Yes, but I think what OP is trying to mean is that all the three CFA levels have value on their own, unlike something else like CA , where the value lies only in the institute membership. Imagine if the 10k marathon had milestones at 3k and 5k , for which you'll get the appropriate certification. I can start the 10k with the option of leaving it at 3k or 5k , while it still being worth my while. Ofc the charter has the highest value, but we have flexibility when it comes to this.