United States
Hong KongWhere licensed people sit
The requirement attaches to carrying on a regulated activity, not to a job title or a floor. Some middle-office roles are licensed and some client-facing ones are not.
People assume the licence maps to the org chart. It maps to the activity.
The test is what you do
The Securities and Futures Ordinance regulates activities. If your work amounts to carrying on one of the 12 regulated activity types for a business, you need to be licensed for it, whatever the role is called.
Which is why two people with the same title at two firms can have different answers.
Usually licensed
- Sales and dealing desks executing or arranging client orders
- Advisory roles recommending securities or futures
- Portfolio managers and those making discretionary decisions
- Corporate finance staff advising on listings and transactions
- Responsible officers supervising any of the above
Often not
- Pure operations and settlement
- Technology and infrastructure
- Finance, HR and general administration
- Marketing that does not extend to advising or inducing
Producing brochures is one thing. Talking a prospective client through which product suits them is another, and the second can look like a regulated activity. Firms differ on where they draw it, which is a sign it is genuinely close rather than that somebody is being careless.
Compliance is the interesting case
Much compliance work is not itself a regulated activity, so a compliance officer is not automatically licensed. Many hold Paper 1 anyway, because you cannot supervise a framework you have never been examined on.
It is also the cheapest way to signal you understand the regime to an employer who has not met you.
Why this matters when job hunting
A posting that says the licence is preferred usually means the role sits near the boundary and the firm would rather hire someone who can be accredited quickly than argue about scope later.
Holding Paper 1 removes that friction, and it is the reason people sit it before they have an offer.
Common questions
Which roles need HKSI Paper 1?
Roles carrying on a regulated activity - dealing, advising, asset management, corporate finance - regardless of job title.
Do middle-office staff need it?
Some do. The test is the activity, not the floor. Pure operations and technology generally do not.
Do compliance officers need it?
Compliance work is often not itself a regulated activity, so not automatically. Many hold it anyway.
Does marketing need a licence?
It depends how far it goes. Producing material is different from advising a prospective client.
Why do postings say the licence is preferred?
The role usually sits near the boundary and the firm wants someone who can be accredited without argument.