Q1 2011 CPA Exam Passing Rates Released – Worst in 3 years; REG down 15.8%

The CPA Exam pass rates for the First Quarter of 2011 have been released by the AICPA.

Auditing and Attestation:
2009 Q1: 47.61%
2010 Q1: 46.86%
2011 Q1: 43.88%

AUD passing rates are down 7.8% over 2009 and 6.4% over 2010.

Business Environment and Concepts:
2009 Q1 46.23%
2010 Q1: 46.59%
2011 Q1: 42.32%

BEC passing rates are down 8.5% over 2009 and 9.2% over 2010.

Financial Accounting and Reporting:
2009 Q1 45.54%
2010 Q1: 44.95%
2011 Q1: 42.43%

FAR passing rates are down 6.8% over 2009 and 5.6% over 2010.

Regulation:
2009 Q1: 47.96%
2010 Q1: 49.00%
2011 Q1: 41.28%

REG passing rates are down 13.9% over 2009 and 15.8% over 2010.

Analysis:

Wow. The lowest passing rates in 3 years. Q1 is historically the worst quarter of the year for CPA Exam passing rates (tax season), but this is a little surprising. I figured pass rates would stay pretty close to 2010, maybe a little lower. What's up with REG?? I've heard people say that REG was brutal in January/February. Now I believe them.