What is MBA?
MBA stands for Master of Business Administration, is a highly valued and globally recognized degree crafted to develop the mastery needed for a career in business and management. It varies in numerous ways with the course duration ranging from 1 to 2 years of the full-time program to being part-time, online, and executive MBAs.
An MBA is the most popular professional degree in the world with around 2500 MBA courses offered and most of them are in the English language. The best business schools usually require an applicant to have a few years of professional work experience before enrolling in an MBA program. The students are also asked to submit GMAT and GRE scores along with the academic transcripts.
Why should one pursue an MBA?
Below are the reasons why one should go for an MBA:
- The main reason why people usually go for an MBA is because of the exciting salary.
- With an MBA degree, many young graduates want to become entrepreneurs and acquire the necessary skills and knowledge which is required to develop and operate their business.
- An MBA degree offers a broad field for MBA aspirants to expand in and that includes Human Resource, Economics, Finance, Statistics and Technology, and Information Systems.
- It offers students a great base to meet people and build networks to grow in the business.
What is ACCA?
ACCA short for- Association of Chartered Certified Accountants, is one of the fastest-growing and the largest international accountancy organization. It has spread across 170 countries over 100 years and there are approx. 5 lakhs of members in the organization.
Professionals with ACCA are highly sought-after by the recruiters as this certification represents great financial knowledge, integrity and business acumen – all of which are helpful in a chartered accountant profession.
Why should one pursue ACCA?
ACCA is a prestigious certification. There are ample reasons for opting ACCA:
- The ACCA courses are flexible. Its entry needs and study options are flexible along with the fact that there is no need to get enrolled in the institution or attend classes.
- ACCA is a comprehensive course which helps one master technical and management skills that are required to become a successful chartered accountant.
- The ACCA certification is a cost-effective way to gain technical knowledge and the professionalism required in accounting and finance. It also offers valuable skills in organizational and strategic management.
Difference between MBA and ACCA
Now let’s talk about the difference between MBA degree and ACCA certification:
The MBA curriculum offers lot of courses, report preparations paired with the coursework, group assignments which are considered crucial in understanding real-time business issues and various scenarios.
An MBA degree is offered by business schools which are affiliated to a government recognized university. On the other hand, the ACCA certification is only given by the international body of the Association of Chartered Certified Accountants.
An ACCA certification costs around $1000 while an MBA degree from a repetitive business school can cost somewhere over $65,000. So, a degree in MBA is a pretty expensive option over ACCA in terms of money.
After completing ACCA certification, you will be eligible for Accountant, Tax Management, Financial Consultant, Finance Manager, and Internal Auditor. On the other hand, after an MBA degree, the job profiles that land after completing an MBA degree leading up to leadership positions in different industries.
MBA provides you a broader skillset to handle overall business whereas choosing the ACCA will offer you a chance in building specialization. Both courses have their advantages and disadvantages, but it is up to you to decide which course you want to pursue.