Internationalization

Introduction： 

The Licensing Examination for Securities and Futures Intermediaries (LE), a practical and market-focused examination for individuals who wish to pursue their careers in the securities and investment industry in Hong Kong. The Securities and Futures Ordinance provides for the implementation of the single licensing regime with 10 types of regulated activity (RA). An individual will need one licence or registration to carry on different types of RA. The LEs have been recognised by the Securities and Futures Commission (SFC) for meeting the competence requirements for individuals in relation to the applications for licences as Representatives and/or Responsible Officers 

Certificate：

Upon the successful completion of a preset combination of examinations within 3 years (the 3-year period will commence from the date of the first LE paper that the candidate passes), candidates will be awarded the HKSI Institute Certificate. 

The aforesaid three-year completion period will NOT be extended under any circumstances. 

 All certificates, including both HKSI Institute Practising Certificates and HKSI Institute Specialist Certificates, will be issued to the eligible candidates ONCE only within the three-year completion period. 

 

Recognitions 

Hong Kong 

HKSI Practising Certificates and HKSI Specialist Certificates, which are granted to candidates who have completed a preset combination of LE examination papers, are recognised by the Insurance Authority (IA) of Hong Kong.  Holders of either of these certificates are exempted from taking the "Investment-linked Long Term Insurance Examination" of the Insurance Intermediaries Quality Assurance Scheme (IIQAS). 

International 

Association of International Wealth Management (AIWM) 
LE Paper 1 has been recognised by the Association of International Wealth Management (AIWM) as a substitution of Regional Paper (i.e. Local laws and regulations) of the Certified International Wealth Manager (CIWM®) Final Examination in Hong Kong. 
 
Chartered Institute for Securities & Investment's (CISI)  
LE Paper 1 is recognised as a suitable replacement of the Chartered Institute for Securities & Investment's (CISI)   Investment Operations Certificate (IOC) regulatory unit. The IOC is awarded on the completion of 3 IOC units. HKSI Institute's individual members or market practitioners who have successfully completed the LE Paper 1 are required to take only 2 IOC units to attain the certification. 

 

Prerequisites： 

There are no prerequisites for enrolling in the LE. 

Exam Format： 

LEs conduct in Taiwan including the following papers： 

Regulatory Papers

Practical Papers 

The LE papers conducted in Taiwan are Computer-based Examination (CBE) mode in Chinese language.(Paper 1,7 and 8 in both English and Chinese). All questions are multiple choice.

An International License in line with the CFA 

　　Headquartered in Zurich, Switzerland, the Association of Certified International Investment Analysts (ACIIA®) was established in June 2000. The CIIA® is internationally recognized by 32 country members and partner countries. Both the CIIA® and the Chartered Financial Analysts (CFA) are internationally recognized licenses for professional investors, especially in Europe, with China, Hong Kong, and Japan being the main regions in Asia. 

　　Take Hong Kong as an example, holders of the CIIA are exempted from local mandatory industry qualification examinations, such as examinations for Type 1 securities transactions, Type 2 futures contracts transactions, and other items of business examinations (please refer to the website of the Hong Kong Securities and Futures Commission for details). In addition, holders of the CIIA can also obtain membership of the Hong Kong Securities and Investment Institute (HKSI), and can interact and exchange views with individuals working in the financial service industry in Hong Kong 

As of September 2023, there are more than 10,491 CIIA® holders around the world. Below are the countries where the ACIIA® has a presence: 

Examination Niche 

Professional and Friendly International License Examination 

• Recognition of professional competence:  
  The CIIA® is a professional qualification recognized by the international finance and investment industry. A CIIA license is the best way to demonstrate your professional international experience.  
• Become an international talent:  
  The CIIA is an internationally recognized financial license, which is conducive to the development of international finance within the group. Holders of the CIIA can also join local membership organizations of each member country and have partial exemptions from local employment qualification examinations, or can obtain a practicing license directly.  
• Breaking the language barrier:  
  A major difference between the CIIA and the CFA is that the former allows candidates in member countries to take the test in the local language. Candidates can take the Foundation Exam in Mandarin Chinese. The Final Exam after passing the Foundation Exam is in English; however, candidates may answer questions in Mandarin Chinese, minimizing the language barrier.  
• No eligibility restrictions for examinations:
  No prior work experience is required to apply for the examinations. Practitioners who do not have relevant work experience or students can prepare for the examinations to obtain an international license, getting a head start in the jobs market. 
• Provision of free textbooks:  
  Candidates can get free textbooks for the subjects that they enroll in (Mandarin Chinese version for the Foundation Exam) to prepare for the examinations more smartly.  
• Exchanging certificates to speed up the process:  
  At present, candidates must have two years of work experience in order to qualify for Taiwan's securities investment analyst exam. Candidates who have obtained the CIIA qualification can apply to become a securities investment analyst in Taiwan in accordance with relevant regulations. 

Examination Contents 

Foundation Exam: 

Examination Timetable 

• In principle, the exams are held on a semiannual basis (March and September) 

Exam Eligibility / Subjects / Passing Requirements 

• Exam eligibility: No enrollment restrictions 
• Examination contents: The Foundation Exam is composed of three subjects, with single-choice questions (in addition to receiving no points, the points will be deducted from the total score for each wrong answer) in Mandarin Chinese. Candidates must pass all three subjects. The examination can be taken in separate sessions or in one sitting.