Assume you're CFA institute chairman

In early 2009, you should feel the pressure from competitors in the certificate market such as FRM, CAIA, CFP, CPA, etc. Most people take only one exam, so it’s very important not to lose market share. The biggest challenge is: how to attract people and prevent the certificate from being diluted? To attract people, CFAI would make Level I easier, so that the passing rate will be higher. Imagine if they don’t make Level I easier, so many people just sign up and not study, the passing rate would be really low and scare away customers (they call customers by another name: candidates) After you passed Level I, you certainly want to pass Level II, so here’s the place the CFAI can work to prevent the certificate from being diluted. That’s why CFA level II has always been the most difficult one in the 3 levels.

what is level III then? a pineapple?