HKSI Paper 9 pass rate
Derivatives
Across Nov 2024–Aug 2026 (12 sitting months), HKSI Paper 9 averaged 54.58% — ranked 2 of 17 by monthly average pass rate, lowest first. The month-to-month spread is 44.76 percentage points. The most recent half of the window averaged 53.2% versus 56% earlier — a decline of 2.9 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 2026-10-02．HKSI publishes a rolling 12-month window only; months outside it are no longer shown officially.
Monthly averages are not weighted by candidate counts. The order compares published pass rates across different candidate groups and papers; it does not measure personal pass probability.
HKSI PAPER 9 · REVISION DESK
Paper 9: Draw the position before calculating the payoff
Paper 9 studies derivatives and their uses. Identify long and short positions, rights and obligations before hedging, margin or strategy calculations; an incorrect direction undermines correct arithmetic.
Official eStudy Guide：v3.6 Verify the edition ↗
FAQ
- What is the pass rate for HKSI Paper 9?
- 54.58% on average across Nov 2024–Aug 2026, based on HKSI's own monthly figures. The best month was Oct 2025 at 73.33%; the worst Mar 2026 at 28.57%.
- Is HKSI Paper 9 hard?
- Its monthly average is ranked 2 of 17 by monthly average pass rate, lowest first. Different candidate groups sit each paper and month, so the ranking does not isolate exam difficulty or show that a particular month will be easier. Use your own practice mistakes to plan revision.
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.
