As far as ''IMPORTANCE'' is concerned I would definitley say I.S.Q ''should'' be given priorty over C.F.A qualifciation specifically in Pakistan where ur financial systems are not that much developed where u can even consider to utilise a C.F.A . Although with the advent of mutual funds C.F.A qualification for the incumbent might proove to be benefical but still the scope for it in Pakistan is very very ''NARROW''.Even the so called mutual funds in Pakistan are not following or adopting the most basic strategies taught in C.F.A qualification .Most of the funds are recruiting MBA Finance or MSc Economics students as their skills are considered adequate in the context of Pakistani Financial System.To give you an example, the top financial institutions fund managers are just following the passive strategy of managing the Funds which means you just invest your money in stocks according to their weightings in ''INDEX''.Although I can justify their stance but not feeling the need for it.On the other hand if you manage to do I.S.Q atleast it would certainly increase the probability of getting a good slot in banking sector.There is no doubt that CFA equips you with very useful skills but I dont think that you will be able to implement it in your organization.If u try to then i am sure all that u will get is a track record of huge negative alphas. ....