Papers by licence type (representatives)
| Regulated activity | Usual papers |
|---|---|
| Type 1 dealing in securities | Papers 1, 7 and 8 |
| Type 4 advising on securities | Papers 1, 7 and 8 |
| Type 8 securities margin financing | Papers 1, 7 and 8 |
| Type 2 dealing in futures contracts | Papers 1, 7 and 9 |
| Type 5 advising on futures contracts | Papers 1, 7 and 9 |
| Type 6 advising on corporate finance | Papers 1, 7 and 11 |
| Type 9 asset management | Papers 1, 7 and 12 |
| Type 10 providing credit rating services | Papers 1, 7 and 10 |
| Type 13 depositary services for SFC-authorised funds | Papers 1, 7 and 19 |
Responsible officers
Responsible Officers need an extra regulation paper on top of the representative papers: Paper 2 for Types 1, 4 and 8; Paper 3 for Types 2 and 5; Paper 5 for Type 6; Paper 6 for Type 9; Paper 4 for Type 10; Paper 18 for Type 13. Check the SFC's Guidelines on Competence for your exact case.
Format at a glance
| Paper | Questions / time | Fee (Hong Kong) |
|---|---|---|
| Paper 1 | 60 in 90 minutes | HK$1,800 |
| Paper 7 | 60 in 90 minutes | HK$1,620 |
| Papers 8, 9, 10, 12 | 40 in 60 minutes | HK$1,620 |
| Paper 11 | 40 in 90 minutes | HK$1,620 |
| Papers 2 to 6, 15 to 19 | 40 in 60 minutes | HK$2,000 |
See where you stand in 10 minutes
Take the free Paper 1 practice test. 15 questions, every answer explained.
Sponsor and takeovers work
Type 6 firms doing IPO sponsor work need Paper 15 for the Principals who supervise the work and Paper 16 for the representatives doing it. Anyone advising on matters under the Codes on Takeovers and Mergers and Share Buy-backs needs Paper 17, unless exempted.
Exemptions
Some candidates are exempt from Paper 7 or the activity paper because of recognized industry qualifications or relevant experience. The SFC's Guidelines on Competence set the rules; ask your compliance team before you book.
Frequently asked questions
What's the pass mark for HKSI papers?
70% for each paper.
Can I take the HKSI exam in Chinese?
Yes. You can choose English or Traditional Chinese when you book.
Which paper should I take first?
Most people start with Paper 1, because the regulation it covers comes up in every other paper.
Do bank staff need HKSI papers?
Yes, relevant individuals at registered institutions meet the same competence requirements, usually through the same papers.
Official sources
Practice tests for these certifications
HKSI LE Paper 1: Fundamentals of Securities and Futures Regulation
The regulation paper almost every SFC licensed representative must pass.
HKSI LE Paper 7: Financial Markets
The markets paper taken with Paper 1 by most representatives.
HKSI LE Paper 8: Securities
The paper for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 representatives.
HKSI LE Paper 9: Derivatives
The paper for Type 2 (dealing in futures contracts) and Type 5 (advising on futures contracts) representatives.
HKSI LE Paper 12: Asset Management
The paper for Type 9 (asset management) representatives.
HKSI LE Paper 11: Corporate Finance
The paper for Type 6 (advising on corporate finance) representatives and Responsible Officers, taken together with Papers 1 and 7. It covers the corporate finance industry, accounting and financial statement analysis, corporate finance principles, equity and debt financing, business valuation, and mergers and acquisitions.
HKSI LE Paper 2: Regulation of Securities
The paper for Responsible Officers of Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 (securities margin financing) licensed corporations, taken with Papers 1, 7 and 8. It covers the SFO regulatory framework, the subsidiary legislation, the Code of Conduct and supervision, dealing on the Stock Exchange of Hong Kong, other securities activities, options and OTC derivatives, and market misconduct.
HKSI LE Paper 15: Sponsors (Principals)
LE Paper 15 is the Principals' paper for licensed individuals who supervise sponsor work (IPO sponsorship) under regulated activity Type 6. It covers the same syllabus as Paper 16 but leans towards the Principal's perspective: overseeing the transaction team, sponsor responsibilities and judgment calls across the sponsor regime, the Listing Rules, the IPO process and due diligence.
HKSI LE Paper 16: Sponsors (Representatives)
The paper for representatives and relevant individuals who carry out sponsor work, that is Type 6 advising on corporate finance, on Hong Kong IPOs.
HKSI LE Paper 17: Regulation of Takeovers and Share Buy-backs
This paper is for Type 6 licensed persons who engage in or advise on matters under the SFC's Codes on Takeovers and Mergers and Share Buy-backs.
This guide is general information, checked October 2026, not legal advice. HKSI Institute rules change; confirm with HKSI Institute before you apply.
