First of all let me tell you that an MBA degree through distance is given when you show your three years of work experience otherwise you will get a diploma in business management.It would be better to pursue MBA through regular mode rather than through distance mode as it carries more weight.

Now as far as the choice between CS or CFA is concerned, CFA is better but only if you do it from US. ICFAI CFA & US CFA differ a lot not just in terms of learning , but also in terms of validity in the industry.

US CFA is considered to be the strongest qualification in Finance worldwide, while ICFAI CFA has limited score in India only. The course is customized for Indian market and does not provide an international view the way American CFA does. This does not even guarantee a job in India. All the I-Banks and PE firms prefer US CFA because of the global acceptance. US CFA has more credibility in front of corporate as well.But again there is a difference between fee structure between the two.

If you opt for CS then it would be better as it carries a lot of job prospects.

Rest the choice is all yours.

All the best
CareerAge Counselor