Paper 1 vs Paper 7: which papers do you need?
Paper 1 is the regulation paper (SFO, licensing, Code of Conduct, misconduct). Paper 7 is the markets paper (economics, the monetary system, equities, bonds, derivatives and funds). Both are 60 questions in 90 minutes, and almost every representative needs both.
Paper 1 vs Paper 7 at a glance
| Paper 1 | Paper 7 | |
|---|---|---|
| Full name | HKSI LE Paper 1: Fundamentals of Securities and Futures Regulation | HKSI LE Paper 7: Financial Markets |
| Questions | 60 multiple-choice questions | 60 multiple-choice questions |
| Time | 90 minutes | 90 minutes |
| Passing score | 70% | 70% |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | HK$1,800 in Hong Kong (HK$2,250 at overseas Prometric centres) | HK$1,620 in Hong Kong (HK$2,070 at overseas Prometric centres) |
| Languages | English or Traditional Chinese | English or Traditional Chinese |
| Where | HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong | HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong |
| Level | Core papers | Core papers |
What each exam covers
Paper 1
- Hong Kong's Regulatory Framework
- Licensing and Registration
- Business Conduct and the Code of Conduct
- Market Misconduct and Offences
- Disclosure of Interests and Takeovers
- Client Assets, Financial Resources and Investor Compensation
- Anti-Money Laundering
Paper 7
- Economics and the Hong Kong Economy
- Hong Kong's Financial System and Monetary Framework
- Equity Markets
- Debt Markets
- Derivatives and Investment Funds
- Risk, Return and Investment Analysis
Which should you take?
Paper 1 is the regulation paper (SFO, licensing, Code of Conduct, misconduct). Paper 7 is the markets paper (economics, the monetary system, equities, bonds, derivatives and funds). Both are 60 questions in 90 minutes, and almost every representative needs both.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between Paper 1 and Paper 7?
Paper 1 is the regulation paper (SFO, licensing, Code of Conduct, misconduct). Paper 7 is the markets paper (economics, the monetary system, equities, bonds, derivatives and funds). Both are 60 questions in 90 minutes, and almost every representative needs both.
Which is harder, Paper 1 or Paper 7?
Paper 1: 60 multiple-choice questions in 90 minutes. Paper 7: 60 multiple-choice questions in 90 minutes. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both Paper 1 and Paper 7?
Yes. They're separate papers. Most representatives take three: Paper 1, Paper 7 and one activity paper (8, 9, 10, 11, 12 or 19). Responsible Officers add a regulation paper.
How do I prepare for Paper 1 and Paper 7?
Start with the free practice test for each, then study by topic. Premium is per exam (HK$1,147 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
More comparisons
Exam details are summarized from the HKSI Institute's published information as of October 2026. Confirm with HKSI Institute before you book. HKSIMock is not affiliated with the HKSI Institute or the SFC.