And you are 100% correct. The matrix is as true as it gets. I found it funny people were putting all kind of weird theories sidestepping the simple conclusion:
20% people actually pass their CFA amp matter what
8% pass on their first attempt.
The no. of Charterholders passing a straight A hence cannot be more than 40% (8/20)
Mind you I said max., not the mean or min. Now go figure the rest