How does this (CFA) certification compare with a CPA designation: I don't think the CFA charter and the CPA certification are comparable. One is an apple and the other is an orange. But yes, both of them are respected well in professional services area.

I took the CFA Level 1 after completing my BBA in Finance, and I didn't have any direct full-time experience in finance/investment. But I was allowed to take the test. I am taking the Level 2 test in June 2010. I don't think it is "required" to have such experience before you take the test, but yes, you will need to satisfy the work experience requirement before you can apply for the CFA charter.