Where to focus
HKSI Paper 1 nine-chapter priority guide
Paper 1 spreads 60 questions across nine chapters, but not evenly. This guide pairs the official v3.5 question allocation with a study-priority estimate so you know where your revision time earns the most marks.
Reviewed 16 July 2026
Allocation and priority at a glance
The allocation column is the official v3.5 Examination Question Allocation. The study-priority column is a HKFinancePrep editorial estimate that blends the official weighting with how difficult and error-prone each chapter tends to be — it is not an official HKSI examination weighting.
| Chapter | Official allocation | Study priority (estimate) | Focus |
|---|---|---|---|
| Ch 1. HK Financial Regulatory Framework | 4% | Foundational | Regulators and market structure |
| Ch 2. Legal System & Companies Ordinance | 4% | Foundational | Legal system and Companies Ordinance |
| Ch 3. Securities and Futures Ordinance | 14% | High | SFO structure and key Parts |
| Ch 4. Licensing, Registration & Legislation | 23% | Highest | Licensing types, capital and client-asset rules |
| Ch 5. Business Conduct & Client Relationships | 18% | Highest | Code of Conduct duties and client relations |
| Ch 6. Operations, Internal Controls & Compliance | 16% | High | Internal controls, compliance and AML |
| Ch 7. Participation in HKEX Markets | 10% | Medium | HKEX market participation rules |
| Ch 8. Raising Public Capital | 6% | Medium | Public offers and listing basics |
| Ch 9. Market Misconduct & Improper Trading | 5% | Medium | Market-misconduct offences |
Chapter by chapter
Chapter 1: HK Financial Regulatory Framework
Official allocation: about 4% of the paper. Study priority (HKFinancePrep estimate): foundational. Focus your revision on regulators and market structure.
Chapter 2: Legal System & Companies Ordinance
Official allocation: about 4% of the paper. Study priority (HKFinancePrep estimate): foundational. Focus your revision on legal system and companies ordinance.
Chapter 3: Securities and Futures Ordinance
Official allocation: about 14% of the paper. Study priority (HKFinancePrep estimate): high. Focus your revision on sfo structure and key parts.
Chapter 4: Licensing, Registration & Legislation
Official allocation: about 23% of the paper. Study priority (HKFinancePrep estimate): highest. Focus your revision on licensing types, capital and client-asset rules.
Chapter 5: Business Conduct & Client Relationships
Official allocation: about 18% of the paper. Study priority (HKFinancePrep estimate): highest. Focus your revision on code of conduct duties and client relations.
Chapter 6: Operations, Internal Controls & Compliance
Official allocation: about 16% of the paper. Study priority (HKFinancePrep estimate): high. Focus your revision on internal controls, compliance and aml.
Chapter 7: Participation in HKEX Markets
Official allocation: about 10% of the paper. Study priority (HKFinancePrep estimate): medium. Focus your revision on hkex market participation rules.
Chapter 8: Raising Public Capital
Official allocation: about 6% of the paper. Study priority (HKFinancePrep estimate): medium. Focus your revision on public offers and listing basics.
Chapter 9: Market Misconduct & Improper Trading
Official allocation: about 5% of the paper. Study priority (HKFinancePrep estimate): medium. Focus your revision on market-misconduct offences.
Related guides
Sources
- HKSI Institute — LE examination overview — HKSI Institute
- HKSI Institute — LE Paper 1 updated for examinations from 30 June 2026 — HKSI Institute
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