A Third year student of graduation should go for MBA or CPA?

The decision would be based on your interest areas and long term career plans. If you want to pursue a career as an accounting /finance professional then CPA would be a better option. However, if you want to move into general management & other related areas then MBA would be better.

I would suggest you go with your interest. If accounting interests you and you want to make a career as a global accountant, go for the CPA course. If general management is what you're looking towards, then no doubt it is an MBA.

If you have an MBA, you have a greater choice in career opportunities, depending on your area of specialization. Since the areas of study for an MBA are more wide-ranging, there are more career choices. If you have a CPA license, your options will be focused on accounting and finance.