I am a big fan of CakePHP, and until recently, I used it for all the projects that I have been working on over the past four years, introducing them to two companies along the way. Now I work in Coldfusion, so I do not use it at work, but I'm still at home.
If you are just starting out, you donโt need to worry about CakePHP as the job you need now! Learn PHP as well as you can - trick your hands and do all the repetitive things like connecting to databases and building queries.
More importantly, in the job application (and when developing using CakePHP or any framework), you should have a good knowledge of the base language, in this case PHP. Once you know this well, you can make an informed decision about structures and MVC. Then you really will see the benefits, whether it be Cake, Codeigniter or something that is built in a neighboring girl.
Leo
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