SFC HKSI LE Complete Guide 2026

What is the HKSI Licensing Examination?

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 intending to engage in an SFC Regulated Activity (RA 1–10) — as a licensed corporation's representative or registered institution staff — must pass the paper combination required for their RA as part of the statutory competence requirement.

How the 17 papers are organised

Common compulsory: Paper 1 — Fundamentals of Securities and Futures Regulation — is required of every applicant across all RAs.

Regulation Papers: Papers 2, 3, 4, 5, 6, 9, 14, 16 — focused on statutory provisions and compliance duties for each business line.

Practice Papers: Papers 7, 8, 10, 11, 12, 13, 15, 17 — focused on market knowledge, product structures and operational practice.

See the full 17 papers overview.

RA-to-paper combinations (common examples)

• RA 1 Dealing in Securities: Paper 1 + 7 + 8
• RA 2 Dealing in Futures Contracts: Paper 1 + 5 + 12
• RA 4 Advising on Securities: Paper 1 + 7 + 8 (similar to RA 1)
• RA 6 Advising on Corporate Finance: Paper 1 + 6 + 11
• RA 8 Securities Margin Financing: Paper 1 + 3 + 13
• RA 9 Asset Management: Paper 1 + 14 + 15
• RA 13 Depositary Services for Public Funds: Paper 1 + 16 + 17

These are typical examples. The authoritative RA mapping, mutual recognition and exemption rules are published by the HKSI Institute. CFA, CPA and other professional qualifications may obtain exemption from specific papers subject to application and approval.

Exam format

• All papers are computer-based multiple-choice (CBT MCQ)
• Each paper can be taken and passed independently — no need to sit them together
• Per-paper question count, time limit and pass mark follow the latest HKSI Institute exam handbook
• Both English and Chinese language versions are offered

Registration steps

1. Confirm your RA combination: identify the SFC Regulated Activity you intend to engage in, then lock in the required papers.
2. Open an exam account: register with the HKSI Institute online.
3. Enrol: select exam date, location and pay fees per paper. Seats are limited — book early.
4. Sit the exam: attend the designated CBT centre; preliminary results are available on the spot for some papers.
5. Apply for the licence: after passing the required papers, apply through your sponsoring licensed corporation to the SFC to be approved as a Licensed Representative.

Study strategy

• Tackle Paper 1 first — it is the common regulatory core for every RA and the foundation for the other papers
• Lock in your RA combination and only enrol in the papers you actually need — saves time and fees
• Regulation papers reward precise statutory wording; practice papers reward operational fluency and scenario judgement
• Heavy use of practice questions to internalise SFC drafting style and MCQ logic
• Timed mock exams to build pace, especially for calculation and multi-statement questions

Free study resources

• SFC HKSI LE overview
• 17 papers overview (bilingual)
• SFC LE FAQ
• HKSI Institute official LE page (authoritative reference)