Which is hardest: HKSI Paper 1, 7 or 8? Pass rates compared

On HKSI's official pass rates, Paper 1 is the hardest. Over the twelve months from October 2025 to September 2026, Paper 1 averaged 49.98%, Paper 7 67.01% and Paper 8 65.38%. So about half of Paper 1 candidates fail, while about two in three pass Papers 7 and 8.

Official pass rates

These figures come from HKSI's "Pass rate for LE in Hong Kong" page (checked November 2026). They are monthly averages; where a month has several sessions, HKSI averages them.

Monthly figures swing widely. Papers 7 and 8 came close to 90% in their best month but have been nearer 60% recently, so do not read much into any single month. For context, HKSI's 2023 annual report gave an average pass rate of 56.2% across all LE papers in Hong Kong.

Why is Paper 1 lower?

HKSI does not explain the differences. These are our observations, not an official view:

• The content. Paper 1 tests the regulatory framework: the Securities and Futures Ordinance, licensing, codes of conduct, anti-money laundering and market misconduct. It is mostly legal detail to remember.
• Who sits it. Paper 1 is by far the most taken paper. In HKSI's 2023 annual report it made up 55.6% of LE enrolments in Hong Kong, against 8.2% for Paper 7 and 7.6% for Paper 8. Its candidates come from wider backgrounds, including degree holders who need only Paper 1 under SFC rules.
• No calculator. HKSI's calculator policy allows calculators only in Papers 7 to 12, so Paper 1 is sat without one.

The three papers side by side

All three give about 1.5 minutes a question. Paper 8 has the fewest questions, so each one is worth about 2.5% of the paper against about 1.67% in Papers 1 and 7: every wrong answer costs more. The correct-answer counts are our arithmetic from the 70% pass mark, not figures HKSI publishes.

Key point: a pass rate describes all candidates, not you. How close your background is to a paper's content matters more than the average.

Which will be hardest for you?

• Law or compliance background: Paper 1's regulatory content will feel familiar; Paper 7's markets and Paper 8's securities products may need more time.
• Finance or economics background: Papers 7 and 8 come more easily; Paper 1's rules need dedicated memorising.
• Career changers: all three are new. Paper 1 has the lowest average, so give it the most time.

HKSI estimates 40 to 85 hours of self-study per paper, depending on the paper. For the content of each, see the guides to Paper 1, Paper 7 and Paper 8.

Language and study resources

Questions in all three papers are set in English and Traditional Chinese, but the exam system interface is in English. If you revise in Chinese, get used to the English screens and key terms first. HKSI gives a free English and Chinese eStudy Guide on enrolment, available until your exam date, and sells optional online practice questions for Papers 1, 7 and 8. HKSI states that it has not authorised any third party to offer LE revision tools, so judge other resources on their merits.

All three run monthly at the Hong Kong Examination Centre, and you schedule within 90 days of enrolling, so there is no need to sit them together. Taking the hardest one on its own is usually more realistic. In HKSI's 2023 annual report, Papers 1, 7 and 8 together made up 72% of LE enrolments in Hong Kong, so most candidates face the same three papers.

Which order to sit them in

The SFC does not set an order. Many people start with Paper 1, because a Type 1 representative generally needs it and some degree holders need only Paper 1. Note too that HKSI has updated the study guides for Papers 7 and 8 for exams from 9 December 2026, so if you sit around that date, check which version you are studying.

Whichever you start with, practise at exam pace. ExamDuck has bilingual practice questions and timed mocks that show which paper is your weakest. If a sitting goes wrong, see retake rules and adjust your study plan.