ACCA vs MBA: Which is Better Career Option?
Confused about MBA or ACCA ?
Which course is better ? Should I go for MBA or ACCA ? Which has a better career scope ?
We have answered all your question and doubts that will help you choose between ACCA and MBA
The demand for ACCA and MBA courses has been quite high for the last two decades. The opportunity to work in varied fields and lucrative salary packages have been the key factors in luring candidates to opt for these courses. However, the most difficult question remains: which course to choose?
There seems to be always an ongoing debate on ACCA vs MBA and which is better. If you cannot differentiate between these two courses, here’s a detailed guide to help you understand the key differences and which one suits you best.
ACCA vs MBA: Key points of difference
Having a clear idea on the key differences between ACCA and MBA is essential before deciding which course to pursue. ACCA and MBA can be compared based on the following aspects:
Association of Chartered Certified Accountants (ACCA) is a UK-based programme for those who wish to practice accounting in India or abroad.
|A Master of Business Administration (MBA) is a post-graduate degree offering fundamental knowledge of business and management. An MBA Finance degree specialises in financial aspects.|
|Organising body||The global body of the Association of Chartered Certified Accountants(ACCA) offers the prestigious ACCA certification.||Private and government-recognised business schools offer MBA degree courses.|
|Course duration||The ACCA course duration can vary from six to 24 months.||The course duration for a full-time MBA degree from a reputed business school is two years.|
|Methodology||The ACCA certification course focuses on and provides specialised expertise in accounting. It offers a hands-on experience in the practical aspects of accounting.||With a more holistic approach, MBA prepares candidates to handle business situations. Creating reports, case studies, and group activities are mandatory features. MBA focuses more on essential management awareness.|
|Job prospect||After completing the ACCA course, you can expect to land job roles like those of a Taxation Manager, Accountant, Finance Manager, Internal Auditor, and Financial Consultant.||After acquiring an MBA Finance degree, the job roles you are eligible for are Financial Planner, Investment Banker, Insurance Specialist, Financial Manager, and Commercial Banker.|
Who should pursue ACCA?
Pursuing the ACCA course will boost your resume and help you stand out in the competition. You should consider ACCA based on these factors:
- You must have a solid accounting background and a desire to pursue a career in accounting and commerce.
- ACCA is an excellent certification to pursue if you already have a B.Com, CA, or accounting degree and want to advance in your accounting career.
- The ACCA course will be beneficial if you are already working in the finance or accounting sector and want to broaden your domain knowledge. An ACCA’s job roles mostly revolve around account analysis and auditing.
Who should pursue MBA?
MBA is one of the most in-demand and sought-after courses. Here are some things you must consider before opting for an MBA degree:
- An MBA is a great option if you want to work in a management position with a hefty salary package right from the beginning of your career.
- For career advancement, many people often change job sectors. Having an MBA degree can help you switch sectors easily. The MBA syllabus covers multiple sections of management and finance while imparting extensive industry knowledge.
- MBA is the right choice if you want to apply your financial knowledge and skills to manage a company’s assets, including taxation, financial statement analysis, and reporting.
ACCA vs MBA: Which one to choose?
Here are some take-home points to wrap up the ACCA vs MBA in finance debate:
- Time is crucial while pursuing any course, whether academic or professional. The course durations of MBA and ACCA are different. Understand your needs and invest your time wisely.
- The rigorous course structure of ACCA helps candidates achieve critical knowledge, particularly in accounting and related subjects. Whereas MBA prepares candidates to be job-ready by touching on various aspects of business management. Opt for the one that you find suitable for your future.
- Evidence of three years of work experience is mandatory for achieving the ACCA certification. No such requirement is necessary for getting an MBA degree, though you can definitely opt for an internship while pursuing an MBA. Evaluate and choose the one that you are comfortable with.
Both ACCA and MBA courses are great future-proof career options, but the choice is dependent on where your skills lie. If you understand where your inclination lies, you can choose the right course to boost your career advancement. If crunching numbers and analysis is something you love, an ACCA certification provides you with specialised skill sets in accounting. However, if you like interpreting reports and making tough decisions, an MBA can be a good choice as it focuses on the managerial aspects of a business.
Are you thinking of pursuing the ACCA certification course? Check out the ACCA certification course offered by Zell Education. With our ACCA-qualified faculty, 100% placement assistance, 1:1 mentorship support, and online interactive classes, we prepare students to be successful.
Is ACCA better than MBA?
It entirely depends on your career goals. If you wish to acquire specialised skill sets in accounting, then ACCA certification is the best option. But an MBA degree is helpful if you want to develop managerial skills.
Who earns more ACCA or MBA?
ACCA and MBA professionals take home lucrative salary packages. The salary structure would depend on location, experience, skills, and the employer. The average annual salary of an MBA graduate is around Rs. 6.6 lakh while that of an ACCA graduate is around Rs. 5.9 lakh.
Is ACCA equal to Master’s degree?
When you complete the first nine papers of the ACCA, you achieve the fundamental level equivalent to a graduation degree. Opting for the professional level is equivalent to a postgraduate degree.
Is it good to do MBA after ACCA?
Yes, pursuing an MBA after the ACCA certification is practical and a great move. It will strengthen your resume and enable you to take up managerial roles in an organisation.
Is ACCA more difficult than MBA?
ACCA and MBA are two different qualifications and cannot be directly compared in terms of difficulty. However, both qualifications require a significant amount of time and effort to complete and have their own unique challenges. It ultimately depends on the individual’s strengths, interests, and career aspirations as to which qualification may be more challenging for them.