Although the two degrees sound very similar, they are VERY DIFFERENT in terms of enrolment requirements, level of difficulty to obtain and mainly the targeted job profiles.

Certified Financial Planner:

• You need a Bachelor's degree from an accredited university to get the initial certification.
• Degree holders are required to keep their knowledge up-to-date in order to maintain their degree.
• There is only one level and thus only one test to be passed for the initial certification.
• Candidates need to demonstrate work experience in financial planning.
• The program exclusively focusses on financial planning an related aspects in finance.
• CFA holders usually work in the financial planning industry.

Certified Financial Analyst:

• Enrolment is open to either final year university students but also to professionals with enough relevant work experience.
• Candidates must pass three levels in order to obtain the CFA certification.
• Topics are more diverse but also more technical than in the CFP. They cover the major areas in applied finance, but also economics and econometrics.
• A CFA is very valuable in many different departments within banks but also in finance related jobs in the industry.

In both my professional and academic career, I personally have never come accross any CFP but lots of CFAs. Of course, this is mainly due to the fact that I was working at an equity derivatives desk. My general impression is that the CFA is both, harder to get and more widely accepted in and outside the finance industry. Especially as a university student who is not 100% sure that he wants to work in financial planning, I would always choose the CFA over the CFP.

And finally, if you are interested in more quantitative position, then don't do the CFP or the CFA but have a look at the PRM (Professional Risk Manager) or the CFQ (Certificate in Quantitative Finance). The former is perfectly doable with a finance background and some elementary statistics and econometrics. The latter is very quantitative and covers a lot of the material from a Master in Quantitative Finance, even though in much less detail. But it is run by practitioners and a really good training it you want to get into derivatives trading / structuring / quant. positions.