This is from the “Accounting Makes Cents” podcast episode #96 released on Monday, 25 August 2025.

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Today, we’re taking a closer look at the results of the latest CIMA pass rates, which has recently been published. The May 2025 session results have been added, and as always, there’s plenty for us to unpack. Whether you’ve just sat the exam yourself, or you’re gearing up for a future sitting, these pass rates always give us a snapshot of how students are doing and what challenges each level continues to bring.

Let’s start with the big picture. Pass rates can sometimes feel like just another set of numbers, but they actually give us insights into how students are performing at different stages of the qualification. Of course, they don’t tell the full story. Everyone’s study journey is unique. But they do reveal consistent patterns that can help you prepare better.

Jump to show notes.

OBJECTIVE TESTS (OTs)

Before we jump into the case studies, let’s talk about the Objective Tests, because these are the building blocks that lead students into the case study exams.

Across the board, the OT pass rates in May ranged from the mid-50s to mid-70s depending on the subject. That’s in line with historical performance. Some subjects, like E1 (Managing Finance in a Digital World), continue to be on the higher side, with strong pass rates in the 70s. Others, particularly F2 (Advanced Financial Reporting) and P2 (Advanced Management Accounting), remain trickier, with pass rates dipping below 50s.

What this tells us is that students tend to perform better in the Enterprise papers, which are more conceptual and less number-heavy, while the Performance and Financial papers, especially at levels two and three, pose more challenges. And that makes sense: the technical detail and the volume of calculations can be overwhelming if you’re not practicing under exam conditions.

For students listening, the key takeaway is: don’t treat the OTs as just “stepping stones.” They are where you build the foundation that case studies depend on. Weaknesses here almost always show up later in the case study exam.

BUSINESS ACCOUNTING (BA) TESTS

Now, let’s talk about the BA tests. This is at the very beginning of the CIMA journey. These are designed as the entry point for many students, and their pass rates tend to be solid.

In May, the BA results continued that trend. BA1 (Fundamentals of Business Economics) and BA3 (Fundamentals of Financial Accounting) performed especially well, with many students clearing them on the first attempt. BA2 (Management Accounting) and BA4 (Ethics, Corporate Governance and Business Law) showed slightly lower pass rates but were still relatively strong.

The BA results are a reminder that CIMA starts with accessibility in mind. These exams introduce core principles without overwhelming complexity, which is why pass rates here are higher compared to the later OTs and case studies.

OPERATIONAL CASE STUDY (70% PASS RATE)

Now onto the case studies. First up, Operational. The May pass rate came in at 70%, which is a healthy result. It’s slightly up from 68% in February and significantly stronger than 63% in May last year.

Operational has always been the most approachable of the three case studies. It’s where students first make the transition from multiple-choice exams to written, applied answers. The exam focuses on applying core principles—financial reporting, costing, business fundamentals—in a simulated environment.

Students here are often fresh from their OTs, motivated, and still very close to the technical knowledge they’ve been studying. That combination helps explain why Operational continues to deliver strong results.

MANAGEMENT CASE STUDY (60% PASS RATE)

Now, Management is where things get a little tougher. The pass rate here in May was 60%, down from 64% in Februaryand from 66% in May last year.

There are a few reasons for this. First, there’s the step-up in expectations. At Management, examiners look for more than just applying theory—they want professional judgement, integration across the syllabus, and an ability to weigh up different perspectives.

Second, the Gateway students play a role here. Many of them enter CIMA directly at this level, skipping the Operational exams thanks to prior qualifications. While some thrive, others face a steep learning curve because it’s their first CIMA case study. That mix of experience levels tends to keep the Management pass rate lower.

And finally, the exam itself. The Management Case Study is often called the “integration zone.” It tests how well you can balance financial outcomes, operational issues, and people considerations in real business scenarios. It’s demanding, and it catches out anyone who approaches it like another OT paper instead of a professional simulation.ng like a business leader—balancing short-term pressures with long-term opportunities.

STRATEGIC CASE STUDY (53% PASS RATE)

Finally, let’s look at Strategic. The May pass rate came in at 53%, which is down from 57% in February and the same as 57% in May last year.

Strategic is often considered the hardest of the three, not just because of the technical content but also because of the pressure. By the time students reach this level, they’ve invested years into their studies, and this exam is the final hurdle before becoming fully qualified. The stakes are high, and that can add to the challenge.

At Strategic, the focus is on thinking like a senior leader: weighing long-term risks, governance, strategy execution, and making decisions under uncertainty. Interestingly, despite its reputation, Strategic doesn’t always have the lowest pass rate—that’s often Management—but it does demand maturity of thought and disciplined preparation.

CLOSING THOUGHTS

So, what do we take away from this set of results?

• BA tests remain accessible, giving students a solid start.
• OTs are more varied, with Enterprise subjects seeing stronger results than Performance and Financial ones.
• Operational Case Study continues to perform well, with most students finding their footing.
• Management Case Study is still the toughest nut to crack, reflecting both the higher expectations and the diverse student population, including Gateway entrants.
• Strategic Case Study remains a significant challenge, requiring students to step into a leadership mindset and handle big-picture thinking under pressure.

At the end of the day, these numbers provide context—but they don’t define you. Your preparation, mindset, and consistency matter far more than the averages. If you’re sitting an exam soon, focus on building the right habits now. And if you’ve just passed—congratulations! That’s a huge milestone in your CIMA journey.

Until next time, keep focused, keep learning, and keep moving forward.

Show notes simplified

In this episode, MJ the tutor takes a deep dive into the latest CIMA case study pass rates from the May 2025 sitting. We look at how students performed at each level. MJ highlights the unique demands of each case study and offers perspective on what these numbers really mean for CIMA students moving forward.

Resources and links from this episode:
CIMA Latest Pass Rates
MJ the Tutor Exam Pass Rates