The four qualification tests compared
Specialist · Senior · Futures · SITE
At a glance
The securities and futures qualification tests are administered by the Securities and Futures Institute (SFI) under the supervision of the Securities and Futures Bureau. All four are four-option multiple choice with no essay component. This page sets out each one's subjects, scale, pass mark and who it is for.
1. Securities SpecialistSPECIALIST
Format: 2 subjects, 100 questions · 50 in each
Subjects: Securities law and practice · Securities investment and financial analysis
The industry's entry licence and most people's first.
2. Senior Securities SpecialistSENIOR
Format: 3 subjects, 150 questions · 50 in each
Subjects: Securities law and practice · Investments · Financial analysis
Splits the Specialist investment paper in two and goes deeper; the most calculation-heavy of the four.
3. Futures SpecialistFUTURES
Format: 2 subjects, 100 questions · below 60 in any subject fails
Subjects: Futures trading law · Futures trading theory and practice
The highest bar, and the only test whose subjects overlap nothing else.
4. SITE SpecialistSITE
Format: 3 subjects, 150 questions · 50 in each
Subjects: SITE regulations · Securities investment and financial analysis · Securities law and practice
Two of its three subjects are the Specialist test's, so it is the cheapest to add after it.
Overlapping subjects are where the time is saved
- Securities law and practice — shared by Specialist, Senior and SITE
- Securities investment and financial analysis — shared by Specialist and SITE
- Investments and financial analysis (Senior) — the same ground, split and deepened
- The two futures subjects — unique to the Futures test
Study by subject and the work carries across tests instead of repeating.
A sensible order
- Specialist — fewest subjects, lowest bar, and it gets you licensed
- SITE — two subjects already covered
- Senior — easiest while the Specialist material is fresh
- Futures — no overlap and the highest bar, so give it its own block
Read next
Four tests, one app
1,500 original bilingual questions and mock tests, written by subject and shared across tests.
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