HKSI Paper 1 pass rate
Fundamentals of Securities and Futures Regulation
Across Jul 2025–Jun 2026 (12 sitting months), HKSI Paper 1 averaged 51.9% — the hardest of all papers. The month-to-month spread is 14.44 percentage points. The most recent half of the window averaged 49.4% versus 54.4% earlier — a decline of 4.9 points.
Month-by-month pass rate
Source: 香港證券及投資學會（HKSI Institute）官方「考試合格率」頁 Snapshot 2026-07-28．HKSI publishes a rolling 12-month window only; months outside it are no longer shown officially.
Which topics candidates actually get wrong
Measured from 73,863 real answers by 463 devices across 2,195 questions in our Paper 1 app. This is practice accuracy, not an exam pass rate. Topic names follow the Chinese chapter labels used in our question banks; the examinations themselves are bilingual.
| Topic | Accuracy | Answers |
|---|---|---|
| 發牌及註冊與附屬法例weakest | 59.6% | 15,134 |
| 取得公開資本 | 60.7% | 6,357 |
| 在香港交易所的參與 | 61.9% | 6,789 |
| 《證券及期貨條例》 | 63.6% | 6,388 |
| 市場失當行為及不當交易手法 | 63.6% | 4,949 |
| 相關香港法例及《公司條例》的原則 | 66.1% | 8,389 |
| 香港金融業監管概覽 | 69.9% | 10,525 |
| 業務操守與客戶關係 | 70.7% | 9,108 |
| 業務運作與常規 | 78.1% | 6,224 |
Practise with 2,195 original Paper 1 questions
These notes are distilled from the 10分鐘HKSI1 app. Continue with bilingual questions, reasoned explanations, topic practice and error review.
FAQ
- What is the pass rate for HKSI Paper 1?
- 51.9% on average across Jul 2025–Jun 2026, based on HKSI's own monthly figures. The best month was Nov 2025 at 61.84%; the worst Mar 2026 at 47.4%.
- Is HKSI Paper 1 hard?
- Relative to the other papers it is the hardest of all papers. Month-to-month it swings 14.44 percentage points (47.4%–61.84%), so the sitting you pick matters less than preparation.
- Which topics do candidates get wrong most in Paper 1?
- From 73,863 real practice answers, the weakest topic is “發牌及註冊與附屬法例” at 59.6% accuracy, and the strongest is “業務運作與常規” at 78.1%.
Other papers
Pass rates are reproduced from the HKSI Institute for reference only and may be revised at any time; confirm against the official page before relying on them.
