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The derivatives-specific regulatory paper: rules for dealing in and advising on futures contracts.
Below: the format, fee, pass rate and study guide for Paper 3, and who needs it. Our Paper 3 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 3 averaged 63.88% over the 12 months HKSI showed on 11 October 2026; the latest month, Aug 2026, was 62.16%. Few candidates sit this paper, so single months swing widely and the average says little about difficulty. 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).
63.88% on average over the months HKSI showed on 11 October 2026, but few candidates sit this paper, so single months swing widely (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 3; 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.