Paper 9 vs Paper 12: which papers do you need?
Paper 9 covers futures and options trading for Type 2 and 5; Paper 12 covers fund and portfolio management for Type 9.
Paper 9 vs Paper 12 at a glance
| Paper 9 | Paper 12 | |
|---|---|---|
| Full name | HKSI LE Paper 9: Derivatives | HKSI LE Paper 12: Asset Management |
| 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 9
- Futures Markets and Contracts
- Options
- Margining and Clearing
- Hedging, Speculation and Arbitrage
- Trading Practice and Regulation
Paper 12
- Investment Funds and Their Structure
- The SFC Code on Unit Trusts and Mutual Funds
- The Fund Manager Code of Conduct
- Portfolio Management and Asset Allocation
- Performance Measurement and Risk
- Fund Distribution and Investor Protection
Which should you take?
Paper 9 covers futures and options trading for Type 2 and 5; Paper 12 covers fund and portfolio management for Type 9.
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 9 and Paper 12?
Paper 9 covers futures and options trading for Type 2 and 5; Paper 12 covers fund and portfolio management for Type 9.
Which is harder, Paper 9 or Paper 12?
Paper 9: 40 multiple-choice questions in 60 minutes. Paper 12: 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 9 and Paper 12?
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 9 and Paper 12?
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.
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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.