How to Pass HKSI Paper 1: A Study Method
Updated · 5 min read
With an average pass rate of 50.9% from September 2025 to August 2026 (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org)), Paper 1 rewards method more than hours. The candidates who pass first time do three things: they learn every figure with the rule it belongs to, they practise applied questions topic by topic, and they prove readiness with timed mocks before booking.
Step 1: Start from the syllabus, not the textbook
The LE Paper 1 syllabus (version 35, effective 30 June 2026) lists nine topics and the learning outcomes for each. Print the topic list and use it as your checklist. HKSI’s study guide is the reference for the exam; HKSI says exam questions are based on the latest current version of each study guide. Our study notes follow the same nine topics.
Step 2: Read a topic, then test it the same day
Reading alone does not stick. After each topic, answer 20 to 40 questions on it while the rules are fresh. Read every explanation, including for questions you got right: you may have guessed.
Use the topic banks for this. Each question names its source, so you learn where a figure comes from as well as what it is.
Step 3: Build a figures sheet
Paper 1 tests numbers attached to rules. Keep one page per topic with each figure, its rule and its source. A few examples from Topic 4:
| Figure | Rule | Source |
|---|---|---|
| 2 | Responsible officers per regulated activity, at least | SFO (Cap. 571) s.125 |
| Over 10% | Substantial shareholder of a licensed corporation needs prior SFC approval | SFO s.132 |
| 180 days | Window to transfer accreditation to a new principal | SFO s.122 |
| 10 / 12 hours | Annual CPT for representatives / responsible officers | SFC Guidelines on CPT (Jan 2022) para 5.2 |
Our cheat sheet collects the most-tested figures. Use it to revise, but build your own sheet as well: writing the rule out is how you remember it.
Step 4: Prioritise by risk, not by comfort
HKSI does not publish topic weightings, so cover all nine topics. Spend your time where detail is densest:
| Priority | Topics | Why |
|---|---|---|
| High | 3 (SFO), 4 (licensing), 5 (business conduct) | The most rules, figures and scenario questions |
| High | 6 (operations, AML), 9 (market misconduct) | Precise legal tests and penalties |
| Medium | 2 (law and companies), 8 (public capital) | Number-heavy but self-contained |
| Do not skip | 1 (regulatory overview), 7 (exchanges) | Short, factual, quick marks once learned |
Step 5: Use timed mocks as the test of readiness
Paper 1 gives you 60 questions in 1 hour 30 min. Once you have covered all nine topics, sit a full mock under exam conditions: one sitting, no notes, timed. Start with the free mock, then use the mock exams. HKSI’s own free sample test is worth one sitting for the format; see past papers and sample tests.
- Below 70%: return to topic practice on your weakest three topics.
- 70% to 80%: you could pass on a good day. Fix your error log, then mock again.
- Above 80% on two different mocks: book your session.
The real pass mark is 70%. Aim higher in practice because exam-day nerves and new question wording cost most candidates a few marks.
Step 6: Keep an error log
Every wrong answer goes in a log with one line: what you chose, what was right, and why. Re-test the log every few days. Most errors repeat, and clearing them is the fastest way to add marks.
Exam technique
Read the stem twice
HKSI’s guidance on preparing for the LE flags questions that ask for the INCORRECT statement or the MOST LIKELY answer. Underline those words in your head before reading the options.
Work statement questions by elimination
Statement-combination question
Four statements, I to IV. You are sure I is true and III is false.
Strike every option that includes III or leaves out I.
Often only one or two options remain before you think about II and IV at all.
Answer everything
HKSI’s preparation guidance confirms there is no deduction for wrong answers. Flag hard questions, move on, and come back. Never leave a blank.
Trap
What it costs to practise with us
You can start free with a HKSI Prep account and the free mock. Full access to every question bank and mock is a one-time pass: HK$298 for 1 month, HK$498 for 3 months, or HK$598 for 12 months on the Until-you-pass pass, which is extended free if you fail. None renews automatically. See pricing.
Next, read how long to study for a week-by-week plan and the 10 common traps.
Takeaway
HKSI Prep is an independent study tool, not affiliated with or endorsed by HKSI Institute or the SFC. Confirm the current syllabus and study guide on hksi.org.
Frequently asked questions
What is the best way to study for HKSI Paper 1?
Use the nine-topic syllabus as a checklist, answer questions on each topic the day you study it, keep a sheet of every figure with its rule and source, and finish with full timed mocks.
What mock score means I am ready for HKSI Paper 1?
The pass mark is 70%. Aim for above 80% on two different full timed mocks before you sit, to leave a margin for new question wording and exam-day nerves.
Is there negative marking in the HKSI exam?
No. HKSI's Guidelines for Examination Preparation state that marks are not deducted for wrong answers, so answer every question (hksi.org, checked 11 October 2026).
Go deeper: the study notes
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