HKSI Paper 7: what it covers, pass mark and how to prepare

Updated 4 November 2026

HKSI Licensing Examination Paper 7, Financial Markets, tests how financial markets work: the global and Hong Kong financial systems, equities, debt, foreign exchange and derivatives, financial risk management, and the roles of corporate finance, asset management and financial advising. It has 60 multiple-choice questions in 90 minutes, and you need 70%, or 42 correct answers. HKSI's published average pass rate for October 2025 to September 2026 was about 67%.

Exam format

From the HKSI Licensing Examination page, checked in November 2026.

Item	Paper 7
Questions	60 multiple-choice
Time	90 minutes
Pass mark	70% (42 of 60, by arithmetic)
Mode	Computer-based, at the Hong Kong Examination Centre or a global examination centre
Language	Questions in English and Traditional Chinese; the system interface is in English
Hong Kong sessions	Monthly
Fee (2026)	HKD1,620 in Hong Kong; HKD2,070 at global centres
Calculator	Approved models or the on-screen calculator

HKSI's June 2024 handbook listed Paper 7 at HKD1,330, so check the current fee before you enrol. See HKSI exam registration and fees.

What Paper 7 covers

The syllabus currently linked by HKSI took effect on 1 March 2026 and has seven topics. In summary:

The global financial system: supply and demand, flow of funds, money and banking, central banks, intermediation, types of market, prudential regulation, economic indicators and lessons from financial crises.
Hong Kong's financial system: the government, HKMA, SFC, MPFA, Insurance Authority and Accounting and Financial Reporting Council; the currency board and Exchange Fund; market participants; and the influence of the Mainland and US economies.
The equity market: ways of raising equity, IPOs, rights and bonus issues, equity pricing, indices, and the structure, participants and trading systems of the Hong Kong market.
The debt market: features of debt, nominal, real and effective interest rates, time value of money, pricing zero-coupon and coupon bonds, credit ratings, yield curves and repos.
Foreign exchange and derivatives: exchange rate regimes, cross rates, forward rates and forward premiums or discounts, types of derivatives and the Hong Kong derivatives market.
Financial risk management: risk and return, credit, settlement, market, liquidity and operational risk, and the process of identifying, measuring, managing and monitoring risk.
Applications: what corporate finance, asset management and financial advisers do, and how they depend on each other.

HKSI has announced that the Paper 7 study guide is updated for examinations from 9 December 2026. If you sit on or after that date, follow the latest HKSI announcement and the study guide you receive on enrolment.

Is Paper 7 hard?

HKSI's Hong Kong pass rates for Paper 7 averaged 67.01% from October 2025 to September 2026. The best month was November 2025 at 87.50%; the lowest was August 2026 at 59.47%; September 2026 was 59.81%. Paper 1 averaged 49.98% over the same period. Paper 7 passes more often, but the monthly swing is wide and it includes calculations.

Key point: Unlike Paper 1, Paper 7 has calculation questions: bond prices, interest rate conversions and forward FX rates. Calculators are allowed, so practise on the one you will use.

Who needs Paper 7?

The SFC's Guidelines on Competence ask representatives for a recognised industry qualification. Paper 7 is the shared part of that qualification for most regulated activities, paired with a specialist paper:

Regulated activity	Industry qualification (representative)
Types 1, 4, 8 (securities)	Papers 7 + 8
Types 2, 5 (futures)	Papers 7 + 9
Type 6 (corporate finance)	Papers 7 + 11
Type 9 (asset management)	Papers 7 + 12
Type 10 (credit rating services)	Papers 7 + 10
Type 13 (depositary services for collective investment schemes)	Papers 7 + 19

Not every representative needs it. A degree in accounting, business administration, economics, finance or law, or a recognised professional qualification, generally means only Paper 1 is required. For holders of other degrees, or those on the HKDSE route, whether the industry qualification is needed depends on relevant experience and other conditions. Bank relevant individuals follow the same rules. See which HKSI papers you need. Some bank and broker job ads still ask for Papers 1, 7 and 8 regardless; see is a securities licence worth it.

How to prepare

Separate memory from method. Topics 1 and 2 are mostly facts about economies and institutions. Topics 4 and 5 need you to work through calculations.
Do the sums yourself. The syllabus asks you to calculate interest rates, bond prices, cross rates and forward rates. Work each example by hand rather than reading the answer.
Plan it with Paper 8. The two papers overlap on equities, debt and derivatives, so sitting them close together saves time. See the Paper 8 guide.
Practise under time. Ninety minutes for 60 questions is 1.5 minutes each, and calculation questions take longer. ExamDuck offers bilingual practice and timed mocks.
Set a schedule. See how long to study for Papers 1 and 7.

If you have not yet sat Paper 1, start with the Paper 1 guide.

FAQ

Is HKSI Paper 7 hard?

HKSI's published average pass rate for Paper 7 from October 2025 to September 2026 was 67.01%, higher than Paper 1's 49.98%, though monthly figures ranged from 59.47% to 87.50%.

How many questions do I need to pass Paper 7?

The pass mark is 70%. With 60 questions, that is 42 correct answers.

Can I use a calculator in Paper 7?

Yes. HKSI allows approved calculator models or the on-screen calculator in Papers 7 to 12.

Do I have to take Papers 7 and 8 together?

They are separate exams, enrolled separately. Type 1, 4 and 8 representatives need both as their industry qualification unless a degree, professional qualification or experience route applies.