Papers by licence type (representatives)
| Regulated activity | Usual papers |
|---|---|
| Type 1 dealing in securities | Papers 1, 7 and 8 |
| Type 4 advising on securities | Papers 1, 7 and 8 |
| Type 8 securities margin financing | Papers 1, 7 and 8 |
| Type 2 dealing in futures contracts | Papers 1, 7 and 9 |
| Type 5 advising on futures contracts | Papers 1, 7 and 9 |
| Type 9 asset management | Papers 1, 7 and 12 |
Responsible officers
Responsible officers usually need an extra regulation paper on top of the representative papers: Paper 2 for Types 1, 4 and 8; Paper 3 for Types 2 and 5; Paper 6 for Type 9. Check the SFC's Guidelines on Competence for your exact case.
Format at a glance
| Paper | Questions / time | Fee (Hong Kong) |
|---|---|---|
| Paper 1 | 60 in 90 minutes | HK$1,800 |
| Paper 7 | 60 in 90 minutes | HK$1,620 |
| Papers 8, 9, 12 | 40 in 60 minutes | HK$1,620 |
See where you stand in 10 minutes
Take the free Paper 1 practice test. 15 questions, every answer explained.
Exemptions
Some candidates are exempt from Paper 7 or the activity paper because of recognized industry qualifications or relevant experience. The SFC's Guidelines on Competence set the rules; ask your compliance team before you book.
Frequently asked questions
What's the pass mark for HKSI papers?
70% for each paper.
Can I take the HKSI exam in Chinese?
Yes. You can choose English or Traditional Chinese when you book.
Which paper should I take first?
Most people start with Paper 1, because the regulation it covers comes up in every other paper.
Do bank staff need HKSI papers?
Yes, relevant individuals at registered institutions meet the same competence requirements, usually through the same papers.
Official sources
Practice tests for these certifications
HKSI LE Paper 1: Fundamentals of Securities and Futures Regulation
The regulation paper almost every SFC licensed representative must pass.
HKSI LE Paper 7: Financial Markets
The markets paper taken with Paper 1 by most representatives.
HKSI LE Paper 8: Securities
The paper for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 representatives.
HKSI LE Paper 9: Derivatives
The paper for Type 2 (dealing in futures contracts) and Type 5 (advising on futures contracts) representatives.
HKSI LE Paper 12: Asset Management
The paper for Type 9 (asset management) representatives.
This guide is general information, checked October 2026, not legal advice. HKSI Institute rules change; confirm with HKSI Institute before you apply.
