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Short answers

Is there negative marking in HKSI Paper 1?

Compiled by the Sitonce editorial team from the HKSI and SFC sources listed belowUpdated 4 min readFacts verified 5 September 2026
The short answer

We have not verified whether HKSI penalises wrong answers on Paper 1, and we will not state a marking rule we cannot source. Confirm it in the HKSI examination handbook before your sitting, because the answer changes whether guessing on an unknown question is free or costly.

This one matters more than most administrative questions, because it changes your behaviour in the last ten minutes of the exam. And we do not have a verified answer.

So: check the handbook, and read the rest of this page for how to handle it either way.

Penalty for wrong answers
Not verified by us. Confirm with HKSI
Where the rule is published
The HKSI examination handbook and exam instructions
Questions
60 multiple choice, four options each
Pass mark
70% - 42 of 60
Time
90 minutes
What to do if no penalty applies
Never leave a question blank
What to do if a penalty applies
Guess only when you can eliminate at least one option

Why we are not answering it directly

Because you would change how you sit the paper on the strength of it. A candidate who believes there is no penalty will fill in every blank in the final minute. A candidate who believes there is one will leave items empty. Both are reasonable strategies and only one of them is right at any given sitting.

Getting that wrong could cost you several marks against a 70% threshold. We are not putting a guess in front of that.

How to find out, properly

The examination handbook is free and published by HKSI. Read the marking and examination conduct sections when you enrol. The on-screen instructions at the start of the exam will also state the rules for that paper, and they are the version that binds on the day.

If it is still unclear, email HKSI. It is a one-line question and the answer is authoritative, which is more than any study site can offer you.

A strategy that works under either rule

SituationIf no penaltyIf a penalty applies
You know the answerAnswer itAnswer it
You can eliminate two optionsAnswer itAnswer it. The odds are in your favour either way
You can eliminate one optionAnswer itUsually still answer it
You have no idea at allAnswer it. A blank scores nothingThis is the only case where the rule changes your move
You are running out of timeFill everything inPrioritise items where you can eliminate something

Look at how narrow the disagreement is. In five of those six situations, the rule makes no difference to what you should do, which is a useful thing to know if the answer is unclear on the day.

The better use of your worry

Elimination. Paper 1 distractors are built from adjacent real rules rather than nonsense, so being able to rule one or two options out is a trained skill rather than luck, and it converts an unanswerable question into a favourable bet under any marking scheme.

Our opinion: candidates spend far too much energy on marking-scheme questions and almost none on distractor recognition, which is where the recoverable marks actually are. If you know that Topic 4 questions routinely offer you the client securities rule when the answer is the client money rule, you will pick up marks whether or not wrong answers are penalised.

The concession is that this page would be more useful with a number on it, and we would rather be useful. We just will not be usefully wrong. Distractor patterns in Paper 1 and the elimination technique are the two pages that will actually move your score.

Common questions

Should I guess on HKSI Paper 1?

If no penalty applies, always, because a blank scores nothing. If a penalty applies, guess when you can eliminate at least one option. The strategy only diverges on questions where you can eliminate nothing at all, which should be rare if you have prepared.

Where does HKSI publish its marking rules?

In the examination handbook and in the instructions shown at the start of the paper. Both are authoritative and the on-screen version is the one that binds on the day. Read the handbook when you enrol rather than the night before.

Are all questions worth the same?

We have not verified whether HKSI weights any items differently, so we will not claim they are all equal. What is published is the 70% pass mark against 60 questions. Treat every item as worth the same effort and do not spend three minutes on one you find interesting.