In this paper, we analyze the spectral efficiency of multicarrier-code division multiple access (MC-CDMA) scheme. First, we derive a generalized formula for the spectral efficiency according to the number of subcarriers involved in, code division multiplexing and the number of codes used (i.e., loading factor), under a given set of channel coefficients. Also, we derive a generalized formula for spectral efficiency of various reduced-complexity systems that divide the full sets of subcarriers into several groups of subcarriers for code division multiplexing. Then, through these derivations, we establish an inter-relationship between the frequency selectivity and diversity order according to the number of multipaths. From the results, we choose the smallest code length while maximizing the diversity effect, provide an optimum subcarrier allocation strategy, and finally suggest a system structure for capacity-maximizing under the smallest code length. Through numerical analyses under simulated environments, we analyze the properties of spectral efficiency of various systems with reduced complexity and choose a major contributing factors to system design and a better system design methodology. Finally, we compare the spectral efficiency of the MC-CDMA scheme and orthogonal frequency division multiplexing (OFDM) scheme to make a relationship between both schemes.