SIE Qualification Exam Update from FINRA's Annual Conference

Posted By: Mark Sanchirico
Updated: August 23, 2017 

UPDATE 10/12/17: An effective date for the new Securities Industry Essentials (SIE) Exam has been announced. Read more here. 

On Tuesday, May 24, at FINRA’s annual conference in Washington, DC, a session was devoted to our industry’s qualifications exams. Most notably discussed were the proposed Securities Industry Essentials (SIE) exam and the top-off exam licensing format. While a fair portion of the session recapped what has already been revealed in prior FINRA releases, some new perspective was added to the anticipated timeline for implementation, as well as a few other details.

Regarding timeline for implementation:

• In 2016, FINRA will make the required registration rule, fee, and qualification exam filings with the Securities Exchange Commission (SEC).
• Release of the final SIE and top-off exam outlines will not occur until SEC approval is received. FINRA noted that these new exam outlines are now 99% complete.
• FINRA will allow for a 9- to 12-month window between its releases of the final exam outlines to the industry and implementation of the exam in test centers.
• Test center implementation is anticipated no earlier than January 2018.

Download A Candidate's Complete Guide to the New SIE Exam now to learn more about the new proposed licensing process and SIE exam content.

Within the remaining time between now and test center implementation, FINRA will:

• Prepare WebCRD and other FINRA systems for the new exam structure.
• Create a system for persons not yet associated with a member firm to enroll and pay for the SIE exam.
• Implement communications outreach to the industry, educational institutions, training companies, and the general public.

Finally, some clarification was given for the sequence in which the SIE and appropriate top-off exams must be completed. Simply put, there is no requirement to pass one before the other. Candidates can choose to take either the SIE or the appropriate top-off exam first, with the other to follow. Of course, no licensing can be completed until both have been taken and successfully passed.

As we move toward the expected 2018 exam implementation in test centers, Kaplan will continue to keep you updated with new information from FINRA regarding their progression and the release of Kaplan study materials for these new exams.