HKSI Paper 7 vs Paper 8: What Each Covers

Papers 7 and 8 are the practical papers that together form the recognised industry qualification for Types 1, 4 and 8. Paper 7 is the shared foundation on how financial markets work; Paper 8 is the securities-specific paper. If you need them at all, you usually need both, and Paper 7 pairs with a different second paper for other activities.

Side by side

What Paper 7 covers

Paper 7 is economics and markets in general, then Hong Kong in particular. Its seven syllabus topics:

• The global financial system: supply and demand, money and banking, central banks, crises.
• The financial system in Hong Kong: regulators, the Linked Exchange Rate System, monetary policy.
• The equity market: how companies raise equity, pricing, indices.
• The debt market: bond types, time value of money, yields and the yield curve.
• Foreign exchange and derivatives markets: quotations, forwards, derivative classes.
• Financial risk management: credit, market, liquidity and operational risk.
• Applications in the financial sector: corporate finance, asset management, advice.

Expect calculation questions on interest rates, bond pricing and FX.

What Paper 8 covers

Paper 8 goes deep on securities and the Stock Exchange of Hong Kong. Its six syllabus topics:

• Overview of securities investments: markets, indices and price drivers.
• The Stock Exchange of Hong Kong: primary and secondary markets, listing and corporate actions.
• Participants in the markets: brokers, analysts, investors, custodians, registrars.
• Types of securities: shares, warrants, funds, ETFs, REITs, bonds, derivatives.
• Stock market administration: trading, clearing and settlement, costs, controls.
• Securities analysis: fundamental and technical analysis, ratios, valuation.

Expect ratio and valuation calculations, and detail on SEHK trading and settlement.

Who needs which

The SFC’s Guidelines on Competence (October 2024) list the recognised industry qualification per activity (paras 4.2.2.1 and 4.3.2.1):

Paper 8 matters only for the securities activities. Paper 7 appears in every row, so it carries over if you later add another activity. Many representatives need neither: a degree in a designated field or a qualification such as CFA, CIIA or CFP meets the requirement for a representative (para 4.3.1.2). Check whether you need them first.

New study guides from 9 December 2026

HKSI published version 3.7 of the Paper 7 and Paper 8 study guides in October 2026 and says examination questions will be based on them from 9 December 2026. Exams up to 8 December 2026 use the earlier version. If your session falls on or after 9 December, study from version 3.7, which enrolled candidates can download free. Check the announcement on hksi.org, and see HKSI study manual versions for every paper’s current version.

Our Paper 7 and Paper 8 banks are being rebuilt for that change. Status: Updated for the 9 Dec 2026 syllabus: coming soon. Paper 1 is live now.

How to order your papers

• If you need all three, most candidates sit Paper 1 first: your firm needs it for every route.
• Then Paper 7, then Paper 8, ideally within a few weeks of each other while the overlap is fresh.
• Each enrolment gives you 90 days to sit, so stagger enrolments rather than buying all three at once.

Start with the Paper 1 exam guide, compare exam fees, and try the free Paper 1 mock.

HKSI Prep is an independent study tool, not affiliated with or endorsed by HKSI Institute or the SFC. Formats and study guides change; confirm on hksi.org.