The paper, start to finish

What Paper 1 is, what it costs, how you book it and what happens after.

What is HKSI Paper 1, and why does the SFC care about it?HKSI Paper 1 is the Hong Kong licensing exam on securities and futures regulation. Sixty multiple-choice questions, 90 minutes, 70% to pass, which is …
The HKSI Paper 1 exam format, and what 90 minutes really buys youPaper 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%, whic…
The HKSI Paper 1 exam fee is HKD 1,800 - here is what that does and does not coverThe HKSI Paper 1 examination fee is HKD 1,800 for one sitting. It buys the exam itself and nothing else - no study manual, no tuition, no free resit. …
How to register for HKSI Paper 1 without getting the details wrongYou enrol for Paper 1 directly with the HKSI Institute through its online enrolment system, choose a monthly sitting and a language, and pay HKD 1,800…
HKSI Paper 1 exam day: what actually happens, hour by hourYou arrive at an HKSI Institute examination centre in Hong Kong, present the identity document you enrolled with, store your belongings, and sit 60 mu…
HKSI Paper 1 results: when they arrive, what they tell you, and what to do nextYour Paper 1 result is issued by the HKSI Institute against a 70% pass mark, meaning 42 correct of 60. HKSI publishes the current release timing and m…
Retaking HKSI Paper 1: the rules, the cost, and how to not fail twiceA Paper 1 retake is a fresh enrolment at the full HKD 1,800 fee, sat at a later monthly sitting against the same 70% standard of 42 of 60. HKSI publis…
HKSI Paper 1 in English or Traditional Chinese: how to choosePaper 1 is offered in English and Traditional Chinese, and you choose at enrolment. Pick the language you read dense regulatory text in fastest, not t…
Is HKSI Paper 1 open book? No - and that changes how you should studyNo. HKSI Paper 1 is closed book. You cannot bring the Securities and Futures Ordinance, the SFC codes, the study manual or your own notes into the exa…
Can you bring a calculator to HKSI Paper 1? What goes to the desk, and what does notPaper 1 is closed book, so notes, the Ordinance, the SFC codes and the study manual all stay outside. On calculators, check the current HKSI Examinati…
Where you sit HKSI Paper 1: the exam centre, and the logistics nobody plans forPaper 1 is sat at HKSI Institute examination centres in Hong Kong, at monthly sittings, on a computer. Your centre, date and reporting time come from …
HKSI Paper 1 ID requirements: the name-matching problem that ends sittingsBring the identity document you enrolled with, and make sure the name on it matches your enrolment exactly. HKSI publishes the accepted document types…
Deferring or cancelling an HKSI Paper 1 sitting: what to do, and when to just sit itDeferring or cancelling a Paper 1 sitting runs through HKSI under rules it publishes, and what you get back depends on how close to the exam date you …
HKSI Paper 1 sittings run monthly - how to pick the right onePaper 1 is offered monthly at HKSI Institute examination centres in Hong Kong. HKSI publishes the exam dates and the enrolment cut-off for each sittin…
The HKSI Paper 1 pass mark is 70% - 42 questions out of 60The pass mark for HKSI Paper 1 is 70%, which is 42 correct answers out of 60. It applies to the whole paper, not topic by topic, so you can be wrong e…
How long does an HKSI Paper 1 pass stay useful?The pass itself does not expire. The SFC expects the local regulatory framework paper to have been passed not more than three years before a licence a…
Which HKSI Paper 1 syllabus version applies to your sitting?The current HKSI Paper 1 syllabus is v3.5, covering nine topics across 66 second-level headings. Check the version number on the PDF you are studying …
Do you need the HKSI study manual for Paper 1? An honest answer from a competitorNo, the HKSI study manual is not required. It is a well-organised single source that maps to the syllabus, and plenty of candidates pass without it us…
HKSI Paper 1 is computer-based - what that changes about sitting itPaper 1 is delivered on a computer at an HKSI Institute examination centre in Hong Kong. You answer 60 multiple-choice questions on screen within 90 m…
How HKSI Paper 1 questions are built, and how to take them apartEvery question on Paper 1 is multiple choice: 60 of them in 90 minutes, with a 70% pass mark of 42 correct. Questions are built so that two options fa…
Is there negative marking on HKSI Paper 1? What we can and cannot tell youWe have found no published rule deducting marks for wrong answers on Paper 1, and the pass standard is stated as a count of correct answers: 42 of 60,…
Special arrangements for HKSI Paper 1: how to ask, and whenRequests for special examination arrangements go to the HKSI Institute, which sets what is available and what evidence it needs. Ask at or before enro…
Sitting HKSI Paper 1 from outside Hong KongOur source describes Paper 1 sittings at HKSI Institute examination centres in Hong Kong. If you are based elsewhere, ask the Institute directly wheth…
What getting SFC licensed actually costs, from first exam to public registerBudget HKD 1,800 per examination attempt, and you will need Paper 1 plus a second paper for your regulated activity. Add materials, and the SFC's own …