HKSI Licensing Examination (SFC LE) FAQ

Q1: Who runs the HKSI Licensing Examination (SFC LE)? Do I need to take it?

The HKSI Licensing Examination (LE, commonly called the "SFC exam") is set by the Securities and Futures Commission (SFC) and administered by the Hong Kong Securities and Investment Institute (HKSI Institute). Anyone seeking to be licensed or registered for SFC Regulated Activities (RA 1–10) must pass the combination of papers required for their RA as a statutory competence requirement.

Q2: Which papers do I need? How do RAs map to papers?

Different RAs require different combinations. For example, RA 1 (dealing in securities) typically requires Paper 1 (Fundamentals of Regulation) + Paper 7 (Financial Markets) + Paper 8 (Securities). RA 4 (advising on securities) / RA 9 (asset management) require their relevant regulation and practice papers. The full RA-to-paper table is published by SFC and HKSI Institute — always check the latest official source.

Q3: How many questions, how much time, and what is the pass mark?

Question count, time limit and pass mark vary by paper. Most regulation and practice papers are multiple-choice (MCQ) with a pass mark of around 70%. Exact figures follow the HKSI Institute's latest examination handbook.

Q4: What is Paper 1 and why does everyone take it?

Paper 1 — Fundamentals of Securities and Futures Regulation — is the common core regulation paper for every SFC RA. It covers the basic architecture of the Securities and Futures Ordinance (SFO), the SFC's regulatory role, licensing requirements, the Code of Conduct, and anti-money-laundering framework. Anyone applying for any RA licence must first pass Paper 1.

Q5: Can CFA / CPA / lawyer credentials grant exemptions?

Yes, some professional credentials (e.g. all three CFA levels, Hong Kong CPA, practicing lawyers, certain overseas securities qualifications) can exempt specific papers. Exemption rules are complex and updated periodically — refer to SFC and HKSI Institute's latest "Recognised Industry Qualifications" list and confirm exemption arrangements before registering.

Q6: Where do I register? How much does the exam cost?

The LE is administered by HKSI Institute. Registration channels, exam venues, fees and dates follow HKSI Institute's official announcements — check the HKSI website for the latest schedule and pricing before applying.

Q7: What language is the LE in? Can I retake if I fail?

Every LE paper is generally offered in both Chinese and English; candidates may sit in either language. Each paper is passed independently — failing one does not affect others. There is no cap on retakes, and retake arrangements follow HKSI Institute rules.

Q8: Where can I find LE practice questions and official study material?

HKSI Institute publishes Study Manuals for each paper, available for purchase on the HKSI website. The SFC website provides the official text of the Code of Conduct, SFO and related rules. PrepLicense (港試通) provides bilingual practice questions and mock exams across all 17 papers, written against the official syllabus and related regulations with English and Chinese explanations — designed to be used alongside HKSI's official materials.

Free study resources

• HKSI Licensing Examination overview
• HKSI Institute — registration / dates / Study Manuals
• Securities and Futures Commission (SFC)
• SFC Code of Conduct (English official text)