A study of university success and failure has been made for a sample of approximately 400 students from nine university institutions who entered honours physics courses in 1964. Their careers have been followed for the length of the normal university course of three years and it was found that there were considerable variations in the success rates for different institutions. Taking the sample as a whole, 74% obtained degrees in physics and 4% in other subjects, while 16% had left university without a degree and 7% had been delayed, but were still at university. The figures suggest that failure rates in physics are now substantially higher than they were five years ago.