Licensing Examination for Securities and Futures Intermediaries
The Licensing Examination for Securities and Futures Intermediaries (LE) is a practical, market-focused examination designed for individuals pursuing careers in Hong Kong’s securities and investment industry.
Under the Securities and Futures Ordinance, a single licensing regime covers 13 types of regulated activity (RA). Individuals need one licence or registration to carry on different types of RA.
The LE meets the competence requirements for individuals seeking licences as Representatives and/or Responsible Officers, as recognised by the Securities and Futures Commission (SFC), and other regulatory bodies, including Insurance Authority and other professional organisations.
Examination Papers:
Regulatory Papers (i.e. LE Papers 1 to 6, and 18) and Practical Papers (i.e. LE Papers 7 to 12, and 19) are approved by the SFC as Recognised Industry Qualifications and Local Regulatory Framework Papers for respective regulated activities (RAs) under the SFC’s "Guidelines on Competence".
Additional Competence Requirements Papers:
Sponsor Papers (i.e. LE Papers 15 and 16) are approved by the SFC for the examinations under the sponsor eligibility requirements for Type 6 (advising on corporate finance) individuals wishing to engage in sponsor work as Principals and representatives, or relevant individuals respectively.
LE Paper 17 is approved by the SFC for meeting the SFC’s enhanced competence requirements for licensed persons of Type 6 (advising on corporate finance) regulated activity intending to engage in or advise on matters or transactions subject to the Codes on Takeovers and Mergers and Share Buy-backs.
Remark: LE Paper 13 and 14 will be offered upon the commencement of the new licensing regime for Type 12 RA (providing client clearing services for OTC derivative transactions).
The HKSI Institute has not authorised any third-party to offer LE revision tools or study support resources. The HKSI Institute shall not be responsible for any loss or damage resulting from the use of resources provided by other third-party providers. Read more
Please select the RA you want to engage in to understand the requirements on the relevant Recognised Industry Qualifications (RIQ) and Local Regulatory Framework Papers (LRP), and additional LE Papers for individuals who engage in Type 6 RA and intend to fulfil SFC’s eligibility criteria.
RAs:
- Type 1 - Dealing in securities
- Type 4 - Advising on securities
- Type 8 - Securities margin financing
Recognised Industry Qualifications (RIQ) : LE Papers 7+8
Local Regulatory Framework Papers (LRP): LE Paper 1
Recognised Industry Qualifications (RIQ) : LE Papers 7+8
Local Regulatory Framework Papers (LRP): LE Papers 1+2
RAs:
- Type 2 - Dealing in futures contracts
- Type 5 - Advising on futures contracts
Recognised Industry Qualifications (RIQ): LE Papers 7+9
Local Regulatory Framework Papers (LRP): LE Paper 1
Recognised Industry Qualifications (RIQ): LE Papers 7+9
Local Regulatory Framework Papers (LRP): LE Papers 1+3
RAs:
Recognised Industry Qualifications (RIQ): LE Papers 7+11
Local Regulatory Framework Papers (LRP): LE Paper 1
Recognised Industry Qualifications (RIQ): LE Papers 7+11
Local Regulatory Framework Papers (LRP): LE Papers 1+5
Additional Paper: LE Paper 15
Additional Paper: LE Paper 16
Additional Paper: LE Paper 17
RAs:
- Type 9 - Asset management
Recognised Industry Qualifications (RIQ): LE Papers 7+12
Local Regulatory Framework Papers (LRP): LE Paper 1
Recognised Industry Qualifications (RIQ): LE Papers 7+12
Local Regulatory Framework Papers (LRP): LE Papers 1+6
RAs:
- Type 10 - Providing credit rating services
Recognised Industry Qualifications (RIQ): LE Papers 7+10
Local Regulatory Framework Papers (LRP): LE Paper 1
Recognised Industry Qualifications (RIQ): LE Papers 7+10
Local Regulatory Framework Papers (LRP): LE Papers 1+4
RAs:
- Type 13 - Providing depositary services for relevant Collective Investment Schemes
Recognised Industry Qualifications (RIQ): LE Papers 7+19
Local Regulatory Framework Papers (LRP): LE Paper 1
Recognised Industry Qualifications (RIQ): LE Papers 7+19
Local Regulatory Framework Papers (LRP): LE Papers 1+18
Remarks
- For exemptions from the RIQ and LRP requirements, please refer to paragraph 4.4 of the SFC's “Guidelines on Competence” .
- Type 3 RA (Leveraged Foreign Exchange Trading) is not included in the above since the HKSI Institute does not offer any examination papers on this RA.
- There is no RIQ and LRP requirements for Type 7 RA (Providing Automated Trading Services).
Format: Multiple-choice Questions (MCQ)
Examination Question Language: English and Traditional Chinese
Pass Mark: 70% for each paper
Mode: Computer-based Examination (CBE)
Examination System and Interface Language: Examination System Simulator; English
Examination Venue/Platform:
Syllabus: click here
Number of MCQs: 60
Duration: 90 minutes
Frequency*: Monthly
Examination Fees:
HKD1,475 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,895 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Quarterly (Hong Kong Examination Centre) / Monthly (Global Examination Centres/Remote Examination)
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 60
Duration: 90 minutes
Frequency*: Monthly
Examination Fees:
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Quarterly (Hong Kong Examination Centre) / Monthly (Global Examination Centres/Remote Examination)
Examination Fees:
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 90 minutes
Frequency*: Monthly
Examination Fees:
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Bi-monthly (Hong Kong Examination Centre) / Monthly (Global Examination Centres/Remote Examination)
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees:
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)
* For the examination dates and application deadlines, please click here. Please note that enrolment is on a first-come-first-served basis. The number of examination sessions may be increased as needed to meet demand.
To help candidates prepare for the LE, the HKSI Institute offers Study Guides in both English and Chinese. These guides provide comprehensive reading materials and necessary information on the subject matters, helping candidates develop the competencies assessed in the examination. Candidates enrolling for the LEs held in Hong Kong/Macau can download the respective eStudy Guides for free via the HKSI Institute Online Portal/"Downloads" tab of the "Menu" of the HKSI Institute Mobile from the enrolment date until the examination date. The HKSI Institute periodically revises and updates these study guides. For details, please click Updating Your Study Manuals.
Additional Resources for LE Papers 18 and 19:
- Upon enrolment in LE Paper 18 and Paper 19, candidates will have access to a sample practice test available under the “CPT/Non-CPT Activity” tab in the “Upcoming Activity” section of the HKSI Institute Online Portal/"My eCourses" of the HKSI Institute Mobile.
- Additionally, a 2-hour e-Seminar (in English with Traditional Chinese subtitles) will be available upon enrolment of LE Paper 19.
Both the sample practice test and e-Seminar will be accessible from the day after enrolment for up to 90 days.
Revision Tools
The HKSI Institute has developed the Guidelines for Examination Preparation and Sample Practice Tests to assist candidates in their preparing for the LE.
In addition to the above resources, candidates may enrol in online practice questions for LE Paper 1, Paper 7 and Paper 8 to familiarised themselves with the examination question structure and identify areas that require more attention during preparation. A three-module eCourse on the LE Paper 17 “Regulation of Takeovers and Share Buy-backs” is also available to help candidates better prepare for the examination.
To cater for the needs of other interested parties, the eStudy Guides are available for purchase online as follows:
- HKSI Institute’s Individual Members and staff of Corporate Members: HKD200 per copy
- Non-members: HKD400 per copy
Candidate should be aware of the notice about the revision study notes, examination questions and answers of the LE which are available for sale in other websites.
HKSI Practising Certificates and HKSI Specialist Certificates, which are granted to candidates who have completed a preset combination of LE examination papers, are recognised by the Insurance Authority (IA) of Hong Kong. Holders of either of these certificates are exempted from taking the "Investment-linked Long Term Insurance Examination" of the Insurance Intermediaries Quality Assurance Scheme (IIQAS).
LE Paper 1 is recognised as a suitable replacement of the Chartered Institute for Securities & Investment's (CISI) Investment Operations Certificate (IOC) regulatory unit. The IOC is awarded on the completion of three IOC units. HKSI Institute's individual members or market practitioners who have successfully completed the LE Paper 1 are required to take only two IOC units to attain the certification.
Upon the successful completion of a preset combination of examinations within three years (the 3-year period will commence from the date of the first LE paper that the candidate passes), candidates will be awarded the HKSI Institute Certificate. There are no exemptions from taking any examination papers for certification purposes.
There are two levels of certification:
LE Papers 1 + 7 + 8
LE Papers 1 + 7 + 9
LE Papers 1 + 7 + 10
LE Papers 1 + 7 + 11
LE Papers 1 + 7 + 12
LE Papers 1 + 7 + 19
LE Papers 1 + 2 + 7 + 8
LE Papers 1 + 3 + 7 + 9
LE Papers 1 + 4 + 7 + 10
LE Papers 1 + 5 + 7 + 11
LE Papers 1 + 6 + 7 + 12
LE Papers 1 + 7 + 18 + 19
The LE is the HKSI Institute's benchmark qualification for entry to membership and for progression within membership. HKSI Practising Certificate holders are eligible to apply for Associate Member (AHKSI). HKSI Specialist Certificate holders with at least three years of relevant industry experience are eligible to apply for Ordinary Member (MHKSI). Please click here for details of membership.
You can find frequently asked questions about an examination below or click here for other questions.
- Is there any exemption from certain LE Papers?
- I enrolled for the examination before 24 April 2025. Can I change the examination venue/mode?
- I noticed that the current examination system interface is in English, but I selected Traditional Chinese as my system interface language before 24 April 2025. Can I still use Traditional Chinese?
- Why are some examination sessions visible on the HKSI Institute's Examination Schedule but not in the scheduling platform, ProScheduler?
- Why can I only choose the examination sessions within the two weeks shown in ProScheduler?
- Why are examination session not displayed for scheduling on ProScheduler even though it hasn't reached the scheduling deadline hasn’t passed?
- I have enrolled for an examination at the Global Examination Centre in London. Can I reschedule to a different examination centre?
- Who should I contact if I encounter issues while scheduling or rescheduling an examination session through the "ProScheduler" platform?
- What are the key points to keep in mind on the examination date?
- On the examination day, if I am unable to attend, can I request a reschedule or a refund?
- Can I switch to an examination centre if I cannot meet the remote examination requirements?
- How can I get my Notification of Results and examination certificates?