HKSI Paper 1 Exam Guide: Format and Syllabus

Paper 1, Fundamentals of Securities and Futures Regulation, is the local regulatory framework paper the SFC expects of almost every new licensed representative in Hong Kong. If you are joining a broker, a bank’s securities desk, an asset manager or a corporate finance house, this is very likely your first exam. In 2023, Paper 1 made up 55.6% of all Licensing Examination enrolments (HKSI Institute Annual Report 2023).

It is also the paper candidates underestimate. Only 50.9% passed on average from September 2025 to August 2026 (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org)). The questions reward exact figures and the ability to apply a rule to a short scenario, not general common sense.

The format at a glance

That works out at about 90 seconds a question. Some questions give one correct statement among four; others list statements I to IV and ask which combination is right. HKSI’s own preparation guidance describes both styles. Because there is no penalty for a wrong answer, never leave a question blank.

The nine syllabus topics

The current syllabus is LE Paper 1 syllabus version 35, effective from 30 June 2026, published on hksi.org. HKSI does not publish a mark weighting per topic, so treat all nine as examinable.

HKSI’s Paper 1 study guide is the reference for the exam. As at 11 October 2026, the current Paper 1 study guide was version 3.5, published April 2026, and HKSI gives it free to enrolled candidates. Check hksi.org for any later update before you sit, and see HKSI study manual versions for how updates apply.

Who needs Paper 1

Under the SFC’s Guidelines on Competence (October 2024), paragraph 4.3.3, Paper 1 is the local regulatory framework paper for a licensed representative in every regulated activity except Type 3 (leveraged foreign exchange) and Type 7 (automated trading services). Responsible officers sit Paper 1 plus a second regulatory paper matched to the activity, such as Paper 2 for Types 1, 4 and 8.

• New representatives for Types 1, 2, 4, 5, 6, 8, 9, 10 and 13: Paper 1.
• Responsible officers: Paper 1 and the paper for the activity (Papers 2 to 6 or 18).
• Staff of banks on the HKMA register: the same competence requirements as licensed representatives (Guidelines on Competence, para 2.2).

Whether you also need Papers 7 and 8 depends on your degree, qualifications and experience. See Do I need Paper 7 and 8? and Which HKSI papers do I need?

How to prepare

HKSI estimates 55 to 85 self-study hours for a regulatory paper (Guidelines for Examination Preparation, hksi.org, checked 11 October 2026). Most working candidates spread that over four to eight weeks.

• Read one topic, then answer questions on it the same day. Our topic banks follow the nine syllabus topics.
• Keep a figures sheet: every number with the rule it belongs to. The cheat sheet is a starting point.
• Sit a full timed mock once you have covered every topic. Start with the free mock, then the mock exams.
• Book your session once your mock scores sit above 80%; you must sit within 90 days of enrolling (see how to register).

Go further with how to pass Paper 1, study schedules and the 10 traps that cost marks, or build a dated plan with the study planner.

HKSI Prep is an independent study tool, not affiliated with or endorsed by HKSI Institute or the SFC. Formats and rules change: confirm the current details on hksi.org before you enrol.