How long to study for HKSI Papers 1 and 7: a study plan for working people

HKSI does not publish an official study-hours figure for each of Papers 1, 7 and 8. Its June 2024 examination handbook gives only a general estimate of 40 to 85 self-study hours per paper, varying by paper. At about 10 hours a week, we suggest roughly 6 weeks for Paper 1, 5 weeks for Paper 7 and 4 weeks for Paper 8. That is our suggestion, not an HKSI requirement, so adjust it to your background and progress.

Is there an official study time?

Not per paper. The Licensing Examination is self-study, and the 2024 handbook gives only the 40 to 85 hour range above. When you enrol, you get a free eStudy Guide in English and Chinese, available until your exam date. That guide is your main text.

The plans below assume about 10 hours a week: for example, one hour on four weekday evenings and three hours on each weekend day. Each plan's total falls inside the handbook's 40 to 85 hour range.

First, decide which papers you need

Your total time depends on how many papers you sit. A Type 1 (dealing in securities) representative usually needs Papers 1, 7 and 8. Someone with a degree in accounting, economics, finance, business administration or law usually needs only Paper 1. Bank relevant individuals follow the same rules. See which HKSI papers you need.

If you need all three, consider sitting Paper 1 first, because almost every route requires it. Papers 7 and 8 overlap on equities, debt and derivatives, so sit them close together.

Suggested plan: Paper 1 (about 6 weeks)

Paper 1 has nine syllabus topics, mostly rules. See the Paper 1 guide.

Week	Focus (our suggestion)
1	Topics 1 and 2: the regulators, Hong Kong law and the Companies Ordinance
2	Topic 3: the Securities and Futures Ordinance, part by part
3	Topic 4: licensing, registration and subsidiary legislation
4	Topics 5 and 6: codes of conduct, internal control, anti-money laundering and privacy
5	Topics 7 to 9: exchange rules, listing and authorised products, market misconduct
6	Two full timed mocks; revise weak topics from your mistakes

Suggested plan: Paper 7 (about 5 weeks)

Paper 7 has seven topics, including calculations. See the Paper 7 guide.

Week	Focus (our suggestion)
1	Topics 1 and 2: the global and Hong Kong financial systems
2	Topics 3 and 4: equity and debt markets, with bond pricing practice
3	Topic 5: foreign exchange and derivatives, with cross and forward rate practice
4	Topics 6 and 7: financial risk management and applications
5	Two full timed mocks; redo the calculation questions

Suggested plan: Paper 8 (about 4 weeks)

Paper 8 has six topics. See the Paper 8 guide. Straight after Paper 7, some of it will go faster.

Week	Focus (our suggestion)
1	Topics 1 to 3: market overview, primary and secondary markets, participants
2	Topic 4: types of securities, debt, derivatives and options
3	Topics 5 and 6: trading and settlement, trading costs, securities analysis
4	Two full timed mocks; revise weak topics from your mistakes

Taken one after another, the three plans come to about 15 weeks.

How to use timed mocks

• Use the real time limit. Papers 1 and 7 are 60 questions in 90 minutes; Paper 8 is 40 in 60. That is about 1.5 minutes a question.
• Copy exam conditions. Sit it in one go with no notes. Calculators are allowed in Papers 7 and 8, so practise on the model you will bring. Paper 1 is not on HKSI's calculator list.
• Sort mistakes by topic. Note which topic each wrong answer came from, and spend the last week on the topics with the most.
• Know both languages. Questions are set in English and Traditional Chinese, so you can sit in the one you prefer, but learn the key terms in both. ExamDuck has bilingual practice questions and timed mocks you can use alongside the study guide.

Why the 70% pass mark matters

Every paper's pass mark is 70%. In Papers 1 and 7 that means 42 of 60, so at most 18 wrong. In Paper 8 it means 28 of 40, at most 12 wrong, with each question worth 2.5%. HKSI's published average pass rates for October 2025 to September 2026 were 49.98% for Paper 1, 67.01% for Paper 7 and 65.38% for Paper 8.

Key point: Everyone drops a few questions on the day. We suggest waiting until your mock scores sit comfortably above 70% before you book, rather than aiming to scrape through.

Enrolment timing and study guide updates

• Sit within 90 days. HKSI requires the computer-based exam to take place within 90 days of enrolment, with seats first come, first served. If you do not schedule before the scheduling deadline you are marked absent and lose the fee. Because the study guide arrives on enrolment, enrol when you start studying and book a session after your plan ends.
• Rescheduling. Except for Papers 4 and 10, you can move to another session within the 90 days free of charge, up to six full days before your session.
• Papers 7 and 8 guides are changing. HKSI has announced updated study guides for Papers 7 and 8 for examinations from 9 December 2026. If your exam falls on or after that date, follow the latest HKSI announcement and the guide you receive.

For fees and the enrolment steps, see HKSI exam registration and fees.