However, it can take more, if you didn’t clear the exams.
Chartered accountants have a wide range of career options, based on their field of expertise. A CA examines various government notices, taxes, and other financial regulations following the finance ministry’s rules. They also make appropriate recommendations based on the taxonomy laws.
As discussed above, CA has three levels:
- Foundation Level
- Intermediate Level
- Final Level
There is also 3 year articleship that every CA student has to complete.
Overview About MBA Course
Master of Business Administration (MBA), is a postgraduate degree. MBA is widely recognized around the world. Candidates with an MBA degree have a plethora of options. A bachelor’s degree in any field, such as science, humanities, or commerce, is required to enroll in an MBA program. There are numerous exams such as the CAT, CMAT, BMAT, MAT, XAT, and others, are held to gain admittance to MBA programs.
The main goal of an MBA program is to expose students to various domains such as human resources, marketing, finance, and other fields. Moreover, the number of startups has shown the rapid growth for MBA graduates. An MBA program is also available to students with technical knowledge.
Under a management belt, an MBA comprises multiple specialization courses. It enables students to enhance in one field while also diversifying their interests.
A Comparison Of CA vs. MBA With Regards to Certain Factors
Let’s have a look at CA vs. MBA and compare them with some factors which can help students to decide between CA or MBA.
1. Future Scope
CA Future Scope
We all know that the CA and MBA are highly regarded qualifications. But how do they perform in the employment scenario? Do they have the same responsibilities? Let’s checkout.
CA is one of India’s most reputable certifications, and its credibility should not be questioned. Despite the recent emergence of many short-term diploma certifications in accounting and finance, CA certification gets more weight age in work roles.
- CA’s can start freelancing after gaining some experience or working for reputable CA firms and global corporations. Also, CA graduates will get a chance to work in a variety of fields due to its broad scope. Graduates can operate in audit and accounting firms, financial analysis banks, tax firms, and various other fields.
- Graduates have the freedom to choose and operate from a plethora of options. Almost every company needs an accounting and finance unit, and CA graduates are always needed to keep it running smoothly.
- During article training, graduates can experience auditing, taxation, cost accounting, and finance. This broadens their scope and increases their likelihood of getting investment banking positions.
MBA Future Scope
The ever-increasing demand for MBAs demonstrates how decent the job opportunities are in the employment market. The area of specialization in which MBA graduates accomplish their degrees is crucial. MBA curriculum equips graduates with theoretical and practical knowledge that allows them to work in various settings.
In any company, the need for management personnel is more important. A strong management structure is essential for organizational progress, and it necessitates highly qualified graduates with prior experience. The MBA’s specialization diversity has resulted in new job opportunities in the data science and analytics sectors.
2. Skills Acquired
Skills acquired in CA
When a student undergoes the CA course and the article ship training, a student gets a practical exposure to the world of auditing, accounting, and taxation. Apart from this, they acquire discipline, conceptual understanding, great communication skills, diligence, hard work, and managing tight schedules.
Skills acquired in MBA
Apart from earning a specialization, the 2-year program develops many skills in a students. This includes, Strategic thinking and analysis, networking right, working in high-pressure situations, leadership, time-management, and decision-making skills.
3. Duration and Fees
Duration and Fees in CA
The minimum CA course timeframe for students taking the Foundation Route is around four years and six months. Each additional attempt to pass an examination could cost students at least six months.
The minimum CA course timeframe for graduates/postgraduates opting for the Direct Entry is three years, but it can go up to three and a half years contingent on when the student decides to register and is eligible to take the examinations for the first time.
The CA Fees for all the three levels is fixed.
The cost of CA Foundation Course is Rs.9,200. The additional fee of Rs.600 is for journal subscriptions. The fee structure is as follows:
- Rs. 200 for a registration form
- Registration fees are Rs.9000.
The CA Intermediate Course total fees is Rs.18,000 for both the groups. And, for a single group it is Rs.13,000. The fee structure is:
- Rs.15,000 for both the groups, Rs.11,000 only for the single group
- Fees for Student Activities – Rs.2,000
- The Registration Fees for Articleship is – Rs.1,000
The cost of CA final course is Rs.22,000.
Apart from these, students can avail for additional classes to aid their preparation.
On an average, the CA Fees can be around Rs 2 lakhs – Rs 3 Lakhs
Duration and Fees in MBA
MBA is a two year program. The Internship duration ranging from 3 months to 6 months is included in the two years of the program.
The Fees for MBA varies depending on the college. The fees can range from 2 Lakhs and can reach to 40 lakhs.
Experience, area of specialization, and the domain in which they work are all critical factors influencing pay scale. Both groups of graduates have a variety of job responsibilities, which entitles them to a wide range of pay.
Salary of CA
The average salary of CA are as follows:
|Chartered Accountant||INR 7.39 LPA|
|Business Analyst||INR 6 LPA|
|Financial Planner||INR 8 LPA|
|Auditor||INR 7.77 LPA|
|Taxonomy Specialist||INR 8.1 LPA|
Salary of MBA
MBA graduates, like chartered accountants, work in a variety of fields. The following are the average salaries of MBA graduates:
|Business Development Specialist||INR 6.3 LPA|
|Human Resource Manager||INR 7.02 LPA|
|Sales Manager||INR 4.33 LPA|
|Customer Relationship Management||INR 6.77 LPA|
|Marketing Manager||INR 7.01 LPA|
CA vs. MBA: Which is better?
It’s a bit underwhelming, but both are equivalently reputable in the job market. Personal preference is given to aspirants who wish to pursue this path. CAs work primarily in finance and accounting, whereas MBA graduates have a broader range of options.
There are some fields where CAs are preferred over MBAs and vice versa. As a result, both sets of graduates are always in high demand. MBAs and CAs are essential in management and finance, two of the essential pillars of any organization. CA graduates are learning new skills on the job and taking on more duties as MBA graduates. So, it is completely the students choice to decide which career option to choose.
Chartered Accountancy is not only a versatile profession. Moreover it also provides a greater degree of security and stability. They are aware of new laws, modifications in-laws, and other changes. As a result, almost every organization requires CAs to handle finance, accounting, and auditing. Opting as a career in CA can be a wise decision.