The pass rate for Paper 1 held on 20 Nov 2004 was
51%, the same pass rate as in the previous month. Figure
1 shows the distribution by scores of the exam results.
Figure 1. Exam results distribution for Paper 1 - Nov
2004
Highlights of the Month
1. Topical Correctness
Figure 2 shows the overall topical correctness
achieved in the examination, i.e. how well candidates
have performed in each topic.
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 - Nov 2004
When compared with the previous month, the November
2004 exam results show a marked improvement in the
correctness scores of Topic 3 (The Securities and
Futures Ordinance (SFO)) and Topic 5 (Business Conduct
and Client Relations). However, there has been an
equally marked decline in the correctness rate of Topic
8 (Other SFC Regulated Activities).
2. Well Performed and Poorly Performed Subjects
Our analysis indicates that candidates performed very
well in a number of subject areas:
• Objectives of
financial regulators in Hong Kong;
• The Fit and Proper Guidelines and
the Guidelines on Competence; and
• Money laundering.
Candidates performed less satisfactorily in the
subject areas relating to:
• Exclusions from regulated
activities; and
• Participants of the exchanges and
the clearing houses.
Candidates are recommended to read carefully
paragraph 1.8 of Topic 4 and paragraphs 2.23 to 2.26,
and 4.6 to 4.13 of Topic 7 in the Study Manual for Paper
1 when revising for these two subject areas.
