SIE and Series 7 Exam Details
SIE Exam Details
The FINRA® Securities Industry Essentials (SIE) exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices.
- The Essentials exam is open to anyone aged 18 or older, including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers.
- Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm.
- Essentials exam results are valid for four years.
75 multiple-choice questions
1 hours, 45 minutes
Outline of Topics Covered
- Knowledge of Capital Markets
- Understanding Products and Their Risks
- Understanding Trading, Customer Accounts, and Prohibited Activities
- Overview of Regulatory Framework
Series 7 Exam Details
The FINRA® Series revised 7, General Securities Representative Qualification "Top-off" Exam, is required of individuals soliciting the purchase or sale of corporate, municipal and U.S. government securities, options, direct participation programs, investment company products, and variable contracts.
On October 1, 2018, FINRA restructured the Series 7 exam. New candidates will be required to pass the Securities Industry Essential (SIE) exam along with a Series 7 Top-off exam to obtain the General Securities Representative Qualification registration. Kaplan has study materials available for the SIE exam as well as the Series 7 exam.
125 multiple-choice questions
3 hours, 45 minutes
Outline of Topics Covered
- Seeks business for the broker-dealer from customers and potential customers
- Opens accounts after obtaining and evaluating customers’ financial profile and investment objectives
- Provides customers with information about investments, makes suitable recommendations, transfers assets, and maintains appropriate records
- Obtains and verifies customers’ purchase and sales instructions; processes, completes, and confirms transactions
Best Practices Guide
Kaplan has prepared a Best Practices Guide to help you pass the first time! This guide includes recommended study hours, how to use your study materials effectively, and test-taking tips. Access the guide and other free materials here.
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