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Practice and exam technique

Guessing on HKSI Paper 1: when, how, and why never to leave a blank

Compiled by the Sitonce editorial team from the HKSI and SFC sources listed belowUpdated 6 min readFacts verified 5 September 2026
The short answer

There is no negative marking on Paper 1, so every blank is a guaranteed zero and every guess is a free chance. Blind, you are right one time in four. Cut one option and it is one in three. Cut two and it is even money. Always answer.

This is the shortest piece of advice in the whole cluster and the one that changes the most exams. Answer everything. There is no penalty for a wrong answer, so leaving a question blank converts a real chance into a certain zero, and candidates still do it every sitting because it feels more honest.

It is not more honest. It is just worse.

What does a guess actually cost you?

Nothing. That is the point. Paper 1 is marked on the number of correct answers out of 60, and a wrong answer costs you the mark you were never going to get anyway.

Negative marking
None
Blind guess on four options
Right one time in four
After cutting one option
Right one time in three
After cutting two options
Even money
Cost of a blank
A certain zero
Pass mark
42 of 60

Run that across a paper. If you have six questions you cannot resolve and you answer them blind, you would expect to pick up one or two marks. Eliminate two options on each first and you would expect three. Leave them blank and you get none. Candidates fail this paper by one or two marks routinely.

The difference between a guess and an informed guess

Never guess before you have eliminated. Even thirty seconds of structural elimination changes the arithmetic materially, and the structural cuts do not require you to know the underlying rule.

  • Cut absolutes. "In every case", "always", "never permitted", "has no obligation at all".
  • Cut over-corrections. Options that ban an activity where the regulation manages it.
  • Cut denied duties. If the point is on the syllabus, "nothing is required" is rarely the answer.
  • Cut the wrong body. If an option names an institution that does not do that kind of work at all, it goes.
  • Cut commercial rationales. Conduct rules exist to protect clients, not to reduce tax or improve margins.

Two cuts on a four-option question take you to even money. That is a meaningfully different position from where you started, and it takes less time than re-reading the stem for a third time. The full method is in the elimination technique post.

When should you guess early?

When the clock says so. Two minutes is the practical ceiling on any single question against a 1.5-minute average, and the fourth minute on a question you have already spent three on is the most expensive minute of your exam. By then you are re-reading the same four options hoping one of them changes.

Guess, flag, move. You can come back if there is time, and if there is not, you still have an answer down. The alternative is arriving at question 50 with eleven minutes left and four unanswered items behind you.

The one rule for the last 10 minutes

Before you review anything, make sure every question has an answer. A blank is worth strictly less than the worst guess you could make, and candidates who spend the final minutes polishing flagged answers while three items sit empty are throwing away marks they have already earned the right to a chance at.

Myths worth ignoring

MythReality
"C is the most common answer"Correct options are distributed across the letters. Picking a letter on principle is exactly a blind guess with extra steps.
"The longest option is usually right"A weakness of badly written banks, not a feature of a carefully built paper. Decide on content.
"Never pick the option with an absolute"A tendency, not a rule. Some answers on this paper genuinely are absolute, such as a client agreement being required before services are provided.
"Never change your first answer"Half right. Do not change on a feeling. Do change if you misread the stem or a later question reminded you of the rule.
"Answer patterns matter"Noticing you have picked B four times running is not information. It is anxiety.

The first row deserves emphasis because it is the most widely repeated. There is no letter strategy on a well-constructed paper, and there is certainly no published evidence for one on this exam, since HKSI releases no items at all.

An opinion about guessing

Guessing gets treated as a shameful last resort and it should be treated as a routine tool. On a sixty-question paper with a ninety-minute clock, a candidate who never guesses is a candidate who is spending too long on hard questions and running out of time on easy ones. The discipline of committing to an imperfect answer and moving is a skill, and it is worth practicing deliberately in timed sets.

The concession: guessing is a tool for the margins, not a strategy. Across a whole paper it might be worth a handful of marks, and if you need more than a handful of marks from guesswork then the honest answer is that you are not ready. It does not substitute for knowing the Part map or the conduct rules.

How to practice this

Two habits, built in timed sets.

  1. Set a hard ceiling of two minutes per question and enforce it. When the ceiling hits, cut what you can, pick a survivor, flag, and move. No exceptions, even when you are certain the answer is nearly there.
  2. In review, look specifically at the flagged guesses. How often did the elimination narrow the field correctly? A candidate whose guesses land better than one in three is eliminating well and should trust it more.

That second habit also gives you an honest measure of your own coverage, which is the thing most candidates never obtain. The pile of guessed answers is more informative than the score.

Common questions

Is there negative marking on HKSI Paper 1?

No. The paper is marked on the number of correct answers out of 60, with no deduction for a wrong one. That makes leaving a question blank strictly worse than guessing, because a blank is a certain zero while a guess always carries a real chance.

Should I guess if I have no idea at all?

Yes, but eliminate first. A blind guess on four options is right one time in four. Thirty seconds of structural elimination usually removes one or two options, which takes you to one in three or even money for almost no time cost.

Is C the most common correct answer?

No. Correct options are distributed across the letters on any well-built paper, and HKSI publishes no items that anyone could analyse for a pattern. Choosing a letter on principle is a blind guess dressed up as a strategy.

How long should I spend before guessing?

Two minutes is the practical ceiling, against an average allowance of 1.5 minutes across 60 questions in 90 minutes. Beyond that you are borrowing time from questions you have not seen yet, which are on average easier than the one defeating you.

Should I change a guessed answer at the end?

Only for a stated reason, such as realising you misread a negative or having been reminded of the rule by a later question. Changing on restlessness is a coin flip away from an answer your elimination already chose.