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Dear Aspirant,
Don't compare MBA and ICWA (now called as CMA) with each other. Don't make this mistake as thousands of students make such non sense comparison and land in trouble at the end.
MBA is a management course leading to a career in marketing, hr, administration, strategy, planning, organising, while CMA is a financial technical core course leading to a career in costing, accounting, finance, control.
After BAF qualification which is an accounting and finance qualification, CMA should be the choice, provided you like taxation, costing, accounting, economics subjects very well. MBA is a course which can be done after getting minimum 3 years of work experience. MBA at that time will help you climb the management cadre along with core domain knowledge of finance/costing/taxation.
If you do MBA after BAF, then you should choose Finance as a specialisation.
After CMA, you have to get into a job and start gaining work experience.
Best wishes
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