What helps with MBAs is that schools have a career office staffed with people who’s job it is to help find you a position. Also, lots of firms specifically recruit from MBA graduate pools, so the immediate impact of an MBA is probably going to have more impact than passing L1 or L2. Down the line, it’s more of a wash. CFA surveys seem to suggest that the CFA by itself has a larger effect on compensation than MBA by itself, although CFAI doesn’t come out and say it directly (they like to strongly imply it, though). There is presumably a certain amount of survivor bias and reporting bias in those results too - remember that the MBA adds value to a larger range of careers than CFA; it’s just that in asset management positions, CFA appears to add somewhat more.