While I agree with Craig & Guy, in principle, please do not discount the value of UML.
It's like asking: "How valuable/important is drafting software for an architect?"
Are you less of an architect if you have not used drafting software? Of course not!
Are you better off if you do know how to use drafting software? Probably?
Same goes for the BA... UML is just another tool in your toolbox which you can use at the appropriate time. So I would say that UML is important beyond just having it in your resume. If you know how and when to use the tool then it's a good thing to have.
Can you be a good architect with a pencil, paper, and a ruler? Yes - but why would you want to do that...
UML is at the same level as: BPMN, Data Flow Diagram, Use Case Model, Use Case Narrative, CRUD matrix, Storyboard, RACE chart, etc. These are all tools and they are only useful if you know how to use them and when to use them.
So - if you think that UML will make you the best analyst in the world then you're wrong but if you want to add one more tool to your toolbox then do so as you will not go wrong.
Just my 2 cents.
- Adrian