If you are interested in making a career in business and/or finance, then two well-known degrees you can choose from are Master of Business Administration (MBA) and Chartered Financial Analyst Chartered Financial Analyst (CFA). These two courses often confuse students as to which one should he/she op for. This confusion increases if a student plans to study abroad. However, experts say that MBA should be the preferred choice for most students. Let’s take a look at why this should be the first choice. .
As compared to CFA, MBA allows the student to choose from a variety of specializations. An MBA student can pursue vocations in various fields including but not limited to Finance, Marketing, HR, Business, and so on. Moreover, the curriculum of an MBA degree is such that one does not require being from a finance background to understand it. CFA, on the other hand, demands that you have a strong knowledge of finance.
Most MBA degrees are designed to give the student a comprehensive understanding of how businesses function and how to administer them most effectively. A CFA course focuses only on financial analysis, strategy, investment management, and such concepts. An MBA includes the above-given topics as well as marketing, global finance, financial planning, and accounting. This is quite helpful if you have plans to study abroad or settle there as MBA takes a more global perspective.
To complete a CFA degree, it can take up to 3-4 years; though this is subjective as it depends upon the student. It could take an average student up to 6 months to prepare for one level of the course, and the course has three levels in total. On the other hand, an MBA degree can be completed in duration of a year or two. Executive MBAs can be completed within a year.
Often, when doing a CFA degree, a student has to do a job as well as study at the same time. This can result in a pressure-riddled environment for him/her and can lead to a hectic work-life balance. With an MBA, however, the student is not required to work while they study. At the most, they may be required to do an internship as a part of their curriculum.
You do not have to pay any sort of fees to any institute or organization after you have completed your MBA degree. A CFA degree requires you to fulfill your annual obligations to the CPE (Continuing Professional Education), which may incur some charges on your behalf.
Furthermore, MBA has more acceptability and popularity; this could mean that a student might have greater chances of securing a high-salary job.
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