I am keeping some very practical points here:
(a) When you become CA, your age is such that family and society expects you to earn –
If you pass all exams in one attempt, then you on average, you will be 22 years old (20-21 years if you have jumped classes or joined school earlier than 3 years) And add 6 months for every additional attempt that you have given.
So basically you are above 22, and in most of the societies (there may be exceptions), people expect you to earn your living. Do whatever planning you do at earlier stages, when you come to this age group of 23-26, your life takes a steep turn and further education goes to hell! So, full time MBA at this point of time is not possible to due peer pressure.
(b) MBA course is “not a value addition”, you know it all already! I can say 80% of syllabus is things that you already know –
Value addition means when we learn something new. Doing one more degree in same line does not offer a great value addition. Your second degree, should open up another dimension of your career. If you do MBA and CA, both degrees give you the same type of jobs, same types of positions, so if you can’t make it as CA, you can’t make it as a MBA as well or vice versa! It’s that simple. Instead if you do for e.g. Actuaries, you open another dimension. If you don’t get jobs as a CA, maybe you get a job (for e.g.) as Actuaries, since here jobs are totally different.
Over the time you can form a combination of these careers. Actuaries is just example, there are lots of courses like CS, CMA, CFA, etc. they open up new areas like Secretarial compliances, Costing & Management and Finance respectively. I don’t find any value addition from MBA, it is nothing new. Just scroll through the syllabus of MBA once, you will understand what I am saying.
(c) But MBA is worthy if you do it from IIMs or reputed B-Schools –
Although MBA is not a value addition, I stick to that point, but at IIMs and B-Schools the environment is totally different. There are these people from all sorts of profession, engineers, finance people, etc. A lot of bright ideas develop at these places. Because these places are nurture them well. You learn a lot of management skills practically in these places which you don’t learn in CA nor in MBA from other colleges. So if you doing it from IIMs or reputed B-Schools, I recommend do it.
(d) You need to invest a lot of money –
We Chartered Accountants know that all the money we invest in CA course is recovered during the course itself by means of articleship or atleast 50% for sure. But not sure with MBA. The money you invest in MBA is huge and it may take your 2 years job savings, to make up for that. I am thinking from Capital Budgeting point of view and I find the NPV is negative in this case! But still IIMs is value addition, but you have to be prepared to invest huge.
(e) If you work well as a CA for 2 years OR if you do MBA, your prospects remains the “same”. Read logic below –
When you do MBA, you won’t be earning for 2 years plus you will investing heavily for next 2 years. Instead if you do job, you will be earning only. This is financial perspective.
Now when you do work as a CA, you have found your desired job and settled there. For that company you are two years old employee already, they will promote you first if you have worked sincerely, than a person who is a fresher, though he has degrees like CA and MBA. Degrees are not an option for Work Experience. Experienced person will always be preferred. When you join as MBA, atleast for first 2 years, you won’t be promoted, so now as a CA for 4 years in a company vs as a CA+MBA for 2 years in a company — who do you think should be promoted? Actually both can be, but little edge towards older & trusted employees. So see, the prospects are the same.
(f) If you work well as a CA for 2 years AND you do some distant learning courses, your prospects will “increase”! Read logic below –
You start doing a job as CA, you will realize what are the various degrees that professionals at your desired job position have. Or you will understand practical what industry wants from employees. You can earn as well as study. It will be difficult but see you are used to it, since you are a CA. Studying another course which reasonably different from CA, is like expansion strategy of a company, and we know from Financial theories – Diversification reduces risks!
(g) Companies love employees who can do the work of Two –
Doing courses having different dimensions, makes you multidimensional employee and you can do work of two. Lets say you are CA and MBA, you cannot handle two teams, since both are related to same department. However, if you do CA and CS you can be the manager of two teams. And you know, companies love employees who can do the work of two. The salary of other person (whose place you are occupying) will be distribute 50:50 between you (as salary) and company (as cost savings). So it is a win-win situation.