Purpose: The purpose of this paper is to explore the connections between state education finance distribution models and student achievement. To date, lawsuits challenging the constitutionality of state finance systems have been heard in 45 states; the judicial interpretation of the requirement to provide equality of educational opportunity has led to changes in finance distribution models as well as the implementation of accountability policy. Design/methodology/approach: The study included district level finance and achievement data from five states. Researchers reviewed the relevant judicial interpretation of the finance system, the accountability policy, and the finance distribution system. Next, researchers calculated the equity of both the finance distribution model and measures of student achievement. Finally, an equity ratio was developed and calculated to discern the degree to which state distribution models resulted in equitable measures of student achievement. Findings: Findings reveal that no state has both an equitable system of finance and equitable measures of student achievement. The way that states define proficiency significantly impacts the percentage of students that reach proficiency. This impacts the provision of equality of opportunity. Originality/value: Traditionally, the measurement of equity has only been applied to finance distribution systems. The authors of this paper have applied these concepts to measures of student achievement and aligned the two concepts with the equity ratio. Since states are charged with providing sufficient resources to enable students to reach proficiency, an understanding of the interaction between resources and achievement is a critical tool in analyzing the provision of equal opportunity.