As many have pointed out, it isn’t about the absolute number that pass, it’s about the number of charters that are awarded. Many people (especially foreigners, no disrespect), are now taking the CFA exams while they are enrolled in graduate school. However, even upon passing Level 3 these people still lack the required job experience. Also, I agree with the Charter becoming a hurdle more so than a differentiator. However, that only INCREASES the importance of having it.