HKSI Papers 1, 7 and 8: Order, Cost and Timing
Updated · 5 min read
“Papers 1, 7 and 8” is the classic route to a Type 1 (dealing in securities) or Type 4 (advising on securities) licence. Paper 1 is the regulatory paper; Papers 7 and 8 are the industry papers. Before you pay for three exams, check you need all three, then sit them in an order that protects your licence date.
Do you need all three?
Paper 1 is needed on every route. Papers 7 and 8 are the SFC's recognised industry qualification (RIQ) for Types 1, 4 and 8, and the SFC Guidelines on Competence (October 2024, para 4.3.1.2) let many representatives skip them:
- Paper 1 only: a degree in accounting, business administration, economics, finance or law; any degree with passes in at least two courses in those fields; or a qualification such as CFA, CIIA or CFP.
- Paper 1 plus a choice:another degree. With two years' relevant experience in the past five, Paper 1 alone; without it, Papers 7 and 8 or five hours of Extra CPT per activity.
- All three:school-leaver qualifications (HKDSE route) without two years' relevant experience.
Responsible officers for Types 1, 4 and 8 also need Paper 2, and on most routes Papers 7 and 8. The full rules and worked examples are in the Paper 7 and 8 exemption guide, or use the free papers checker.
Trap
The three papers side by side
| Paper | Format | Fee (Hong Kong centre) | Average pass rate |
|---|---|---|---|
| Paper 1, Fundamentals of Securities and Futures Regulation | 60 questions, 1 hour 30 min | HKD1,800 | 50.9% |
| Paper 7, Financial Markets | 60 questions, 1 hour 30 min | HKD1,620 | 67.23% |
| Paper 8, Securities | 40 questions, 1 hour | HKD1,620 | 66.01% |
Total: HKD5,040 for one attempt at each paper in Hong Kong, or HKD6,390at HKSI's global examination centres. Each failed attempt costs the full fee again. See HKSI exam fees for the rest of the fee schedule.
Which order to sit them in
HKSI enrols each paper separately, so you choose the order. We suggest Paper 1 first, then Paper 7, then Paper 8:
- Paper 1 first because every route needs it, it has the lowest pass rate of the three, and a resit is the likeliest delay to your licence. Passing it early leaves room for a second attempt.
- Paper 7 before Paper 8 because Paper 7 covers how markets and instruments work in general, and Paper 8 applies that to securities trading, settlement and analysis in Hong Kong.
- Back to back, not spread out. All passes must fall within three years before your licence application (Guidelines on Competence, para 4.1.5), and momentum matters more than rest.
If your firm needs you licensed fast and you hold a route that needs only Paper 1, sit Paper 1 alone and apply. You can add Papers 7 and 8 later if your role changes.
The 9 December 2026 change
HKSI's Paper 7 and Paper 8 study guides move from version 3.6 to version 3.7 for exams from 9 December 2026. Paper 1 stays on version 3.5. Your exam date decides which guide you study, so a plan that puts Papers 7 and 8 either side of 9 December needs both versions. Details: HKSI study manual versions.
A realistic timeline
HKSI's Guidelines for Examination Preparation estimate about 55 to 85 self-study hours for a regulatory paper such as Paper 1 and about 40 to 70 for a practical paper such as Paper 7 or 8 (see how long to study). That is roughly 135 to 225 hours for all three.
Worked example: a new joiner studying 12 to 14 hours a week
Weeks 1 to 6: Paper 1. Sit it in week 6 after two timed mocks at 80% or more.
Weeks 7 to 10: Paper 7. Sit it in week 10.
Weeks 11 to 14: Paper 8. Sit it in week 14.
About three and a half months in all, with no slack for a resit. Add four weeks if Paper 1 needs a second attempt.
Seats for Papers 7 and 8 are scarcer than for Paper 1. HKSI's schedule of 11 October 2026, 08:00 listed 103 Paper 1 sessions at the Hong Kong centre to 31 December 2026, against 13 for Paper 7 and 17 for Paper 8. Book the practical papers early; see the HKSI exam schedule.
How we can help
Our Paper 1 bank, mocks and notes are live; start with the free Paper 1 mock. Papers 7 and 8 are being written for the version 3.7 guides and are not live yet: join the waitlist on the Paper 7 and Paper 8 pages, and compare them in Paper 7 vs Paper 8.
Takeaway
HKSI Prep is an independent study tool, not affiliated with or endorsed by HKSI Institute or the SFC. This is a summary, not licensing advice; the SFC decides each application. Check fees and schedules on hksi.org.
Frequently asked questions
How much do HKSI Papers 1, 7 and 8 cost in total?
HKD5,040 for one attempt at each in Hong Kong (HKD1,800 + HKD1,620 + HKD1,620), or HKD6,390 at global centres, at the fees in force from 1 July 2026 (hksi.org, checked 11 October 2026).
Which order should I take HKSI Papers 1, 7 and 8 in?
HKSI enrols each paper separately, so you choose. We suggest Paper 1 first, because every route needs it and it has the lowest pass rate, then Paper 7, then Paper 8, back to back.
Do I need Papers 7 and 8 for a Type 1 licence?
Not always. A representative with a degree in accounting, business administration, economics, finance or law, or a qualification such as CFA, needs Paper 1 only (SFC Guidelines on Competence (October 2024), para 4.3.1.2).
How long does it take to pass Papers 1, 7 and 8?
HKSI estimates 55 to 85 study hours for Paper 1 and 40 to 70 each for Papers 7 and 8: roughly 135 to 225 hours, or three to four months at 12 to 14 hours a week.
Go deeper: the study notes
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