Paper 15 vs Paper 16: which papers do you need?
Both papers share one syllabus on IPO sponsor work. Paper 15 is for Principals who supervise the Transaction Team; Paper 16 is for representatives and relevant individuals doing the sponsor work.
Paper 15 vs Paper 16 at a glance
| Paper 15 | Paper 16 | |
|---|---|---|
| Full name | HKSI LE Paper 15: Sponsors (Principals) | HKSI LE Paper 16: Sponsors (Representatives) |
| Questions | 40 multiple-choice questions | 40 multiple-choice questions |
| Time | 60 minutes | 60 minutes |
| Passing score | 70% | 70% |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | HK$2,000 in Hong Kong (HK$2,450 at overseas Prometric centres) | HK$2,000 in Hong Kong (HK$2,450 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 | Sponsor and takeovers papers | Sponsor and takeovers papers |
What each exam covers
Paper 15
- General Framework
- Listing Rules and the IPO Process
- Preparing an IPO Assignment
- Preparing a Listing Application
- Due Diligence
- After Prospectus Issuance
Paper 16
- General Framework
- Listing Rules and the IPO Process
- Preparing an IPO Assignment
- Preparing a Listing Application
- Due Diligence
- After Prospectus Issuance
Which should you take?
Both papers share one syllabus on IPO sponsor work. Paper 15 is for Principals who supervise the Transaction Team; Paper 16 is for representatives and relevant individuals doing the sponsor work.
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 15 and Paper 16?
Both papers share one syllabus on IPO sponsor work. Paper 15 is for Principals who supervise the Transaction Team; Paper 16 is for representatives and relevant individuals doing the sponsor work.
Which is harder, Paper 15 or Paper 16?
Paper 15: 40 multiple-choice questions in 60 minutes. Paper 16: 40 multiple-choice questions in 60 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 15 and Paper 16?
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 15 and Paper 16?
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.