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Puerto Rico (PR) is among the US jurisdictions with the lowest passing rates on the Certified Public Accountant (CPA) exam (National Association of State Boards of Accountancy (NASBA), 2016, 2017). No prior studies have addressed this issue. To fill this gap, the authors conducted a survey among candidates to examine the factors perceived as challenges on the exam. The authors also studied the relationship between respondents’ individual, educational, and CPA exam-related characteristics and the likelihood of success on the exam. Results reveal there are three factors perceived by respondents as their main challenges: level of technical difficulty, cost of the exam, and not enough time to study for the exam. Additional analysis indicates that age, major Grade Point Average, weekly study hours, and the time interval between graduation and the first attempt at the exam are significant factors that affect the passing rates on the exam. These findings suggest that a combination of individual, educational, and exam-related factors affect Puerto Rican candidates’ results on the exam. The socioeconomic background of PR may heighten the impact of such factors. Considering that the accounting profession is always adapting to the evolutionary demands of the business environment, these results may contribute to the development of adequate measures in support of Puerto Rican and other minorities with diverse backgrounds.