HKSI Paper 9 Passing Score & Exam Format: Everything You Need to Know (2026)
Complete guide to HKSI Paper 9 passing score, exam format, time management, and what to expect on exam day. 70% pass mark with 40 MCQs in 60 minutes.
Understanding the exact scoring requirements and exam format for HKSI Paper 9 (Derivatives) removes uncertainty and lets you focus purely on preparation. This guide breaks down everything you need to know about the pass mark, question distribution, time allocation, and what happens on exam day.
(For a complete study strategy, see our HKSI Paper 9 Study Guide.)
HKSI Paper 9 Passing Score: The Numbers
| Passing Score | 70% |
| Questions to Get Right | 28 out of 40 |
| Wrong Answers Allowed | 12 questions |
| Negative Marking | No — always answer every question |
| Pass Rate | ~55% |
What 70% Actually Means in Practice
Let's put the pass mark in context with the chapter distribution:
| Chapter | Topic | Questions | Weight |
|---|---|---|---|
| 1 | Overview of the derivatives markets | 6 | ~15% |
| 2 | Generic derivative products ⚠️ | 12 | ~30% |
| 3 | Equity derivatives | 8 | ~20% |
| 4 | Interest-rate derivatives | 3 | ~7.5% |
| 5 | Currency and commodity derivatives | 3 | ~7.5% |
| 6 | Derivatives: trading, clearing and settlement | 8 | ~20% |
Get instant feedback with detailed explanations for each question on ExamPrep.hk — understand why each answer is correct
Complete Exam Format
| Aspect | Details |
|---|---|
| Exam Name | Licensing Examination Paper 9 — Derivatives |
| Total Questions | 40 Multiple Choice Questions |
| Duration | 60 minutes |
| Question Format | 4 options, choose 1 correct answer |
| Delivery | Computer-based exam (CBE) |
| Language | English or Traditional Chinese (choose at registration) |
| Calculator | Allowed — approved models only |
| Exam Fee | HK$1,620 (Hong Kong) / HK$2,070 (Global Centres) |
| Frequency | Monthly |
| Syllabus | Updated on 6 July 2026 |
| Results | Immediate — displayed on screen after submission |
(Haven't registered yet? Read our step-by-step HKSI Paper 9 registration guide.)
Time Management: 60 Minutes for 40 Questions
With 60 minutes and 40 questions, you have exactly 1.5 minutes (90 seconds) per question. This is tight but manageable with the right strategy — especially because Paper 9 includes quite a few calculation questions.
| Question Type | Approx. Count | Target Time | Total Time |
|---|---|---|---|
| Factual recall (Chapters 1, 5, 6) | ~15 | 45–60 seconds each | ~12–15 min |
| Conceptual/application (Chapters 2, 3, 6) | ~13 | 1.5–2 minutes each | ~20–26 min |
| Calculation-heavy (Chapters 2, 3, 4) | ~12 | 2–2.5 minutes each | ~24–30 min |
- • First pass (40 min): Answer all questions you're confident about. Flag anything that requires lengthy calculations.
- • Second pass (15 min): Return to flagged questions. Use your calculator methodically.
- • Final check (5 min): Ensure no questions are left blank. Review any answers you were unsure about.
Practice HKSI Paper 9 questions by chapter to focus on your weak areas.
What Happens on Exam Day
Here's the complete exam day timeline:
Before the exam:
- Arrive at the CBE centre 30 minutes before your scheduled time
- Present your HKID card or passport (must match your registration)
- Store personal belongings in a locker (phones, bags, notes not allowed in the exam room)
- Bring your approved calculator — it will be inspected
- You'll be assigned a computer workstation
During the exam:
- A 60-minute countdown timer is displayed on screen
- You can flag questions to review later
- You can navigate freely between questions (go back and forth)
- Scratch paper is provided for calculations
- The CBE system auto-saves your answers
After the exam:
- Click "Submit" when finished (or answers are auto-submitted when time expires)
- Your result is displayed immediately on screen: Pass or Fail
- A score breakdown may be provided
- You'll receive a formal result notification from HKSI
Pass/Fail Scenarios: What the Numbers Look Like
To make the pass mark more tangible, here are realistic scenarios using the actual chapter weights:
| Scenario | Ch1 (6Q) | Ch2 (12Q) | Ch3 (8Q) | Ch4 (3Q) | Ch5 (3Q) | Ch6 (8Q) | Total | Result |
|---|---|---|---|---|---|---|---|---|
| Strong Ch2 | 5 | 11 | 6 | 2 | 2 | 6 | 32/40 | PASS ✓ |
| Balanced | 5 | 9 | 6 | 2 | 2 | 6 | 30/40 | PASS ✓ |
| Just Passing | 4 | 9 | 6 | 2 | 2 | 5 | 28/40 | PASS ✓ |
| Weak Ch2 | 5 | 6 | 6 | 2 | 2 | 5 | 26/40 | FAIL ✗ |
| Underprepared | 3 | 7 | 5 | 1 | 1 | 4 | 21/40 | FAIL ✗ |
Why Chapters 2, 3 & 6 Decide the Outcome
Paper 9 concentrates marks in three places:
- Chapter 2 (12Q) — generic futures, options, swaps, strategies, and break-even maths
- Chapter 3 (8Q) — equity derivatives and multiplier-based P&L
- Chapter 6 (8Q) — HKFE/HKATS/DCASS, margining, clearing, settlement, and broker obligations
Together that's 28/40 = 70%. You can think of passing Paper 9 as primarily a Ch2+Ch3+Ch6 exam, with Chapters 1, 4, and 5 as supporting marks.
(Want to understand more about why candidates struggle? Read our analysis of HKSI Paper 9 difficulty.)
ExamPrep.hk's Performance by Chapter mode shows you your weakest chapters after every practice.
Calculator: Your Secret Weapon
Unlike Papers 1–6, HKSI Paper 9 permits calculators. This changes the nature of questions significantly — and Paper 9 uses that allowance more than Paper 8:
Types of calculations you'll encounter:
- Option spread net cost and break-even
- Futures profit/loss with contract multipliers
- Effective annualised return on interest-rate hedges
- Intrinsic/time value of options
- Basic futures pricing / cost-of-carry style questions
Make sure your calculator is on the HKSI approved calculator list. Non-approved calculators will be confiscated at the exam centre.
What If You Fail?
If you don't pass on your first attempt:
- You can retake immediately — exams are held monthly
- There's no limit on retake attempts
- You'll need to pay the exam fee again (HK$1,620)
- Your previous result doesn't affect future attempts
- Use your score breakdown to identify weak chapters and focus your restudy efforts
How Paper 9 Compares to Other HKSI LE Papers
| Aspect | Paper 1 | Paper 7 | Paper 8 | Paper 9 |
|---|---|---|---|---|
| Questions | 60 | 40 | 40 | 40 |
| Duration | 90 min | 60 min | 60 min | 60 min |
| Pass Mark | 70% | 70% | 70% | 70% |
| Calculator | No | Yes | Yes | Yes |
| Fee (HK) | HK$1,630 | HK$1,470 | HK$1,470 | HK$1,620 |
| Pass Rate | ~52% | — | ~66% | ~55% |
| Key Challenge | Regulatory breadth | Financial markets detail | Ch4 product breadth | Ch2 + calculations |
If you're taking multiple papers, you may want to read our guides for HKSI Paper 1, HKSI Paper 7, and HKSI Paper 8 as well.
Start Your Preparation
Now that you understand the scoring and format, the next step is structured practice. The most efficient way to prepare is with timed mock exams that simulate the real exam experience.
ExamPrep.hk shows you your weakest chapter so that you can focus on them
(Try some questions right now with our HKSI Paper 9 sample mock questions.)
Related guides:
Frequently Asked Questions About HKSI Paper 9 Scoring & Format
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