LE Paper 1 in Sept 2006
The pass rate of LE Paper 1 held
on 30 Sept 2006 was 55%. 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 - Sept 2006 Figure 2. Topical
correctness for LE Paper 1 - Sept 2006
Table 1 below
shows a comparison of the topical correctness rates of
each topic of LE Paper 1 from January to September 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 |
|
May-06 |
0.80 |
0.73 |
0.71 |
0.72 |
0.82 |
0.83 |
0.65 |
0.58 |
0.81 |
|
Jun-06 |
0.86 |
0.73 |
0.74 |
0.75 |
0.76 |
0.88 |
0.60 |
0.65 |
0.69 |
|
Jul-06 |
0.73 |
0.73 |
0.66 |
0.59 |
0.75 |
0.78 |
0.60 |
0.58 |
0.70 |
|
Aug-06 |
0.64 |
0.67 |
0.66 |
0.68 |
0.68 |
0.67 |
0.58 |
0.80 |
0.63 |
|
Sept-06 |
0.67 |
0.72 |
0.73 |
0.75 |
0.68 |
0.85 |
0.58 |
0.63 |
0.72 |
|
Average |
0.70 |
0.74 |
0.70 |
0.70 |
0.71 |
0.76 |
0.58 |
0.66 |
0.71 |
|
Table 1.
Topical correctness rates for LE Paper 1: Jan - Sept
2006 |
Candidates' performance across the 9 topics of LE
Paper 1 remains generally consistent when compared with
the previous month, with the exceptions of Topic 6
(Business Operations and Practices), for which the
correctness rate has improved by 18 per cent, and Topic
8 (Other SFC Regulated Activities), for which the
correctness rate has dropped sharply by 17 per cent from
its record high in August. In addition, candidates'
performance in Topic 7 (Securities, Options and Futures)
remains weak.
Our analysis
shows that there are four subject areas in Topics 5, 7
and 8 in which candidates performed unsatisfactorily.
Table 2 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 |
Fund
Manager Code of Conduct |
5 |
3 |
|
2 |
Operational rules applicable to the HKFE |
7 |
4 |
|
3 |
Advising
in securities |
7 |
5 |
|
4 |
Listing
requirements of the SEHK |
8 |
2 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Sept 2006 |
LE Paper 2 in Sept 2006
The pass rate of LE Paper 2
held on 30 Sept 2006 was 48%. 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 - Sept 2006 Figure 4. Topical
correctness for LE Paper 2 - Sept 2006
Table 3
below shows a comparison of the topical correctness
rates of each topic of LE Paper 2 from January to
September 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 |
|
May-06 |
0.62 |
0.64 |
0.75 |
0.73 |
0.51 |
0.71 |
0.51 |
|
Jun-06 |
0.63 |
0.68 |
0.77 |
0.73 |
0.57 |
0.65 |
0.52 |
|
Jul-06 |
0.54 |
0.73 |
0.83 |
0.68 |
0.68 |
0.62 |
0.82 |
|
Aug-06 |
0.44 |
0.61 |
0.71 |
0.70 |
0.61 |
0.61 |
0.36 |
|
Sept-06 |
0.56 |
0.63 |
0.77 |
0.79 |
0.70 |
0.65 |
0.53 |
|
Average |
0.56 |
0.66 |
0.77 |
0.71 |
0.61 |
0.66 |
0.60 |
|
Table 3.
Topical correctness rates for LE Paper 2: Jan - Sept
2006 |
When compared to the correctness rates of the
previous month, candidates' performance improved across
all 7 topics of LE Paper 2. It should be noted, however,
that although Topic 1 (Regulatory Framework) and Topic 7
(Market Misconduct and Offences) both recorded
noticeable increases in their correctness rates in
September, candidates' performance in these two topics
remains amongst the weakest in this paper.
Our analysis shows that one subject area in each of
Topics 1, 5 and 7 listed in Table 4 below were
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 |
Roles of
key financial regulators in Hong Kong |
1 |
5 |
|
2 |
