IIQE Exam Hong Kong 2027: Papers, Fees & Insurance Jobs

The IIQE (Insurance Intermediaries Qualifying Examination) is the exam you must pass before the Insurance Authority will license you to sell or advise on insurance in Hong Kong. Everyone sits Paper I (75 questions, 2 hours), then adds Paper II for general insurance, Paper III for life, and Paper V for investment-linked policies. The pass mark is 70%, every paper is offered in English, and Papers I to III cost HK$195 on paper or HK$265 on computer under the PEAK examination handbook effective 1 September 2026. Underwriting, claims, actuarial and compliance jobs usually don't need it at all.

This guide covers which papers you need for which job, fees, booking, exemptions for overseas qualifications such as ACII and FLMI, what happens after you pass, and the insurance jobs English speakers actually get hired for in Hong Kong.

What Is the IIQE and Who Needs to Pass It?

The IIQE is the qualifying exam for anyone who wants to be a licensed insurance intermediary in Hong Kong. The Insurance Authority (IA) sets the rule: every individual licensee must pass the relevant IIQE papers, unless exempt. The exam itself is run by the Vocational Training Council through its PEAK Examination Centre.

"Individual licensee" means three types of people:

• Licensed individual insurance agents, who sell for one or more insurers (the classic tied agent at AIA, Prudential or Manulife).
• Licensed technical representatives (agent), who work for a licensed insurance agency, such as a bank selling insurance at the branch.
• Licensed technical representatives (broker), who advise clients on behalf of a licensed broker company.

If your job involves arranging insurance contracts, giving regulated advice or selling policies, you need a licence, which means you need the IIQE. If you work inside an insurer in underwriting, claims, actuarial, finance, IT or compliance, you normally don't, because you are not dealing with customers as an intermediary.

The market is big. As of 30 September 2026 there were 122,651 licensed individuals and 124,921 licensed intermediaries in total, and Hong Kong had 161 authorised insurers at 31 March 2026.

If you're looking for an English-speaking insurance or finance job in Hong Kong, check out ExpatJobBoard.com. We list jobs that don't require Cantonese or Mandarin, including underwriting, claims, risk and compliance roles at insurers and brokers.

Which IIQE Papers Do You Need?

Paper I is compulsory for everyone except travel agents. After that, the papers you need depend on the line of business you will be licensed for. Here is the paper list from the September 2026 handbooks.

Sources: PEAK IIQE handbook for Papers I, II, III and V (September 2026), PEAK handbook for Paper VI (September 2026).

There is no Paper IV. The old MPF paper was taken out of the IIQE on 2 May 2013 and is now a separate exam set by the MPF Schemes Authority.

Which papers match which job?

The IA's fit and proper guideline (GL23), Annex 1 maps each line of business to the papers you must pass:

Source: Insurance Authority GL23, Annex 1.

My advice if you're joining a life insurer or a bank: sit I, III and V together. Almost every life agency and bank expects you to be able to sell investment-linked policies, and adding Paper V later only delays your licence.

Can You Take the IIQE in English?

Yes. Every IIQE paper is presented in both English and Chinese, so you can sit the whole thing without reading a word of Chinese. The IA's free study notes are also available in English, including the 2024 edition for Paper I.

You don't need a Hong Kong ID card to sit it either. The handbook accepts a valid original passport as identification, as long as it's the same document you used to enrol. That matters if you want to pass before you arrive or while you wait for a visa.

How Do You Book the IIQE?

Booking is online only, through PEAK's online enrolment system (the handbook points to www.vtc.edu.hk/cpdc/econline). The handbook sets out the rules:

1. No prerequisites. Anyone can enrol. You don't need an employer or a sponsor.
2. Choose your mode. Pencil-and-paper (PPME) or computer screen (CSME). Computer mode costs more but gives you a result on screen as soon as you finish.
3. Pay by card. Visa, Mastercard or UnionPay. Unpaid or incomplete applications are not processed.
4. Finish within 20 minutes. If you take longer, the sessions you picked are released.
5. Bring the right documents. Your admission form plus the original HKID or passport you enrolled with.

Seats are first come, first served, and there is no rescheduling or cancellation once you submit. If you don't show up, you lose the fee.

PEAK also offers a remote invigilation mode for Papers I, II and III, with its own handbook. Paper V is not offered remotely, so plan to sit that one at a centre.

When do you get your results?

• Computer mode: your score appears on screen when you finish (for reference only), and the e-result is available one hour after the session ends.
• Paper mode: results are online from the fifth full working day after the exam.

You can only download e-results and e-certificates within three months of the exam date, so save a copy straight away. A re-mark costs HK$500 per paper.

How Hard Is the IIQE?

Paper I and Paper III are very passable with two to three weeks of evening study. Paper V is the one people fail, because the 80 questions cover fund mechanics, risk disclosure and suitability rules in detail. Give it more time than you think.

What works:

• Read the IA study notes first. The questions are drawn from them, and they are free on the IA website.
• Then drill question banks. Most candidates use paid mock question sets. Use them to test yourself, not instead of the notes.
• Book computer mode for Paper I. You know straight away whether you passed and can book the next paper the same week.
• Watch the 70% line. On Paper I that means you can only get 22 of 75 questions wrong.

If your employer is sponsoring you, many insurers run short in-house courses and pay the fee. Ask before you book.

Can Overseas Insurance Qualifications Exempt You From the IIQE?

Yes, and this is the part most guides skip. Under GL23, Annex 1, paragraph 5, holders of the following are exempt from Papers I, II, III and VI:

• Chartered Insurance Institute: Advanced Diploma in Insurance or Fellowship (ACII or FCII)
• ANZIIF: Senior Associate or Fellow of the Australian and New Zealand Institute of Insurance and Finance
• LOMA: Fellow, Life Management Institute (FLMI)
• The American College: Chartered Life Underwriter (CLU)
• The Institutes (US): Chartered Property Casualty Underwriter (CPCU)
• Actuaries: Fellows of the Institute and Faculty of Actuaries (FIA or FFA), the Actuaries Institute Australia (FIAA) and the Society of Actuaries (FSA)

Paper V (investment-linked) has its own, separate exemption list, which also includes the actuarial fellowships and several Hong Kong Securities and Investment Institute qualifications. Check the exact list in GL23 before you assume you're covered.

There's also a smaller exemption: if you've passed Papers I and II, you don't need the travel paper (Paper VI).

If you hold an ACII or FLMI from the UK, Australia or elsewhere, tell the employer early. It can take weeks off your start date.

How Long Is an IIQE Pass Valid?

There is no fixed expiry date, but there is a two-year rule. Under GL23, Annex 1, paragraph 7, your results lapse if you have not worked in insurance-related work in Hong Kong for any two consecutive years, counted from the date of the exam. Then you have to sit the papers again before you can be licensed.

The same rule applies if you leave the industry. Someone who stops insurance-related work in Hong Kong for two consecutive years must pass the relevant papers again, unless they hold one of the exempting qualifications above.

In practice: don't pass the IIQE "just in case" two years before you plan to look for work.

What Happens After You Pass? Getting Your Insurance Licence

Passing the exam doesn't license you. The IA licenses you, and only once a principal appoints you.

The minimum education requirement

According to the IA licensing FAQs, you need one of: HKDSE Level 2 or above in five subjects including Chinese or English and Maths, the HKCEE equivalent, an IB Diploma, or certain diplomas and insurance qualifications. The IA also accepts a degree from a credible higher education institution, which covers most overseas university graduates.

The application process

1. Find an appointing principal. An authorised insurer, licensed agency or licensed broker company must agree to appoint you.
2. Submit Form A1 online. Applications go through the IA's Insurance Intermediaries Connect portal, via your principal.
3. Pay the licence fee. The IA has charged licensing fees since 23 September 2024.

How much does an insurance licence cost?

Source: Insurance Authority table of licensing fees for individual applicants.

Most employers pay this for you. If an agency asks you to pay for your own licence, exams and "training pack" up front, ask what else they expect you to fund.

Do you need CPD after you're licensed?

Yes. Each CPD assessment period runs from 1 August to 31 July, and individual licensees need at least 15 CPD hours, including 3 hours on ethics or regulations. Travel agents need only 3 hours.

Insurance Jobs in Hong Kong for English Speakers

This is where it gets practical. Not every insurance job suits a non-Cantonese speaker, and the IIQE matters for only some of them.

Jobs that need the IIQE

• Tied agent or financial planner at a life insurer. Easy to get into, mostly commission-based, and the client base is heavily Cantonese and Mandarin-speaking. English-only agents usually serve expats, which is a smaller pond.
• Bank insurance specialist (bancassurance). Salaried plus incentives. Most branch roles need Cantonese.
• Broker account executive or technical representative. Commercial and corporate broking at the international brokers is the best licensed route for English speakers, especially in marine, aviation, financial lines and employee benefits.

Jobs that usually don't need the IIQE

• Underwriting (commercial, specialty, reinsurance, medical)
• Claims and loss adjusting
• Actuarial and pricing
• Compliance, AML and risk
• Finance, IT, data and product

These are the roles we see advertised most often in English. Regional headquarters, reinsurers and specialty insurers in Hong Kong frequently run in English because they cover Asia, not just Hong Kong.

How much do insurance jobs pay in Hong Kong?

Sources: Jobsdb underwriter salary page (October 2026), Morgan McKinley 2026 legal, risk and compliance salary guide.

The same Morgan McKinley guide expects insurance pay rises of 3% to 4% in 2026, slightly ahead of most sectors. For broader context, see our guides to pay rises in Hong Kong and compliance, AML and KYC jobs.

Agent income is a different story. Commission-only roles can pay well for people with a network, but many new agents earn little in year one. Ask for the basic salary, the first-year allowance and the targets in writing.

Can a Foreigner Work in Hong Kong Insurance?

Yes, but how depends on your visa.

• Already have the right to work? If you're on a dependant visa, IANG, TTPS or are a permanent resident, you can join any insurer or agency without sponsorship. Dependant visa holders can work, as our dependant visa guide explains.
• Need sponsorship? The employer applies under the General Employment Policy. The fee is HK$600 to apply plus HK$1,300 for the visa.
• Graduate of a top university? The Top Talent Pass Scheme lets you come without a job offer.

From what we see, salaried roles (underwriting, claims, broking, compliance) are far easier to sponsor than commission-only agency roles. The Immigration Department wants to see a genuine job with a package in line with the market, and "commission only" is hard to show on paper. If an agency promises a work visa for a pure commission job, be sceptical.

For the bigger picture on visas, read our Hong Kong work visa guide.

IIQE vs MPF Exam: Do You Need Both?

Not always. The MPF Schemes Examination was separated from the IIQE in 2013. You only need it if you will sell or advise on MPF schemes, which most life agents and bank staff do. Brokers in commercial lines and anyone in a non-sales role usually don't.

FAQs: IIQE and Insurance Jobs in Hong Kong

What does IIQE stand for?

IIQE stands for Insurance Intermediaries Qualifying Examination. It is the exam the Insurance Authority requires before licensing an insurance agent, technical representative or broker representative in Hong Kong. The Vocational Training Council runs it through its PEAK Examination Centre.

What is the pass mark for the IIQE?

The pass mark is 70% on every paper. On Paper I that means at least 53 of 75 questions correct, and on Papers II and III at least 35 of 50, according to the PEAK handbook.

How much is the IIQE exam fee in 2026?

Papers I, II and III cost HK$195 in pencil-and-paper mode or HK$265 on computer. Paper V costs HK$325 or HK$390. These are the fees in the handbook effective 1 September 2026.

Can I take the IIQE without a Hong Kong ID card?

Yes. The handbook accepts a valid original passport, as long as it's the document you enrolled with. You also don't need an employer or a visa to sit the exam, although you will need the right to work in Hong Kong to take a job.

Is the IIQE available in English?

Yes. All papers are presented in both English and Chinese, and the IA's study notes are published in English too.

How long does it take to study for the IIQE?

Most people pass Paper I with two to three weeks of steady study using the IA notes and mock questions. Paper V needs longer because it is 80 detailed questions on investment-linked products.

Does an IIQE pass expire?

Not on a fixed date. But under GL23, your result lapses if you haven't done insurance-related work in Hong Kong for any two consecutive years counted from the exam date, and you'd need to sit it again.

Do I need the IIQE to work as an underwriter in Hong Kong?

Usually not. Underwriters, claims handlers, actuaries and compliance staff at insurers are not intermediaries, so they don't need an individual licence. Some employers still ask staff to pass Paper I for background knowledge.

Can my ACII or FLMI replace the IIQE?

Yes. ACII or FCII, ANZIIF Senior Associate or Fellow, FLMI, CLU and CPCU holders are exempt from Papers I, II, III and VI under GL23. Paper V has a separate exemption list.

How much does an insurance licence cost in Hong Kong?

A three-year licence costs HK$810 for general business or HK$1,090 for long term business including investment-linked products, rising to HK$1,900 for both lines, according to the IA fees table. Your employer often pays it.

How many CPD hours do insurance agents need?

At least 15 hours each assessment period from 1 August to 31 July, including 3 hours on ethics or regulations. Travel insurance agents need only 3 hours, according to the IA CPD page.

Is being an insurance agent in Hong Kong a good job for a foreigner?

It can work if you have an expat network to sell to and a salaried or allowance-backed contract. For most English speakers moving to Hong Kong, salaried roles in underwriting, claims, broking or compliance are steadier and easier to get a work visa for.

Key Takeaways

• The IIQE has five papers; everyone except travel agents needs Paper I (75 questions, 2 hours), plus II, III or V depending on the line of business.
• The pass mark is 70% on every paper, and all papers can be taken in English.
• Papers I to III cost HK$195 on paper or HK$265 on computer; Papers V and VI cost HK$325 or HK$390 (handbook effective 1 September 2026).
• ACII, FCII, ANZIIF Senior Associate, FLMI, CLU, CPCU and actuarial fellows are exempt from Papers I, II, III and VI.
• A pass lapses if you don't do insurance-related work in Hong Kong for any two consecutive years from the exam date.
• A three-year individual licence costs HK$810 to HK$1,900 depending on the lines of business, and you need 15 CPD hours a year after that.
• Underwriting, claims, actuarial and compliance roles usually need no IIQE and are the easiest insurance jobs for English speakers to get sponsored for.

Find an English-Speaking Insurance Job in Hong Kong

Whether you've just passed the IIQE or you're an underwriter who never needs it, start with the insurance, risk and compliance roles on ExpatJobBoard.com. Every job we list works in English, so you can focus on the role, not the language.