Sunil Kumar wrote a piece called "CPA Exam Passing Rates and CPA Salaries on the Rise" for Accounting Today the other day that offers up a few theories on why CPA exam pass rates are up these days. Among Kumar's ideas why numbers are up:

• Pre-2003, the CPA exam was a pen and paper exam spanning two full days. A CPA candidate was required to take all four parts at once.
• The testing timeframes were much shorter and there was very little flexibility in exam scheduling, thus making it difficult for candidates to plan around the CPA exam preparation process.
• In 2004, the Uniform CPA Exam transitioned to a Computer-Based Testing examination, allowing more flexibility in terms of preparing for and scheduling the CPA exam.
• CPA candidates are no longer required to take all four parts of the exam in one sitting and can space out each part over the course of 18 months.
• The Sarbanes-Oxley Act was established in 2002, increasing the need for CPAs more than ever.

Now, it doesn't take a rocket scientist to figure out the first four reasons are probably BS. Pass rates are up because the AICPA thinks there should be more CPAs out there, THAT'S IT. Yes, CPA exam candidates, next time you study your little butt off only to get a 74, you can rest easy knowing you're probably not a total loser but instead simply undershot a 75 and the AICPA decided there wasn't room for you among the future CPA elite.
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Source: Adrienne Gonzalez, Going Concern