Twenty-seven-year-old Andrea Locke, of Arrowtown, NZ and originally from England, scored 95 percent on the three-hour exam. She is studying for by correspondence. Forty-five percent passed the exam, which was given in June.
The paper is one of 14 in a syllabus to become a fully qualified ACCA member which is a global qualification.
ACCA Australia and New Zealand head Richard Francis said the exams are recognized worldwide as being the most challenging of any professional accounting exams.
"Andrea's achievement is no mean feat. This is a very impressive result," Francis said.