Which HKSI papers do I need? Papers 1, 7 and 8 by role and regulated activity

If you are a representative doing Type 1, 4 or 8 regulated activities (dealing in securities, advising on securities, securities margin financing), the SFC's standard requirement is Paper 1 for local regulation plus Papers 7 and 8 for product knowledge. A responsible officer (RO) also needs Paper 2. Holders of a degree in accounting, business administration, economics, finance or law need only Paper 1 under SFC rules, though many employers still ask for Papers 7 and 8.

Two kinds of paper

The SFC's Guidelines on Competence ask for two things:

• A Recognised Industry Qualification (RIQ), which shows product knowledge. Papers 7 (Financial Markets) and 8 (Securities) are RIQ papers.
• A Local Regulatory Framework Paper (LRP), which shows you understand Hong Kong's laws and regulations. Paper 1 (Fundamentals of Securities and Futures Regulation) is the LRP for every representative.

ROs take Paper 1 plus a second regulatory paper for their business.

Papers by regulated activity

Regulated activity	Representative (LR)	Responsible officer (RO)
Types 1, 4, 8 (securities)	LRP: 1. RIQ: 7 + 8	LRP: 1 + 2. RIQ: 7 + 8
Types 2, 5 (futures)	LRP: 1. RIQ: 7 + 9	LRP: 1 + 3. RIQ: 7 + 9
Type 6 (corporate finance)	LRP: 1. RIQ: 7 + 11	LRP: 1 + 5. RIQ: 7 + 11
Type 9 (asset management)	LRP: 1. RIQ: 7 + 12	LRP: 1 + 6. RIQ: 7 + 12
Type 10 (credit rating)	LRP: 1. RIQ: 7 + 10	LRP: 1 + 4. RIQ: 7 + 10
Type 13 (depositary)	LRP: 1. RIQ: 7 + 19	LRP: 1 + 18. RIQ: 7 + 19

Sources: HKSI, "LE and the SFC Licences for Regulated Activities"; SFC Guidelines on Competence, paragraphs 4.2–4.3.

• A Type 1 representative's standard set is Papers 1, 7 and 8. Sites that say "Paper 7 or 8", or "Papers 1 and 2", are wrong for representatives.
• Type 3 (leveraged foreign exchange) has no HKSI paper; the exams are run by the VTC. Type 7 (automated trading services) has no RIQ or LRP requirement.
• Sponsor work needs Paper 15 (principals) or Paper 16 (representatives). Takeovers Code work needs Paper 17.

Bank staff

A bank registered with the SFC is a registered institution. Its staff who carry on regulated activities are "relevant individuals", entered on the HKMA's register rather than licensed by the SFC. They must meet the same competence requirements as licensed representatives, and a bank's executive officers the same as ROs. So a bank relationship manager doing Type 1 or 4 work needs the same papers as a broker's representative. The bank must check this before submitting your name and keep records for HKMA inspection.

The graduate route: only Paper 1?

The SFC sets three competence options for representatives (Guidelines on Competence, paragraph 4.3.1.2):

• Option A: a degree in accounting, business administration, economics, finance or law; or another degree with passes in at least two courses in those fields; or an internationally recognised professional qualification such as CFA, CIIA or CFP. No industry experience and no RIQ needed. You must pass Paper 1.
• Option B: any other degree, plus either at least 2 years' relevant experience in the past 5 years, or the relevant RIQ (or "Extra CPT"). You must pass Paper 1.
• Option C: HKDSE Level 2 in English or Chinese and in Mathematics (or equivalent), plus either 2 years' experience in the past 5 years with Extra CPT, or the relevant RIQ. You must pass Paper 1.

"Extra CPT" means 5 hours of continuous professional training per regulated activity, done once, within 6 months before the application.

So a finance, business, economics or law graduate applying as a Type 1 representative meets the SFC's exam requirement with Paper 1 alone. Employers are another matter. Bank job ads often ask for Papers 1, 7 and 8, as in Hang Seng Bank's relationship manager ad of November 2026. Check your target job ads before deciding to skip 7 and 8.

Key point: the SFC minimum decides whether you can be licensed. The employer's requirement decides whether you get hired.

Responsible officers

The standard RO route is a degree or professional qualification, at least 3 years' relevant experience in the past 6 years, 2 years' management experience, and a pass in the LRPs. Other routes need an RIQ or Extra CPT and/or longer experience; under Option C, 3 years in the past 6 with an RIQ, or 5 years in the past 8 with Extra CPT.

How long a pass lasts: three years

The SFC expects you to have obtained the RIQ and passed the LRP no more than three years before you apply. Older passes may still count. An older RIQ can be accepted if you have substantial relevant experience and stayed in the industry or were recently licensed. An older LRP can be accepted if you are, or in the past three years were, an LR or RO for a regulated activity where that paper applies. The SFC's own example: someone who passed Papers 1 and 7 and was licensed for Type 1 within the past three years need not retake them to add Type 2.

For exemptions, see can I be exempted from HKSI Paper 1. For each paper, see the guides to Paper 1, Paper 7 and Paper 8. Papers 1 and 7 have 60 questions and Paper 8 has 40, in English and Traditional Chinese; ExamDuck lets you practise all three in both languages.