The CFA designation is a good signaling tool and an indicator of quality. However, the credibility and respect earned as charterers is likely to be recognized and appreciated by a subset of the financial sector, not all of them. For example, the charter of the CFA is particularly valued in the asset management, stock market research, investment strategy and purchasing sectors. Studying and obtaining CFA certification after having gained solid work experience at the junior level allows you to immediately take advantage of the new knowledge acquired at work, giving you more confidence and credibility as you advance your professional career to the middle manager level, where promotions work is more important.
That said, part of this could also be a reflection of the ability to commit to the 300 to 350 hours of study per level needed to pass the CFA exams depending on the candidates' stage of life. Yes, I passed Level 1 when I applied for a job and I think it helped me to leave an intermediate position. Reaching level 1 could really make a difference in breaking through, because you tell your employer that. One student specifically mentioned that receiving extensive tutoring (outside of college and high school) was excellent preparation for the CFA Level I exam and helped balance the workload of both that exam and the university studies.
Now, according to the CFA Institute, about 1 in 5 CFA Level I candidates are college students at the time of their registration. A student from India who is now studying in the United Kingdom mentioned that Western financial institutions did not take their Indian titles as seriously as those issued in the West, and that the CFA program was an opportunity to level the playing field. Someone who has obtained the CFA and can give us an idea about opportunities after level 1 would be greatly appreciated. If you're in college or just graduated and need something to improve your emergency room resume, then a good level 1 pass is enough to “show interest” and could compensate for a perceived “poor” prestige gap.
Question 2 is anecdotal: for those who have served on hiring committees or have been interviewed for positions where filling the CFA could be considered relevant, it would be fantastic to know how a candidate's progress or lack of CFA has affected decision-making.