HKSI Licensing Exams Explained: How SFC-Regulated Roles in Hong Kong Get Licensed

Anyone wanting to work in a licensed role at a securities or futures firm in Hong Kong needs to clear the Licensing Examination for Securities and Futures Intermediaries, universally known as the HKSI exam after the HKSI Institute that administers it on behalf of the Securities and Futures Commission (SFC). Unlike a single all-purpose licensing test, it is a system of individual papers that get combined differently depending on the regulated activity involved.

Nineteen papers, three categories

The HKSI framework currently comprises 19 LE papers, organised into three broad categories: Regulatory Papers (Papers 1 to 6 and 18), covering Hong Kong's local regulatory framework; Practical Papers (Papers 7 to 12 and 19), covering industry-specific competencies; and Additional Competence Papers (Papers 15 to 17), required specifically for corporate finance and takeover-related roles. Papers 13 and 14 are reserved for future Type 12 regulated-activity licensing requirements that have not yet come into force.

Exam format

Every HKSI paper is delivered as computer-based multiple-choice testing, with individual papers containing either 40 or 60 questions and running for 60 to 90 minutes depending on the paper. A uniform pass mark of 70% applies across every paper, and candidates can sit exams at centres in Hong Kong or at a number of global exam centres, with fees varying depending on location.

Which papers you need depends on your role

The SFC licenses individuals under specific "Regulated Activity" (RA) types, and the paper combination required changes both by RA type and by whether someone is being licensed as a representative or as a Responsible Officer (a more senior, supervisory role):

• Types 1, 4 and 8 (securities dealing and advising): representatives need Papers 1, 7 and 8; Responsible Officers need Papers 1, 2, 7 and 8
• Types 2 and 5 (futures dealing and advising): representatives need Papers 1, 7 and 9; Responsible Officers need Papers 1, 3, 7 and 9
• Type 6 (corporate finance): representatives need Papers 1, 7 and 11; Responsible Officers need Papers 1, 5, 7 and 11, and sponsor principals and representatives working on takeover activity additionally need Papers 15 to 17
• Types 9, 10 and 13 (asset management, credit rating and depositary services): required combinations vary and draw from both the regulatory and practical paper sets

Responsible Officers consistently need an extra regulatory paper on top of what representatives need for the same activity type, reflecting the additional supervisory accountability that comes with the role.

Exemptions exist, but check them directly

The SFC and HKSI Institute both publish exemption criteria for candidates with relevant existing qualifications or overseas licences, so not every candidate starts from zero. Given how specific paper combinations are to each regulated activity, candidates should confirm their exact required papers directly with the HKSI Institute or their sponsoring firm's compliance team before booking exams, rather than assuming a combination based on a similar-sounding role.

How this compares internationally

Hong Kong's system of assembling role-specific paper combinations from a shared bank of papers has more in common with Singapore's CMFAS framework than with the US approach, where FINRA's SIE functions as one common entry-level exam that every candidate takes before moving to role-specific Series exams like the Series 7.

Preparing for the exams

Given the volume of Hong Kong-specific regulatory content covered in the Regulatory Papers particularly, most candidates prepare using structured courses or the HKSI Institute's own study materials rather than attempting the exams from general industry knowledge alone. Because pass marks are uniform at 70% but each paper covers materially different content, candidates typically prepare for each required paper separately rather than treating the full combination as one undifferentiated block of study.

Fees and logistics

Exam fees range from HKD 1,620 to 2,450 depending on the paper and exam centre location, and candidates should factor in that Responsible Officer combinations require an additional regulatory paper on top of what a representative in the same regulated activity would need, adding both cost and preparation time for anyone stepping into a supervisory licensed role.

Firms sponsoring new licensees typically build exam timelines into onboarding plans, since a representative cannot be licensed with the SFC to start regulated work until their required papers are confirmed passed.

Frequently asked questions

Do all licensed roles in Hong Kong need the same papers? No. The required combination depends on the specific SFC Regulated Activity type and whether the role is a representative or a Responsible Officer.

What is the pass mark? A uniform 70% applies to every HKSI paper, regardless of which paper or regulated activity it relates to.

Can I sit HKSI exams outside Hong Kong? Yes, HKSI offers a number of global exam centres in addition to Hong Kong-based sittings, though fees vary by location.

The SFC's own competence requirements page and the HKSI Institute's current syllabus documents are the definitive references for candidates confirming exactly which papers their intended role requires.