Format at a glance
| Item | Detail |
|---|---|
| Questions | 60 multiple choice |
| Time | 90 minutes |
| Pass mark | 70% (42 out of 60) |
| Language | English or Traditional Chinese |
| Fee | HK$1,800 in Hong Kong; HK$2,250 overseas |
What's tested
- The SFC, the SFO and Hong Kong's regulatory structure.
- Licensing: regulated activities, ROs, fit and proper, CPT.
- The Code of Conduct: KYC, suitability, client agreements, professional investors.
- Market misconduct and offences.
- Disclosure of interests and the Takeovers Code.
- Client assets, financial resources, the Investor Compensation Fund.
- Anti-money laundering.
A 3-week plan
- Week 1: framework, licensing and the Code of Conduct; flashcards daily.
- Week 2: market misconduct, disclosure of interests, takeovers, client assets and AML; first timed mock.
- Week 3: mistakes bank until empty, second and third mocks, book when you're consistently above 80%.
See where you stand in 10 minutes
Take the free Paper 1 practice test. 15 questions, every answer explained.
Frequently asked questions
How many questions are in HKSI Paper 1?
60 multiple-choice questions in 90 minutes.
What's the Paper 1 pass mark?
70%, so 42 correct answers out of 60.
How much does Paper 1 cost?
HK$1,800 at the HKSI Institute's centre in Hong Kong; HK$2,250 at overseas Prometric centres.
How long should I study?
Most candidates need 2 to 4 weeks around a full-time job.
Official sources
Practice tests for these certifications
This guide is general information, checked October 2026, not legal advice. HKSI Institute rules change; confirm with HKSI Institute before you apply.
