MPF Intermediaries Exam Guide 2026

What is the MPF Intermediaries Examination?

The MPF Intermediaries Examination is regulated by the Mandatory Provident Fund Schemes Authority (MPFA) and administered by the PEAK Examination Centre under the Vocational Training Council (VTC). It is the statutory qualification required to sell MPF schemes, give MPF advice or provide MPF services in Hong Kong. Questions are aligned with MPFA's official Study Notes for MPF Intermediaries Examination, organised into seven chapters.

Who needs to take it?

MPF intermediaries: anyone employed to sell MPF schemes or to advise the public on MPF matters must pass the MPF Intermediaries Examination and register with the MPFA. Typical candidates include insurance agents, bank relationship managers and MPF consultants.

Because MPF intermediary work overlaps heavily with long-term insurance, many candidates prepare IIQE Paper I + III alongside MPF to build a full life + MPF licence stack.

The seven official chapters

The MPFA Study Notes is structured into seven chapters. The question count per chapter reflects its relative weight in the exam:

• Chapter 1 — Introduction to the MPF System (5 questions): origins, objectives and basic architecture
• Chapter 2 — Regulatory Framework (25): MPFA's role, governing legislation and penalties
• Chapter 3 — Key Features of the MPF System (182): mandatory contributions, accrued benefits, withdrawal conditions
• Chapter 4 — MPF Trustees (20): trustee duties, functions and regulation
• Chapter 5 — MPF Schemes and Investment (75): fund types, risk and return, the Default Investment Strategy
• Chapter 6 — Interface Arrangements between ORSO and MPF (16): preserving ORSO, transfer arrangements
• Chapter 7 — MPF Intermediaries (87): intermediary registration, conduct requirements, continuing training

The distribution makes it clear that Chapters 3, 7 and 5 are the three high-weight chapters and together account for most of the exam.

Exam format

The MPF Intermediaries Examination is a closed-book multiple-choice (MCQ) paper, administered by the VTC PEAK Examination Centre on a computer-based testing (CBT) platform. Exact question count, time limit and pass mark follow the latest published rules from the MPFA and PEAK — confirm them on the official site before sitting.

Questions are aligned with MPFA's official Study Notes, so working through the Study Notes plus a substantial pool of practice questions is the most efficient combination.

Study strategy

• Read the official Study Notes end-to-end first to build the seven-chapter framework, then drill into the high-weight chapters (3, 7, 5)
• Chapter 3 (Key Features) is non-negotiable: mandatory contributions, accrued benefits vesting, and the legal withdrawal conditions (retirement, early retirement, permanent departure, terminal illness, etc.) are heavy on detail
• Chapter 7 (Intermediaries) covers principal vs subsidiary intermediary registration, conduct requirements and CPD obligations — pure rule-memory territory
• Chapter 5 (Schemes & Investment) requires understanding of fund types (equity, bond, guaranteed, Default Investment Strategy) and risk/return concepts
• Chapters 2 and 6 are small but high ROI — concise and well-structured; do not skip them just because question counts are low
• Run timed mock exams to get used to the CBT pace

From Registration to Licence: Step-by-Step

1. Register for the exam: sign up at the VTC PEAK Examination Centre, pick a date and venue, pay the fee.
2. Sit the exam: take the computer-based MCQ paper; provisional result on the spot.
3. Apply for MPFA registration: after passing, apply through your principal intermediary (insurer, bank or MPF consultancy) to register with the MPFA as an MPF intermediary before practising.
4. Continuing professional development (CPD): after registration, complete the MPFA-mandated CPD hours each year to maintain your licence.

Common Mistakes That Cost Marks

• Treating Chapter 3 as sufficient: Key Features has the most questions, but Chapter 7 (Intermediaries) is also a top weight — neglecting it drags down the score
• Confusing mandatory contribution figures: employer/employee 5% contributions, the minimum and maximum relevant income levels — specific numbers come up regularly and must be remembered accurately
• Mixing up accrued benefits vesting and withdrawal conditions: the legal withdrawal grounds (reaching 65, early retirement, permanent departure, total incapacity, terminal illness, small balance, death) are detail-rich and need point-by-point recall
• Underrating the ORSO interface chapter: Chapter 6 is small but the ORSO/MPF transfer and preservation rules are detail-heavy and easy to lose marks on
• Skipping the official Study Notes and going straight to practice: questions are aligned with the source text, so candidates who skip it often "know the answer but not the concept" and stumble when wording shifts

A Study Timetable (sample)

For a working professional preparing part-time, about 4 weeks is realistic:

• Week 1: Read the full MPFA Study Notes end-to-end to map the seven chapters; clear practice questions for Chapters 1, 2 and 6 (low question count)
• Week 2: Focus on Chapter 3 Key Features (182 questions) — contributions, accrued benefits, withdrawal conditions in depth
• Week 3: Chapter 5 Schemes & Investment (75) + Chapter 4 Trustees (20) + Chapter 7 Intermediaries (87)
• Week 4: Timed mock exams + redo wrong questions + final pass on regulatory and conduct rules

Free study resources

• MPF Intermediaries overview
• MPFA official website (authoritative reference for the Study Notes)
• VTC PEAK Examination Centre (exam registration)
• 7 chapters breakdown
• MPF FAQ