ZForce,
I think if you are dead set on staying in Boston/NE you should look at better schools in the region. If you can get into Michigan you can easily get into BC and BU, which are much more expensive than UMASS but will provide much better connections in the Boston/NYC area and a better education. Don't bother with Northeastern though (it's an expensive UMass).
Whatever you do, don't go to UMass. I grew up in the Amherst area, went to BU for undergrad (graduated last May), and after working for a year in the Boston area it seems UMass would only hurt you when trying to get into these positions (compared to just having the CFA). Like Dante said, the MBA will provide most of its benefits as a recruiting platform and BC/BU will do much more for you in that sense (BC is probably better for inv mgmt and they seem to care of each other more).
Also, if you were planning to go to UMass part time, there are not many good jobs in that area except for MassMutual in Springfield while Boston has a lot of opportunities for its size.