Compulsory subject 1
Subject 1 "Fund laws and regulations, professional ethics and business norms" is a compulsory subject to obtain the qualification certificate of fund practice. If you don't pass the exam, you won't get the certificate.
Subject 2 or subject 3
In addition to subject 1, you need to pass any one of subject 2 "Fundamentals of Securities Investment Funds" or subject 3 "Fundamentals of Private Equity Investment Funds". Only by passing either of these two exams can you obtain the qualification certificate of fund practice.