In 2006, the HKSI will again focus on providing
statistical analyses of the exam results of LE Papers 1,
2, and 6. However, the Institute will continue to
monitor closely the performance of candidates in the LE
examinations with a view to providing further analyses
of other LE Papers as appropriate.
LE Paper 1 in Jan 2006
The pass rate of Paper 1 held on
22 Jan 2006 was 40%. Figures 1 and 2 show the
distribution by scores of the exam results and the
overall topical correctness¹
achieved in the examination.
Figure 1. Exam results distribution for LE Paper
1 - Jan 2006 Figure 2. Topical
correctness for LE Paper 1 - Jan 2006
Table 1 below
shows a comparison of the topical correctness rates of
each topic of LE Paper 1 in the December 2005 and
January 2006 exams.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
|
Dec-05 |
0.65 |
0.74 |
0.73 |
0.71 |
0.73 |
0.65 |
0.70 |
0.72 |
0.72 |
|
Jan-06 |
0.65 |
0.82 |
0.72 |
0.62 |
0.68 |
0.64 |
0.49 |
0.61 |
0.77 |
|
Table 1. Topical correctness rates for LE Paper 1:
Dec 2005 / Jan 2006 |
Candidates' performance across most of the 9 topics
of LE Paper 1 remains consistent when compared with the
previous month, with the notable exceptions of Topic 7
(Securities, Options and Futures) for which the
correctness rate, having stabilised in recent months,
has now declined significantly and Topic 8 (Other SFC
Regulated Activities) where the correctness rate has
also declined in the January 2006 exam. At the same
time, Topic 2 (Principles of relevant Hong Kong Law and
the Companies Ordinance) recorded its highest
correctness rate to date.
Our analysis
shows that candidates' performance in the three subject
areas of Topics 7 and 8 listed in Table 2 below was
particularly weak and indicates the topics/sections in
the Study Manual which candidates should read when
revising for these subject areas.
Unsatisfactory subject areas
|
Recommended topics/sections |
Topic
|
Section |
|
1 |
The clearing and settlement services of the SEHK |
7 |
2 |
|
2 |
Exchange participants of the SEHK and the HKFE |
7 |
2, 3 and 4 |
|
3 |
The Codes on Takeovers and Mergers and Share
Repurchases |
8 |
3 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Jan 2006 |
LE Paper 2 in Jan 2006
The pass rate of LE Paper 2
held on 22 Jan 2006 was 45%. Figures 3 and 4 show the
distribution by scores of the exam results and the
overall topical correctness achieved in the examination.
Figure 3. Exam
results distribution for LE Paper 2 - Jan 2006 Figure 4. Topical
correctness for LE Paper 2 - Jan 2006
Table 3
below shows a comparison of the topical correctness
rates of each topic of LE Paper 2 in the December 2005
and January 2006 exams.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
Dec-05 |
0.56 |
0.60 |
0.83 |
0.68 |
0.57 |
0.73 |
0.47 |
|
Jan-06 |
0.60 |
0.63 |
0.80 |
0.64 |
0.63 |
0.70 |
0.48 |
|
Table 3. Topical correctness rates for LE Paper 2:
Dec 2005 / Jan 2006 |
When compared with the correctness rates of each
topic of LE Paper 2 in the previous month, candidates'
performance in the January 2006 exam was remarkably
consistent. Nevertheless, our analysis shows that there
are still a number of subject areas in which candidates
performed unsatisfactorily. Table 4 lists these subject
areas and indicates the topics/sections in the Study
Manual which candidates should read when revising for
these subject areas.
Unsatisfactory subject areas
|
Recommended topics/sections |
Topic
|
Section |
|
1 |
Requirements relating to stock borrowing and lending |
5 |
4 |
|
2 |
Automated trading services |
5 |
7 |
|
3 |
False trading |
7 |
2 |
|
Table 4. Unsatisfactory subject areas for LE Paper 2
- Jan 2006 |
Candidates are particularly advised to revise carefully
subject area 3 "False trading", in which candidates have
performed unsatisfactorily for three consecutive months,
in the November and December 2005 and January 2006
exams.
LE Paper 6 in Jan 2006
The pass rate of LE Paper 6
held on 14 Jan 2006 was 18%. Figures 5 and 6 show the
distribution by scores of the exam results and the
overall topical correctness achieved in the examination.
Figure 5. Exam results distribution for LE Paper 6 -
Jan 2006
Figure 6. Topical correctness for LE Paper 6 - Jan 2006
Table 5
below shows a comparison of the topical correctness
rates of each topic of LE Paper 6 in the December 2005
and January 2006 exams.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
|
Dec-05 |
0.68 |
0.71 |
0.59 |
0.67 |
0.67 |
0.68 |
|
Jan-06 |
0.65 |
0.68 |
0.52 |
0.55 |
0.48 |
0.75 |
|
Table 5. Topical correctness rates for LE Paper 6:
Dec 2005 / Jan 2006 |
Despite the unusually low pass rate of the January
2006 exam, candidates' performance in most topics
remained largely consistent when compared with the
December 2005 exam, except for Topic 4 (Regulation of
Intermediaries: Business Conduct and Client Relations)
and Topic 5 (Regulation of Intermediaries: Business
Operations and Practices) where the correctness rates
have both dropped, and in the case of Topic 5, quite
sharply. Table 6 lists those subject areas of Topics 4
and 5 in which candidates performed unsatisfactorily in
the January 2006 exam and indicates the topics/sections
in the Study Manual which candidates should read when
revising for these subject areas.
Unsatisfactory subject areas
|
Recommended topics/sections |
Topic
|
Section |
|
1 |
Code of practice applicable to MPF intermediaries |
4 |
5 |
|
2 |
Proper compliance procedures |
5 |
7 |
|
Table 6. Unsatisfactory subject areas for LE Paper 6
- Jan 2006 |
Marking the Answer Sheet in an Examination
The HKSI has noticed in recent examinations that a
number of candidates are continuing to mark answers on
their answer sheets after the chief invigilator has
announced the end of the examination.
The procedures for candidates to mark their answer
sheets are set out in the "Instructions to fill in
answer sheet" which is provided to each candidate prior
to the beginning of the examination. All answers must be
clearly marked in the correct boxes on the answer sheet
with an HB pencil. Only one answer should be marked for
each multiple-choice question. No score will be given
for a question without an answer or with more than one
answer and only correct answers marked on the answer
sheet will be counted towards a candidate¡¦s score.
Answers marked elsewhere, including on the question
booklet, will not be graded.
Candidates are reminded once again that writing on the
answer sheet for any reason whatsoever after the end of
the examination has been announced, including
transferring answers from the question booklet to the
answer sheet or clarifying or erasing unclearly marked
answers on the answer sheet, is a breach of the
examination regulations and may result in a candidate's
disqualification from the examination.
¹
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.
