CPA Australia · Semester 2 2025
CPA Australia Pass Rates by Subject
CPA Australia’s Semester 2 2025 exam report gives the share of candidates in each result band. Ethics and Governance and Financial Reporting had the highest fail rates among the four core subjects in that semester. This does not isolate subject difficulty from differences between candidate groups.
Core subjects
Historical results, not a forecast. “Passed” below is calculated as 100% minus the reported fail percentage and includes all passing grade bands. It is not the P grade band alone. Source checked 8 October 2026.
| Subject | Did not pass | Passed |
|---|---|---|
| Ethics and Governance | 36.3% | 63.7% |
| Financial Reporting | 36.2% | 63.8% |
| Strategic Management Accounting | 27.5% | 72.5% |
| Global Strategy and Leadership | 23.4% | 76.6% |
Selected electives
| Subject | Did not pass |
|---|---|
| Australia Taxation – Advanced | 38.4% |
| Advanced Audit and Assurance | 23% |
| Digital Finance | 21.1% |
| Financial Risk Management | 20.8% |
Foundation exams
Pass rates for Foundations of Accounting, Financial Accounting and Reporting, Management Accounting, Business Finance are not published. Each can be attempted at most 4 times, at least 30 days apart, so every attempt counts.
See where you stand before you sit
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Explore CPA studyFrequently asked questions
What is the CPA Australia pass rate?
CPA Australia’s Semester 2 2025 exam report puts the share of candidates who did not pass at 36.3% for Ethics and Governance, 36.2% for Financial Reporting, 27.5% for Strategic Management Accounting, 23.4% for Global Strategy and Leadership. So roughly two in three candidates pass Ethics and Governance and Financial Reporting, and about three in four pass the other two core subjects.
Which CPA subject is the hardest to pass?
Among the core subjects, Ethics and Governance (36.3% did not pass) and Financial Reporting (36.2%) had the highest fail rates in Semester 2 2025. Ethics and Governance is often the first subject candidates sit.
What are the Foundation exam pass rates?
They are not published. What is published is the rule that matters: each Foundation exam can be attempted at most four times, at least 30 days apart, and the pass mark is a scaled 540.
Does CPA Australia fail a fixed percentage of candidates?
No. CPA Australia states that results are set against a standard, not a quota; the scaled pass mark of 540 is the same for every subject.
Source: CPA Australia Semester 2 2025 exam report . EstatePass is not affiliated with CPA Australia.