Overview
The Licensing Examination for Securities and Futures Intermediaries (LE) is run by the Hong Kong Securities and Investment Institute (HKSI Institute). It is the competence test for people who want to work in Hong Kong's securities and investment industry. The Institute says it meets the competence requirements for individuals seeking licences as Representatives or Responsible Officers recognised by the Securities and Futures Commission (SFC), and is also recognised by other bodies such as the Insurance Authority.
The exam is made up of separate papers. Which papers you sit depends on the licence or role you are aiming for. This page follows the Institute's handbook dated 1 June 2024, so confirm current fees and dates on the HKSI Institute website before enrolling.
Exam pattern
Every paper is a computer-based, multiple-choice test, available in English and Traditional Chinese. The pass mark is 70%. The LE has 15 papers; there are no Papers 13 and 14.
Regulatory papers
| Paper | Number of questions | Duration (minutes) |
|---|---|---|
| Paper 1 Fundamentals of Securities and Futures Regulation | 60 | 90 |
| Paper 2 Regulation of Securities | 40 | 60 |
| Paper 3 Regulation of Derivatives | 40 | 60 |
| Paper 4 Regulation of Credit Rating Services | 40 | 60 |
| Paper 5 Regulation of Corporate Finance | 40 | 60 |
| Paper 6 Regulation of Asset Management | 40 | 60 |
| Paper 17 Regulation of Takeovers and Share Buy-backs | 40 | 60 |
Practical papers
| Paper | Number of questions | Duration (minutes) |
|---|---|---|
| Paper 7 Financial Markets | 60 | 90 |
| Paper 8 Securities | 40 | 60 |
| Paper 9 Derivatives | 40 | 60 |
| Paper 10 Credit Rating Services | 40 | 60 |
| Paper 11 Corporate Finance | 40 | 90 |
| Paper 12 Asset Management | 40 | 60 |
Sponsors papers
| Paper | Number of questions | Duration (minutes) |
|---|---|---|
| Paper 15 Sponsors (Principals) | 40 | 60 |
| Paper 16 Sponsors (Representatives) | 40 | 60 |
Syllabus
The regulatory papers cover the rules that apply to each type of regulated activity, the practical papers cover the working knowledge of each market or business line, and the sponsors papers are for people in sponsor work. The Institute publishes a syllabus for each paper on its website, so use that to see the topics in each one.
Marking and results
Each paper is graded Pass, Fail or Absent. The 70% pass mark applies to all papers. Candidates can see their grade in the exam system straight after the session. The Notification of Results and Performance Analysis can be downloaded from the Online Portal about two hours after the exam, and stays available for one year.
You are graded Absent if the English name on your ID does not match the Institute's record, if you arrive after the start time, or if you do not attend.
If you think a grading error was made, you can ask for a recheck in writing within 21 working days of the exam date. An administration fee applies and is refunded if the original result proves wrong. The Institute normally replies within seven working days.
Important dates
For each paper, the handbook gives a typical exam frequency:
Papers 1 to 3, 5 to 9, 11, 12, 16 and 17: monthly.
Paper 15: every two months, usually in January, March, May, July, September and November.
Papers 4 and 10: every quarter, usually in March, June, September and December.
More sessions may be added if demand requires. Exact exam dates, enrolment deadlines and withdrawal deadlines are listed on the HKSI Institute website.
Fees
Under the handbook dated 1 June 2024, the exam fees per paper are:
| Papers | Fee (HKD) |
|---|---|
| Paper 1 | 1,475 |
| Papers 2, 3, 4, 5, 6, 15, 16 and 17 | 1,750 |
| Papers 7, 8, 9, 10, 11 and 12 | 1,330 |
Enrolling with a paper form carries an administration fee. Fees are non-transferable. Fees can change, so check the current Fee Schedule on the Institute's website.
How to apply
Enrol through the HKSI Institute Online Portal before the enrolment deadline. Check the date, time, venue, mode and system language carefully, because they cannot be changed after payment. A confirmation email is sent once enrolment succeeds.
Sessions cannot be rescheduled for any reason.
You can withdraw from an upcoming session through the Online Portal before the withdrawal deadline. Only the exam fee less an administration fee is refunded, normally within 30 calendar days.
Candidates with special needs should tell the Institute in writing on the day of enrolment, with supporting evidence, by email to the Institute exam address given in the handbook. Extra charges may apply.
On the day, arrive at the exam centre 30 minutes before the start and bring valid ID. The name on it must match the Institute's record.
After the exam
Passing a preset combination of LE papers earns an HKSI Institute Certificate, such as a Practising or Specialist Certificate. The papers must be completed within three years, counted from the date you pass the first paper. The certificate appears in the Online Portal about eight working days after the last exam date of the combination, and can be downloaded for one year. If you later need proof of results, you can apply for a Statement of Results through the portal within seven years of the exam date.
Preparation tips
The LE is a self-study exam. The Institute suggests roughly 40 to 85 hours of study, depending on the paper and your background. After enrolling, you can download English and Chinese eStudy Manuals from the Online Portal until the exam date. The Institute's website also offers preparation guidelines, past questions and answers, sample practice tests and an exam system simulator.
What is the pass mark for the LE?
70% on every paper.
Can I reschedule my LE session?
No. The handbook does not allow rescheduling for any reason. You may withdraw from an upcoming session before the deadline and receive the fee minus an administration charge.
Which language can I take the LE in?
English or Traditional Chinese.
How long do I have to finish a certificate combination?
Three years from the date you pass the first paper in the combination.