WHAT IS CHARTERED ACCOUNTANCY?
Chartered Accountancy is an international and professionally recognized course. In India, the CA course is conducted by ICAI, i.e., Institute of Chartered Accountants of India. To be recognized as CA, candidates need to appear for CA Foundation after appearing for their 12th examinations, 1 year after which they will give CA Intermediate, then 3 years articleship after which CA Final Examinations. The exams are conducted twice a year in the months of May and November.
Main objective – To provide exposure to Finance and Accounting
WHAT IS MASTERS IN BUSINESS ADMINISTRATION (MBA)?
This is a postgraduate degree that is widely recognized all over the world. Candidates having an MBA degree are open to vast opportunities. Bachelor’s degree from any background like Science/ Humanities/ Commerce etc. is acceptable to pursue an MBA course. To take admission in MBA courses, many national, state, and university exams are conducted like CAT, MAT, XAT, CMAT, BMAT, ATMA, MAHCET and many more.
Main objective – To provide exposure to different domains like Marketing, Human Resource, Finance, International Business etc.
CA vs MBA
|INVESTMENT||Economical. The overall money invested in a CA certification is less as compared to an MBA degree.||Highly expensive if one is planning to do it from top B-Schools like IIMs, XLRI, etc.|
|PASS PERCENTAGE||Out of 100, only 3-5% of candidates are able to qualify and get certified as CA.
Entry is easy, exit is difficult
|90-95% of candidates who opt for an MBA course end up getting good jobs.
Entry is difficult, exit is easy
|CAREER OPTIONS||Few options available. For a qualified CA, ample options are not available. (practice or job or business)||Wider options are available as MBA can be pursued in several fields like finance, HR, marketing, etc.|
|EXPOSURE||3 years articleship||Few months internship ranging from 3-6 months|
|DIFFICULTY LEVEL||Tough||Moderate to difficult|
|COURSE DURATION||Five years (only if candidates clear all the three levels in first attempt)||Two year degree programme.|
|ELIGIBILITY CRITERIA||Class 12 pass/appeared.
Three levels – Foundation, Intermediate, Final
|Bachelor’s degree mandatory.
Four semesters course.
|HOW TO ENROLL?||To enroll for CA Foundation, Class 12 qualification is required.
Direct entry route – To enroll directly in CA Intermediate, graduation is a must
|Top B-Schools provide admission on the basis of tests like CAT, MAT, XAT, SNAP, BMAT, ATMA, etc.
Most B-Schools in India require Bachelor’s degree to enroll
|CAREER OPTIONS||• Auditing firms, Taxation
• Management Consultancy Services
• Practicing individually
• Corporate law
|• Marketing Manager/ Consultant
• Financial Advisor
• Human Resource Manager
• IT/ Operations Manager
• Investment Banking
|DOMAIN OF STUDY||• Finance
• Internal Auditing
• Corporate Law
|• Business Management
• Business Development
• Human Resources
|WHO CAN PURSUE?||Students who are inclined towards accountancy and finance.||Students who have a knack for management and business development.|
|SKILL SET REQUIRED||q Lucid approach of Accounting and Audit
q Excellent communication
q Knowledge of socioeconomic conditions
|q Adept knowledge
q Pressure handling
q Strategic decision making
q Leadership qualities
q Time Management
q Contemporary vision
|PLACEMENTS AND SALARY||Average salary ranges between 6,00,000 to 8,00,000 rupees. Though bigger companies may pay a much higher compensation package, smaller firms would not be able to match this range.||Average salary ranges from 7,00,000 to 2,00,00,000 rupees depending upon –
• Field in which MBA is pursued
• Institute from where MBA is pursued
• Company hiring the candidate.
|FEES||Fees are in the range of 67,500 to 75,000 rupees which includes both registration as well as examination fees.||Fees differs a lot from one institute to another. Most of the reputed institutes charge in excess of 20,00,000 to 25,00,000 rupees.|
WHICH HAS A HIGHER SCOPE?
CA Job Scope
- CAs may start freelancing after limited work experience or can also work in reputed CA firms and conglomerates. The wide range of scope that CA offers allows graduates to explore several areas of work. Graduates can work in industries for audit and accounts, banks for financial analysis, taxonomy firms, and plenty of other domains.
- The choice is up to the graduates to choose and work from an ocean of opportunities. Almost every organization requires an accounting and finance department, and there’s an endless need for CA graduates to ensure its functioning.
- In addition to finance, graduates will also be trained to handle auditing, taxation, cost accounting during article training. This helps them to diversify their scopes much further and have opportunities to get roles in investment banking.
MBA Job Scope
- The need for management people in any organization is more vital than accounting and finance. A proper management structure is the backbone of an organization’s success, and it requires highly skilled graduates with experience. MBA’s diversity in terms of specialization has created new job openings in the even fields of data science and analytics.
- The new startup schemes powered by the MHRD have added more fuel to the job openings. A proper management structure is essential for any new company, which perfectly fits MBA graduates’ bills. Understandably, we can expect a perpetual demand for MBA graduates over a period now.
WHICH IS BETTER?
It’s purely based on one’s interest. The scope of work for a CA is mainly in the field of finance and accounting whereas MBAs have more diversity to choose from. There are CAs as well as MBAs who have climbed up the ladder and reached higher positions, though we may say that in certain areas like investment banking, financial consulting, or mergers and acquisitions, an MBA would be preferred to a CA. On the other hand, there are instances of CAs who have picked new skills and handled greater responsibilities than someone who has an MBA degree. So, we can sum up that a lot depends on the nature of job, related responsibilities and the learning involved.
WHICH ONE TO CHOOSE?
It’s quite an anticlimax statement, but both are equally prestigious regarding the job market. The choice personally comes down to aspirants who are willing to pursue this course. CA’s work area is mainly in financing and accounting, whereas MBA graduates have more diverse scopes to choose from.
Constant Demand: Several graduates have achieved the pinnacle of success by following their dreams and aspirations. There are scopes where CA aspirants are preferred over MBA and vice versa. So, the demand is always constant for both sets of graduates. MBA and CA are crucial in management and finance, which are two major pillars of any organization.
Broader Job Scope in The Field of Taxation: CAs are picking up new skills while on the job and handling greater responsibilities as MBA graduates. Sometimes MBA professionals pursue diploma courses in taxation and financing to enhance their knowledge. Similarly, CA graduates also take up MBA-related pathways for broadening their scope.
From the criteria mentioned earlier, we can conclude that both sets of graduates can thrive in the job market. It boils down to the student’s interests and choices, whether they’re inclined more towards finance or management.