Is pass=mastery?

I wanted to know how people on this forum feel about their mastery of the material after passing level iii? Personally, I feel that I could’ve challenged myself a bit more if the passing threshold was higher. Not that I complain, but when you consider that you could pass with an overall 62-65% (and most of that coming from the PM portion of the test), you start to wonder if CFAI just pass/fail people on a curve without a regard to whether people truly mastered the material. I mean, a 65% on a test in a university setting would be a fail.

My finance classes in university were on the curve, some of the average test scores were 55%. No one can master the curriculum as a whole, there’s too much information.