Multicarrier modulation (MCM) based schemes have been a major contributing factor in revolutionizing cellular networks due to their ability to overcome fading. One of the popular scheme orthogonal frequency division multiple access (OFDMA), having been part of 4G, is also adapted as part of 5G enhanced mobile broadband (eMBB). Though it has several advantages, spectral efficiency (SE) and peak to average power ratio (PAPR) have been two major concerns which have attracted lot of attention resulting in proposals of several other MCM schemes. But most of these studies have treated the two issues independently. This paper in particular studies the subcarrier filtering approach to improve the spectral efficiency of MCM scheme and its impact on the overall PAPR of such schemes. The analysis shows that the PAPR improvement is also achieved by such filters meant for spectral confinement and the simulation results validate the same provoking.