If your employer will pay for it, absolutely yes. If not, and you'd like to advance in the profession, you'd probably be better off starting at Level 5.
The new CIPD qualifications are designed as building blocks so your study centre will take into consideration a number of factors if you want to skip Level 3 - for example academic background, experience, time available and career goals.
Try the CIPD quiz which is a great little tool to help you decide what's best for you.
The new Level 3 gives you Foundation membership of the CIPD and that gives you the credibility on your CV.
