Two of the most strenuous but financially rewarding titles are the Master of Business Administration, MBA, and the Chartered Financial Analyst, CFA.

About MBA:

An MBA takes two years of full-time study, with classes covering various aspects of running a business. Courses range from human resources to accounting, from marketing and sales to managing operations, supply chains and technology.

Cost:

A two-year MBA program can cost upwards of $111,000 from a top business school, not counting room, board, books and peripheral expenses.

Average starting salaries for those with MBAs is more than $50,000, according to PayScale, and those with 10 to 19 years of experience average more than $98,000.

The CFA

The CFA designation was first introduced in 1963, provides those who pass three exams, known as charter holders, with specialized skills like investment analysis, portfolio strategy and asset allocation

Getting a CFA designation is cheaper than earning an MBA, as the program is based on self-study and not going to class.

The only required expense is exam fees.

These costs vary depending on how early you register, but standard fees are $825 for each test, plus a one-time enrollment fee of $450.

Payscale puts the national average salary for a CFA at $80,000

Here are some brief guidelines to follow:

To make more money, get an MBA or become a CFA charterholder or both.
If you are already in the investment management business and want to move up - complete the CFA program.
If you are not in the investment management business and don't want to start as an entry-level analyst as a career switch - go back to b-school for an MBA, then do the CFA.