Licensing Examination for Securities and Futures Intermediaries

There are no prerequisites for enrolling in the LE.

The LE Regulatory Papers (i.e. LE Papers 1 to 6) and Practical Papers (i.e. LE Papers 7 to 12) have been approved by the SFC as the Recognised Industry Qualifications and Local Regulatory Framework Papers in relation to the application for licences as Representatives and/or Responsible Officers for all regulated activities (RAs) except for Type 3 RA - Leveraged Foreign Exchange Trading under the "Guidelines on Competence". Please select the RA you want to engage in for understanding the requirements on the relevant Recognised Industry Qualifications and Local Regulatory Framework Papers.

Disclaimer

1. The above is extracted from the SFC's Guidelines on Competence. Candidates are advised to refer to the latest information available on the SFC's website.
2. Type 3 RA (Leveraged Foreign Exchange Trading) is not included in the above table since the HKSI Institute does not offer any examination papers on this RA.
3. There is no competence requirement for Type 7 RA (Providing Automated Trading Services).

The LE consists of 14 papers. There are two modes of examination for LE Papers i.e., Computer-based Examination (CBE) and Paper-based Examination (PBE). The examination syllabus, structure and fee schedule are listed in below.

• Language: both English and Chinese
• Questions type: multiple choice questions (MCQ)
• Pass Mark: 70% for each paper 

* The LE does not comprise Paper 13 and Paper 14.

LE papers are offered on a monthly basis except for Paper 4, Paper 10 and Paper 15. The LEs for Papers 4 and 10 are conducted on a quarterly basis, usually in March, June, September and December. The LEs for Paper 15 is conducted on a bimonthly basis, usually in January, March, May, July, September and November. However, the number of examination sessions may be increased to meet demand, if necessary. For the latest examination dates and enrolment deadlines, please refer to the examination timetable available at the HKSI Institute counter and/or on its website.

Candidates who wish to cancel their enrolments for (an) examination paper(s), examination mode(s) and/or examination sessions(s) may apply for withdrawal of examination. Only the examination fees less an administration fee for the LE held in Hong Kong are refundable.

To apply for a withdrawal, candidates should submit withdrawal applications through the HKSI Institute Online Portal, in person or by post to the HKSI Institute on or before the withdrawal application deadline (i.e., the date of receipt of the Withdrawal Application Form by the HKSI Institute).  For the latest withdrawal application deadlines, please refer to the examination timetable.

The HKSI Institute will charge a withdrawal administration fee of HK$400 per examination paper per examination mode per examination session.  For details of the Withdrawal Policy, please refer to the relevant Examination Handbook.

Certificate

Upon the successful completion of a preset combination of examinations within 3 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 two levels of certification:

For details, please refer to the Examination Handbook.

Membership

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 year of relevant industry experience are eligible to apply for Ordinary Member (MHKSI). Please click here for detail of membership.