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Most new joiners enrol for more papers than they need. The SFC sets two tests for each regulated activity: a local regulatory framework paper (LRP) and a recognised industry qualification (RIQ). A relevant degree or experience often covers the RIQ, which leaves Paper 1 as the only exam. Answer four questions to see your papers and the rule behind each one.
Your result
Pass Paper 1
Underlined papers with a dotted line are not open on this site yet; their pages have the exam format and a waitlist.
It applies the SFC Guidelines on Competence (October 2024): the paper table for each activity (paras 4.2.2.1, 4.2.3.1, 4.3.2.1 and 4.3.3.1), the three routes a representative can use to meet the RIQ (para 4.3.1.2), the responsible officer's experience test (para 4.2.1.2), exemptions (para 4.4), and the extra papers for sponsor and takeovers work in the Appendices. The full table and worked examples are in which HKSI papers you need.
Assuming a responsible officer needs only Paper 1 because representatives do. Responsible officers need Paper 1 and a second regulatory paper for the activity: Paper 2 for Types 1, 4 and 8.
Your firm's licensing team prepares your application and the SFC decides it. Use this to plan, then confirm the route with your firm.
For study and general guidance only, not licensing or legal advice. Figures checked 11 Oct 2026 against SFC Guidelines on Competence (October 2024). Rules change; confirm with the source before relying on a result.
Preparing for HKSI Paper 1?
Practise exam-style Paper 1 questions with worked explanations. Free to start, no card needed.
Start practising free →Go deeper for the exam: Do I need HKSI Paper 7 or 8?.
Not always. A licensed representative with a degree in accounting, business administration, economics, finance or law, two passed courses in those fields, or a qualification such as CFA, CIIA or CFP meets the industry-knowledge requirement without Papers 7 and 8 (SFC Guidelines on Competence, para 4.3.1.2). Paper 1 is still required.
Paper 1 plus the regulatory paper for the activity: Paper 2 for Types 1, 4 and 8, Paper 3 for Types 2 and 5, Paper 4 for Type 10, Paper 5 for Type 6, Paper 6 for Type 9 and Paper 18 for Type 13. Responsible officers also need 3 years' relevant experience and 2 years' management experience.
Five continuous professional training hours for each regulated activity you apply for, completed within the six months before you apply. Some routes accept it instead of the RIQ papers.
The SFC can grant full or conditional exemptions case by case (para 4.4). For example, a full LRP exemption is available if you were licensed in the same role within the past three years for an activity with the same LRP. HKSI does not grant exemptions itself.