There are too many CFA charterholders, which means the designation is diluted. 
So I should go for CAIA instead… oh wait, hardly anyone’s heard of CAIA! 
^ Exactly!
CFA Charterholders that are 50 years and older with 20+ years of experience are not competing for the same jobs as a “new” Charterholder… further more, there are Charterholders that are not willing to work 60+ hours a week and grind out a desk job behind monitors all day.
^^^ +1
I’ve said it many times–if your boss is not a Charterholder (or tried it and failed), then he won’t see the value in it, and it probably won’t further your cause or up your stock.
Totally agree wiith dvictr.
Not only many are not competing with others for hardcore Investment / Finance jobs due to age or whatever reasons, e.g. running own venture but also there are quite a few , who are in teaching or ITand similar profession with other equally relevant qulaification in Finance as such (like PhD etc.), who does CFA just as an add on and not for employment or competition purpose but for widening knowledge and keeping uptodate in areas which are not only dealing with emerging fields /ideas (in the last two decades) but also to grasp concepts which are gaining importance whether one is directly involved in Investment Business, as a professional, or not. For many in mid-career (like me), CFA was the best thing to do more proficiently and in a better manner whatever he/she is doing and not necessarily for a change of any type. For many such charter holders ‘CFA’ charter is no longer a qualification to seek job or even further growth, they have reached the peak in their career (if not in terms of position or rank then at least in terms ofgrowth , recognition in their field and job-satisfaction).In fact that is why quite a few I know are not bothered to have the CFAI mebership (may be because the ‘cost’ for some of them outweigh the ‘gains’ of membership) .
Finally, I think the total strength of charter holders as depicted (more than 100k) is a cumulative one since the first charter was awarded may not reflect the actual strength of charterholders active as on date. A substantial number must have retired or at least are no longer in any active ‘job-seeking’ list (who are neither seeking ‘same jobs’ as you say or even any other new job), due to being well settled in their profession. Hope all of them are alive!
If mere large number of professionals having a professional qualification reduces its prestige globally then by now many of the professional qualifications in many fields ,like MBBS,MD, Ph.D, many of the IT qualifications or even an MBA would have become totally prestige-less and these qualifications would have been dumped but looking at the increasing number of aspirants all over the world, it does not certainly seem so - even for CFA. Somehow the logic (and the accomanying fear) seems baseless.