During 2006, the HKSI continued to monitor the
performance of candidates in each of the ten examination
papers of the LE. In the following sections, we review
the performance of candidates who sat LE Papers 1, 2 and
6 in 2006 as well as providing examination results
statistics for the December 2006 examinations.
Review of LE Paper 1 in 2006
Figures 1 and 2 below show the monthly pass rates of
LE Paper 1 in 2006, together with the annual average
pass rates over the last four years.
Figure 1. Pass rates of
LE Paper 1: Jan - Dec 06
Figure 2.
Annual average
pass rates of LE Paper 1: 2003 - 2006
As shown in figure 1, although the monthly pass rates of
LE Paper 1 fluctuated in 2006, the general performance
of candidates shows an upward trend. This is in line
with the overall trend of the annual average pass rates
over the period 2003 to 2006 as indicated in figure 2.
Over the past two years, the annual average pass rates
of LE Paper 1 have stabilised in a range of 50-55%.
Examination Statistics for LE Paper 1 in Dec 2006
The pass rate of LE Paper 1 held on 23 Dec 2006 was
50%. 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 2006 Figure 4. Topical correctness for LE Paper 1 - Dec 2006
Table 1 below
shows a monthly comparison of the topical correctness
rates of each topic of LE Paper 1 during 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 |
|
Oct-06 |
0.78 |
0.71 |
0.77 |
0.78 |
0.78 |
0.75 |
0.56 |
0.74 |
0.59 |
|
Nov-06 |
0.58 |
0.78 |
0.67 |
0.69 |
0.77 |
0.68 |
0.61 |
0.67 |
0.88 |
|
Dec-06 |
0.77 |
0.74 |
0.70 |
0.65 |
0.72 |
0.72 |
0.60 |
0.58 |
0.74 |
|
Average |
0.70 |
0.74 |
0.70 |
0.70 |
0.72 |
0.75 |
0.59 |
0.66 |
0.72 |
|
Table 1. Topical correctness rates for LE Paper 1:
Jan - Dec 2006 |
The correctness rates of the nine topics in LE Paper
1 have fluctuated in recent months. The correctness rate
of Topic 1 (Regulatory Overview of the Hong Kong
Financial Industry), having matched its record low of 58
per cent in the November examination, improved
significantly by 19 per cent in December; whilst the
correctness rates of both Topic 8 (Other SFC Regulated
Activities) and Topic 9 (Market Misconduct, Improper
Trading Practices and Compliance) show marked declines
in the December examination, particularly the
correctness rate of Topic 9, which dropped by 14 per
cent. Topic 7 (Securities, Options and Futures) remains
overall the weakest in this examination by a notable
margin, as it was in 2005.
Table 2 lists
two subject areas in each of Topics 7 and 8 in which
candidates 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 |
Definitions of securities |
7 |
2 |
|
2 |
Participants of the exchanges and clearing houses |
7 |
2 and 4 |
|
3 |
Methods
of listing |
8 |
2 |
|
4 |
Leveraged foreign exchange trading |
8 |
5 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Dec 2006 |
Review of LE Paper 2 in 2006
Figures 5 and 6 below show the monthly pass rates of
LE Paper 2 in 2006, together with the annual average
pass rates over the last four years.
Figure 5. Pass rates of
LE Paper 2: Jan - Dec 06
Figure 6.
Annual average
pass rates of LE Paper 2: 2003 -2006
Despite the high volatility of the monthly pass rates in
2006, as shown in figure 5, candidates' performance in
LE Paper 2 over the year shows a slight upward trend. As
shown in figure 6, the annual average pass rates of LE
Paper 2 over the last two years have stabilised at
around 45%.
Examination Statistics for LE Paper 2 in Dec
2006
The pass rate of LE Paper 2
held on 23 Dec 2006 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
2006
Figure 8. Topical correctness for LE Paper
2 - Dec 2006
Table 3
below shows a monthly comparison of the topical
correctness rates of each topic of LE Paper 2 during
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 |
