Every pass rate below is the exact figure published by the exam body itself, with the sitting it refers to. No estimates, no ranges, no coaching-institute numbers. Where a body does not publish a pass rate, this page says so rather than guessing.
The comparison at a glance
| Exam | Pass rate | Sitting | Published by |
|---|---|---|---|
| CFA Level I | 39% | May 2026 | CFA Institute |
| CFA Level II | 43% | May 2026 | CFA Institute |
| CFA Level III | 50% | February 2026 | CFA Institute |
| CPA — FAR | 42.47% | 2026 Q2 | AICPA |
| CPA — AUD | 49.38% | 2026 Q2 | AICPA |
| CPA — REG | 66.87% | 2026 Q2 | AICPA |
| CPA — BAR / ISC / TCP | 45.62% / 67.98% / 79.75% | 2026 Q2 | AICPA |
| ACCA — Strategic Professional | 39%–51% | June 2026 | ACCA |
| ACCA — Applied Skills | 41%–82% | June 2026 | ACCA |
| CA Final — both groups | 10.97% | January 2026 | ICAI |
| CA Final — Group I | 21.03% | January 2026 | ICAI |
| FRM Part I / Part II | 47% / 51% | May 2023 (latest published) | GARP |
| CTP | Not published | — | AFP |
CFA: the numbers behind the headline
CFA Institute reported that of the 31,566 candidates who sat Level I in May 2026, 39% passed. Level II was 43% from 18,111 candidates, and Level III in February 2026 was 50% from 11,269 candidates.
The more useful number is the split CFA Institute also publishes. At Level I in May 2026, first-time candidates passed at 45%, while candidates who had deferred at least once passed at 25%. Level III showed the same pattern: 59% for first-timers against 34% for those who had deferred. Deferring is not neutral — on CFA Institute's own figures it roughly halves your odds.
Over 2022–2026 the five-year averages are 41% at Level I, 46% at Level II and 49% at Level III, so a single sitting rarely moves far from trend.
CPA: pass rates vary more by section than by candidate
AICPA publishes rates quarterly by section. For 2026 Q2: AUD 49.38%, FAR 42.47%, REG 66.87%, BAR 45.62%, ISC 67.98%, TCP 79.75%.
The 37-point spread between FAR and TCP is the single most actionable fact on this page. Every candidate takes all three Core sections, so the FAR result is unavoidable; the Discipline is a choice, and the three Disciplines are not equally difficult. AICPA is careful to add that a rise in pass rates reflects better-prepared candidates rather than an easier exam, because section difficulty is held constant across sittings.
ACCA: the spread is the story
ACCA's June 2026 sitting drew 119,662 entries and 136,544 completed exams, with 4,690 students finishing their exams and becoming affiliates. Published pass rates for that sitting:
- Applied Skills: LW 82%, TX 55%, FR 52%, FM 48%, AA 47%, PM 41%
- Strategic Professional Essentials: SBL 51%, SBR 47%
- Strategic Professional Options: AFM 47%, ATX 47%, APM 42%, AAA 39%
- Applied Knowledge: BT 89%
Advanced Audit and Assurance at 39% is the hardest paper in the June 2026 set, and Performance Management at 41% is the hardest Applied Skills paper — a useful warning, since PM sits earlier in the qualification than most students expect trouble.
CA: the lowest number on this page, and why
ICAI declared the CA Final January 2026 results on 1 March 2026. Of 69,591 candidates across 576 centres, Group I passed 21.03% (11,282 of 53,652), Group II passed 9.76% (3,726 of 38,169), and both groups together passed 10.97% (2,446 of 22,293).
The 10.97% is the number that circulates, and it is the one most often misread. It is not the chance of passing the CA Final; it is the chance of clearing both groups in the same attempt, which is a much harder thing. A candidate attempting one group faces the group-level rate, not the combined one.
FRM and CTP: less data than you would expect
GARP's published historical pass-rate table gives Part I 47% and Part II 51%, but that table's most recent entry is May 2023 — treat it as a long-run indication rather than a current figure, and check GARP directly for anything newer.
AFP does not publish a CTP pass rate at all. It scores the exam on a scaled score and states in its own FAQ that it "cannot indicate an exact number or percentage of questions that need to be answered correctly to pass". Any CTP pass rate you find elsewhere is an estimate, not an official figure.
How to read a pass rate without misleading yourself
These populations are not comparable. ACCA's Applied Knowledge cohort and CFA's Level III cohort are different people at different career stages. A 39% and an 89% from different bodies are not a difficulty ranking.
Most of these are scaled scores, not percentages. CPA's 75 is a scaled score on a 0–99 range, not 75% correct. The CTP is scaled too. Knowing the pass rate tells you nothing about how many questions you need right.
Self-selection moves the number more than difficulty does. The CFA first-time versus deferred split is the cleanest evidence on this page: same exam, same day, 45% against 25%. Who sits changes the rate as much as what is asked.
A low pass rate is a preparation signal, not a verdict. The CA both-group rate is low because of what candidates attempt, not because ICAI marks two groups more harshly than one.
All figures on this page come from the exam bodies listed. Pass rates are republished each sitting, so verify against the official source before relying on any number here for a decision.
How to improve your odds on any of them
The pass rates above are population statistics. Four things move an individual candidate's odds, and all four show up in the bodies' own data.
- Sit when you are ready, not when you are booked. CFA Institute's first-time versus deferred split — 45% against 25% at Level I — is the clearest published evidence that turning up under-prepared, repeatedly, is what drives the low tail of these distributions.
- Sequence around the hardest paper, not the easiest. FAR at 42.47% and ACCA's AAA at 39% are where attempts get burned. Take them while your study routine is strongest rather than saving them for last.
- Know your credit window before you plan. For CPA this is set by your State Board of Accountancy, not the AICPA, and it decides whether a failed section costs you one attempt or several.
- Practise in the exam's own format. Scaled scoring means you cannot self-assess from a percentage. Working timed multiple-choice sets under exam conditions is the only reliable read on where you actually are.
Practise free on Professional Career Club
Every question bank below is free to attempt, with full explanations, and no payment at any stage:
- Free CFA practice questions
- Free CPA practice questions
- Free ACCA practice questions
- Free FRM practice questions
- Free CTP practice questions
The bottom line
On the most recent official figures, the CA Final both-group rate (10.97%) is the lowest number here and ACCA's BT (89%) the highest, but they are measuring completely different things at completely different stages. Within a single qualification the comparison does hold, and there the useful facts are narrow and specific: FAR is the CPA section to respect, AAA is the ACCA paper to respect, and deferring a CFA sitting costs you roughly half your odds.
Use these numbers to decide what to study first and when to sit. Do not use them to decide which qualification is easier — that is the one question a pass rate cannot answer.
Sources
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