The pass rate for Paper 1 held on 18th January 2004
was 18.75%. Following the examination and the release of
exam results to candidates, the HKSI has performed a
limited analysis of the examination results. Set out
below are some broad conclusions that may be drawn from
our most recent exam results analysis.
Examination
Results
Figure 1 summarises the distribution of the exam
results. It shows that a majority of candidates only
marginally failed the exam.
Figure 1. Exam results distribution for Paper 1 - Jan
2004
Highlights of the Month
Looking further at our analysis of the exam results,
we would like to point out two areas which may be of
interest to candidates.
1. Topical Correctness
Figure 2 shows the overall topical correctness
achieved in the examination, i.e. how well candidates
have performed in each topic.
As indicated below, while candidates performed
particularly well in Topic 6 (Business Operations and
Practices), candidates are advised to spend more time
revising for questions relating to Topic 7 (Securities,
Options and Futures) and Topic 8 (Other SFC Regulated
Activities).
The score system of topical correctness provides a
performance score for each topic, ranging from
0 to 1. When all questions relating to the same topic
are answered correctly by all candidates, the
topical correctness score will be 1. Conversely, if all
questions relating to the same topic are
answered incorrectly by all candidates, the topical
correctness score will be 0.
Figure 2. Topical correctness for Paper 1 - January
2004
2. Well Performed and Poorly Performed Subjects
Our analysis indicates that candidates performed well
in a number of subject areas:
• Basic concepts
of financial regulation,
• Knowledge of money laundering, and
• The responsibilities of management.
On the other hand, candidates performed poorly in the
subject areas of:
• Roles of
different regulators in Hong Kong,
• Important terms specifically
defined in the SFO,
• Familiarity with various
sub-legislation, and
• Fundamental concepts of the
Companies Ordinance.
In particular, candidates performed badly in the
subject areas relating to:
• Rules of the
exchanges, and
• Fundamental concepts of asset
management.
We would advise candidates to focus on these two
subject areas in particular when preparing for the
examination which are discussed in sections 2 and 4 of
Topic 7 and section 4 of Topic 8 of the Study Manual for
Paper 1.
Comment
We wish to emphasize once again the advice given in
the "Guidelines for LE
Preparation".
"It should be highlighted that the examination covers
all topics stated in the syllabus. A guesswork approach
however intelligently applied, cannot be relied on by
candidates, especially for regulatory papers which
require a rigorous approach to study".
