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SEC Announces the Effective date of the Securities Industry Essentials Exam (SIE)

SEC Announces the Effective Date of the SIE

Posted By: Richard Wandell, Senior Content Editor
Published: October 6, 2017

We are now one step closer to a monumental change in securities licensing. The Securities and Exchange Commission announced the effective date of the Securities Industry Essentials (SIE) exam as October 1, 2018.

With this change, all new representative-level applicants will be required to pass a general knowledge examination—the SIE. They will then be required to pass a revised representative-level qualification exam for the specific Series license they wish to earn. These individuals must be associated with a FINRA-regulated firm to be eligible to take the qualification exams. Affected exams include the Series 6, 7, 11, 17, 22, 37, 38, 42, 55, 62, 72, 79 82, 87, and 99.

These changes align with FINRA360, the comprehensive self-evaluation and organizational improvement initiative FINRA President and CEO Robert Cook launched earlier this year.

The new SIE will test fundamental securities-related knowledge, including knowledge of basic products, the structure and function of the securities industry, the regulatory agencies and their functions, and regulated and prohibited practices. The SIE will be available to everyone, including those individuals not associated with member firms. The revised representative-level qualification exams will test knowledge relevant to day-to-day activities, responsibilities, and job functions of representatives.

Although the outlines for the various courses impacted by the SIE have not been made public at this time, the outlines are expected soon.

As the largest content provider of securities and insurance licensing materials in the industry, Kaplan is well positioned for this major change to testing. Our team of content providers have prepared strong study solutions for the SIE and revised Series 6 and Series 7 specialized knowledge exams. Simply put, we are ready. Kaplan will continue to keep you updated with new information from FINRA regarding their progress and the release of Kaplan study materials for these new exams.

A Candidate's Complete Guide to the New SIE Exam Free eBook - Kaplan Financial EducationA Candidate's Complete Guide to the New SIE Exam

After identifying nine series exams with common content (6, 7, 22, 57, 79, 82, 86/87, 99), FINRA has decided to restructure their licensing process next year. The common content will be tested in the new Securities Industry Essentials (SIE) exam. Download this free guide to learn more about how the new securities licensing process will work, the rationale for the change, proposed SIE exam content, and how it could change hiring and recruiting practices.

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