HKSI Pass Rates: Every LE Paper, Month by Month
Updated · 4 min read
Pass rates tell you how much margin to build in. HKSI Institute publishes a monthly pass rate for every Licensing Examination paper sat in Hong Kong, on its “Pass Rate for the LE in Hong Kong” page on hksi.org. This guide puts all 17 papers in one place, with the month-by-month figures for Papers 1, 7 and 8, the three most candidates sit.
The headline
Pass rates for every LE paper
| Paper | Average | Lowest month | Highest month |
|---|---|---|---|
| Paper 1, Fundamentals of Securities and Futures Regulation | 50.90% | 44.24% | 61.84% |
| Paper 7, Financial Markets | 67.23% | 59.47% | 87.50% |
| Paper 8, Securities | 66.01% | 55.56% | 88.89% |
| Paper 2, Regulation of Securities | 66.69% | 59.20% | 75.00% |
| Paper 3, Regulation of Derivatives * | 63.88% | 0.00% | 88.46% |
| Paper 4, Regulation of Credit Rating Services * | 75.00% | 0.00% | 100.00% |
| Paper 5, Regulation of Corporate Finance | 55.65% | 40.54% | 78.57% |
| Paper 6, Regulation of Asset Management | 60.24% | 50.00% | 80.77% |
| Paper 17, Regulation of Takeovers and Share Buy-backs | 65.05% | 46.67% | 85.71% |
| Paper 18, Regulation of Providing Depositary Services * | 62.12% | 0.00% | 100.00% |
| Paper 9, Derivatives | 54.58% | 28.57% | 73.33% |
| Paper 10, Credit Rating Services * | 60.00% | 0.00% | 100.00% |
| Paper 11, Corporate Finance | 76.15% | 40.00% | 100.00% |
| Paper 12, Asset Management | 74.25% | 52.94% | 100.00% |
| Paper 19, Depositary Services for Collective Investment Schemes * | 55.56% | 0.00% | 100.00% |
| Paper 15, Sponsors (Principals) * | 82.21% | 42.86% | 100.00% |
| Paper 16, Sponsors (Representatives) | 66.26% | 54.11% | 80.16% |
Every LE paper has the same 70% pass mark, so the gaps reflect the papers and the people who sit them, not different targets.
Paper 1, month by month
| Month | Pass rate |
|---|---|
| Sep 2025 | 56.19% |
| Oct 2025 | 53.54% |
| Nov 2025 | 61.84% |
| Dec 2025 | 54.17% |
| Jan 2026 | 52.06% |
| Feb 2026 | 49.96% |
| Mar 2026 | 47.40% |
| Apr 2026 | 48.57% |
| May 2026 | 48.58% |
| Jun 2026 | 50.00% |
| Jul 2026 | 44.29% |
| Aug 2026 | 44.24% |
The trend is down. The six months from September 2025 to February 2026 averaged 54.6%; March to August 2026 averaged 47.2% (simple averages of HKSI's monthly figures). July and August 2026 were the two lowest months on the page, both near 44%. HKSI does not explain monthly moves, so read this as a warning about margin rather than a statement about why.
In practice, 70% means 42 correct out of 60. If your timed mock scores sit at 70 to 75%, you have almost no room for a bad day on the real paper. See how hard Paper 1 is for where the marks go.
Papers 7 and 8, month by month
| Month | Paper 7 | Paper 8 |
|---|---|---|
| Sep 2025 | 62.41% | 67.44% |
| Oct 2025 | 67.38% | 63.50% |
| Nov 2025 | 87.50% | 88.89% |
| Dec 2025 | 73.38% | 64.39% |
| Jan 2026 | 64.90% | 65.81% |
| Feb 2026 | 64.04% | 67.01% |
| Mar 2026 | 65.00% | 55.56% |
| Apr 2026 | 70.32% | 68.50% |
| May 2026 | 61.64% | 60.45% |
| Jun 2026 | 68.58% | 62.20% |
| Jul 2026 | 62.14% | 65.45% |
| Aug 2026 | 59.47% | 62.96% |
Both practical papers pass about two in three candidates. They are factual papers on markets and products, and many candidates sit them after Paper 1, by which time they know how HKSI words its questions. Not everyone needs them: see the Paper 7 and 8 exemption rules.
Trap
How to use these numbers
Plan for the paper, not the average. For Paper 1, aim to score 80% or more on two full timed mocks before you book; that gives you about six questions of buffer above the pass mark. Our free Paper 1 mock is a quick first read on where you stand, and the study method guide sets out the rest.
HKSI updates its page monthly. We re-check these figures when HKSI adds a month and change the date at the top of this page when we do.
Takeaway
HKSI Prepis an independent study tool, not affiliated with or endorsed by HKSI Institute or the SFC. Figures are HKSI's own, copied from hksi.org; always check there for the latest month.
Frequently asked questions
What is the HKSI Paper 1 pass rate?
50.9% on average (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org), average for September 2025 to August 2026). The monthly figure ranged from 44.24% (August 2026) to 61.84% (November 2025).
Which HKSI paper has the lowest pass rate?
Paper 1, at 50.9%. Among the papers sat in numbers, Paper 9 (54.58%) and Paper 5 (55.65%) came next (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org), average for September 2025 to August 2026).
What is the pass rate for HKSI Paper 7 and Paper 8?
Paper 7 averaged 67.23% and Paper 8 66.01% (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org), average for September 2025 to August 2026).
Does HKSI publish pass rates?
Yes. HKSI Institute's "Pass Rate for the LE in Hong Kong" page on hksi.org shows a monthly pass rate and a twelve-month average for each paper.
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