During 2005, the HKSI continued to monitor the
performance of candidates in each of the 10 examination
papers of the Licensing Examination. In addition, we
published examination results statistics for 3 out of
the 5 regulatory papers, focusing on those where the
pass rates indicated that candidates may be experiencing
some difficulties. In the following sections, we review
the performance of candidates who sat LE Papers 1, 2 and
6 in 2005 as well as providing examination results
statistics for the December 2005 examinations.
Review of LE Paper 1 in 2005
Figures 1 and 2 below show the individual pass rates
and the average pass rates of LE Paper 1 in 2004 and
2005, respectively.
Figure 1. Pass rates of
LE Paper 1: Jan 04 - Dec 05
Figure 2. Average
pass rates of LE Paper 1: Jan 04 - Dec 05
As shown in figures 1 and 2, both the individual pass
rates and the average pass rates of LE Paper 1 in 2005
show an improvement when compared with 2004. The pass
rate in the February 2005 exam of 65% was the highest
recorded to date. In particular, the average pass rate
had stabilised by December 2005 at 52%, which is also an
increase of 8 percentage points (or a 17% increment)
over the average pass rate of 44% at the end of 2004.
Examination Statistics for LE Paper 1 in Dec 2005
The pass rate of LE Paper 1 held on 17 Dec 2005 was
57%. Figures 3 and 4 show the distribution by scores of
the exam results and the overall topical correctness¹
achieved in the examination.
Figure 3. Exam results distribution for LE Paper 1 -
Dec 2005
Figure 4. Topical correctness for LE Paper 1 - Dec 2005
Table 1 below
shows the topical correctness rates of each topic in
2005.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
|
Jan-05 |
0.73 |
0.71 |
0.71 |
0.71 |
0.77 |
0.70 |
0.55 |
0.62 |
0.66 |
|
Feb-05 |
0.72 |
0.67 |
0.75 |
0.59 |
0.81 |
0.91 |
0.58 |
0.72 |
0.83 |
|
Mar-05 |
0.82 |
0.61 |
0.64 |
0.59 |
0.59 |
0.79 |
0.49 |
0.67 |
0.63 |
|
Apr-05 |
0.76 |
0.65 |
0.70 |
0.65 |
0.75 |
0.86 |
0.59 |
0.71 |
0.65 |
|
May-05 |
0.68 |
0.64 |
0.69 |
0.65 |
0.73 |
0.76 |
0.53 |
0.72 |
0.64 |
|
Jun-05 |
0.70 |
0.66 |
0.65 |
0.79 |
0.76 |
0.79 |
0.57 |
0.59 |
0.69 |
|
Jul-05 |
0.68 |
0.61 |
0.70 |
0.75 |
0.64 |
0.86 |
0.62 |
0.66 |
0.78 |
|
Aug-05 |
0.63 |
0.63 |
0.76 |
0.63 |
0.80 |
0.84 |
0.53 |
0.71 |
0.71 |
|
Sep-05 |
0.75 |
0.70 |
0.61 |
0.72 |
0.80 |
0.81 |
0.54 |
0.61 |
0.66 |
|
Oct-05 |
0.70 |
0.70 |
0.80 |
0.68 |
0.66 |
0.75 |
0.60 |
0.57 |
0.68 |
|
Nov-05 |
0.65 |
0.77 |
0.74 |
0.59 |
0.70 |
0.73 |
0.67 |
0.64 |
0.66 |
|
Dec-05 |
0.65 |
0.74 |
0.73 |
0.71 |
0.73 |
0.65 |
0.70 |
0.72 |
0.72 |
|
Average |
0.71 |
0.67 |
0.71 |
0.67 |
0.73 |
0.79 |
0.58 |
0.66 |
0.69 |
|
Table 1. Topical correctness rates for LE Paper 1:
Jan 2005 - Dec 2005 |
When compared with the correctness rates of each
topic of LE Paper 1 in the previous month, candidates'
performance has generally improved, particularly in
Topic 4 (Licensing and Subsidiary Legislation). In
addition, as indicated in Table 1, the correctness rate
of Topic 7 (Securities, Options and Futures), although
still the weakest amongst the 9 topics of LE Paper 1,
has now increased for four consecutive months, from
September to December 2005.
Table 2 shows
the subject areas in which candidates performed
unsatisfactorily in the Dec 2005 exam and the
topics/sections in the Study Manual which cover these
subject areas.
Unsatisfactory subject areas
|
Recommended topics/sections |
Topic
|
Section |
|
1 |
Roles of the committees, tribunals and panels
associated with the SFC |
1 |
3 |
|
2 |
Online trading and advising |
6 |
4 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Dec 2005 |
Review of LE Paper 2 in 2005
Figures 5 and 6 below show the individual pass rates
and the average pass rates of LE Paper 2 in 2004 and
2005, respectively.
Figure 5. Pass rates of
LE Paper 2: Jan 04 - Dec 05
Figure 6. Average
pass rates of LE Paper 2: Jan 04 - Dec 05
As shown in figures 5 and 6, on a month-on-month basis,
both the individual pass rates and the average pass
rates of LE Paper 2 in 2005 were better than those in
2004. The pass rate in the October 2005 exam of 59% was
the highest recorded to date, while the average pass
rate had reached 48% by December 2005, an increase of 13
percentage points (or a 37% increment) over the average
pass rate of 35% at the end of 2004.
Examination Statistics for LE Paper 2 in Dec
2005
The pass rate of LE Paper 2
held on 17 Dec 2005 was 40%. Figures 7 and 8 show the
distribution by scores of the exam results and the
overall topical correctness achieved in the examination.
Figure 7. Exam results distribution for LE Paper 2 - Dec
2005
Figure 8. Topical correctness for LE Paper
2 - Dec 2005
Table 3
below shows the topical correctness rates of each topic
in 2005.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
Jan-05 |
0.50 |
0.69 |
0.69 |
0.60 |
0.59 |
0.65 |
0.67 |
|
Feb-05 |
0.54 |
0.75 |
0.74 |
0.71 |
0.54 |
0.54 |
0.72 |
|
Mar-05 |
0.60 |
0.67 |
0.81 |
0.73 |
0.39 |
0.74 |
0.56 |
|
Apr-05 |
0.66 |
0.54 |
0.76 |
0.67 |
0.69 |
0.77 |
0.70 |
|
May-05 |
0.66 |
0.67 |
0.80 |
0.71 |
0.43 |
0.75 |
0.68 |
|
Jun-05 |
0.59 |
0.68 |
0.80 |
