The formation of Primordial Black Holes (PBHs) through the collapse of large fluctuations in the early universe is a rare event. This manifests itself, for instance, through the non-Gaussian tail of the formation probability. To compute such probability and the abundance of PBHs, the curvature perturbation is frequently adopted. In this note we emphasize that its use does not provide the correct PBH formation probability. Through a path-integral approach we show that the exact calculation of the PBH abundance demands the knowledge of multivariate joint probabilities of the curvature perturbation or, equivalently, of all the corresponding connected correlators.