Paper 8 vs Paper 9: which papers do you need?
Paper 8 is for securities (Types 1, 4 and 8); Paper 9 is for futures (Types 2 and 5). Both are 40 questions in 60 minutes. Your regulated activity decides which one you need.
Paper 8 vs Paper 9 at a glance
| Paper 8 | Paper 9 | |
|---|---|---|
| Full name | HKSI LE Paper 8: Securities | HKSI LE Paper 9: Derivatives |
| Questions | 40 multiple-choice questions | 40 multiple-choice questions |
| Time | 60 minutes | 60 minutes |
| Passing score | 70% | 70% |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | HK$1,620 in Hong Kong (HK$2,070 at overseas Prometric centres) | HK$1,620 in Hong Kong (HK$2,070 at overseas Prometric centres) |
| Languages | English or Traditional Chinese | English or Traditional Chinese |
| Where | HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong | HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong |
| Level | Activity papers | Activity papers |
What each exam covers
Paper 8
- Securities Products
- Stock Exchange Trading and Settlement
- Listing and Corporate Actions
- Margin Financing and Short Selling
- Securities Analysis
- Dealing Practice and Client Protection
Paper 9
- Futures Markets and Contracts
- Options
- Margining and Clearing
- Hedging, Speculation and Arbitrage
- Trading Practice and Regulation
Which should you take?
Paper 8 is for securities (Types 1, 4 and 8); Paper 9 is for futures (Types 2 and 5). Both are 40 questions in 60 minutes. Your regulated activity decides which one you need.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between Paper 8 and Paper 9?
Paper 8 is for securities (Types 1, 4 and 8); Paper 9 is for futures (Types 2 and 5). Both are 40 questions in 60 minutes. Your regulated activity decides which one you need.
Which is harder, Paper 8 or Paper 9?
Paper 8: 40 multiple-choice questions in 60 minutes. Paper 9: 40 multiple-choice questions in 60 minutes. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both Paper 8 and Paper 9?
Yes. They're separate papers. Most representatives take three: Paper 1, Paper 7 and one activity paper (8, 9, 10, 11, 12 or 19). Responsible Officers add a regulation paper.
How do I prepare for Paper 8 and Paper 9?
Start with the free practice test for each, then study by topic. Premium is per exam (HK$1,147 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
More comparisons
Exam details are summarized from the HKSI Institute's published information as of October 2026. Confirm with HKSI Institute before you book. HKSIMock is not affiliated with the HKSI Institute or the SFC.