Dr Li graduated from the University of Manchester in the United Kingdom and was awarded the degree of Bachelor of Arts in Economics. Dr Li has received numerous awards for his distinguished work in the accounting profession. In 1993, Dr Li was honoured by the Hong Kong Society of Accountants as "Accountant of the Year". He became President of the Hong Kong Society of Accountants in 1994.

　　Dr Li is equally active in his participation of public service in Hong Kong and has made remarkable contributions. In 1991, he was appointed Chairman of the Commission of Youth. He has also been Chairman of the Social Welfare Advisory Committee and the Hong Kong Council of Social Services. Since 1998, Dr Li has become the Chairman of the Public Accounts Committee of the Legislative Council.

　　Dr the Honourable Eric Li has been a staunch supporter of The Chinese University of Hong Kong for many years. Since 1995, Dr Li has been the Independent Trustee of the Staff Superannuation Scheme of the University. Over the years, his expertise and professional advice has fostered the steady growth of the superannuation fund of the University. Dr Li is equally supportive to the Chinese University's School of Accountancy. He has served as Chairman of the Advisory Board on Accounting Studies of the University since 1996, contributing enormously to the development of the School. Starting from August 2000, Dr Eric Li took up Adjunct Professorship at the Chinese University's School of Accountancy, allowing the opportunity for staff and students of the University to benefit from his expertise and wisdom.