9.       What kind of materials should I study to prepare for the LE? Are there any reference books / suggested study materials for the LE?

To assist candidates to prepare for the LE, the HKSI has published 10 Study Manuals (Chinese and English versions) and Sample Question Booklets for LE Papers 1, 2, 6, 7, 8 and 9 (Chinese and English versions), which are available for sale at the HKSI office.  All Sample Question Booklets are available for free downloading at: http://www.hksi.org/eng/exam/le_prep_qbooklets.html

While the HKSI specifically developed these Study Manuals and Sample Question Booklets based on the syllabuses of the 10 LE Papers, we do not discourage candidates from utilising any other reference materials or resources that can help prepare them for the LE.

10.     When will the LE results be released?

Candidates of the LE can access their grades, actual examination scores and individual performance analyses online 8 full working days after the date of each examination.  A Notification of Results, showing the grade and the actual examination score(s), will also be sent out to candidates by mail within 14 full working days after the examination.

11.    Can a pass in LE Papers 1, 7 and 8 guarantee the candidates a job offer in the industry?

The LE has been recognised by the SFC under the “Guidelines on Competence” for registration as Representatives and/or Responsible Officers.  The SFC has approved certain papers of the LE as recognised industry qualifications and local regulatory framework papers.  Please refer to http://www.hksi.org/eng/exam/le_link_recognition.html for details.

The completion of LE Papers 1, 7 and 8 fulfils the Recognised Industry Qualifications and the Local Regulatory Framework Papers requirements of the SFC for registration as Representatives for RA1 - Dealing in Securities, RA 4 - Advising on Securities, and/or RA 8 - Securities Margin Financing.  Financial firms seeking to employ personnel to engage in these RAs will appreciate the “readiness” of a candidate in registering as a Representative of these RAs.

12.     I have already passed Papers 1, 7 and 8 and I have obtained the Practising Certificate in Securities in July 2006. Will I be able to obtain another certificate if I pass some other LE papers?

HKSI Specialist Certificate(s) will be awarded to candidates if they can pass the required additional LE paper(s) within the 3-year completion period (please refer to the LE Examination Handbook for details of the 3-year completion period).  However, if a candidate passes the same LE paper(s) within the 3-year completion period, the same certificate will NOT be issued in this case.

13.     Will I get an additional certificate if I have passed the same LE papers for a second time within the 3-year completion period?

No.  Additional certificate of the same type will be issued to candidates only when they have completed ALL the LE examination papers offered by the HKSI within the required 3-year completion period and have subsequently re-attempted and passed the required preset combination of examination papers for the corresponding certificate(s).  In this case, candidates will be given another 3 years to complete the required examination papers.  The new completion period will commence from the date of the first re-attempted LE paper that the candidate passes.

14.     I have attempted and passed the following LE papers, what certificate(s) will I obtain and when will the 3-year completion period expire?

Paper 8 on 21 June 2006

Paper 7 on 20 July 2006

Paper 1 on 23 August 2006

Paper 9 on 21 September 2006

According to the existing examination policy, you will be entitled to a Practising Certificate in Securities in August 2006 and Practising Certificate in Derivatives in September 2006.  The 3-year completion period will commence from 21 June 2006, and will expire on 30 June 2009. 

And will I get a Specialist Certificate in Derivatives if I pass Paper 3 in August 2009?

The certificate will not be granted to you as you obtained a pass in Paper 3 after the 3-year completion period, which expired in June 2009.

HKSI Professional Diploma in Financial Markets (PDFM)

1.        What is the PDFM?

The HKSI Professional Diploma in Financial Markets (PDFM) has been developed from the HKSI Diploma Programme Examination (DPE). It aims to set a standard of competency across the securities and investment industry and to examine whether individuals have acquired the knowledge of principles and practices that apply to their job functions. The PDFM is a 5-year programme which is modularised into seven modules (“PDFM Modules”).

2.        What are the main differences between the DPE and the PDFM?

The DPE consists of three papers on which candidates are examined. By breaking down the DPE into seven different modules, the PDFM enables PDFM Registered Students (“PDFM Students”) to focus on and study each subject area in a more systematic manner. The PDFM is designed to offer a high degree of flexibility, allowing individuals to pursue the programme at their own pace and by their preferred mode of study. The PDFM allows PDFM Students to select either the Training and Examination Mode (“TE Mode”) or the Examination-only Mode (“EO Mode”) for each of the seven PDFM Modules.

3.        What is the difference between the TE and the EO mode?

PDFM Students have the option to take either the TE Mode or the EO Mode for each of the seven PDFM Modules.

Training and Examination Mode (“TE Mode”)

For PDFM Students who have enrolled for a PDFM Module via the TE Mode, their overall results are determined based on their performance in both coursework, which may include assignments, case studies, quizzes, examinations, etc., and the PDFM Examination.

Under the TE Mode, the seven training courses (“HKU SPACE training courses”) of the “Hong Kong Securities Institute Professional Diploma in Financial Markets Training and Examination Programme”, which is jointly offered by The School of Professional and Continuing Education of the University of Hong Kong (“HKU SPACE”) and the HKSI, are available for each PDFM Module. For details of the HKU SPACE training courses and the training timetable, please contact HKU SPACE on 2867 8322 or visit its website (http://hkuspace.hku.hk).

Examination-only Mode (“EO Mode”)

For PDFM Students who have enrolled for a PDFM Module via the EO Mode, their overall results are determined solely (100%) based on their performance in the PDFM Examination.

Please refer to Sections 2.7 and 2.8 of the PDFM Programme Handbook regarding the format, duration and timetable of the PDFM Examinations.

4.        Do I have to register as an HKSI individual member before enrolling for the PDFM?

Individuals are not required to register as an HKSI individual member before enrolling for the PDFM. However, they must register with the HKSI as a PDFM Student before enrolling for any of the PDFM Modules (via the TE Mode or the EO Mode) for the first time. Please refer to Section 2.4 of the PDFM Programme Handbook for details.

5.        Are there any entry requirements for the PDFM?

Yes. Unlike the DPE, there are specific entry requirements applicable to the PDFM. Applicants for PDFM registration must satisfy these entry requirements by demonstrating either prior relevant knowledge in finance OR appropriate academic proficiency.  Please refer to Section 2.3 of the PDFM Programme Handbook for details of the entry requirements.

6.        Do I have to attempt the seven PDFM Modules in a particular order?

No. PDFM Students can attempt the PDFM Modules in any order they desire.

7.        What recognition does the PDFM has?

The PDFM has been recognised by both local regulatory bodies/institutions and by international professional associations/universities, offering PDFM Students a variety of progression pathways to further internationally recognised academic/professional qualifications.

8.       Can I obtain a licence from the Securities and Futures Commission (SFC) if I have completed the PDFM?

The PDFM has been recognised by the SFC as a recognised qualification in meeting the competence requirements in respect of Representatives and Responsible Officers licensed under the Securities and Futures Ordinance. Modules 1, 2, 3, 6 and 7 are recognised by the SFC as Recognised Industry Qualifications and Modules 4 and 5 are recognised as Local Regulatory Framework Papers. PDFM Students who wish to apply for a license from the SFC with their PDFM results should be aware of the 3-year limit for applying for an SFC license.  Please check with the SFC direct with regard to licensing requirements.

9.        Do I have to pass all seven PDFM Modules in order to obtain an HKSI certificate?

Yes. In order to obtain an HKSI Certificate for the PDFM, PDFM Students must complete all seven PDFM Modules on or before their PDFM Programme Expiry Date.

10.     Can I apply for an exemption from PDFM Modules?

If PDFM Students possess qualifications that are recognised by the HKSI, they can apply for an exemption from PDFM Modules 1, 2 and 3. Applicants will be reviewed as to whether they can be exempted from taking the PDFM Examination of PDFM Module 1 and/or 2 and/or 3 on the basis of the possession of recognised higher qualifications containing relevant content with respect to each PDFM Module. Please refer to Section 6 of the PDFM Programme Handbook for details.

11.     What qualifications are recognized by the HKSI for PDFM exemptions?

Exemptions from the PDFM Examinations are only considered on the basis of recognised higher qualifications, which contain relevant content with respect to PDFM Modules 1and/or 2 and/or 3, and at the discretion of the HKSI. In general, recognised qualifications include Bachelor degrees with completion of corresponding qualifying subjects in Accounting, Statistics, Economics or Finance as well as various other professional qualifications.

12.     As a DPE candidate, is it compulsory for me to convert to the PDFM?

No. You can choose to complete the DPE before your DPE Programme Expiry Date. The DPE and the PDFM will be offered by the HKSI in parallel for a period of 3 years from July 2006 until July 2009 after which date the DPE will lapse and will be replaced solely by the PDFM.

13.     How do I convert from the DPE to the PDFM?

DPE Registered Students who have partially completed the DPE and whose DPE Programme Expiry Date is still valid have the option to convert to the PDFM. Any previously completed DPE Papers can be mapped with the new PDFM Modules as follows:

All eligible DPE Registered Students who wish to convert to the PDFM before the relevant DPE Programme Expiry Date may do so by calling the HKSI PDFM Hotline at 31206250 to arrange for the signing of a consent form.  No fees will be incurred.

14.    As a current DPE Registered Student, will the duration of my programme be affected if I choose to convert to the PDFM?

Upon successful conversion, you will be given an extra two years to complete the PDFM, which is a five-year programme, calculated by reference to your current DPE Programme Expiry Date.  Please refer to Section 2.9 of the PDFM Programme Handbook for details.

15.     When will the PDFM results be released?

A Notification of Results will normally be issued to PDFM Registered Students by mail within 8 weeks after each PDFM examination.

Certified International Investment Analyst (CIIA^®) Final Examination

1.     What is the Certified International Investment Analyst (CIIA^®) qualification and what is the benefit of this qualification?

The CIIA^® is an internationally recognised advanced professional qualification for individuals wishing to work/working in the finance and investment industry.

The examinations consist of two levels of Common Knowledge Examinations (i.e. the CIIA^® Foundation Examination and the CIIA^® Final Examination) and a National/Regional Examination.  The Common Knowledge Examinations examine the essential skills and knowledge required for professionals working in investment markets common in all countries.  The National/Regional Examination is set by individual national/regional societies and examines knowledge of specific markets.  It covers legal and regulatory matters, taxation, local market practices and the cultural environment of the financial market of each specific country.

Only the CIIA^® Final Examination, which consists of 2 generic examination papers, Exam 1 and Exam 2, is offered in Hong Kong by the HKSI.  All eligible candidates enjoy exemptions from the CIIA^® Foundation and National Examinations and can proceed directly to the CIIA^® Final Examination.

The CIIA^® qualification is currently recognised and supported by two of the world's leading Federations EFFAS and ASAF, and 26 national/regional societies for finance and investment professionals from: Argentina, Austria, Belgium, Brazil, China, Chinese Taipei, France, Germany, Greece, Hong Kong, Hungary, India, Iran, Italy, Japan, Korea, Luxembourg, Morocco, Netherlands, Poland, Russia, Spain, Sweden, Switzerland, Thailand and Ukraine.

2.      Are there any organisations that recognise the Certified International Investment Analyst (CIIA^®) qualification?

The CIIA^® qualification is recognised by both local regulatory bodies and international professional associations.

3.      Are there any pre-requisites for taking the CIIA^® Final Examination?

To be eligible for registration as a candidate of the CIIA^® Final Examination, applicants must meet the requirements of either the DPE/PDFM Route or the EQC Route, as described below:

The DPE / PDFM Route