How long is HKSI Paper 4?
40 multiple-choice questions in 60 minutes. The pass mark is 70%, equivalent to 28 correct answers.
HKSI LICENSING EXAMINATION
HKSI Paper 4Regulation of Credit Rating Services
Paper 4 regulates credit-rating services. Distinguish analytical work, conflicts, institutional controls and disclosure instead of copying a securities-sales workflow into a rating case.
- Questions
- 40 MCQ
- Duration
- 60 minutes
- Pass mark
- 70% · 28/40
HKSI PAPER 4 · REVISION DESK
Paper 4: Rating independence and institutional compliance
Paper 4 regulates credit-rating services. Distinguish analytical work, conflicts, institutional controls and disclosure instead of copying a securities-sales workflow into a rating case.
Try this revision exercise
If a commercial colleague asks an analyst to change a conclusion, identify the independence and conflict questions, then check the rating process and agency code.
An original learning exercise, not an official exam question or a frequency claim.How to organise revision
Start with licensing and operations; map the rating process against the CRA Code; test your understanding with conflict scenarios.
Official eStudy Guide：v2.2 Verify the edition ↗
HKSIPapers provides a guide and official-source links for Paper 4. A dedicated question bank or app for this paper is not currently available.
What to study for Paper 4
- Regulatory setting: licensing, conduct, governance and supervision of rating services.
- Agency operations: notifications, capital, records, accounts and audit.
- Analytical process: methodology, independence, conflicts and external responsibilities.
- Misconduct: market abuse, enforcement routes and improper trading.
This is a reading map; use the official learning outcomes to check the full scope.
Open the official syllabus and learning outcomes ↗Paper 4 enrolment, dates and fee
The Hong Kong examination fee is HK$2,000. Frequency: Quarterly in Hong Kong; monthly globally. The computer-based exam is available in English and Traditional Chinese. Select an available session in the official portal and check its application deadline before paying.
Official exam overview and enrolment ↗Paper 4 past papers and sample questions
The public HKSI sample-practice page does not currently list this paper. Use its official eStudy Guide and syllabus to build a revision checklist; this website does not offer official past papers.
Check official sample availability ↗Passing rate and your revision decision
The official monthly average is 75% across 2025-09–2026-06. This averages published monthly percentages; it is not a candidate-weighted total or your individual chance of passing. Read the monthly table alongside your own errors.
Paper 4 monthly pass-rate table →Frequently asked questions
Which Paper 4 study guide should I use?
The official eStudy Guide is v2.2. Check the official version table before your exam; Papers 15 and 16 share a guide.
Does HKSIPapers have a Paper 4 question bank?
This paper currently has a guide and official-source links on HKSIPapers, but no dedicated app or question bank. The revision exercise is independently written.
