HKAWM · Licensing routes and self-paced preparation
Understand qualifications and examination requirements, then plan your learning. Find the representative or responsible officer route for Types 1–13 regulated activities.
01
Choose your intended role within a licensed corporation. Relevant individuals and executive officers at registered banks have their applicable arrangements; this page focuses on LRs and ROs of licensed corporations.
LR
Conduct the relevant regulated activities for an accredited licensed corporation. Obtain the appropriate representative licence and satisfy the qualifications, experience and examinations required by your chosen route.
RO
Supervise the corporation’s regulated activities with actual management authority, relevant experience and at least two years of management experience. An RO must be an LR; an LR licence and RO approval may be applied for concurrently.
An exam pass is one element. Applications are assessed with the proposed duties, business, accredited corporation and evidence of qualifications and experience.
02
Match one complete route before consulting the examination table. RIQ means recognised industry qualification; LRP means local regulatory framework paper. A dash indicates no separate requirement in that particular column.
| Route | Education / professional qualification | Relevant industry experience | RIQ or extra CPT | LRP |
|---|---|---|---|---|
| A | Degree in a designated field; another degree with passes in at least two designated-field courses; or a recognised professional qualification | — | — | Pass the relevant LRP, subject to exemptions |
| B1 | Other degree without passes in two designated-field courses | At least 2 years in the past 5 | — | Pass the relevant LRP, subject to exemptions |
| B2 | Other degree without passes in two designated-field courses | — | Relevant RIQ or relevant extra CPT | Pass the relevant LRP, subject to exemptions |
| C1 | HKDSE Level 2 in English or Chinese and in Mathematics, or equivalent | At least 2 years in the past 5 | Relevant extra CPT | Pass the relevant LRP, subject to exemptions |
| C2 | HKDSE Level 2 in English or Chinese and in Mathematics, or equivalent | — | Relevant RIQ | Pass the relevant LRP, subject to exemptions |
| Route | Education / professional qualification | Relevant industry experience | RIQ or extra CPT | Management experience | LRP |
|---|---|---|---|---|---|
| A | Degree in a designated field; another degree with passes in at least two designated-field courses; or a recognised professional qualification | At least 3 years in the past 6 | — | At least 2 years | Pass the relevant LRP, subject to exemptions |
| B | Other degree without passes in two designated-field courses | At least 3 years in the past 6 | Relevant RIQ or relevant extra CPT | At least 2 years | Pass the relevant LRP, subject to exemptions |
| C1 | HKDSE Level 2 in English or Chinese and in Mathematics, or equivalent | At least 3 years in the past 6 | Relevant RIQ | At least 2 years | Pass the relevant LRP, subject to exemptions |
| C2 | HKDSE Level 2 in English or Chinese and in Mathematics, or equivalent | At least 5 years in the past 8 | Relevant extra CPT | At least 2 years | Pass the relevant LRP, subject to exemptions |
Designated fields: accounting, business administration, economics, finance and law. A degree holder’s postgraduate diploma or certificate may also be assessed under the university or Hong Kong Qualifications Framework Level 6+ conditions in the footnotes. Not every diploma is automatically a designated degree.
Internationally recognised law, accounting or finance qualifications may be assessed under Route A, including CFA, CIIA and CFP. Passing one examination level does not by itself establish the full professional qualification. Retain formal qualification and transcript evidence.
The extra CPT here is a one-off five hours per activity applied for, completed in the six months before application. Question practice does not automatically count as CPT. A degree or professional qualification route does not automatically exempt the LRP.
For licensees before 2022-01-01 without the stated academic/professional qualifications, separate grandfathering routes apply: LR, five years in the past eight, or two years in the past five plus the RIQ; RO, eight years in the past eleven. Applicable LRPs and, for ROs, management experience still apply.
Management experience concerns hands-on supervision of regulated functions or projects, including the people performing them. A job title alone is insufficient. Recency, relevance and case-by-case assessments are explained in the SFC guidelines and FAQs.
03
The table shows requirements before individual qualification routes or exemptions. The RIQ column applies when your route requires an RIQ. Not every applicant needs the entire combination.
| Activity | LR: LRP | LR: RIQ if required | RO: LRP | RO: RIQ if required |
|---|---|---|---|---|
| Type 1 · Dealing in securities | Paper 1 | Paper 7 + 8 | Paper 1 + 2 | Paper 7 + 8 |
| Type 2 · Dealing in futures contracts | Paper 1 | Paper 7 + 9 | Paper 1 + 3 | Paper 7 + 9 |
| Type 3 · Leveraged foreign exchange trading | VTC Representative or RO Paper 1 | VTC Representative or RO Paper 2 | VTC RO Paper 1 | VTC RO Paper 2 |
| Type 4 · Advising on securities | Paper 1 | Paper 7 + 8 | Paper 1 + 2 | Paper 7 + 8 |
| Type 5 · Advising on futures contracts | Paper 1 | Paper 7 + 9 | Paper 1 + 3 | Paper 7 + 9 |
| Type 6 · Advising on corporate finance | Paper 1 | Paper 7 + 11 | Paper 1 + 5 | Paper 7 + 11 |
| Type 7 · Providing automated trading services | No RIQ / LRP paper requirement | No RIQ / LRP paper requirement | No RIQ / LRP paper requirement | No RIQ / LRP paper requirement |
| Type 8 · Securities margin financing | Paper 1 | Paper 7 + 8 | Paper 1 + 2 | Paper 7 + 8 |
| Type 9 · Asset management | Paper 1 | Paper 7 + 12 | Paper 1 + 6 | Paper 7 + 12 |
| Type 10 · Providing credit rating services | Paper 1 | Paper 7 + 10 | Paper 1 + 4 | Paper 7 + 10 |
| Type 11 · Dealing in or advising on OTC derivative products Not yet in operation | Paper 1 | Paper 7 + 9 | Paper 1 + 3 | Paper 7 + 9 |
| Type 12 · Providing client clearing services for OTC derivative transactions Not yet in operation | Paper 1 | Paper 7 + 14 | Paper 1 + 13 | Paper 7 + 14 |
| Type 13 · Providing depositary services for relevant collective investment schemes | Paper 1 | Paper 7 + 19 | Paper 1 + 18 | Paper 7 + 19 |
Types 11 and 12 are not yet in operation. Only the future combinations in the guidelines are shown; they are not current application routes. Papers 13 and 14 are not currently offered. Preparation links are disabled for these activities.
Type 3 uses the VTC leveraged foreign exchange trader examinations. An LR may use the representative or RO examination route; check both papers in that route. Discretionary account services also require the minimum education and three additional years of direct FX trading experience in the past six years: §§4.2.1.4 / 4.3.1.4.
Type 6 sponsor principals have additional Paper 15 requirements; sponsor representatives, Paper 16. Work or advice under the Takeovers and Share Buy-backs Codes involves Paper 17 unless exempted. These three Papers are not automatically required of every Type 6 applicant.
Type 7 has no specified RIQ or LRP, but fit and proper, competence and other licensing requirements still apply.
Type 9 managers of products authorised under the Unit Trusts and Mutual Funds Code or the REIT Code are separately assessed for those management roles.
Type 13: LR, Papers 1 + 7 + 19; RO, Papers 1 + 18 + 7 + 19, subject to the qualification route and exemptions. An existing LR moving to RO should assess previous Paper 1 results and applicable exemptions rather than assume a retake.
Choose your role and activity to carry the pre-exemption combination into the learning platform. Papers without reviewed questions are marked as being prepared.
LRP: Paper 1 · RIQ: Paper 7 + 8
This is the pre-exemption combination. Check the complete qualification routes above before choosing which Papers to practise.
Prepare for my Papers →04
Assess RIQ and LRP separately. Exemptions depend on the facts, role, activity and sponsoring corporation and are determined by the SFC. A degree name or current licence alone does not establish eligibility.
Route A qualifications and Route B recent experience may remove a separate RIQ requirement. Other routes may allow RIQ or extra CPT. This route assessment is distinct from paragraph 4.4 examination exemptions. Check the LRP separately.
A current licensee or one licensed in the past three years may apply for an activity with the same RIQ requirements and the same role. Temporary licences for Types 1, 2, 4, 5, 6 and 10 have separate arrangements; Type 11 awaits commencement.
In exceptional cases, a current licensee with five years of related local experience in the past eight, applying for a different RIQ in the same role, may be considered. Conditions may restrict business scope. Five extra CPT hours in new-activity industry/product knowledge and appropriate confirmations or undertakings apply.
A current licensee or one licensed in the past three years with the same LRP and role; an applicable temporary licence; or full-time Hong Kong regulatory/compliance work in the same activity for three years in the past six may support an application. Acceptance and scope remain subject to SFC assessment.
Eight years of related experience in the specified exchange jurisdictions, or six years with two licensed in Hong Kong, partly gained in the latest three years. All limited-scope/senior-role, designated RO support, control, confirmation/undertaking and additional regulatory CPT conditions must also be met.
A current RO with five years of related local experience in the past eight adding an activity with a different LRP. Designated RO support, controls, restrictions, confirmations/undertakings and five additional local regulatory CPT hours apply.
An LR becoming RO for the same activity needs the specified additional three years of recent Hong Kong licensed experience beyond the basic competence requirements, plus five additional local regulatory CPT hours and the other conditions. It is not automatic for all LRs.
At least eight years of relevant industry experience in a jurisdiction hosting an exchange specified in Schedule 3 to the Financial Resources Rules. The proposed corporation must be a fund manager or fund-manager group member serving professional investors only; alternatively the applicant manages private investment funds and the corporation serves professional investors only for Type 9. Corporation regulatory/compliance support, five additional local regulatory CPT hours for the activity, and confirmations or undertakings are required. SFC FAQ Q17 also covers eligible LRs.
Specific arrangements include no more than 30 Hong Kong days per calendar year, licensed-person accompaniment and activity restrictions, or the alternative route in the guidelines. Check the corporation’s regulatory support, training, confirmations and all other conditions.
A current LR or one licensed in the past three years must meet either (a) never having attempted HKSI LE Paper 1 and applying for an activity with the same LRP requirements, or (b) applying for an activity with different LRP requirements. Both require the same LR role, five additional local regulatory CPT hours for the activity, and confirmations or undertakings. Condition (b) does not require never having attempted Paper 1. This is not an LRP full exemption.
An absence of more than three and no more than eight years, the same role and RIQ/LRP, and five CPT hours per activity per year away, rounding fractions up. At least half must be local regulatory knowledge and training must be completed before application. Other eligibility conditions apply.
Specified paragraph 4.4 conditional exemptions generally allow extra CPT within six months before application or twelve months after approval, with applicant/corporation confirmations or undertakings. Do not confuse this with pre-application CPT in the basic route tables. Exam passes generally fall within three years before application, with recent-licensee recognition arrangements. Keep qualification, examination, experience, CPT and corporation support evidence. Exemptions do not automatically transfer after role or corporation changes.
05
Confirm requirements and exam versions with official resources, then use the library for supplementary practice.
HKSI provides syllabuses, study guides and selected sample practice questions. Samples are not past exam questions. Examination enrolment includes the relevant eStudy Guide; guides can also be purchased officially. Paper 18/19 samples follow the official candidate portal arrangements.
HKSI: official sample practice tests →The general library reopens for voluntary member practice. Initial Papers 1, 7, 8 and 12 cover foundational topics only; other sets are being prepared. Existing independently authored questions, answers and explanations are version-checked. General knowledge questions are not all counted as exam questions.
Prepare for my Papers →Study guide versions checked 2026-10-08: P1 3.5; P2 2.8.1 through 10/25, 2.9 from 10/26; P3 2.8.1; P4 2.2; P5 3.4; P6 2.7; P7 3.6; P8 3.6; P9 3.6; P10 3.1; P11 3.2; P12 3.7; P15/16 2.4; P17 1.1; P18/19 1.0. The public Paper 7 syllabus link is still 3.5. Practice opens only for reviewed foundational topics; full 3.6 alignment is not claimed.
Participation is entirely voluntary, at your own pace. No rankings, cash rewards, points or minimum question target. View your own records and mistakes. Practice does not automatically provide CPT/CPD hours, certificates, an examination pass or licensing eligibility.
This page is HKAWM educational information and an independent practice entry, not an official or authorised SFC/HKSI preparation service. Applications and exams follow the authorities’ current requirements.
