I think it's hard to look at it in black and white. I just passed Level 3 of the exam and am glad that it's over with and that I have taken it and should receive my charter soon. I think in the investment management world it's a clear sign that you at least have some kind of competence to say the least. And with globalization all over the place, it's a good way to seperate applicants with wide backgrounds and experiences. However, if you want to get a job at GS, MS or a big broker dealer you should go get your MBA from a top ten school. If you cannot get into a top ten then don't bother - you may learn something but in the end you will have spent a lot of dough and foregone heavy opportunity costs vs working your way up, and taking the CFA. The CFA will never be seen the same as the guys that have a Harvard, Yale, Stamford, etc MBA. That's a club that you can onlybe in if you go. However, it will give many people more confidence in your abilities and more importantly it will give you more confidence in your own abilities. And that should translate to better opportunities for you even without an MBA (I don't have an MBA fyi). Just my .02.
'it will give many people more confidence in your abilities' right said, 80% of the investment analysis jobs are nothing but reading, grapsing and analysing the facts, cases, scenarios. It is an environment where you got to grasp and retain the goodies in the 'first time of reading'. CFA due to its extensive research and analytical roots does certify that candidate is sharp in grasping facts and applying analytical tools. Consider that analysts read a foot long research papers stack each single day..............got to have some proven comprehending and retaining CPU between your ears.
They are two different animals. An ivy league MBA pretty much qualifies you for any business related job, plus the networking aspect of the degree is the true value. A CFA only qualifies you for certain jobs and the networking aspect is nearly nil.
especially in this business if your talking ivy. Cfa doesn't come with a bunch of equally well connected friends that you spent years of your life with or the guy on the inside that knows someone that knows someone you do that can help you land a position.
as a finance guy i can tell you the simple answer is NO CFA is not worth anything compared to a good MBA program ... That being said i am learning that it doesn't matter what your grades and degrees or certificates you have as long as you have connections and the aggressiveness to go out and make network to make new connections.