LE Paper 1 in Sep 2007
The pass rate of LE Paper 1 held
on 22 September 2007 was 16.17%. Figures 1 and 2 show
the distribution by scores of the exam results and the
overall topical correctness¹ achieved in the examination
respectively.
Figure
1. Exam results distribution for LE Paper 1 - Sep 2007
Figure 2. Topical correctness for LE Paper 1 - Sep 2007
Table 1 below
shows a comparison of the topical correctness rates of
each topic of LE Paper 1 in the first nine months of
2007.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
|
Jan-07 |
0.71 |
0.61 |
0.72 |
0.68 |
0.60 |
0.78 |
0.62 |
0.65 |
0.75 |
|
Feb-07 |
0.71 |
0.69 |
0.73 |
0.62 |
0.72 |
0.70 |
0.61 |
0.77 |
0.76 |
|
Mar-07 |
0.83 |
0.70 |
0.72 |
0.60 |
0.67 |
0.63 |
0.62 |
0.66 |
0.76 |
|
Apr-07 |
0.67 |
0.77 |
0.71 |
0.61 |
0.76 |
0.87 |
0.61 |
0.67 |
0.76 |
|
May-07 |
0.65 |
0.63 |
0.74 |
0.71 |
0.69 |
0.82 |
0.53 |
0.69 |
0.62 |
|
Jun-07 |
0.83 |
0.62 |
0.66 |
0.51 |
0.73 |
0.71 |
0.48 |
0.68 |
0.54 |
|
Jul-07 |
0.71 |
0.63 |
0.72 |
0.67 |
0.62 |
0.74 |
0.67 |
0.67 |
0.73 |
|
Aug-07 |
0.58 |
0.61 |
0.57 |
0.61 |
0.70 |
0.69 |
0.52 |
0.63 |
0.62 |
|
Sep-07 |
0.70 |
0.56 |
0.73 |
0.68 |
0.47 |
0.67 |
0.42 |
0.46 |
0.63 |
|
Average |
0.71 |
0.65 |
0.70 |
0.63 |
0.66 |
0.73 |
0.56 |
0.65 |
0.69 |
|
Table 1. Topical correctness rates for LE Paper 1:
Jan - Sep 2007 |
The pass rate of LE Paper 1 in this month was only
16.17%. The correctness rates of Topic 5 (Business
Conduct and Client Relations), Topic 7 (Securities,
Options and Futures) and Topic 8 (Other SFC Regulated
Activities) dropped to 47%, 42% and 46% respectively,
meaning that more than half of the candidates failed to
answer the questions correctly in these three topics.
Although there were some improvements in other Topics as
reflected by the increases in their correctness rates,
the extent of the deterioration in performance among the
aforementioned topics outweighed the improvement.
Table 2
highlights one subject area in each of Topic 5, Topic 7
and Topic 8 in which candidates performed
unsatisfactorily, and indicates the related sections in
the Study Manual to which candidates should pay more
attention when revising these subject areas.
|
Unsatisfactory subject areas |
Related topics/sections |
|
Topic |
Section |
|
1 |
SFC's
Code of Conduct |
5 |
1 |
|
2 |
Regulated short selling on the SEHK |
7 |
2 |
|
3 |
SFC¡¦s
special requirements for the asset management
industry |
8 |
4 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Sep 2007 |
Revision notes on unsatisfactory subject areas
Candidates are required to know that:
1) the SFC's Code of Conduct applies to
licensed corporations, licensed representatives,
registered institutions and individuals
who perform regulated activities for
registered institutions.
2) exchange participants must make stock
borrowing arrangements for settlement before the short
sale transaction took place.
3) pevery authorized CIS is required to
appoint a management company acceptable to the SFC
except for a self-managed
scheme which may be managed by the board of
the CIS itself.
LE Paper 2 in Sep 2007
The pass rate of LE Paper 2
held on 22 September 2007 was 53.90%. Figures 3 and 4
show the distribution by scores of the exam results and
the overall topical correctness achieved in the
examination respectively.
Figure 3. Exam results distribution for LE Paper 2 - Sep
2007
Figure 4. Topical correctness for LE Paper 2 - Sep 2007
Table 3
below shows a comparison of the topical correctness
rates of each topic of LE Paper 2 in the first nine
months of 2007.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
Jan-07 |
0.46 |
0.65 |
0.81 |
0.75 |
0.67 |
0.75 |
0.47 |
|
Feb-07 |
0.48 |
0.76 |
0.73 |
0.65 |
0.70 |
0.59 |
0.52 |
|
Mar-07 |
0.44 |
0.58 |
0.69 |
0.66 |
0.58 |
0.71 |
0.44 |
|
Apr-07 |
0.67 |
0.67 |
0.81 |
0.72 |
0.65 |
0.64 |
0.44 |
|
May-07 |
0.60 |
0.62 |
0.73 |
0.78 |
0.57 |
0.78 |
0.63 |
|
Jun-07 |
0.61 |
0.63 |
0.78 |
0.76 |
0.79 |
0.82 |
0.71 |
|
Jul-07 |
0.47 |
0.65 |
0.76 |
0.67 |
0.63 |
0.73 |
0.59 |
|
Aug-07 |
0.68 |
0.66 |
0.66 |
0.65 |
0.59 |
0.53 |
0.59 |
|
Sep-07 |
0.62 |
0.66 |
0.82 |
0.67 |
0.68 |
0.68 |
0.81 |
|
Average |
0.56 |
0.65 |
0.76 |
0.70 |
0.65 |
0.69 |
0.58 |
|
Table 3. Topical correctness rates for LE Paper 2:
Jan - Sep 2007 |
After the decline in performance in the previous
month, the general performance of candidates in the
September examination improved noticeably. In
particular, the topical correctness rates from topic 3
to topic 7 of LE Paper 2 all increased, as compared to
those in the August examination. However, the
correctness rate for Topic 1 (Regulatory Framework)
dropped slightly this month after the rebound in August.
Table 4 highlights two subject areas in Topic 1 and
one subject area in Topic 2 in which candidates
performed unsatisfactorily, and indicates the related
sections in the Study Manual which candidates should pay
more attention to when revising these subject areas.
|
Unsatisfactory subject areas |
Related topics/sections |
Topic
|
Section |
|
1 |
Private,
public and listed companies |
1 |
3 |
|
2 |
|
