CFA is a world wide recognized certification and is more valuable around the globe but mostly in financial circle.

If we compare M.Phil Finance with CFA, following point should be kept in mind:

If you go for M.Phil Finance, it should be from a very good University, doing M.Phil Finance from a local university might not prepare you to compete internationally. you cannot turn ur face from reality, here organizations have IBA/LUMS fever, they even do not short list if you dont have that and is written in their advertisement. So be smart, either do M.Phil from an international University or go for CFA

Regards,

Ateeb