After graduation, many students as well as their parents are confused about potential options to make a career in finance. The confusion essentially lies between an MBA in Finance or an Globally well-recognized Professional Qualification. Munira Lokkhandwala (MBA in Finance IIM-C and CFA, FRM ) simplifies these choices for the graduates.
If you have some work experience and are able to get a seat in one of the top B-schools, then an MBA in Finance is a great option. But good MBA colleges are limited and the number of seats in these colleges do not go beyond 3000. Hence, if a student (the majority of students belong here) is not able to gain admission in top Bschools such as the IIMs, SP Jain, JBIMS, FMS etc, then professionals programs can offer you excellent career options.
Global qualifications are recognized by all the MNCs not just in India but across the world, while a normal MBA (i.e. an MBA from second rung Bschools) is not well received even in India. Second, Global qualifications will offer you more depth to understand Finance & Accounting, while an MBA will give you general understanding of all managerial areas such as HR, Marketing, Finance, Leadership etc. which may not be necessary in the initial years of careers. Finally, most of the professional programs such as CFA, CFP, CIMA are taught by the professionals from the industry where as the MBA curriculum is taught by the academicians.
Professional programs offer you flexibility during your education which means you can work while pursuing the program; this option is not available in full time MBA. Another important aspect is budget, most of the global qualifications will not cost of more than 2 lacs but a two year MBA will cost you noting less than 7 – 8 lacs. Finally, after doing global qualifications , you can still opt for B-schools. Many of the B-schools such as ISB Hyderabad consider profiles of the candidates to determine admissions for their applicants.