Oddly, I know EXACTLY what you're talking about. I've had a few people question me about the CPA in private industry. While the exam gives the impression that you're smart to most people, especially most of those in private and a lot of HR people in public, it does give those hiring managers a few concerns.
For one thing, many of those hiring managers have not managed to pass the exam themselves, so it potentially might make them fear you. People don't like those, who are smarter than themselves. Even if the exam doesn't determine intelligence, it gives some the impression you're a genius; people aren't fond of hiring someone smarter than themselves. After all, you might one day take their job. Of course, this is more my theory and depends on the hiring manager.
A much more likely scenario than the hiring manager fearing your intelligence revolves around their fear that you will “jump ship,” once you pass the test, going into public accounting. A few hiring managers have actually brought this point up, during my interviews. At that point, you can attack their position with something along the lines of I passed the CPA for “personal satisfaction” (Headhunter advised that statement) or “I passed the exam because I know it is valued in both private and public” (i like this response better). Then, if you're state has a multi-tiered system, where you don't need the work experience, bring that point up. Basically, you want them to think that you only want the letters after your name; you don't actually care about practicing your license within a firm.
You might even try to get them to bring the license issue, so that you can attack it; however, there are positions, where the license can hurt your chances of employment in private, despite your best efforts. Regardless, you should include the license on your resume, since for most positions, it will only benefit you and you have no way of knowing for which positions it will hurt your application.
B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it