If you are choosing between the world's major finance and accounting certifications — or you are already studying for one — the pass rate is one of the first numbers you will look up. It is a rough proxy for difficulty, and it shapes how you plan your study time. But pass rates are also widely misunderstood: a low number does not always mean an exam is "harder," and a high number does not mean it is easy.

This guide pulls together the most recent published pass rates for the CFA, CPA, ACCA, and FRM exams, explains what drives the differences, and shows you how to read the numbers sensibly. All figures are sourced from the official bodies (CFA Institute, AICPA, ACCA, and GARP) and reputable industry trackers, with links at the end.

At a Glance: 2026 Pass Rates Side by Side

The table below summarises the most recent pass-rate data for each certification. Because these exams are structured very differently — the CFA has three sequential levels, the CPA has six sections, ACCA has more than a dozen papers, and the FRM has two parts — the "typical" range is the fairest way to compare them at a glance.

Note: ACCA Applied Knowledge papers and the CPA discipline section TCP sit much higher (up to ~78–88%), which is why each certification is best understood by its own breakdown below rather than a single headline figure.

CFA (Chartered Financial Analyst)

The CFA Program, administered by CFA Institute, is a three-level exam sequence that candidates must pass in order. It is known for a heavy time commitment — roughly 300 hours of study per level is the widely cited benchmark. Pass rates fell to historic lows during the pandemic (Level 1 hit 22% in mid-2021) and have since recovered toward their long-term norms.

The counter-intuitive takeaway: Level 1 is statistically the hardest to pass, not Level 3. This is largely a selection effect — the candidate pool narrows at each level, so those sitting Level 3 are already proven exam-passers. First-time candidates also consistently outperform those who defer, by 20–26 percentage points.

CPA (Certified Public Accountant)

The US CPA exam was restructured under the CPA Evolution model in 2024. Candidates now take three core sections plus one "discipline" section of their choice. Pass rates vary dramatically by section — more than any other certification on this list.

FAR and BAR remain the toughest sections at around 42%, while the TCP discipline is the single highest pass rate across all four certifications at roughly 78%. Choosing your discipline section strategically can meaningfully affect your odds.

ACCA (Association of Chartered Certified Accountants)

ACCA is a UK-based global accountancy qualification with up to 13 exams spread across Applied Knowledge, Applied Skills, and Strategic Professional levels. In the June 2025 sitting, 111,639 students sat 128,651 exams. Pass rates rise sharply at the introductory (Knowledge) level and tighten at the advanced Strategic Professional options.

Applied Skills (June 2025)

Strategic Professional (June 2025)

For context, Applied Knowledge papers ranged from 64% to 88% in the same session — the gentlest on-ramp of any certification here.

FRM (Financial Risk Manager)

The FRM, administered by GARP, is a two-part exam focused on risk management. GARP does not always publish pass rates promptly, so figures are best treated as a guide, but recent sittings have been notably stable.

The FRM has the highest pass rates on this list, but that does not make it the easiest — the candidate pool is smaller and more specialised, and Part II's application-heavy format still trips up many otherwise strong candidates.

What These Numbers Really Mean

A pass rate is not a pure difficulty score. Three factors distort it, and understanding them will make you a smarter candidate:

1. Candidate pool quality. Later-stage exams (CFA Level 3, FRM Part II) show higher pass rates partly because weaker candidates have already been filtered out — not because the material is easier.

2. Self-selection and preparation. Exams that attract highly committed, well-resourced candidates tend to post higher pass rates regardless of content difficulty.

3. Exam format. Multiple-choice sections (like CPA REG or ISC) generally pass at higher rates than exams built around written analysis and case studies (like ACCA's advanced papers).

The practical lesson: use pass rates to plan effort, not to predict your personal outcome. Your own result depends far more on hours invested, question practice, and consistency than on the headline percentage.

How to Improve Your Odds on Any of Them

Across every one of these certifications, the research points to the same lever: active practice with exam-style questions beats passive reading every time. First-time-pass data (especially for the CFA) shows that candidates who test themselves under realistic conditions and review their mistakes consistently outperform those who simply re-read notes.

Professional Career Club offers free, no-sign-up practice questions for all four of these exams, so you can start self-testing today:

• CFA practice questions: professionalcareerclub.com/practice/cfa-institute-cfa

• CPA practice questions: professionalcareerclub.com/practice/american-institute-of-certified-public-accountants-cpa

• ACCA practice questions: professionalcareerclub.com/practice/association-of-chartered-certified-accountants-acca

• FRM practice questions: professionalcareerclub.com/practice/financial-risk-manager-frm

The Bottom Line

On paper, the FRM and CPA's easier sections post the highest pass rates, while the CFA Level 1 and ACCA's advanced papers sit at the tougher end near 40%. But every one of these exams is passable with the right preparation — and the pass rate you should care about most is your own. Pick the certification that fits your career goal, commit the hours, and practise relentlessly.

Sources

All pass-rate figures are drawn from the following official and industry sources (accessed July 2026). Figures are rounded; consult the primary sources for exact published values.

• CFA Institute — Official CFA exam results and pass rates — https://www.cfainstitute.org/programs/cfa-program/candidate-resources/exam-results

• 300Hours — CFA Pass Rates 2026: latest data & historical trends — https://300hours.com/cfa-pass-rates/

• UWorld / AICPA — CPA Exam pass rates (updated with 2026 Q1 results) — https://accounting.uworld.com/cpa-review/cpa-exam/pass-rates/

• ACCA Global — Pass rates announced for June 2025 exam sitting — https://www.accaglobal.com/gb/en/news/2025/July/June25_exams.html

• ACCA Global — Pass rates for ACCA qualifications — https://www.accaglobal.com/gb/en/student/exam-support-resources/pass-rates-for-acca-qualifications.html

• GARP — FRM exam information and program overview — https://www.garp.org/frm/program-exams

• LearnSignal — FRM pass rate: Part 1 & Part 2 explained — https://www.learnsignal.com/blog/frm-pass-rate/