HKSI Examination Format, Papers and Preparation Guide

Choose the papers for your role

The Licensing Examination for Securities and Futures Intermediaries (LE) is one part of the competence requirements for relevant roles in Hong Kong. Passing an examination does not by itself grant an SFC licence. Your role, regulated activity, qualifications, experience and any applicable exemptions all matter.

Start by confirming the work you will carry out and whether you are applying as a representative, responsible officer, sponsor principal or another relevant role. Ask your employer’s compliance team to check the SFC Guidelines on Competence against your circumstances before enrolling. Do not choose papers solely because a colleague took them.

The current LE list contains Papers 1–12 and 15–19. Regulatory papers are Papers 1–6 and 18; application papers are Papers 7–12 and 19. Papers 15, 16 and 17 address additional competence requirements for particular corporate finance work. Papers 13 and 14 are not currently offered.

Understand the examination format

The LE uses multiple-choice questions and is available in English and Traditional Chinese. Each paper has a pass mark of 70%. A paper’s published pass rate describes the proportion of candidates who passed in a reporting period; it is not the score you need.

Papers 1 and 7 contain 60 questions with 90 minutes allowed. Paper 11 contains 40 questions with 90 minutes allowed. Each other currently offered paper contains 40 questions with 60 minutes allowed. Check your booking confirmation and the official handbook for the instructions that apply to your examination.

Use the official computer-based examination demonstration before exam day so the question navigation and answer selection are familiar. If you need examination arrangements, check the official procedure and deadlines before booking rather than assuming a request can be handled on the day.

Use the study guide that applies to your sitting

Download the official syllabus for your paper, then check the study-guide version and effective date on HKSI’s update page. A new guide may be published before it becomes applicable to examinations. Keep the version beside your notes so you do not accidentally combine requirements from different editions.

Use the official guide to learn the full examinable material. Our study guides, examples, quizzes and flashcards are independent revision aids. They help you practise applying concepts, but they do not replace the official guide and are not copies of the examination questions.

Read each topic’s learning outcomes as a set of tasks: explain a distinction, recognise a duty, apply a rule to a scenario, or carry out a calculation. This makes a more useful checklist than simply counting the pages you have read.

Build a practical revision routine

Begin with one topic and write a short explanation in your own words. Close the notes and try a few relevant questions. When an answer is wrong, identify the cause: a missing rule, a confused definition, a calculation error or a misread fact in the question.

Keep an error log containing the concept, the reason for the mistake and a short corrective example. Return to that concept later with a fresh question. Remembering the answer option to a repeated question does not show that you can apply the idea in a new situation.

Use timed practice after you have covered the material. Match the time and number of questions to your paper, then leave time to review the explanations afterwards. Where a practice set has a different length, treat it as a revision exercise rather than an exact rehearsal of the official exam.

Plan around your working week. A shorter session with a clear task is easier to complete than a vague promise to study all evening. Revisit earlier topics at intervals and adjust the plan when your answers show a particular weakness. There is no guaranteed number of study hours that suits every candidate.

Prepare for the examination day

Read the latest examination handbook and your confirmation before leaving home. Check the venue, reporting time, accepted identification and rules for belongings and permitted equipment. Use the official instructions for these details, as requirements can change.

During the examination, read the whole question and identify what it asks before choosing an answer. Pay attention to words such as “most appropriate”, “except” and “not”. For calculations, write down the units and distinguish a price movement, a percentage change and a cash amount.

After the examination, use the official result and your own learning record to decide the next step. If you need to prepare again, change the part of the routine that was not working and focus on understanding and application. A mock result or a published pass rate cannot guarantee your own result.

All 17 paper formats