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HKSI licensing exam paper 1

  1. #11

    Join Date
    Jun 2013
    Posts
    14

    Hi all,
    I've just done the HKSI paper Level 1 a couple of weeks ago, and since I would have appreciated to learn about some experiences, let me share my impression of the exam with you.
    I went through the official rule book and also studies with those questions: PassHKSI - Practice Questions for HKSI LE Paper 1 Licensing Exam
    Total study time about 20 hours.

    My exam took place in a freezing exam room in Central (ladies, bring something warm to wear.. ). The exam was not exactly easy and I would not have passed going trough the paper and all the questions for a few times. On some you can guess but for others there is no way around knowing the facts. Do study if you want to pass and don't take it too lightly. In the end I passed with a pretty good mark, but it's really easy to fail if you don't study at all. Be aware that detailled knowledge is asked for quite a few of the questions, so don't skip those parts. On the pass HKSI platform questions: I didn't recognize any of the questions 1:1 in the exam, but it's a good practice for multiple choice questions and to learn on how to pay attention to tiny details..

    Good luck everyone!
    K.


  2. #12

    Join Date
    Aug 2013
    Posts
    1

    How long ago did you finish undergrad degree? And which country did you get your degree from?
    I worry that people has been specialising for a while will find this exam impossible!
    Thanks

    Quote Originally Posted by karin84
    Hi all,
    I've just done the HKSI paper Level 1 a couple of weeks ago, and since I would have appreciated to learn about some experiences, let me share my impression of the exam with you.
    I went through the official rule book and also studies with those questions: PassHKSI - Practice Questions for HKSI LE Paper 1 Licensing Exam
    Total study time about 20 hours.

    My exam took place in a freezing exam room in Central (ladies, bring something warm to wear.. ). The exam was not exactly easy and I would not have passed going trough the paper and all the questions for a few times. On some you can guess but for others there is no way around knowing the facts. Do study if you want to pass and don't take it too lightly. In the end I passed with a pretty good mark, but it's really easy to fail if you don't study at all. Be aware that detailled knowledge is asked for quite a few of the questions, so don't skip those parts. On the pass HKSI platform questions: I didn't recognize any of the questions 1:1 in the exam, but it's a good practice for multiple choice questions and to learn on how to pay attention to tiny details..

    Good luck everyone!
    K.

  3. #13

    Join Date
    Aug 2009
    Posts
    1,509

    It's a pretty straightforward exam

    z754103 likes this.

  4. #14

    Join Date
    Dec 2009
    Location
    Kowloon
    Posts
    8

    1. I realize this thread is old. However, it is a popular hit when you google for "paper 1 sfc". Bearing this in mind, I think it is fair to add to the above discussion.

    2. I don't think you can describe the test as "fair", "easy" or "difficult", as it will very much depend on your experience, background, and strengths and weaknesses, including language ability and analytical abilities.

    3. I have a PhD in economics from a super top university and my math is strong. I'm also strong in language, vocabulary, writing, etc.. However, I loathe legal verbiage and do have a clear weakness there.

    4. I spent about 5 hours a day for 4 days before the test. I read the whole manual twice. I worked through the inline question/answers. I did not attempt any multiple choice questions as I assumed they would be easier than the inline questions.

    5. I got 45/60, so I passed, but I was very disappointed in the result. I would not usually get less than 55/60 for a test I've prepared for. So big disappointment.

    6. A clear mistake was to not practice the multiple-choice questions (I did not notice them until after the test). I would urge you to practice these. The sfc offers some very old questions, with the occasional obsolete question. If anyone has more updated questions, I would urge you to post them online, as you would be doing a public service (notwithstanding copyright issues). The sfc really ought to update their sample questions and to put more of them online. After all if they want practitioners to be able to answer these questions, I don't see why they're being cheap with them.

    7. The multiple-choice questions are, more often than not, testing your reading ability. Unfortunately they appear to be written by lawyers rather than logicians, so more often than not there are multiple interpretations. They manipulate meaning with qualifiers and verbs like MUST, NECESSARILY, NEED, NEVER, USUALLY, DOUBLE NEGATIONS and offer answers like (made-up example to illustrate the problem) (i) You must not commit an offence, (ii) You must not knowingly commit an offence, and more than once I couldn't decide because two answers seemed to be quite valid. Perhaps I was unprepared and perhaps another reading of the manual would clarify the ambiguities, but in my humble opinion I felt the test relied too much on attempting to trap you with contorted turns of phrases rather than actually testing that you would make a good RO.

    8) It's true that common-sense goes a long way. It's likely that 40 of my answers were correct thanks to simple common sense rather than the time I spent reading the (excessively boring and repetitive) manual. The only question where I felt that reading the manual had its rewards was a question about which exchange options are traded on, with the arguably-counterintutive answer being SEHK and not HKFE. At that moment I felt that my 20 hours of preparation were not a total waste.

    9) Before preparing for the test I had no knowledge of the material. It took me a day to be able to remember acronyms like SFC and SFO. If you've been a practitioner in HK, you may find the test much easier.

    10) Dont' be cheap and don't borrow the printed manual from your friend who took the test 10 years ago, as I did. Print the latest manual. There are important differences, especially since the financial crisis.

    11) Another tip for you. Know your acronyms. I think I know about half of these, but you're supposed to know them all. SFC, SFO, IOSCO, DMA, ATS, REITs, PDPO, SEHK, HKFE, FS, HKMA, HKEx, HKSCC, SEOCH, MBLR, IFAs, IA, MPFA, MMT, AFIs, HKCC, GEM, INEDs, PIs, NCO, FRR, SFAT, RLC, ICC, ICF, ETO, CIS, ICO, ICG, RKR, ICG, GC, GCPT, FMCC, CFACC, SRCC, DCASS, MLGN, DTRPO, OSCO, UNATMO, CUTMF, SIP, CCASS, SBL, SMF, OTEP, OBEP, HKATS, GLR, LFET, IARB, HKCIB, PIBA, CAR, JFIU, CNS, SFAT, OR, NAV, ORSO, PBO, GAML. There probably are a few more.

    12) Bottom line: If you have a legal background this test will probably be easier than if you have a math/scientific background. The greatest difficulty is avoiding language and double-negation traps. Common sense will take you a long way. But beware if your English is weak (there is a Chinese version of the test, I cannot comment on it though).

    rK.1 and z754103 like this.

  5. #15

    Join Date
    Dec 2009
    Location
    Kowloon
    Posts
    8

    13) I just noticed a useful reference point, in addition to the manual, the sfc's FAQs, e.g.: Licensing | Securities & Futures Commission of Hong Kong

    And here an example of the sort of YES-BUT trap you'll find in the multiple-choice questions, which cannot be answered properly unless you've read the FAQs or have had experience in the industry:

    From the MANUAL:

    There must be at least 2 approved responsible officers for every regulated activity conducted by a licensed corporation, at least one of whom must be an executive director. There must be a responsible officer supervising each regulated activity of a licensed corporation in Hong Kong at all times. Similarly, there must be at least one executive officer supervising each regulated activity of a registered institution at all times.

    From the FAQs:

    FAQ QUESTION:
    The SFO requires that there must be at least 1 responsible officer available at all times to supervise the licensed corporation’s business of carrying on a regulated activity. If the 2 responsible officers are out of Hong Kong on a business trip or on leave, but they are accessible by mobile phone or e-mail, does the licensed corporation comply with such requirement?

    FAQ ANSWER:
    Yes, so long as the responsible officer(s) can be contacted (preferably by telephone) whenever necessary and proper internal controls are in place. However, this should be regarded as an interim measure only and the out of town period of both responsible officers should be reasonable for the proper discharge of their duties.

    THUS:
    The answer is Yes-But.


  6. #16

    Join Date
    Apr 2018
    Posts
    1

    anyone have hksidatabase account can share or buy together pls?


  7. #17

    Join Date
    Feb 2009
    Location
    Hong Kong
    Posts
    1,504

    I read the manual once, then predominantly used www.passhksi.com to practice the questions. I practiced these questions over and over until I was getting them all right. The exam will probably contain some derivation of these questions.

    The issue is that the manual is so dull it's easy to switch off whilst reading it, practice questions keep you more engaged.

    This is not an exam that you can pass with only intelligence and common sense. There are a lot of facts and rules that you just need to rote learn.


  8. #18

    Join Date
    Apr 2018
    Posts
    4

    im going to take it too


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