ACCA vs MBA: Which Career is Right for You?

Choosing your career path can be a daunting task. ACCA and MBAs require similar criteria to qualify for the degree. Both ACCA and MBA have their own unique set of career opportunities, advantages, and costs. It may be difficult to choose between these two, but if you look deeply, some clear differences make the selection process easier. The decision depends on your interests and the goals that you have set for yourself to achieve. To make that process easier for you, in this blog, we shall discuss ACCA vs MBA so that you can select the one that best suits your interests and goals. Let us begin with a basic understanding of both ACCA and MBA.

What is ACCA?

ACCA stands for Association of Chartered Certified Accountants, which is a world-renowned degree in finance and business. It focuses mainly on the financial perspective of things and makes you a professional in the technical aspect of modern finance. This is an ideal career for you if you wish to pursue something along the lines of taxation, finances, auditing and many more. The ACCA course consists of 13 exams that you must pass in order to get an internship in the field. These courses focus mainly on finance and business law, along with basic taxation and audits. The major point in ACCA vs MBA is their course structure and subjects. Now, let us look into MBA.

What is an MBA?

An MBA (Master of Business Administration) is a postgraduate degree that specializes in the commerce aspect of education. It mainly focuses on business management, leadership, entrepreneurship and other commerce terms. If you are looking for a career in any of these management fields, like corporate leaders, or if you want to start your own business and become your own boss, an MBA is the perfect degree for you. It is a 1-2 year course with subjects similar to ACCA, like finance and business, but also some new leadership-boosting subjects like marketing, ethics and many more.

When it comes to ACCA vs MBA, the major difference is that ACCA focuses more on financial aspects while MBA is broader and has many variations in the courses. We have discussed the basic definition of ACCA and MBA, so let’s dive deeper into their differences so that you can select the one that you are more keen on.

Key Differences Between ACCA and MBA

Although ACCA and MBA have a lot of similar courses and career prospects, there are a few differences that set these two apart. If you are confused about ACCA vs MBA, hopefully, these differences will help you understand both ACCA and MBA better and make the choice suitable for you. So, here are the key differences between ACCA and MBA.

1. Focus Area

One of the key differences between ACCA and MBA is their focus area. They have different specialties. You can see which one spikes your interest the most and decide accordingly. The focus area is a specialty, and they both have their own focus area slightly different from the other. Let’s discuss them individually.

ACCA

Focuses on finance
Deeper knowledge on accounting
Auditing skills

MBA

Understanding of the business market
Strategy development
Leadership skills boost
Management knowledge of the entire firm

So, these are the focus areas for ACCA vs MBA. Now, let’s move on to other differences.

2. Eligibility criteria

Both ACCA and MBA have different eligibility criteria since they have different majors, as we discussed above. Eligibility criteria are what determine if you are qualified to pursue either of these two degrees. These criteria determine your career prospects as a commerce student confused about what degree to pursue next. So, here are the criteria regarding ACCA vs MBA.

ACCA

High school degree
A CGPA of 2.5 or above
Proficiency in English and Maths

MBA

An undergrad degree in any field
A CGPA of 3.0 or above
Work experience certificates
GMAT or GRE scores in some universities

So, these are the eligibility criteria for ACCA and MBA. You can check which one you qualify for and select that degree.

3. Duration and Time Commitment

ACCA and MBA have a very different approach to examinations. They have different durations and require different forms of commitment. This is one of the major differences between ACCA vs MBA that you must consider before deciding what to pursue. Here is how duration and time commitment work in ACCA and MBA.

ACCA

It is longer and requires a lot of time commitment.
The exams are tough and may have to be taken multiple times to pass.
You can take multiple tests altogether and finish earlier.
It can take 2-3 years to complete.

MBA

More structured than ACCA.
You have to dedicate 1-2 years.
Follow exam pattern yearly.

These are the duration and time differences for ACCA vs MBA. You can select the one you feel more comfortable with, especially when it comes to time dedication.

4. Flexibility

Flexibility is also one of the factors to consider while deciding on ACCA vs MBA. There is also a major difference between these two degrees regarding flexibility. One of them follows structure, while the other one is more flexible. If you like flexibility in exams and don’t like time frames for each exam, ACCA is the way to go. Here are some flexibility differences between ACCA and MBA.

ACCA

More flexible
Exams at your own pace.
Study and work flexibility.

MBA

Structured exams.
Less-flexible
Part-time or full-time dedication.

As you can see, ACCA is way more flexible than MBA. So if you are someone who likes to study on your own time without the time pressure, you can choose ACCA.

5. Career Outcomes

There are different career outcomes for ACCA and MBA. The career that you prefer can also play a major factor in the decision-making process. ACCA graduates stick to finances and bank-related careers, while MBA graduates have more versatile options depending on their tastes. So, here are a few career options for both ACCA and MBA.

ACCA

Accounting and Auditing
Finance Manager
Taxation
Consultant

MBA

Management
Marketing
Finance
Human Resources
Entrepreneur

These are just a few career options on ACCA vs MBA. You can do more research for deeper career knowledge in both fields. Now that we have discussed the key differences between ACCA and MBA, you must also know that you can do an MBA after ACCA. This boosts your career prospects more. Let us discuss the benefits of doing an MBA after ACCA.

Benefits of Doing an MBA After ACCA

You can add an MBA qualification after your ACCA if you cannot decide on ACCA vs MBA. This can also be useful if you think that your ACCA was too finance-focused and you would like a more versatile knowledge of management. There are many benefits of doing an MBA after ACCA and we shall discuss some of them in brief.

1. Enhanced Leadership and Strategic Management Skills

An MBA teaches you leadership and strategies for handling a firm on your own. When you add that to the ACCA skills you have accomplished, it makes you an expert in the field of commerce. Leadership skills and strategies are not usually taught on ACCA, so during your MBA, you can understand leadership and how that can be implemented in your career.

2. Diversified Business Knowledge Beyond Finance

As we have discussed in this blog before, ACCA is mainly focused on finance, so you may have little to no knowledge of business. Doing an MBA after ACCA allows you to understand the business aspect of things and makes you aware of the business market, along with your expert finance skills. Knowing both matters can boost your career and make you successful at what you do.

3. Networking and Professional Growth

ACCA is a very reserved course with limited networking opportunities. However, doing an MBA after ACCA helps you build new connections with students from different fields of study. Networking is also a great opportunity for professional growth since you can meet new people and form professional relationships that can boost your career while increasing your knowledge.

4. Higher Salary Potential

ACCA vs MBA salary. Which is higher? When you have both an ACCA and an MBA degree, it makes you more knowledgeable in the field of commerce. It says that you have core financial knowledge with additional skills that an MBA provides you. This is a potential for a higher salary because of a higher skill set. You can have a comfortable life without worrying about your finances simply by doing an MBA after ACCA.

5. Global Opportunity

Doing an MBA after ACCA opens up global opportunities for you. You can find work in every corner of the world with your qualifications. Global opportunities are provided to students with strong academic backgrounds, and having an MBA after your ACCA makes your academic transcript strong while also showing your passion for the field. Therefore, an MBA can open many doors for you.

6. Entrepreneurial Skill Development

MBA focuses mainly on practical skills and leadership, which makes you keen on entrepreneurship and also helps you develop new skills required to become your own boss. With an ACCA degree, you have a strong financial background, and then with an MBA, you have the skill set to open up your own business. All these skills and knowledge can lead to a very successful entrepreneur.

So, these are the benefits of doing an MBA after ACCA. Knowledge never goes to waste, so if you feel the need to do an MBA, you can. It helps your career growth and teaches you new skills. The benefits of an MBA are endless, especially after ACCA. A passionate student with a true interest in the field is capable of getting both degrees.

Conclusion

ACCA vs MBA. Which one to choose? We hope this blog helped you make a decision or at least provided you with some insight into both ACCA and MBA. Selecting a degree to pursue can be a challenging task since it determines your career and your professional growth. So, we are here to help. At Seekshya Academy, we provide consultation for your academic journey and help you achieve your professional goals in the field of finance. We hope you find this helpful. If you seek further insight into various aspects of your career, do check out some of our other blogs.

FAQs on ACCA vs MBA

1. ACCA or MBA: which is tough?

Generally, ACCA is tougher than an MBA because it is more course-focused and has strict majors. MBA is more of practical learning with diverse options that you can select to major in. It has more flexibility than ACCA, which is why most students prefer it. However, your choice should solely depend on what you like better.

2. Is ACCA better than Masters?

ACCA is finance and accounting-based, whereas a master’s degree is an academic course with duration and time dedication. So, if you like a well-structured studying method, then a Master’s is a great option, but if you like flexibility in your schedule and study in your own time, then ACCA is better. The decision depends on your preference.

3. Which is better, BBA or ACCA?

BBA is an undergrad degree that teaches the basics of commerce. If you are new to the field and would like to start from scratch, then BBA is better for you. ACCA is more of an advanced course with focused majors in accounting and finance. If you already know the basics and would like deeper learning, ACCA is better.

4. Can I do ACCA and MBA?

Yes, you can do ACCA and MBA if you have an undergrad degree that allows you to pursue an MBA. ACCA is very flexible and a self-learning course. You can take ACCA exams whenever you feel ready. MBA requires time and dedication with a structure that must be followed. So, if you can manage your time accordingly, you can definitely do both.

5. Which is better, an MBA in finance or accounting?

An MBA in finance teaches finances and financial management, while an MBA in accounting is more focused on reports, taxes, audits and many more. You can pick one based on your interest in the study. This decision can also depend on your undergrad degree and what you majored in.