#CareerBytes: Comparison between Chartered Accountancy (CA) and MBA in Finance
Having a post-graduate degree or a professional qualification has become a necessity to have an edge over others in today's competitive world. For students from the commerce background, Chartered Accountancy (CA) and Master of Business Administration (MBA) in Finance are two of the most preferred career options as these offer exciting opportunities with lucrative packages. Here's a comparison between CA and MBA in Finance.
Chartered Accountancy is one of the toughest and most in-demand professional career options in the field of accounting. It is a three-level program that is provided by the Institute of Chartered Accountants of India (ICAI) in the country. The CA program is divided into three stages, including the Foundation course, Intermediate course, and the Final course.
MBA in Finance remains one of the top choices among commerce students after graduation. It is offered by many top management institutes. To gain admission to top business schools, one must clear the Common Aptitude Test (CAT) or other management entrance exams like SNAP, MAT, CMAT, XAT, etc. Some private colleges might offer admission based on merit, their own entrances, or through management quota.
The minimum eligibility for pursuing the CA course is the 10+2 examination (or equivalent) from a recognized board. The average duration of the CA course is 4.5 years if pursued after Class 12 and three years after graduation. On the other hand, MBA in Finance can be pursued only after graduation. The duration of a full-time MBA degree typically ranges between 18-24 months.
The CA program mainly focuses on financial accounting and reporting, taxation, law, audit, business environment and concepts, finance, etc. Meanwhile, an MBA in Finance primarily deals with Business Finance and also prepares students in several areas like investment banking, asset management, credit risk management, etc.
Chartered Accountants can practice privately or be involved in various roles with big firms in their accounts and finance departments. They have a wide range of job options and can choose to work in internal audit, financial and accounting management, statutory audit, taxation, banking, investment decisions, etc. Coming to the salary, a fresher CA can make around Rs. 6-7 lakh a year on average.
After completing MBA in Finance, candidates will have a number of opportunities in private and government sectors, including MNCs, financial consultancies, financial institutions, and banks. Some popular career opportunities include accounts and finance management, business analysis, investment banking, credit management, financial analysis, insurance & risk management, etc. The average salary of MBA Finance graduates from top colleges is around Rs. 10-15 lakh per annum.
