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MFA vs MFC: Eligibility Criteria, Admission Processes and Top Colleges

Cyril Titus Zachariah
Cyril Titus ZachariahUpdated On: July 15, 2020 11:55 am IST

Confused between MFA vs MFC courses? Here are the differences between MFA and MFC courses offered in India. You can learn more about the MFA and MFC eligibility criteria, admission processes, course syllabus and colleges that offer the course.

Difference Between MFA vs MFC

The field of commerce is vast and diverse with several roles, functions and divisions where aspirants can choose to pursue a lucrative career path. The educational institutions in India offer a range of commerce courses, among which include the Master of Finance and Accounting (MFA) and the Master of Finance and Control (MFC). While the two degrees seem similar, there are certain differences that lead to two distinct professionals, crucial for the smooth functioning of organisations and institutions.

In this article, we shall discuss the difference and similarities between MFA and MFC, such as the career prospects, eligibility, course curriculum and much more.

Table of Content

About the Course

Eligibility Criteria

Course Syllabus

Admission Process

List of Colleges

Career Scope

About the Course: MFA vs MFC

Check out the brief description of the two courses, i.e. MFA and MFC in the table given below.

Course Features

Master of Finance and Accounting (MFA)

Master of Finance and Control (MFC)

About

  • The postgraduate programme offers training in the management and accounting of finances with the help of different strategies.

  • It provides the students with a conceptual understanding of the inner workings of a business as well.

  • The graduates of the PG programme will be trained extensively in aspects of risk management, financial planning and decision-making.

  • Along with financial management, graduates will also learn general management

Duration

  • The Master of Finance and Accounting is a two-year postgraduate programme of in the MFA Colleges in India.

  • The Master of Finance and Control course is also a two-year PG degree offered in MFC Colleges in India

Higher Studies

  • Pursuing an MFA course would open up research opportunities to aspirants.

  • Graduates can attempt UGC NET and pursue PhD or Junior Research Fellowships (JRF)

  • Like MFA, MFC graduates will also be eligible for research opportunities.

  • Similarly, candidates can attempt UGC NET and pursue PhDs or Junior Research Fellowships

Why Pursue?

  • Pursuing an MFA course will improve the career prospects of a candidate as better packages and job positions will be on offer at different organisations.

  • Being a specialised programme, the demand for qualified and skilled professionals particularly in this field is high, thus, indirectly resulting in the availability of lucrative career opportunities.

  • Like MFA, MFC will help graduates enhance their career prospects with better packages and better positions available under different industries.

  • However, MFC trains and qualifies candidates to be managers and decision-makers of industry, making them an essential part of an organisation’s growth and development

If you wish to learn more about the courses, then check out the links given below that define the two courses extensively.

Master of Finance and Accounting (MFA)

Master of Finance and Control (MFC) (Table of Content)

Eligibility Criteria: MFA vs MFC

Like any other postgraduate programme offered across educational institutions in India, aspirants of either of the courses are required to meet the requisite eligibility criteria for MFA and MFC. While each individual college offering the courses will define their own specific eligibility criteria, there are certain general requirements that each candidate must qualify, as has been outlined below.

Category

MFC and MFA Eligibility

Academic Requirement

Bachelors Degree in Commerce, Banking or Finance, or equivalent degree from a recognised university.

Aggregate Score Requirement

45%-50% or Higher

Subject Preference

Commerce, Economics, Finance, Accounting or equivalent. (Table of Content)

Course Syllabus: MFA vs MFC

One of the key areas of similarities and differences that can be seen between the two degrees is the course syllabus of MFA and MFC. While there may be a few subjects that are common between the two degrees, there are certain subjects that will be unique to each. Here are some of the subjects and topics of Master in Finance and Accounting (MFA) and Master of Finance and Control (MFC).

Master of Finance and Accounting

Master of Finance and Control

Theory and Standards of Accounting

Managerial Economics

E-Commerce

Business Environment

Direct and Indirect Taxes

Business Finance

Investment and Portfolio Management

Corporate Tax Planning and Management

Advanced Corporate Accounting

Management Control System

Cost Control Techniques

Financial Accounting

Financial Markets and Institutions

Working Capital Management

Quantitative Techniques Finance

Financial Decision-Making

International Financial Management

Quantitative Techniques

Note: The subjects and topics that have been mentioned above are just some of the topics that have taught in classrooms across India. Each individual college will design their own curriculum according to their requirements and the guidelines of the governing authority. (Table of Content)

Admission Process: MFA vs MFC

Admissions to either of the courses, i.e. Master of Finance and Accounting or Master of Finance and Control, will be defined individually by each individual college offering the courses. However, most educational institutions offer admission to the courses in two prominent methods, namely, Entrance-Based or Merit-Based admissions. Here are the admission processes usually opted by MFA and MFC Colleges in India.

Entrance-Based Admissions

Being one among the highly sought after course, many universities, colleges and institutions offer admission based on the scores obtained by the applicants in an entrance test. The entrance examination for MFA and MFC courses are usually conducted at the University-level, which means the scores obtained in the test will be applicable to the constituent or affiliated colleges/institution of the particular University/Educational Institution.

  • Under such an admission process, candidates will be required to download the respective Admit Card or Hall Ticket for the entrance test.

  • After attempting the entrance test, the university will release the appropriate merit lists, containing the names of the candidates with their scores and rank.

  • Based on these scores and ranks, the university/college will call the prospective students for further admission processes such as appearing for a Personal Interview and/or Group Discussion.

  • Prospective students will be selected for admission based on their overall performance in the entrance exam and the Personal Interview and/or Group Discussion.

Merit-Based Admission

Many Colleges and Institutions offer admissions to the candidates based purely on their qualifying marks and certain selection processes which may have been put in place by the respective colleges. Here are the steps in the Merit-Based Admissions for MFA and MFC courses in India.

  • Candidates will be called for the Document Verification Process, subsequently being asked to appear for a Personal Interview and/or Group Discussion.

  • Depending on the overall performance of the candidates in the selection parameters, including the past academic record and the personal interview and/or Group Discussion, the candidates will be selected for admission to the courses.

Counselling-Based Admissions

A sub-selection process opted usually by Universities with many constituent institutions or affiliated colleges offering the same course, is a counselling-based admission process. The counselling-based admission processes can be a part of both entrance-based admissions and merit-based admissions. In such a scenario, candidates are called for counselling processes instead of personal interviews or group discussions. Here are the steps in a counselling-based admission process in India.

  • In the case of entrance-based admissions, candidates will be called for the counselling process based on their ranks and scores mentioned in the merit lists.

  • In the case of merit-based admissions, the university will release the appropriate merit lists containing the names of the candidates according to their merit.

  • Based on the ranks and merit of the candidates, each applicant will be asked to appear for the counselling session on the stipulated date and time at the correct counselling centres.

  • Here, candidates will be asked to select the course and college of their choice.

  • Based on their scores and ranks along with individual candidate’s choice of course and college and the available seats in the respective choices, the candidates will be offered admissions to the courses.

Note: Apart from these commonly opted admission processes, a few colleges for MFA and MFC also offer direct admissions to the respective courses.(Table of Content)

Top MFA and MFC Colleges in India

If you are looking forward to pursuing an MFA or MFC programme then you must check out the list of top MFA and MFC Colleges in India.

College name

Course Offered

AIMS Institute Bangalore

Master in Finance and Accounting

Acharya Institutes Bangalore

Master of Finance and Accounting

Regional College of Management Bhubaneswar

Master of Finance and Control

Department of Financial Studies, Delhi University

Master of Finance and Control

Gupta College of Management and Technology Bangalore

Master of Finance and Accounting

Sai Institute of Paramedical & Allied Science Bangalore

Master of Finance and Control

Al-Falah University Faridabad

Master of Finance and Control

Institute of Media, Management and Technology Dehradun

Master of Finance and Control

Banki College Cuttack

Master of Finance and Control

Thiagarajar College Madurai

Master of Finance and Control(Table of Content)

Career Opportunity and Future Scope: MFA vs MFC

The Finance and Banking industry in India has been offering lucrative career opportunities to aspirants of the field. With proper academic qualifications and professional experience in the field, the career scope of an MFA or MFC graduate is immense. Here are the career opportunities and future scope of MFA and MFC graduates.

Course

Master of Finance and Accounting

Master of Finance and Control

Job Profiles

  • Accountant

  • Investment Analyst

  • Market Analyst

  • Personal Finance Consultant

  • Operations Manager

  • Financial Analyst

  • Corporate Analyst

  • Operations Manager

  • Business Analyst

  • Budget Manager

  • Marketing Manager

Areas of Employment

  • Finance and Banking Sector

  • Indian Civil Services

  • Indian Economic Services

  • Export and Import Industry

  • Consultancy Organisations

  • Real Estate Management

  • Financial Commercial Banking

  • Venture Capital

  • Banking Sector

  • Consultancy Services

  • Treasury Management

Average Salary

  • Initial Salary - ₹3,75,000 - ₹5,00,000

  • Salary with Experience - ₹6,00,000 - ₹16,00,000

  • The salaries mentioned here depend on various factors. The actual amount will vary from company to company and job profile as well.

  • Initial Salary - ₹4,50,000 - ₹5,80,000

  • Salary with Experience - ₹6,30,000 - ₹20,00,000

  • The salaries mentioned here depend on various factors. The actual amount will vary from company to company and job profile as well.

Higher Studies

  • Graduates can pursue PhD programmes or JRFs after attempting UGC NET.

  • Graduates can pursue PhD programmes or JRFs after attempting UGC NET.(Table of Content)

These were among the major differences and similarities between the Master of Finance and Accounting vs Master in Finance and Control. If you are interested in pursuing either an MFA or MFC course from one of the top colleges in India, then fill out the Common Application Form, available on our website. Our counsellors can help you choose the perfect course and college as per your requirements and aspirations.

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