I don't think you can say one is more important than the other unless you know what field you'll be working in. A MBA is more generalized but can be tailored to a specific field of study. For example, I'm currently pursuing a MBA with a concentration in Finance, Strategy, and possibly Real Estate. There are MBAs in Technology, Marketing, Health Care, Accounting, Supply Chain, and numerous other fields. A CFA on the other hand is specific to investment analysis. While possessing a CFA doesn't mean you have to work on Wall Street analyzing securities, it does however focus on just one thing. So again, depending upon what you want to do with your career will determine how important either one is to you.
The MBA will provide you with more business and management related information unless you choose a specialization. The skills you learn/ gain after completing the MBA will focus more on your business analytics and softer skills. MBA program from a reputed institution will provide you will much extensive networking opportunities and has a better ring to it.
I know many CFA charterholders that do not have an MBA and are doing amazing in their career. Likewise, I know many MBA professionals who do not have technical degrees or certificates and are adding value to the industry or their careers immensely as well.
People get MBAs in specific fields like finance, operations, etc, but they tend to come out of school with broad based knowledge and a wider variety of opportunities open to them.
A CFA certification is more niche. CFA charter holders are investment professionals, and the skills they pick up are super analytical.
A full time MBA program generally consists of two expensive years surrounded by one's peers studying various aspects of business from management, to operations, and finance.
The CFA, on the other hand, is a grueling, individual journey. There are three levels, and it can take years to get through all of them.
While the CFA Institute is growing its network, Business School is still better for those who want to find new opportunities and widen their prospects.
An MBA can take you into all sorts of industries. The CFA carries a lot of weight with asset managers. It's an analytically driven test.
Ultimately, whether or not you get your MBA or take the CFA depends on what you want to do. If you want to network and take a broad set of skills to the business world, consider taking the expensive leap into Business School.
However, if you know that you want to be an analyst, go for the CFA.
An MBA and a CFA are very different in their focus and the opportunities that they offer to successful graduates. An MBA offers a more well rounded education, even if you specialize in one area like finance. You study several areas of finance and is good for those who do not know exactly which area they want to work in. A CFA on the other hand is very specialized and is focused only on investment analysis. It offers several opportunities on Wall Street and in trading and equity research in particilar. So if you already know that you want to be in those jobs, then a CFA might be better. A CFA will probably work out to be cheaper but does not offer the networking oportunities that are a huge factor for several people pursuing an MBA