Here's how it works where I train
The Jun Fan program is divided into three levels: Jun Fan 1(beginner/intermediate), Jun Fan 2(intermediate/advanced) and Jun Fan 3(Advanced). My instructor, Sensei Yori, keeps track of everyone's progress and he decides when to promote you from Jun Fan 1 to Jun Fan 2. There isn't really a testing procedure or ranking system. He just kind of tells you to go to Jun Fan 2 when he thinks you are ready. And then from Jun Fan 2, he and Sifu Inosanto will decide when you can move on to Jun Fan 3. From there, you just keep practicing. As for the general curriculum (not limited to Jun Fan) I believe there is some kind of phase based instructorship system, but I don't know the details of it. Beyond my desire to reach Jun Fan 3 and my desire to eventually go up the Brazilian Jiu Jitsu belt system, I really could care less about achieving rank.
You won't lose much if you go only halfway, but you won't win much either.