eBook
Guide to the SIE Exam eBook
We developed this exclusive free guide to explain the exam and empower candidates to take advantage of the SIE exam to better position themselves for their big break in the industry.Getting Started in Your Career
November 18, 2024
Not Finding What You're Looking For?
The SIE exam is a required qualifications exam administered by FINRA. It tests basic information including products, risks, the structure & function of the securities industry & its regulatory agencies, and knowledge of regulated & prohibited practices.
FINRA developed the SIE exam for two primary reasons. First, the organization recognized that across many of their series-specific exams, there were questions covering the same introductory topics. As a result, candidates who sat for multiple securities exams throughout their careers were being tested on the same material multiple times.
So FINRA decided to pull these topics out from those series-specific exams and use them to form the SIE exam.
The second reason FINRA created the SIE exam was to remove a significant barrier to entry into the securities industry.
Anyone 18 or older including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers can register to sit for the SIE exam. Individuals do not need to be sponsored by an employing brokerage to sit for the SIE exam like other FINRA series-specific exams.
This section provides an overview of the SIE exam format, content, and scoring.
The SIE exam is 1 hour and 45 minutes long and contains 75 scored questions in multiple-choice format. The exam also contains 10 unscored questions which are randomly distributed throughout the exam and do not count towards your score. The exam consists of four topic sections which carry different weights in a candidate's score.
The SIE exam consists of several topics that contribute differently to your overall score. Here's a breakdown of the topics, their weightage in the exam score, and the number of questions associated with each topic:
SIE Exam Topics | # of Questions | Topic Weights |
Knowledge of Capital Markets | 12 questions | 16% |
Understanding Financial Products and their Risks | 33 questions | 44% |
Understanding Trading, Customer Accounts, and Prohibited Activities | 23 questions | 31% |
Overview of Regulatory Framework | 7 questions | 9% |
The SIE exam is offered year-round, and you can schedule your exam within 120 days of registering.
To pass the SIE exam, you need a score of 70. All scores are adjusted to account for slight variations in difficulty between different exam versions. This ensures everyone is held to the same standard, regardless of which questions they get. There's no penalty for guessing, so answer every question within the time limit.
While the SIE exam is an entry-level exam, it’s important to take it seriously and dedicate yourself to preparing successfully. The SIE exam covers a broad range of foundational financial topics including capital markets, financial products, trading, regulations, and more.
Setting yourself up with successful studying plans is key to increasing your chance of passing the exam on your first attempt. Pass rates historically have been around 90% for students who enroll in an SIE exam prep class.
To register for the SIE exam, candidates should create an account with FINRA. After getting your account set up, you’ll need to pay the $80 USD fee and schedule your exam within a 120-day window.
You will be able to schedule an appointment with Prometric to take the exam at a local test center or online with a remote proctor.
As you begin to prepare for the SIE exam, start by assessing your financial knowledge. Try taking a diagnostic practice exam to gauge your familiarity with the exam content. Use the results of your diagnostic exam as a guide to help you determine your strengths and weaknesses.
Once you’ve identified the topic areas you need to focus on, develop a study schedule that gives you enough time to dedicate a few hours a week to learning the exam curriculum. After spending some time learning the material, dedicate a few hours to practice applying your knowledge and performing under exam-like conditions with realistic study materials.
While passing the SIE exam is a crucial first step, it's not enough on its own to work in the securities industry. To become registered to engage in the securities business, individuals must also pass a specialized qualification exam relevant to their desired field. Additionally, they need to be sponsored by a FINRA member firm to take this qualification exam.
Below are the exams you can take to become qualified to engage in the securities business after passing your SIE exam:
Series 22 – DPP Representative (DR)
Series 57 – Securities Trader (TD)
Series 82 – Private Securities Offerings Representative (PR)
Series 86 and 87 – Research Analyst (RS)
Find SIE exam success in one of our digital-first SIE exam study packages. Receive expert instruction, and realistic SIE Exam study materials to help you grasp foundational concepts of the securities industry.
eBook
Guide to the SIE Exam eBook
We developed this exclusive free guide to explain the exam and empower candidates to take advantage of the SIE exam to better position themselves for their big break in the industry.
eBook
Launching Your Securities Career eBook
Kaplan Financial Education has partnered with successful securities professionals to create a free eBook for those new or aspiring to the field.
