No, get a PhD from a decent school instead. Beat the @#% out of MBA and CFA combined, both knowledge-wise and as far as opening doors for you. Trust me, been there done that. cheers.
I think his point was that 90% of all that effort, albeit strenuous and time-consuming, is pointless - except in allowing employers to screen out based on who could persevere through it. Toss away the unneeded team projects, the bla bla bla of marketing, HR management and the like, leave some core quant prep of finance etc, and you'll be very close to a CFA.
Two big things many people have missed here: First, the CFA has come to be regarded as a sort of Good Housekeeping Seal of Approval regarding ethics. This is because a Chartered Financial Analyst must attest each year that they have not been disciplined by any regulatory body, etc. Also, rules on ethical conduct are codified and hammered away throughout the curriculum. Charter Holder's can and do have their Charters revoked due to transgressions. It goes without saying that employers value this aspect quite highly. Second, in a number of markets, particularly the emerging markets where I roam, the CFA is a recognized professional certification that is often required for employment in the local finance industry. If I am contemplating employment in Hong Kong, Taiwan, or Thailand for example, the CFA is a perfect catch-all certification that satisfies the regulatory authorities in each of these jurisdictions. One won't get these benefits from an MBA.