Hi Anujsher,
The CFA and the MBA are not mutually exclusive. Many MBA aspirants already have a CFA (it could be level 1, level 2 or level 3). Some b-schools like Cornell also have a partnership with the CFA Institute, wherein you can do a CFA alongside the MBA. Have a look at the link:
https://www.johnson.cornell.edu/Parker- ... artnershipHere's the exhaustive list:
https://www.cfainstitute.org/community/u ... region.pdfSo what you base your decision upon is the skill set you want to acquire for your career ahead. A CFA is a deep dive down the investment/portfolio management concepts, whereas an MBA will give you a broad skill set which will be beneficial as you rise in your organization, towards more managerial responsibilities.
Of course you can do both to build your skills sets in financial concepts as well as gain a business perspective. Business functions are becoming increasing amalgamated and this will help you in the long term.
To add to what MG has pointed out, a CFA level 1 should help you overcome your eligibility criteria at b-schools that require 16 years of education. Do check this out with your target programs though.
All the best!