United States
Hong KongThe 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.
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
No account needed for the diagnostic. Four minutes.
Written for this exam
All 600 questions and all 9 topics were written against the HKSI LE Paper 1 syllabus. Nothing here is a general bank with this exam's name on it.
Every answer names its source
Each explanation cites the provision it rests on, so you can go and read the rule rather than take our word for it.
Current edition
Written against Syllabus v3.5; SFO (Cap. 571) and SFC codes as in force, in force from 1 January 2026.
What the published results say
| Sitting | Pass rate |
|---|---|
| July 2025 | 49.60% |
| August 2025 | 50.83% |
| September 2025 | 56.19% |
| October 2025 | 53.54% |
| November 2025 | 61.84% |
| December 2025 | 54.17% |
| January 2026 | 52.06% |
| February 2026 | 49.96% |
| March 2026 | 47.40% |
| April 2026 | 48.57% |
| May 2026 | 48.58% |
| June 2026 | 50.00% |
| Twelve-month mean | 51.9% |
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.
Questions to drill
Filtered to the topic you are reading, so practice reinforces the lesson instead of testing something you have not reached yet.
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.
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.
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.
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.
Every topic, and how heavily it is examined All 9 covered, with each topic's share of the 60 questions on the real paper
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1
2 q
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
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2
2 q
Topic 2 - Principles of relevant Hong Kong law and the Companies Ordinance
Outline of Hong Kong's legal system · Companies Ordinance and related matters
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3
8 q
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
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4
14 q
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
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5
11 q
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
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6
10 q
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
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7
6 q
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
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8
4 q
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
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9
3 q
Topic 9 - Market misconduct and improper trading practices
Market misconduct under the SFO · Consequences of market misconduct · Unsolicited calls · Improper trading practices · Enforcement actions
Try it before you decide
1
Ten-question diagnostic
Free, no account. Score and per-topic breakdown at the end.
Start the diagnostic
3
Then the explanations
Paid. Which ones you missed, why, and the source that settles it.
Get the courseBefore 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.