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The paper, start to finish

The HKSI Paper 1 exam format, and what 90 minutes really buys you

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

Paper 1 is 60 multiple-choice questions in 90 minutes, taken on a computer, closed book, in English or Traditional Chinese. The pass mark is 70%, which is 42 of 60. That gives you 1.5 minutes a question, and the fee for one sitting is HKD 1,800.

The format is simple enough to describe in a sentence and hard enough to underestimate. Sixty questions, ninety minutes, seventy per cent to pass. What that sentence hides is the pacing, and pacing is where prepared candidates lose marks they had already earned.

The format, in full

Questions
60
Question type
Multiple choice
Time
90 minutes
Average per question
1.5 minutes
Pass mark
70% - 42 correct of 60
Delivery
Computer-based at an HKSI Institute examination centre
Books and notes
Closed book
Languages
English and Traditional Chinese
Fee
HKD 1,800 per sitting
Frequency
Monthly sittings in Hong Kong
Syllabus
v3.5, effective 1 January 2026

What 1.5 minutes a question actually feels like

It sounds generous. It is not, because the time is not evenly distributed across the paper. Some questions you will answer in fifteen seconds because you either know which Part of the Ordinance covers client money or you don't. Others give you a scenario, a set of plausible options, and a distinction that turns on one word. Those eat two or three minutes each, and there are enough of them to hurt.

Work to checkpoints rather than a per-question clock. If you are behind at a checkpoint, start flagging and moving rather than fighting.

Time elapsedYou should be atIf you are behind
30 minutesQuestion 20Stop re-reading. Answer on your first instinct and flag it.
60 minutesQuestion 40Skip anything that needs a second read. Come back only if time allows.
10 minutes leftAll 60 answeredLeave nothing blank. A guess costs you nothing you have not already lost.
90 minutesReviewing flagsOnly change an answer if you can say what new thing you noticed.
Answer every question

We have found no published rule that deducts marks for a wrong answer, and the pass standard is stated as a count of correct answers - 42 of 60. Confirm the current marking rules in the HKSI Examination Handbook before you sit, then leave nothing blank.

Closed book, and what that rules out

Closed book means the syllabus lives in your head, not in a folder. No copy of the Ordinance, no printed codes, no annotated study manual on the desk. It changes what "knowing" the material means: recognising a rule when you read it is not the same as recalling which body enforces it, and the exam tests the second one.

It also settles a common question about calculators and personal items, which we cover in the note on what you can bring into the exam room.

Multiple choice is not the same as easy

The options are written by people who know exactly which two you will be torn between. A well-built question puts the right answer next to a near-miss that would be correct under a different Part, a different code, or for a different type of intermediary. Elimination narrows the list quickly. Getting from the final pair to one answer is the exam.

The shape of a typical question

Which body maintains the public register showing whether a person is licensed to carry on a regulated activity in Hong Kong?

  1. Hong Kong Exchanges and Clearing Limited
  2. The Securities and Futures Commission
  3. The HKSI Institute
  4. The Hong Kong Monetary Authority
Answer: B. The SFC maintains the public register of licensed persons and registered institutions. HKEX operates the exchanges and clearing houses, the HKSI Institute sets the examinations, and the HKMA supervises banks. Every wrong option here is a real body doing real work, which is exactly why this style of question catches people who learned the names but not the functions.

If you want more of these, the practice question set is built to the same shape.

English or Traditional Chinese

Both are offered, and you pick when you enrol. Our view: choose the language you read regulatory documents in most fluently, not the language you are most comfortable speaking. The exam is a reading-speed test as much as a knowledge test, and legal phrasing in your second language costs seconds on every question. There is more on the trade-off in choosing your exam language.

How the format should change the way you study

Three things follow from the format, and they are not obvious until you write them down.

  • Recall beats recognition. Closed book means self-testing, not re-reading. Cover the answer and say it out loud before you check.
  • Breadth beats depth. Nine topics and sixty-six syllabus headings, sixty questions. No single heading is worth more than a couple of marks, so a topic you skip entirely is a bigger risk than a topic you know only adequately.
  • Timed practice is not optional. You can know the material and still fail on pace. Sit at least one full 60-question mock against the clock before the real thing.

Here is the concession. The format is candidate-friendly in one real way: the pass mark is a flat 70% across the whole paper, with no requirement to pass each topic separately. A weak Topic 8 can be carried by a strong Topic 3. That is more forgiving than a lot of professional exams, and it means a sensible strategy is to make sure you are decent everywhere rather than excellent anywhere.

Once you know the format, the useful next question is how much time you need, and the honest answer varies a lot by background. Our study-time estimate breaks it down by starting point.

Common questions

How long is the HKSI Paper 1 exam?

Ninety minutes for 60 multiple-choice questions, which is 1.5 minutes a question on average. There is no separate reading time built into the published format, so the clock covers everything from the first question to your final review.

Is HKSI Paper 1 multiple choice only?

Yes. Every question is multiple choice. There is no essay, no short answer and no oral component. The pass mark is 70%, meaning 42 correct out of 60, applied across the whole paper rather than topic by topic.

Is Paper 1 open book?

No. It is closed book. You cannot bring the Ordinance, the SFC codes, the study manual or your own notes into the examination room. Everything the paper tests has to be recalled, which is why timed self-testing beats re-reading as a study method.

Do I have to pass every topic separately?

No. The 70% pass mark applies to the paper as a whole, so a strong performance in one topic can offset a weak one. That said, with nine topics and only 60 questions, skipping a topic entirely is a bigger gamble than most candidates realise.

Is the exam on paper or on a computer?

Computer-based, at an HKSI Institute examination centre in Hong Kong. You answer on screen and can usually move between questions and flag ones to revisit, so a difficult question early on does not have to derail your pacing.