Any CFA's out there?

I am studying for the first leg of the CFA (Chartered Financial Analyst) and was wondering what some of you thought about it. How much of a difference does it make it advancement as well as in hiring. What are the advantages and disadvantages in comparison to an MBA. Would it be useful at to get an MBA or CPA as well? Is it more useful in some specializations than others in the finance industry. Thanks in advance.