Both the Chartered Financial Analyst (CFA) program and Master of Business Administration (MBA) program have their advantages, so if you're deciding on which one to choose, you need to determine whether the CFA or MBA will best meet your goals.

CFA program

The CFA program requires a bachelor's degree, four years of full-time work experience, completion of the curriculum, and a passing score on three levels of exams.

The CFA program typically takes three years to complete.

Registration into the CFA program costs about $400, with each exam costing anywhere from $700 to $955.

The exam passing rate ranges from 38-46%.

The CFA curriculum is based on three levels of study.

Level I studies portfolio management, financial reporting and analysis, and asset valuation.

Level II focuses on tools for asset valuation, such as quantitative methods and economics.

Level III emphasizes models for asset valuation, in terms of managing investments, fixed income and equity.

MBA program-

On the other hand, MBA is broader in focus and attracts students looking to pursue careers in various fields of business.

An MBA can be obtained in dozens of fields, but the most common ones include business, finance, operations, entrepreneurial management, human resources and marketing.

Most MBA programs require several years of work experience, essays, Graduate Management Admission Test (GMAT) scores, transcripts and letters of recommendation as part of the admission process.

An MBA can take 1 to 2 years to complete, depending on the school, type of program and whether you attend full-time or part-time.

A CFA is typically most useful if you plan to pursue a career in portfolio management, equity research or hedge funds.

Being part of a top MBA program gives you access to recruiters at top firms. You also have ample opportunity to expand your network and start a career in a new field. With an MBA, you can work at almost any company and in any field.