LE Paper 1 Trainer · Topics · Exam guide · Sample questions
This is a training format: it does not reproduce the official exam format.
Average Paper 1 pass rate from October 2025 to September 2026: 49.98% (HKSI Institute, Pass Rate for the LE in Hong Kong, 2026)
From the regulatory overview and the Companies Ordinance to licensing, business conduct, AML, HKEX trading, public offers and market misconduct, in the proportions of a real paper as far as we can estimate them.
60 questions, 90 minutes and a 70% pass mark, with 4 options per question and no negative marking, so the clock and the pressure feel like exam day.
75 questions use the Complex format with statements I to IV and options such as 'II and IV only'; about 100 more are short cases on a client, a firm or a trade.
A section of the SFO or its subsidiary rules, a paragraph of the SFC Code of Conduct or guidelines, a Listing Rule or the Takeovers Code: you learn the reference, not just the letter.
See which of the nine topics is holding you back, with best score, questions answered and mock exams completed.
No. Every question is written by us from public sources: syllabus v3.5 of LE Paper 1, the Securities and Futures Ordinance and its subsidiary rules, the Companies Ordinance, the AMLO, the SFC's codes and guidelines and the HKEX rules. No examination question is reproduced, the HKSI Institute's study guide was not used, and no other provider's question bank has been copied.
No. LE Paper 1 Trainer is an independent private study platform, not affiliated with, authorised or endorsed by the HKSI Institute or the Securities and Futures Commission. The HKSI Institute states that it has not authorised any third party to offer LE revision tools; its own study guide and practice questions are sold on hksi.org.
No, only in part. According to the HKSI Institute, Paper 1 has 60 multiple-choice questions in 90 minutes and the pass mark is 70%. Our mock exam uses the same numbers, with 4 options per question and both Simple and Complex MCQs. The HKSI Institute does not publish how many questions each topic gets: our topic mix is an estimate, based on the 120 questions of the two papers it has published (a 2023 sample test and a 2006 past paper). Treat your score as an estimate, not a prediction.
500 questions in the nine topics of syllabus v3.5: regulatory overview (21), Hong Kong law and the Companies Ordinance (33), the SFO (50), licensing and subsidiary legislation (96), business conduct and client relations (79), business operations, internal control and AML (87), the HKEX markets (50), accessing public capital (42) and market misconduct (42). That is enough for about eight 60-question mock exams without repeating a question.
It is written on syllabus v3.5, which applies to Paper 1 since 30 June 2026, and on the legislation, SFC codes and HKEX rules as published in early November 2026, including changes already announced for 1 January 2027. These texts change several times a year: always check the current version on the official website before relying on a figure.
Not at the moment. The exam can be taken in English or Traditional Chinese, but all questions, explanations and study notes on this platform are in English.
According to the HKSI Institute's LE page (read in November 2026), Paper 1 is held monthly and costs HK$1,800 at the Hong Kong Examination Centre and HK$2,250 at the Global Examination Centres. Fees and dates are set by the HKSI Institute: check hksi.org before you enrol.
Yes, at any time from your account, with no notice period and no penalty. The subscription renews every month until you cancel; cancelling stops the next renewal and you keep access until the end of the period already paid for.
Yes. The platform works the same on a phone, a tablet or a computer: study notes, practice by topic and timed mock exams.