United States
Hong KongHKSI Paper 1, start to finish
HKSI Paper 1: the licensing exam you must pass to work in regulated finance in Hong Kong.
Overview
- Questions
- 60 multiple choice
- Time
- 90 minutes - 1.5 minutes a question
- Pass mark
- 70% - 42 of 60
- Format
- Multiple choice, computer-based, closed book
- Languages
- English and Traditional Chinese
- Fee
- HKD 1,800
- Sittings
- Monthly
- Syllabus
- v3.5, in force from 1 January 2026
- Topics
- 9
- Enrol
- Enrol on the HKSI site
What the pass rate says
About 45 - 60% of candidates pass, going by the sittings HKSI publishes. Roughly half the room does not, which is worth knowing before you book.
| 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 months to June 2026 (mean) | 51.9% |
Source: HKSI Institute, Pass Rate for LE in Hong Kong
The nine topics
| Topic | Syllabus headings | Questions on the paper |
|---|---|---|
| 1. Regulatory overview of the Hong Kong financial industry | 5 | 2 |
| 2. Principles of relevant Hong Kong law and the Companies Ordinance | 2 | 2 |
| 3. Securities and Futures Ordinance | 11 | 8 |
| 4. Licensing and registration, and subsidiary legislation | 10 | 14 |
| 5. Business conduct and client relations | 6 | 11 |
| 6. Business operations and practices | 6 | 10 |
| 7. Participating in the Hong Kong exchanges | 5 | 6 |
| 8. Accessing public capital | 5 | 4 |
| 9. Market misconduct and improper trading practices | 5 | 3 |
Every section of the guide
The paper, start to finish
What Paper 1 is, what it costs, how you book it and what happens after.
24 articlesDifficulty and preparation time
What the published monthly pass rates actually say, and how long people really need.
20 articlesThe syllabus, topic by topic
All nine topics, and the ordinances and codes each of them turns on.
44 articlesStudy plans and method
How to prepare for a closed-book regulatory paper around a working week.
20 articlesPractice and exam technique
How these questions are built, and where the marks are lost.
21 articlesLicensing and the SFC
What the paper gets you, what the SFC adds on top, and how sponsorship works.
24 articlesThe job on the other side
What the licence lets you do, what it asks of you every year, and the route to responsible officer.
16 articlesComparisons
Course providers, question banks, and the papers people weigh this one against.
13 articlesShort answers
The questions candidates ask before they enrol.
16 articlesIf you only read a few
- Retaking HKSI Paper 1: the rules, the cost, and how to not fail twice
- Do you need the HKSI study manual for Paper 1? An honest answer from a competitor
- What getting SFC licensed actually costs, from first exam to public register
- Choosing study material for HKSI Paper 1
- Failed HKSI Paper 1: what to do next
- How close to passing HKSI Paper 1 were you?
- The HKSI Paper 1 pass rate, and what it actually tells you
- A second-attempt strategy for HKSI Paper 1
- HKSI Paper 1: self-study or a course? The honest comparison
- Choosing an HKSI Paper 1 question bank: what to check before you pay
- Free vs paid HKSI Paper 1 materials: what you can actually get for nothing
- HKSI Paper 1 prep providers compared, including where we fall short