Paper 5 vs Paper 11: which papers do you need?
Paper 11 is the practical corporate finance paper (accounting, valuation, financing, M&A) for all Type 6 staff. Paper 5 is the extra regulation paper for Type 6 Responsible Officers (listing, takeovers, corporate finance rules).
Paper 5 vs Paper 11 at a glance
| Paper 5 | Paper 11 | |
|---|---|---|
| Full name | HKSI LE Paper 5: Regulation of Corporate Finance | HKSI LE Paper 11: Corporate Finance |
| Questions | 40 multiple-choice questions | 40 multiple-choice questions |
| Time | 60 minutes | 90 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$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 | Responsible Officer papers | Activity papers |
What each exam covers
Paper 5
- Regulatory Structure and Code of Conduct
- Listing on the SEHK
- Takeovers, Mergers and Share Buy-backs
- Convertibles, Rights Issues and Share Schemes
Paper 11
- Corporate Finance Industry Overview
- Accounting and Financial Statement Analysis
- Principles of Corporate Finance
- Equity Financing
- Debt Financing
- Business Valuation
- Mergers and Acquisitions
Which should you take?
Paper 11 is the practical corporate finance paper (accounting, valuation, financing, M&A) for all Type 6 staff. Paper 5 is the extra regulation paper for Type 6 Responsible Officers (listing, takeovers, corporate finance rules).
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 5 and Paper 11?
Paper 11 is the practical corporate finance paper (accounting, valuation, financing, M&A) for all Type 6 staff. Paper 5 is the extra regulation paper for Type 6 Responsible Officers (listing, takeovers, corporate finance rules).
Which is harder, Paper 5 or Paper 11?
Paper 5: 40 multiple-choice questions in 60 minutes. Paper 11: 40 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 5 and Paper 11?
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 5 and Paper 11?
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.
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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.