In general, CFA without experience is worse off than someone with MBA from reputable school (ivy leagues). Reason, good MBA have very high filter requirement like 7 years working experience with MNC, managerial or consultancy background, good GMAT scores and recommendation from alumni. If the MBA schools don't have these criteria, it's just a normal MBA that won't really make a huge adjustment to your career prospects.

CFA is just an exam paper so experience is more important. CFA member will be good as you have 4 year relevant experience. Finishing the exam just prove you can learn to apply, not many large company will hire you on that basis without proper experience.

You mention working in a conglomerate so would you acquire any experience related to corporate finance? Financial due diligence, asset pricing, portfolio optimisation are some of the use cases you face in a job from the IB / AM sector. My take is that CFA just proves you are a diligent learner, but if you have to start in the industry from scratch, few would want to assume the risk of absorbing a newcomer at the age of 28 / 29 when burnout is frequent in the industry (less so in Malaysia but general in IB)

What I just said relates only to the job seeking, but to actually pass CFA, your working experience needs to be 'relevant' as defined here: https://www.cfainstitute.org/en/membership/...work-experience. Whether or not you have worked for 6 years is irrelevant since you may have cleared the duration requirement (48 months) but not the technical requirement.

Finally, doing an MBA would be an icing on the cake once you have already landed a job in the industry. But if you are not intending to start a venture yourself, IMO there is much less value in it (since your goal is to enter the industry, which should have been be achieved by CFA alone).

Ultimately you have to weigh the pros and cons of either program (CFA requires longer time investment, but can start immediately; while good MBA schools might not admit you with your current credentials), as well as your career goals (seems a bit over the place tbh).