Learn Programming or CFA for Macro Fund?

Programming

The CFA is well respected in the macro community. But since you have experience on a macro desk already, programming experience would differentiate yourself. Ultimately, having both would be a very good thing.

Both, but in my opinion programming is more useful. Being able to analyse a lot of data can give you a big edge, as you can quantitatively preselect which assets you want to have a closer look on.

learn vba and get good at Python or R. some PMs like to hire CFAs, but they're rare.

Definitely programming. Having an ability to automate / write some quick scripts in python will make your life very easy and stand out among peers if you are applying for just regular fundamental funds, etc

Thanks for all the responses. Gonna try and do both. Just registered for level I and gonna learn python.

try doing both and you'll get none done.

getting good at python or R requires your complete focus, especially if you're a beginner (or even intermediate). CFA, while easier, isn't exactly a walk in the park. if you're just looking to tick a couple boxes to land interviews at macro funds you're going to be called out in the HR phone screen - the interviews on the buyside are intense, nothing like the 'super days' you're accustomed to.

What level of programming competency would you need to get an edge in landing an interview? Is 2-3 years of M&A and casual programming (confident but not data scientist professional) attractive, or would that experience be viewed as less valuable compared to a more pure-play development/data science background?

just learn to code. Idk why you are thinking of doing both. 

Definitely learn to code. CFA not worth it. This shouldn't be a question in my opinion