Master of Business Administration is a graduate level degree in business administration. The degree is awarded by colleges and universities that have been accredited by the Council for Higher Education Accreditation and the Commission on the Accreditation of Healthcare Management Education in the U.S. MBA programs are designed to introduce students to various areas of business such as accounting, finance, marketing, human resources and operations management.
The Chartered Financial Analyst is awarded as a certification to financial analysts who successfully complete a series of three exams. The CFA designation is awarded by the CFA Institute, an organization of investment analysts that has worked since 1964 to offer the CFA certification as an industry standard.
To obtain an MBA you must apply directly to a school that offers the degree. To be eligible, you must complete a bachelor's degree at an accredited college or university. Although it is not always required, standardized tests scores such as the Graduate Management Admission Test are evaluated as part of the application process. Other application components are similar to applying for an undergraduate degree, such as personal statements/essays, recommendations and accolades. In addition, a minimum number of years of professional work experience enhances your application.
As a professional organization, the CFA Institute has less stringent eligibility requirements than MBA programs and no formal application process. Eligibility for CFA certification requires a bachelor's or equivalent level degree and a minimum of four years work or college experience.
CFA candidates must pay registration fees to join the program, successfully complete three levels of exams and sign a professional code of ethics statement to earn the certification. The program is divided into three levels, which can be completed in six months or more. There are no matriculation requirements, but candidates can choose to enroll in courses that aid in passing CFA exams.
CFA certification and MBA degrees have different outcomes for program participants. The CFA program was designed to give professionals the discrete tasks necessary to manage high net assets such as stocks, bonds and portfolio management. MBA programs focus on broader levels of management dealing with the business as a whole. The difference between the two programs can be viewed as depth -- CFA certification focuses on detailed skill sets -- versus breadth -- MBA degree focuses on holistic aptitude.