FINRA Securities Industry Essentials (SIE) FAQ
What is FINRA Securities Industry Essentials (SIE) exam?
The Securities Industry Essentials (SIE) Exam is a FINRA exam for prospective securities industry professionals. This introductory-level exam evaluates a candidate’s knowledge of fundamental securities industry information comprising concepts significant to working in the industry, such as varieties of products and their uncertainties; the formation of the securities industry markets, regulatory agencies, and their purposes; and prohibited practices.
Who can give the Securities Industry Essentials (SIE) exam?
The SIE exam is open to anyone aged 18 or older, comprising students and prospective applicants involved in explaining basic industry knowledge to prospective employers. Association with a firm is not required to take the SIE, and results are valid for four years.
What are the benefits of FINRA certification?
- Capability to differentiate yourself from your companions asking internships or jobs.
- Chance to jumpstart your career purposes.
- Urgent notice of your pass/fails status with performance feedback if you fail.
- Enhanced marketability in the financial services industry.
How old do I have to be to take the SIE?
You must be 18 years or older to take the SIE.
Do I have to be a U.S. citizen to take the SIE?
No, you do not have to be a U.S. citizen to take the exam.
What are the learning objectives of the FINRA Securities Industry Essentials (SIE) exam?
The learning objectives of the Securities Industry Essentials (SIE) exam are:
- Section 1: Knowledge of Capital Markets
- Section 2: Understanding Products and Their Risks
- Section 3: Understanding Trading, Customer Accounts, and Prohibited Activities
- Section 4: Overview of the Regulatory Framework
Do I have to be associated with a broker-dealer to take the SIE?
No, you do not have to have any association with a broker-dealer to take the SIE.
Do I still have to be associated with a broker-dealer to take FINRA qualification exams?
Yes, you still must be associated with a broker-dealer to take any qualification exams, such as the General Securities Exam (Series 7) exam.
Is it possible to take the SIE and a qualification exam (such as the Series 7) on the same day?
Yes, persons associated with a broker-dealer are permitted to take both the SIE and a qualification exam on the same day. Taking two exams in one day is dependent on finding a seat for both exams at a Prometric testing center. The exams will be treated as separate sessions.
What is the cost of the SIE exam?
The cost of the SIE exam is $60.
What study materials are available for the SIE?
The content outline is available on FINRA.org. While FINRA does not endorse the materials created by any particular vendor, a number of test providers have created materials.
What score is needed to pass the SIE?
The passing score for the SIE is 70 (on a scale of 0 to 100). This test score is placed on a common scale with all other candidate test scores for that exam and statistical adjustments are made to the score to account for slight variations in the difficulty that may exist among different sets of exam questions. This method allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.
Is there a waiting period if I fail the SIE?
The waiting period for the SIE is the same as that for FINRA’s other exams. After the first and second failed attempts, there is a 30-day waiting period. After the third failed attempt, there is a 180-day waiting period. For any attempts after the third attempt, there is also a 180-day waiting period between each exam attempt.
Does the SIE have a registration category?
The SIE does not have a registration category. Passing the SIE alone does not qualify an individual for registration with FINRA or to engage in the securities business.
How can I prepare for the FINRA Securities Industry Essentials (SIE) exam?
The candidate can prepare for the FINRA Securities Industry Essentials (SIE) exam by some steps such as visiting the official site, learning, and understanding the objectives, books and guides, practice test, training programs, etc.
