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For representatives carrying out IPO sponsor work.
Below: the format, fee, pass rate and study guide for Paper 16, and who needs it. Our Paper 16 question bank and timed mocks are not ready yet. Leave your email and we'll tell you the day they open.
Independent study aid. Not affiliated with or endorsed by HKSI Institute or the SFC.
Sources: HKSI Institute, LE overview (hksi.org) and Updating Your Study Guides, and HKSI's Examination Schedule, checked 11 October 2026. HKSI Institute sets and can change the format and fees; confirm on hksi.org before you enrol. See also HKSI exam fees and the exam schedule.
Paper 16 averaged 66.26% over the 12 months HKSI showed on 11 October 2026; the latest month, Aug 2026, was 59.78%. Every paper, month by month: HKSI pass rates.
Source: HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org), checked 11 October 2026.
Source: SFC Guidelines on Competence (October 2024) and HKSI's LE overview, checked 11 October 2026. The SFC decides each application.
40 multiple-choice questions in 1 hour, taken on computer, with a 70% pass mark: 28 correct answers (HKSI Institute, LE overview (hksi.org), checked 11 October 2026).
HKD2,000 at the Hong Kong examination centre and HKD2,450 at HKSI's global centres, for enrolments from 1 July 2026 (HKSI LE overview, hksi.org, checked 11 October 2026).
66.26% on average over the months HKSI showed on 11 October 2026 (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org)).
No. HKSI does not publish past papers. HKSI lists no sample test for Paper 16; use the eStudy Guide that comes with enrolment. Anything sold as an "HKSI past paper" is not official.
Most candidates start with Paper 1, the regulatory paper almost every licence applicant needs. Our Paper 1 practice is live, with a free mock exam.