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Dear Ruchika,
Thank you for writing to us. It is good to know that you have set your goals high. Pursuing a degree like MBA would give a certain degree of job security. Being successful in an examination like IAS has a degree of uncertainty due to fierce competition due to which students for various backgrounds sit for the examination, from Engineering to Law, MBBS, CA etc. As per the current trend, a greater percentage of successful candidates do have a professional degree. This helps to fall back on something, if for any reason a candidate is unable to crack the IAS exam.
However, it all depends on when you start preparing for the examinations. Starting to prepare after completion of MBA would be a good idea if you can devote sufficient time along with the job you might be in. You may also prepare while pursuing MBA however, you have to be very careful so that you dont compromise on MBA papers. It also depends on the Optional Subject you choose depending on your area of interest and also availability of Study Materials and guidance.
Therefore, you should first decide your priority and act accordingly.
All the best!
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