LE Paper 1 in Apr 2006
The pass rate of LE Paper 1 held
on 29 Apr 2006 was 62%. 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 - Apr 2006 Figure 2. Topical
correctness for LE Paper 1 - Apr 2006
Table 1 below
shows a comparison of the topical correctness rates of
each topic of LE Paper 1 in the first four 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 |
|
Mar-06 |
0.58 |
0.73 |
0.64 |
0.76 |
0.67 |
0.80 |
0.50 |
0.69 |
0.69 |
|
Apr-06 |
0.71 |
0.76 |
0.80 |
0.71 |
0.69 |
0.68 |
0.70 |
0.71 |
0.66 |
|
Average |
0.65 |
0.76 |
0.69 |
0.71 |
0.69 |
0.71 |
0.56 |
0.68 |
0.72 |
|
Table 1. Topical correctness rates for LE Paper 1:
Jan - Apr 2006 |
The overall performance of candidates in the April
2006 LE Paper 1 examination shows a marked improvement
when compared with the previous month, in particular, in
Topic 1 (Regulatory Overview of the Hong Kong Financial
Industry), Topic 3 (The Securities and Futures Ordinance
(SFO)) and Topic 7 (Securities, Options and Futures).
The major exception was Topic 6 (Business Operations and
Practices) where the correctness rate declined
considerably.
Despite this
improved performance, as shown in Table 2 below, our
analysis indicates that one subject area in each of
Topics 6 and 9 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 |
Online trading and advising |
6 |
4 |
|
2 |
Roles of the SFC in market misconduct issues |
9 |
1 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Apr 2006 |
LE Paper 2 in Apr 2006
The pass rate of LE Paper 2
held on 29 Apr 2006 was 51%. 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 - Apr 2006 Figure 4. Topical
correctness for LE Paper 2 - Apr 2006
Table 3
below shows a comparison of the topical correctness
rates of each topic of LE Paper 2 in the first four
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 |
|
Mar-06 |
0.54 |
0.67 |
0.65 |
0.72 |
0.66 |
0.59 |
0.74 |
|
Apr-06 |
0.68 |
0.71 |
0.85 |
0.64 |
0.57 |
0.68 |
0.75 |
|
Average |
0.56 |
0.66 |
0.76 |
0.68 |
0.60 |
0.68 |
0.66 |
|
Table 3. Topical correctness rates for LE Paper 2:
Jan - Apr 2006 |
Similar to LE Paper 1, the overall performance of
candidates in the April 2006 LE Paper 2 examination
shows a marked improvement when compared with the March
2006 examination. This is particularly noticeable in
Topic 1 (Regulatory Framework), traditionally the
weakest of the 7 topics of LE Paper 2, and Topic 3
(Management and Supervision of Securities Business).
However, our analysis also shows that candidates'
performance in the two subject areas of Topics 4 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 |
Participantship inside the clearing and settlement
system of the SEHK |
4 |
6 |
|
2 |
Requirements for securities margin financing
activities |
5 |
2 |
|
Table 4. Unsatisfactory subject areas for LE Paper 2
- Apr 2006 |
LE Paper 6 in Apr 2006
The pass rate of LE Paper 6
held on 22 Apr 2006 was 32%. 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 -
Apr 2006
Figure 6. Topical correctness for LE Paper 6 - Apr 2006
Table 5
below shows a comparison of the topical correctness
rates of each topic of LE Paper 6 in the first four
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 |
|
Mar-06 |
0.65 |
0.66 |
0.55 |
0.63 |
0.68 |
0.65 |
|
Apr-06 |
0.69 |
0.70 |
0.55 |
0.57 |
0.58 |
0.61 |
|
Average |
0.64 |
0.69 |
0.56 |
0.59 |
0.60 |
0.67 |
|
Table 5. Topical correctness rates for LE Paper 6:
Jan - Apr 2006 |
With the exception of Topic 5 (Regulation of
Intermediaries: Business Operations and Practices) in
which the correctness rate dropped fairly sharply,
candidates' performance in the 6 topics of LE Paper 6
remains consistent when compared with the previous
month. Our analysis shows that there are two subject
areas in Topics 3 and 4 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 them.
Unsatisfactory subject areas
|
Recommended topics/sections |
Topic
|
Section |
|
1 |
Securities and Futures (Client Securities) Rules |
3 |
7 |
|
2 |
Issues relating to information about clients and
conflicts of interest under the Code of Conduct |
4 |
3 |
|
Table 6. Unsatisfactory subject areas for LE Paper 6
- Apr 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.
