Decide if you want to specialize in accounting. If so, obtain your CA. If you're interested in working in a business-related field, like finance or marketing, then an MBA is the better choice.
Consider if you want to go back to school. To obtain your MBA, you will need an additional one to two years of schooling, depending on the amount of credits you take. If you attend school full-time, you may be able to complete the degree in a year.
Decide if you want to get work experience under your belt. If you want to get your CA, you need to get some job experience first in the accounting field before you can get your designation. According to the Association of Chartered Accountants, you need to work for at least three years before applying for your CA designation. While it is not necessary to have work experience before getting your MBA, some graduate business schools like to see you've worked in the field of study for at least two years prior to applying to their program.
Determine if you want to take the Graduate Management Admission Test. If you are applying to MBA programs, you will need to take the GMAT, which tests your verbal, math and analytical writing skills. How well you score on the test, along with your undergraduate GPA, can determine what MBA programs you're accepted in to. You do not have to take the GMAT if you are applying for a CA designation.