My 2c here; take it for what it is worth
I also sat for L3 this past June (nervous about the results due to poor execution on the AM). For me, I did the exam Dec10 L1, Jun11 L2 and Jun12 L3. For 3 years I tried to break into the asset management side of the business and struggled tremendously early on even to get a response (granted my experience was in prop trading, and it wasn’t a great time to be in finance). Throughout the process, I found that moving from each level certainly increased my likelihood of a ‘first-interview’ and after passing L2 my call backs increased significantly. Shortly after getting my results back, I had 4 interviews (1 sell side, 3 buyside) and ultimately got all the buyside offers.
My experience left me feeling that being part of the CFA program got me ‘through the door’ or at least acted as a check mark that I was dedicated to the business. Ultimately though, my current PM and another PM that I did not accept an offer from mentioned that the reason I was hired was because I was the most passionate about the position, was the best prepared in the interview, and thought about businesses (not stocks, an important distinction) the same way they did. They could have cared less about my participation in the CFA program, but having it was the key to getting past HR.
For me, I definitely got a nice ROIC on the CFA program, but if your struggling to break through after passing my advice is to reconsider your interview approach but don’t give up. Its possible to break through and the CFA program is going to help, it just is not going to be the complete picture.
Good luck to all those who sat for L3. Your posts on here helped me tremendously and I hope that I never have to been on this damn site this time next year.