LE Paper 1 in Feb 2006
The pass rate of LE Paper 1 held
on 25 Feb 2006 was 47%. 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 - Feb 2006 Figure 2. Topical
correctness for LE Paper 1 - Feb 2006
Table 1 below
shows a comparison of the topical correctness rates of
each topic of LE Paper 1 in the first two months of
2006.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
|
Jan-06 |
0.65 |
0.82 |
0.72 |
0.62 |
0.68 |
0.64 |
0.49 |
0.61 |
0.77 |
|
Feb-06 |
0.67 |
0.72 |
0.62 |
0.74 |
0.72 |
0.69 |
0.54 |
0.72 |
0.76 |
|
Table 1. Topical correctness rates for LE Paper 1:
Jan - Feb 2006 |
When compared to the previous month, the correctness
rates of LE Paper 1 remain largely stable, although the
correctness rates of Topic 4 (Licensing and Subsidiary
Legislation) and Topic 8 (Other SFC Regulated
Activities) have improved considerably. At the same
time, the correctness rate of Topic 2 (Principles of
relevant Hong Kong Law and the Companies Ordinance) has
dropped sharply from its all time high in January 2006,
while the correctness rate of Topic 3 (The Securities
and Futures Ordinance (SFO)), having remained consistent
for the previous three months, has also declined
markedly.
Our analysis
shows that candidates' performance in the two subject
areas of Topic 3 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 |
Audit provisions under the SFO |
3 |
7 |
|
2 |
Short selling regulations |
3 |
8 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Feb 2006 |
LE Paper 2 in Feb 2006
The pass rate of LE Paper 2
held on 25 Feb 2006 was 27%. 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 - Feb 2006 Figure 4. Topical
correctness for LE Paper 2 - Feb 2006
Table 3
below shows a comparison of the topical correctness
rates of each topic of LE Paper 2 in the first two
months of 2006.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
Jan-06 |
0.60 |
0.63 |
0.80 |
0.64 |
0.63 |
0.70 |
0.48 |
|
Feb-06 |
0.45 |
0.62 |
0.75 |
0.72 |
0.53 |
0.74 |
0.65 |
|
Table 3. Topical correctness rates for LE Paper 2:
Jan - Feb 2006 |
Candidates' performance in Topic 7 (Market Misconduct
and Offences) showed a great improvement in the February
2006 exam. However, candidates' performance in Topic 1
(Regulatory Framework) was much worse than the norm.
Our analysis shows that candidates' performance in
the three subject areas of Topics 1 and 5 listed in
Table 4 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 |
Committees, tribunals and panels in relation to the
SFC |
1 |
4 |
|
2 |
Roles of key financial regulators in Hong Kong |
1 |
5 |
|
3 |
Requirements relating to stock borrowing and lending |
5 |
4 |
|
Table 4. Unsatisfactory subject areas for LE Paper 2
- Feb 2006 |
Candidates are particularly advised to revise carefully
subject area 3 "Requirements relating to stock borrowing
and lending", in which candidates have performed
unsatisfactorily for seven out of the last eight LE
Paper 2 examinations, from July 2005 - February 2006
(excluding the December 2005 examination).
LE Paper 6 in Feb 2006
The pass rate of LE Paper 6
held on 18 Feb 2006 was 34%. 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 -
Feb 2006
Figure 6. Topical correctness for LE Paper 6 - Feb 2006
Table 5
below shows a comparison of the topical correctness
rates of each topic of LE Paper 6 in the first two
months of 2006.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
|
Jan-06 |
0.65 |
0.68 |
0.52 |
0.55 |
0.48 |
0.75 |
|
Feb-06 |
0.56 |
0.72 |
0.60 |
0.60 |
0.66 |
0.66 |
|
Table 5. Topical correctness rates for LE Paper 6:
Jan - Feb 2006 |
With the exception of Topic 5 (Regulation of
Intermediaries: Business Operations and Practices) in
which the correctness rate shows a marked improvement,
and Topic 1 (Overview of Legal and Regulatory Framework)
where the correctness rate is unusually low, candidates'
performance in all other topics of LE Paper 6 remains
fairly consistent when compared with the previous month.
Nevertheless, our analysis shows that there are still a
number of subject areas in which candidates performed
unsatisfactorily. Table 6 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 |
The MPF system in Hong Kong |
1 |
5 |
|
2 |
Issues relating to information about clients under
the Code of Conduct |
4 |
3 |
|
Table 6. Unsatisfactory subject areas for LE Paper 6
- Feb 2006 |
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.
