Passing the FE, PE and perhaps SE exams does not mean that you are a good engineer and it is not the crowning achievement of your career. All it means that you were able to pass an 8 hour test on a given subject matter on a given day and that you are PROBABLY not a terrible engineer.
In the real world, you do not get credit for designing a building column that is 83% correct; these FE/PE/SE tests are not a good measurement of one's real world engineering skills. On the contrary, the FE/PE/SE tests are INDICATIVE of one's technical knowledge and they are also a fair measurement because everyone has to pass the same tests to get licensed.
Passing these FE, PE and perhaps SE tests simply formally demonstrates that you possess "entry level technical competence" in order to practice engineering and offer your expertise to the public as a consulting engineer, which requires licensure as a Professional Engineer. There are many very talented engineers who are not licensed PE's that work in exempt industries and there are also some really bad consulting engineers who managed to get licensed and somehow stay licensed...
Sucessfully passing FE/PE/SE tests (fortunately) cannot be seen a SUBSTITUTE for holding at least a Bachelor's degree in engineering or a related subject in most states in the USA. How "professional" is the engineering profession in the eyes of the public if non-degreed individuals can become licensed Professional Engineers? We engineers constantly whine about the lack of respect our professional gets in comparison to say doctors or lawyers. How would you feel if you learned that your doctor never actually graduated from eight years of medical school, but was able to successfully pass his/her medical board exams and get a medical licensed anyway? There is no way this scenario would be acceptable to the public and this is one reason why doctors, in general, do get more respect and pay than engineers.
As a structural engineer, I have the potential to hurt or kill FAR MORE people than any doctor has ever dreamed! This same statement would also potentially apply example, for example, to an unlicensed engineer who designs a faulty aircraft braking system...