Ryguy - at Booth, when I say the "traditional" approach to investment management, I mean equity research. That's what 95% of the IMG, as well as interview prep, job postings, etc. are geared toward. Everything else like fixed income, quants (which a lot of people are very interested in) are not as well-addressed.
No, only a Level 1 candidate. Kind of debating on whether to actually go through with the exam, considering that *if* I get a full-time offer from this internship, I'm likely taking it. However, it certainly couldn't hurt, right? But yeah, there's a pretty sizable difference between Level 1 versus other leveled candidates; from what I saw, I'd say passing all three levels gave some people a "golden ticket" in terms of making it to the closed list for more than a few firms. That said, the CFA is a weird animal...many firms say they don't care about it, but in many of them, the PM's and analysts are charter holders. It strikes me as similar to a high GMAT score when applying to b-school...very nice to have, but not absolutely, completely necessary.