United States
Hong KongHKSI Paper 1 vs Paper 6 Compared
Paper 1 covers the general securities and futures regulatory framework.
- Paper 6 is Regulation of Asset Management, an activity-specific regulatory paper.
- HKSI lists both for asset management responsible officers, subject to exemptions; representatives have a different paper combination.
- Credit rating regulation belongs to Paper 4, not Paper 6.
On this page4 sections
Start with the role you are applying for. Working at an asset manager does not by itself tell you which HKSI papers you need. The examination requirements distinguish representatives from responsible officers, as well as regulated activities.
| Paper 1 | Paper 6 | |
|---|---|---|
| Published title | Fundamentals of Securities and Futures Regulation | Regulation of Asset Management |
| Purpose | General securities and futures regulatory foundation | Local regulatory framework specific to asset management |
| Asset management representatives | Listed in the local regulatory framework requirement, subject to exemptions | Not listed in the representative local regulatory framework combination |
| Asset management responsible officers | Listed alongside Paper 6, subject to exemptions | Listed alongside Paper 1, subject to exemptions |
| Other required papers | The applicable industry qualification papers depend on the activity and role | Does not replace the applicable industry qualification papers |
Who needs Paper 6 for asset management?
HKSI lists Paper 1 and Paper 6 as the local regulatory framework papers for a responsible officer in asset management. For an asset management representative, the listed local regulatory framework paper is Paper 1. Both routes also list industry qualification papers, so passing the regulatory papers alone does not complete the examination requirements.
The activity is Type 9, asset management. The HKSI overview lists Papers 7 and 12 as its industry qualification combination. Treat the table as the standard examination route, then check whether an exemption applies under the SFC competence requirements. Your employer should confirm the role and activity before you pay an examination fee.
Paper 6 is Regulation of Asset Management. Paper 4 is Regulation of Credit Rating Services. Credit rating services is Type 10; do not use its paper combination to plan an asset management licence application.
Does Paper 1 replace Paper 6?
No. They serve different parts of the regulatory requirement. Paper 1 gives you the general framework; Paper 6 addresses asset management regulation. Where HKSI lists both for the role, a pass in Paper 1 is not a substitute for Paper 6. An exemption is a separate question governed by the SFC requirements.
Some regulatory concepts will be familiar after Paper 1, but that is not evidence that you are ready for Paper 6. Use the current syllabus for each paper to identify what you still need to learn. Our preparation material covers Paper 1; we have not sat Paper 6 and do not offer a Paper 6 course.
Which paper should you take first?
Confirm the required combination first. I would start with the general framework in Paper 1 when both papers are required, because it gives the activity-specific study a useful foundation. That is a study recommendation, not a claim that passing Paper 1 is an enrolment prerequisite for Paper 6.
There is no sound basis here for declaring Paper 6 easier simply because its subject is narrower. Your experience and familiarity with the applicable rules matter. Compare the official syllabuses with what you already know, and plan the examination dates around the gaps.
How should you prepare for Paper 1?
Once your required papers are confirmed, use the Paper 1 exam format page to understand the assessment and the Paper 1 pass rate analysis to put published results in context. Keep your Paper 6 study list separate so a general framework pass does not hide an activity-specific gap.
Common questions
Is HKSI Paper 6 about credit rating services?
No. HKSI Paper 6 is Regulation of Asset Management. Paper 4 is Regulation of Credit Rating Services. Check the official paper title as well as the number before choosing an examination or buying preparation material.
Does every asset management candidate need Paper 6?
No. HKSI lists Paper 6 alongside Paper 1 for asset management responsible officers, subject to exemptions. Its representative route lists Paper 1 for the local regulatory framework requirement. Both routes also require the applicable industry qualification papers unless exempt.
Can Paper 1 replace Paper 6?
No. Where the role requires both papers, they are separate components of the local regulatory framework requirement. A Paper 1 pass does not replace Paper 6. Check the SFC competence requirements if you believe your qualifications or experience support an exemption.
Must I pass Paper 1 before enrolling for Paper 6?
Starting with Paper 1 is a study recommendation here, not a verified enrolment prerequisite. Check HKSI enrolment rules for the current examination arrangements, and confirm your required combination and any exemptions with your employer before booking either paper.