Paper 15: Asset Management

What this paper covers

Paper 15 — Asset Management — is a Practice Paper in the HKSI Licensing Examination, focused on the market knowledge, product structures and operational practice of the relevant business.

Key topics

• Asset allocation, portfolio construction and rebalancing
• Risk measures (standard deviation, beta, Sharpe ratio, etc.)
• Comparison of active and passive management strategies
• Client investment objective analysis and suitability matching
• Performance attribution and reporting by fund managers

The list above is an indicative summary. The authoritative chapter structure and weighting follow the latest HKSI Institute study material.

Who needs to take this paper?

Often taken together with Paper 14 by those engaged in RA 9 (Asset Management).

For the complete RA-to-paper mapping, professional qualification exemptions and detailed requirements per Regulated Activity, refer to the HKSI Institute official LE page.

Study approach

Practice papers focus on market mechanics, product structures and scenario judgement. Master the operational flow of each product or market first, then use practice questions to simulate real-world cases — pay special attention to calculation and risk-assessment items. Paper 15 works best when prepared together with its companion regulation paper.

Anchor your preparation on the official HKSI Institute study material and reinforce with repeated practice questions to internalise the answer logic for each question type.