CIPFA’s March exam results are out, and we now have the pass rates for all the papers.
As seems normal for a March sitting, the Strategic pass rates have fallen heavily. SCS was 47.62% this time around, and SPFM was 45.24%.
The Developing Strategy & Data Analysis pass rates have been on a downward trajectory over the last four sittings too. In June 2025 this paper had a healthy 77.51% pass rate, but now the pass rate stands at 52.73%.
In stark contrast the Governance and Risk Management pass rate in March was 95.31%, after rising for the last three sittings. The Examiner Reports said that students are getting better at the MCQs!
CIPFA’s AA sitters saw a nice jump in the pass rate from last time around too – up from 35.97% to 40.91% in March. However, this pass rate is a decrease on the March 2025 sitting of 56.68%.
In the AA Examiner Report candidates are reminded “the use of tabular formats is to be encouraged, where this makes sense with the question requirement.”
The examiner also encourages sitters to ensure clear line spacing between individual points: “Too many scripts present a single paragraph or list of text – white space is encouraged to differentiate between individual points that the candidates hope to receive credit for.”
BPFM was deemed “a very fair exam, in line with recent sitting,” in the Exam Report (pass rate was 57.38%). One great piece of advice was: “Candidates should foucs their final preparation by studying past exams. The BPFM syllabus is fairly narrow, so past exams are a good indicator of the topics likely to feature in future BPFM exams.”
The examiner was also pleased the pass rate appears to be stabilising in recent sittings.
CIPFA MARCH 2026 EXAM RESULTS: AA 40.91%; BPFM 57.38%; BR 76.92%; DSDA 52.73%; FA 55.56%; GRM 95.31%; IBC 62.75%; MA 60%; TL (UK) 86.79%; TL (INT) 100%; PSFR (INT) 50%; PSFR (UK) 70%; SCS 47,62%; SPFM 45.24%
