The passing rate for the CPA exam in the first quarter of this year sunk to its lowest level in three years, according to the latest figures.

The statistics from the AICPA, cited last week by Another71 and Going Concern, found that the passing rates for the REG section of the exam have nosedived 13.9 percent since 2009 and 15.8 percent since 2010.

The AICPA has been overhauling the exam lately with its CBT-e initiative, and this may have something to do with the comparatively low scores. Some of the comments on the two sites indicated that CPA candidates felt unprepared for the questions they encountered. The exam preparation providers are going to need to do some catching up with the new format.