It is a license to basically sell different different finance product. Instead of introducing youself as insurance agent where many people wil avoid, you can rebrand yourself as finance planner and include insurance as one of the finance planning and meanwhile sell that insurance to them.

To be honest I am not a finance line person. But I believe any logical minded person will tell you that being CFA qualified person will have tonnes more opportunities compare to CFP qualified. You can work for big institutions at a very high position with CFA and you can do none of those with only CFP. There was once anyone from Form 5 can take CFP. It was only a few years ago they change the qualification requirement to a graduate.

So in other words, if you can afford, do CFA and forget about CFP. Good thing about CFP is that you can sell product, be a bank product salesman and insurance sales person. I did CFP for self learning only and I am just like you who ahd only passed the first paper. Take note however that CFA cost alot more and will be alot more difficult but being a finance student you can definitely cope with it.