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Hong Kong Securities and Investment Institute (HKSI Institute)

HKSI LE Paper 1 - full exam prep

600questions in the bank
5timed mock exams
9 of 9syllabus topics covered

SFC licence to work in regulated finance in Hong Kong

Start the free diagnostic See what's inside

No account needed for the diagnostic. Four minutes.

What the published results say

Monthly pass rate, HKSI Licensing Examination Paper 1
SittingPass rate
July 202549.60%
August 202550.83%
September 202556.19%
October 202553.54%
November 202561.84%
December 202554.17%
January 202652.06%
February 202649.96%
March 202647.40%
April 202648.57%
May 202648.58%
June 202650.00%
Twelve-month mean51.9%

Source: HKSI Institute, published monthly pass rates for the Licensing Examination in Hong Kong, checked 2026-08-14.

Questions
60 multiple choice
Time
90 minutes
Pass mark
70% - 42 of 60
Format
Multiple choice, computer-based, closed book
Languages
English and Traditional Chinese
Fee
HKD 1,800
Sittings
Monthly
Register
Registration link Register on the HKSI Institute website.

What you get

HKD 680 for 12 months. Six parts, and every one of them built against this syllabus rather than adapted from another exam.

9

The syllabus, taught

Every examinable topic written out in the order it is examined, with each rule cited to the provision it comes from. Not a summary of a textbook - the syllabus itself, covered end to end.

300

Questions to drill

Filtered to the topic you are reading, so practice reinforces the lesson instead of testing something you have not reached yet.

5

Full mock papers

60 questions each, 90 minutes, scored against the real 70% standard. Their 300 questions never appear in practice, so a mock score measures you rather than your memory of practising.

600

Worked review notes

Every question explains itself: why the right answer is right, why each wrong answer tempts people, and the source that settles it. Three are shown in full in the mock-paper previews below.

6

Soft copies to print

The study guide and every mock paper as a PDF, typeset for paper, so you can sit a mock with a pen the way you will sit the real one.

1

A plan built round your date

Tell us when you sit and the study plan, the readiness score, the weak-topic ordering and every reminder are worked back from it.

Soft copies, yours to print

6 PDFs, typeset for paper rather than exported from a screen. Open any of them to read the opening pages before you buy.

Study guide Preview Mock paper #1 Preview Mock paper #2 Preview Mock paper #3 Preview Mock paper #4 Preview Mock paper #5 Preview
Every topic, and how heavily it is examined All 9 covered, with each topic's share of the 60 questions on the real paper
  1. 1

    Topic 1 - Regulatory overview of the Hong Kong financial industry

    Financial products and services, and their regulation · Regulatory authorities · Securities and Futures Commission · Hong Kong Exchanges and Clearing Limited · Participants and intermediaries

    2 q
  2. 2

    Topic 2 - Principles of relevant Hong Kong law and the Companies Ordinance

    Outline of Hong Kong's legal system · Companies Ordinance and related matters

    2 q
  3. 3

    Topic 3 - Securities and Futures Ordinance

    Background and Part I Preliminary · Part II The SFC · Parts III and IIIA Exchanges, clearing houses and OTC derivatives · Parts IV and IVA Offers of investments and OFCs · Part V Licensing and registration · Part VI Capital, client assets, records and audit · Part VII Business conduct · Parts VIII to XI Supervision, discipline, intervention and appeals · Part XII Investor compensation · Parts XIII to XIVA Market misconduct and inside information · Parts XV to XVII Disclosure of interests and miscellaneous

    8 q
  4. 4

    Topic 4 - Licensing and registration, and subsidiary legislation

    Licensing and registration requirements · Capital requirements · Client securities · Client money · Keeping of records · Contract notes, statements of account and receipts · Audit · Regulated activities · OTC derivative reporting and clearing · Open-ended fund companies

    14 q
  5. 5

    Topic 5 - Business conduct and client relations

    Code of Conduct for Persons Licensed by or Registered with the SFC · Fund Manager Code of Conduct · Corporate Finance Adviser Code of Conduct · Code of Conduct for Persons Providing Credit Rating Services · Code on Open-Ended Fund Companies · Code of Conduct for Share Registrars

    11 q
  6. 6

    Topic 6 - Business operations and practices

    Management, Supervision and Internal Control Guidelines · Anti-money laundering and counter-terrorist financing · Electronic trading and alternative liquidity pools · Personal Data (Privacy) Ordinance · Compliance and governance · Other operational matters

    10 q
  7. 7

    Topic 7 - Participating in the Hong Kong exchanges

    HKEX · Dealing in securities listed on SEHK · Traded options on the SEHK · Dealing in futures contracts · Trading and marketing

    6 q
  8. 8

    Topic 8 - Accessing public capital

    Rules governing listing · Other types of listed securities · Takeovers, mergers and share buy-backs · SFC authorised products · Alternative methods of accessing public capital

    4 q
  9. 9

    Topic 9 - Market misconduct and improper trading practices

    Market misconduct under the SFO · Consequences of market misconduct · Unsolicited calls · Improper trading practices · Enforcement actions

    3 q

Try it before you decide

1

Ten-question diagnostic

Free, no account. Score and per-topic breakdown at the end.

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2

One full mock, free

60 questions, 90 minutes, scored against the real pass mark.

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Before you buy

Is this everything I need, or do I still need the official material?

The whole examinable syllabus is taught here across 9 topics, and every one of the 600 questions is written against it. We are independent of Hong Kong Securities and Investment Institute (HKSI Institute) and this is not their publication - if they require you to hold an official study guide, hold it. What this replaces is the second and third thing you would otherwise buy: a question bank, and something to explain the answers.

Where do the answers come from?

Every explanation names the provision it rests on and quotes it where quoting is allowed, so you can go and read the rule. Where we have not been able to put the underlying text in front of you, the page says so rather than implying a source it does not have.

How long will I need?

Our estimate for this paper is about 42 hours - 3 hours a day for 2 weeks. That is our figure and not Hong Kong Securities and Investment Institute (HKSI Institute)'s. Tell us your exam date when you start and the plan, the reminders and the readiness score are all worked back from it.

Can I see it before I pay?

Yes, and without an account: a 10-question diagnostic that scores you by topic, one full 60-question mock paper, and the opening pages of every PDF. What you pay for is the explanations, the lessons and the other 4 papers.

What happens if I fail?

Your access runs 12 months, which covers a resit; Hong Kong Securities and Investment Institute (HKSI Institute) charges HKD 1,800 for one. The final-review screen orders what you got wrong by what each mistake costs on the paper, which is where a second attempt should start.

Can I get a refund?

Full refund within 7 days if no more than 20% of paid lessons and practice are used, no paid study guide is downloaded, and no more than one paid mock is started.

How current is it?

Written against Syllabus v3.5; SFO (Cap. 571) and SFC codes as in force, in force from 1 January 2026. The syllabus edition every page is written to is printed on the page, so you can tell at a glance whether what you are reading is the current one.

HKSI LE Paper 1 · HKD 680 for 12 months
The diagnostic is free and needs no account.
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