The Indian Education system provides a wide scope of career options after the twelfth standard examinations.
Normally, the division is applied right after the tenth standard annual exam, when pupils have to choose a stream from amongst science, arts, and commerce. The options are then further subdivided after finishing school life.
CA candidates have to abide by regulation and the code of ethics and professional standards. Any deviation against these follows with strict disciplinary actions against them while MBA professionals do not need to follow any such code of ethics.
On the other hand, chartered accountancy deals with specialization in all fields of business and finance.
The following views on MBA vs. CA will provide you details regarding both the streams.
Master of Business Administration (MBA)
MBA offers insight into how successful business decisions could be made. You will learn about business development, consulting, risk management and planning skills that could be applied across industries.
The entire course path of MBA has been designed for preparing managers, executives and other management specific characteristic posts.
In case of highly technical industries, candidates who have a business, as well as a technical degree, are usually preferred.
Pupils who have leadership abilities are team players, have problem-solving and analytical skills and also possess strategic thinking and planning abilities are suitable for this course. Here are a few posts offered to an MBA-
- Marketing Managers– This occupation deals with catching the market and expanding the scope of business into newer dimensions. Various trends of marketing are studied by them, along with an estimation of customer demands. Marketing managers are well expert in identifying a company’s competitive advantage as well. Their main objective is to increase sales and profitability.
- Investment Fund Manager– These professionals advise people on matters related to investment. Selection of securities during an investment, portfolio execution and choosing the asset mix are some of the important aspects that should not be overlooked while making an investment. And an investment fund manager helps in setting out these aspects before making an investment.
- Financial Manager– Financial Managers are entitled to the work of looking into the financial activities and transactions of a company. They also create financial procedures to oversee the budget process. It has been found that people having an MBA with specialization in the field of finance are likely to have the best prospects.
- Operations Manager– Operations Managers have to ensure the smooth running of various projects in a company. They have to look after responsibilities related to supply chain, logistics, vendor, sales operation and production management. Since they are given the charges of delivery, they have to provide fulfillment in return.
- Chief technology officer– These people establish the technical vision of an organization and help in technical development. They also help in researching, working on special projects and ensure the setting of adherence to certain standards. They have to keep up with fast-changing technological developments and innovations. This requires specialization in information technology management.
The compensation packages offered in various roles of management are lucrative, to say the least. For example, an MBA in finance may achieve a package of ten to fifteen lakhs annually. Management consultants also earn about eight to ten lakhs a year.
Out of all the specialized MBA programs, General Management is consistently one of the most popular studies followed by people all over India. It involves learning a variety of management skills and perspectives that can be applied by organizations in any country.
How to enroll for MBA in India?
The steps to pursue an MBA programme in India are as follows –
- First of all, you have to get a bachelor’s degree in a certain subject in which you have an interest. You will have to indulge yourself in extracurricular activities as well because the business schools want to check on the areas in which you are active.
- You have to take the preparation of exams that can see you get admitted to the management courses offered across the country. The various entrance exams taken are GATE, GMAT,etc. Moreover, you can find the list of top exams here.
- After getting qualified for the exams, you will have to choose the right business school from where you want to pursue your management course.
Skills that are possessed by an MBA student are-
- Effective communications skills.
- Expert skills in solving problems.
- Dealing with the pressure in the industries.
- Strategic research and analysis.
- Leadership abilities for providing guidance in business today.
Chartered accountancy deals with working in all fields of business and finance. Some of the jobs involve working in public sectors while others include working in private bodies as well as in government bodies.
Their function involves providing support by offering advice, technical knowledge in lines of business, professional networking and business development.
It takes nearly four to five years to become a chartered accountant after graduation.
How to enroll for a program in Chartered Accountancy
There are a number of different paths that can be chosen in chartered accountancy –
- You have to obtain a graduate degree.
- After the degree, you have to indulge yourself in courses related to accounting.
- You have to then enroll in a chartered accountant preparation program.
- After getting qualified in the exam, you have to get a membership from ICAI to get registered as a chartered accountant.
The skills required to become a chartered accountant are-
- Logical and methodical approach.
- Excellent verbal and written expressing skills.
- Ability to deal with different kinds of peoples.
- Understanding of the socioeconomic environment in which the various organizations operate.
A chartered accountant is hired in various sectors such as banks, auditing firms, finance companies, portfolio management companies, stock broking firms, legal firms, attorneys and copyright registers. CA is one of the best job oriented courses in India.
There are a number of reasons why a chartered accountant is demanded in a business. There are several financial and accounting matters that require a knowledgeable undertaking.
People in business want the assurance that these monetary issues are being handled properly without any worries. For this, they want to hire the best and highest qualified accountants.
Becoming a chartered accountant requires a lot of dedication. This dedication should not be evoked in the sense of money but in the sense of the responsibilities that one would bear.
Duties of a chartered accountant
Chartered accountants have a specific job duty which varies greatly in certain positions.
Duties of a CA include preparing financial reports and documents, maintaining records, reviewing of financial decisions in an organization and so on. The various field on which a CA works are auditing, taxation, financial and general management.
CA receive a package of nearly 7.5 lakhs annually on an average. The highest pay of even INR 24.64 lakhs per year has also been recorded in India for chartered accountants.
Normally higher salaries are offered for international postings.
MBA vs CA – Detailed Comparison
MBA has multiple domains while CA focuses on a few ones only. Both courses have their own level of knowledge spread.
In MBA, the course is aided along with campus training sessions to help the students to prepare themselves.CA course does not require any campus training, but they organize skill practice sessions for preparing the students.
Both MBA and CA are good options for career boost up in the commerce line. But there are certain differences that exist between them and should not be misunderstood.
An MBA is a post-graduation course that you can do only if you have passed your graduation. CA on the other hand is a professional degree course that can be applied for after the twelfth standard or after graduation.
CA comprises of knowledge based on theoretical elements. It is centered around accounting, taxation, auditing, and corporate financing. While, on the other hand, MBA needs a candidate to be good at financing as well as in sales and accounting. Communication skill is a certain parameter which has far more importance in CA than an MBA.
The main objective in the MBA course is to provide exposure to the candidate on multiple domains. It places a student in a social atmosphere with intensive pressure of syllabus. This, in turn, helps the student to specialize in a particular domain.
CA, on the other hand, does not conduct any social networking in between the course of study but brings the best out of the candidate through an intensive syllabus.
CA may take extra time to complete the course as compared to MBA, but it is not a waste of time due to the stretch of the knowledge that a student will possess after the course.
Rather than looking out for a better option amongst the two as MBA vs. CA, a CA along with an MBA as MBA+CA can be a powerful combination.
If you are really keen to pursue anyone stream, then you must weigh out each preference point in particular and go for the one that helps you move closer to your career dreams.