Use free period for doing Investment Management internship at PE or studying for CFA?

Before I started studying, my aim was to break into IB and eventually PE. So I went to a Target School, did an accounting internship, a TS internship at one of the Big4, and now I've secured a PE internship at a very well-know MM firm. 

However, after hearing about the horrendous working hours from my friends who did IB and PE internships, and the constant requirement for availability even on weekends, I started to rethink and wanted to move towards another segment. I looked into AM, and asked some friends who completed internships in portfolio management. It looks and sounds very interesting, and working hours seem way better. Given that I'm from a Target School and already did a TS internship and have good grades, I will aim for a FT position at a good company (e.g. good salary, weekly working hours rarely exceeding 60 or 65 h). If it's of any relevance, I live in Europe and do a Master in Finance and did a Bachelor's in Economics.

Coming to my actual question. I have my next 3-month internship at the PE company lined up in April, which I secured many months ago back when I was still sure about going into PE or IB. I know that having completed at least the first CFA level is seen as advantageous, so I was wondering what would make the most sense out of these options:

1. go for PE internship, apply for AM FT

2. ditch PE internship and get level 1 exam done, then apply for AM FT

3. do PE internship, get level 1 done, then apply for AM FT

Unfortunately deadlines for AM internship positions have already passed.