Why net EV beats pass rate
Pass rate feels like the number that matters. It isn't. Two firms with identical pass rates can have wildly different economics once you account for the challenge fee, the expected number of attempts before you clear, the activation fee, and the payout split on the money you eventually make.
Net expected value folds all of that into a single figure: across many attempts, what do you actually pocket? A firm that's slightly harder to pass but cheaper to attempt and more generous on the split will often beat an "easy" firm that nickel-and-dimes you on fees and keeps a bigger cut.
The Desk's cross-firm comparator runs your exact trading style through every firm and ranks them by net EV, not pass rate — so you're optimising the thing that ends up in your account.
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