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Securities Industry Essentials (SIE) Exam

Beginning in October 2018, the Securities Industry Essentials (SIE) exam will be available for candidates who are pursuing entry-level positions in the securities industries. The Financial Industry Regulatory Authority (FINRA), which is a non-profit organization, created the SIE exam to give candidates an opportunity to demonstrate basic security industry knowledge to potential employers. FINRA’s mission is to ensure investor protection by enforcing regulations, monitoring firms, offering investment education, and promoting market transparency.

The SIE exam covers the fundamental concepts of the securities industry, including risks, products, market structures, and regulatory agencies. Candidates should note that passing the SIE exam is only one of the prerequisites for becoming a securities industry professional. Other requirements include completing a background check and passing a qualification exam for that specific type of business (Ex. General Securities Representative Series 7 exam).

Who is eligible to take the SIE Exam?

The Securities Industry Essentials (SIE) exam is available to candidates and students who are at least 18 years old. Candidates are required to take the SIE exam before or after associating with a firm.

When is the SIE Exam available?

The SIE exam is available beginning October 1, 2018.

How to apply for the SIE Exam

Candidates may enroll for the SIE exam on the FINRA website and schedule their exam at a Prometric testing location. Individuals have 120 days to schedule their exam. If you have to reschedule, please do so at least 10 business days prior to your scheduled exam date, to avoid penalty fees.

How much is the SIE Exam?

The proposed fee for the Securities Industry Essentials (SIE) exam is $60.

What topics are covered on the SIE Exam?

The SIE exam assesses candidates’ knowledge of entry-level practices and core concepts of the securities industry, as well as rules and regulations. The exam is divided into the following sections:

  • Knowledge of Capital Markets. This section makes up 16% of the exam and includes 12 questions. Some of the categories include market structure and participants, regulatory entities, offerings, and FINRA rules.
  • Understanding Products and Their Risks. This section makes up 44% of the exam and includes 33 questions. Some of the categories include exchange-traded funds, real estate investment trusts (REITs), municipal fund securities, and MSRB rules.
  • Understanding Trading, Customer Accounts, and Prohibited Activities. This section makes up 31% of the exam, with 23 questions. Some of the categories include compliance considerations, market manipulation, anti-money laundering, and NASD rules.
  • Overview of the Regulatory Framework. This section makes up 9% of the exam, with 7 questions. Some of the categories include employee conduct, continuing education, reportable events, and SEC rules.

In total, the SIE exam includes 75 multiple-choice questions and 10 pretest questions that do not count towards the final score.

What is a passing score for the SIE Exam?

The passing score for the SIE exam will be announced by the Financial Industry Regulatory Authority (FINRA) at a later date. The test scores are valid for four years.

What to expect on test day

The Securities Industry Essentials (SIE) exam is offered at Prometric testing facilities. On test day, candidates can expect the following:

  • The SIE exam is a computer-based test with 75 multiple-choice questions and 10 pretest questions.
  • Test-takers must provide a valid government-issued ID, which includes a signature and photograph. Examples include an active passport, driver’s license or military ID.
  • Test-takers will have 105 minutes (1 hour and 45 minutes) to complete the exam.
  • Study materials and personal items, including backpacks, notes, books, and briefcases are not allowed in the testing area.
  • At the start of the test, test-takers will receive a four-function calculator, 2 dry-erase boards, and dry-erase pens.
  • Test-takers are encouraged to arrive 30 minutes early to avoid forfeiting their test and cancellation fees.

How to prepare for the Securities Industry Essentials (SIE) Exam

When searching for the most effective study materials for the SIE exam, it’s important to consider materials that will help you thoroughly understand the key concepts and the test format. Our test experts, who have meticulously studied the SIE exam, created study materials that are sure to help you earn a passing score and beyond!

The Mometrix SIE Study Guide provides in-depth explanations of all of the critical concepts tested on the exam, including market structure, regulatory agencies, and securities products. Conquering a test requires more than understanding the information, so the Mometrix SIE Study Guide also includes secret test-taking strategies that will help you avoid question traps, easing your anxiety on test day.

Repetition is proven to be one of the most effective study strategies, so Mometrix also offers the SIE Flashcards. With these flashcards, you are able to quiz yourself on the go!
We understand that preparing for an exam that can change the trajectory of your career can be intimidating. We created the SIE study materials to not only help you earn the score you deserve but to ease your anxiety, so that you can be more relaxed and confident on test day! We look forward to helping you pass the SIE exam!

Sours: https://www.mometrix.com/academy/sie-exam/

FINRA Securities Industry Essentials (SIE) Free Practice Test

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The SIE Exam is one of the best ways to distinguish yourself from your peers if you want to jump into the financial services sector. SIE practice exams are a great way to study for the actual exam.

Whether you want to become a member of a stock brokerage firm or join FINRA itself, you’ll likely need to take the SIE exam and score well to make it in this competitive professional market.

Our guide to the SIE exam will go over eveything that is on the exam as well as provide some SIE practice exams to help you study. 

Summary: Review some of the free SIE practice exams below to see how much you already know.

Free SIE Practice Exams & Questions

Our free SIE practice tests will help you pass your SIE exam. Use our answer explanations at the end of the exams to help you better understand the material.

If you are looking for more assistance, consider using one of the best SIE exam prep courses. 

Other SIE Prep Resources

Check out these SIE prep resources for more SIE materials.

SIE Exam Outline

The SIE Exam can be taken by anyone 18 years of age or older. It’s particularly a good idea for those interested in entering the financial services industry to take the SIE exam. You can take the exam either before or after you are associated with or employed by a firm.

Additionally, any exam results are valid for four years after taking the test, providing a generous window during which you can pursue employment after test completion.

SIE Practice Exams

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The test is 75 questions long in a multiple-choice format. It’s administered over one hour and 45 minutes and costs $60 each time you take the exam.

Overall, the SIE Exam covers several financial sector topics. The test is broadly organized across four sections and major subjects. The most recent version of the test has:

 SectionDescription Percentage of Exam Number of Questions 
 1 Capital Markets 16% 12
 2 Understanding Products & Risks 44% 33
 3 Trading, Customer Accounts, & Prohibited Activities 31% 23
 4 Regulatory Framework 9% 7

The exam is scored out of 100 and a passing score is considered to be 70 or above. Higher scores are always considered better for potential employees, especially if they submit the scores to firms.

Please note that the SIE exam is relatively new and has replaced portions of the following exams:

  • Series 6 - Investment Company Representative
  • Series 7 - General Securities Representative
  • Series 22 - DPP Representative
  • Series 55/56 (now series 57) - Securities Trader
  • Series 79 - Investment Banking Representative
  • Series 82 - Private Securities Offerings Representative
  • Series 86/87 - Research Analyst
  • Series 99 - Operations Professional

These exams are usually referred to as "Top-Off Exams."

The SIE exam was created in an attempt to remove duplicate information that was on all of the above exams. One big plus of the creation of the SIE exam is that candidates no longer have to be associated with a FINRA member firm to take the SIE exam. 

The top-off exams are now exclusively for individuals that fall in specific categories and require the additional certification for their career. 

Why Take the SIE Exam?

The SIE Exam may be necessary for many financial or stock market firm employees, so anyone interested in getting a start in the sector will likely want to take and pass this exam with as high a score as possible. It’s also a great way to separate yourself from other potential firm employees, particularly if you don’t have a lot of experience under your belt.

Candidates who take and pass the SIE exam may be eligible for bonuses or pay increases. Having the SIE designation on your resume will allow you to do more things with the company, which helps justify the increase in pay. 

Having the SIE designation could also help you excel your career in the financial services industry. There is only so much you can do without having the SIE designation or other similar top off exams. 

Freqently Asked Questions

Do You Need to be Associated with a Broker-Dealer to take FINRA Qualifications Exams (Top-Off Exams)?

Yes. Series 6, 7, 22, 57, 79, 82, 86/87, and 99 require candidates to be employed or sponsored by a FINRA member.

The SIE exam does not require candidates to be employed or sponsored by a FINRA member.

Can You Take a Qualification Exam and the SIE on the Same Day?

Yes. So long as you meet the qualifications for all the exams, you can take both exams on the same day, although you’ll need to find seats at the same testing center. Of course, you’ll also need to make sure that the exams take place during different time slots.

Is the SIE Testing Score Adjusted?

Yes. The passing score for the SIE Exam is normally 70 out of 100, but every exam score is placed on a common scale with other test scores for that particular session.

Statistical adjustments may be necessary depending on the exam session and in conjunction with the exam scores received from other test-takers. This ensures that every exam score is fair regardless of the exact questions on the test.

How Many Times Can You Take the SIE Exam?

You can take the SIE Exam two times back to back. If you want to take the exam for the third time, you must wait 30 days before reapplying for another session. Taking the test for the fourth time necessitates a 180-day waiting period.

This waiting period is repeated for every subsequent test attempt. Thus, it’s best to try to pass the exam with as high a score as you can manage before your fourth attempt.

Can I Take the SIE Exam At College?

Yes. You must take this exam at a designated Prometric testing center. Many universities have these centers nearby or even integrated with their campuses. You may take this test even if you have not graduated from college.

Last Updated: 9/23/2021

Sours: https://www.test-guide.com/sie-practice-exam.html

SIE Sample Quiz

If you like to listen, the Solomon SIE Audiobook offers you the perfect way to study for your exam while you’re commuting, working out or doing the dishes! The Solomon SIE Audiobook is a 12-hour audio recording of the Solomon SIE Study Guide. The guide is written in clear easy-to-understand language and contains the information you need to know to pass your exam.

The Solomon SIE Audiobook is a verbatim reading of the Solomon SIE Study Guide, "The Solomon Exam Prep Guide to the Securities Industry Essentials—2nd Edition."

The Solomon SIE Audiobook is a great companion to the SIE Online Exam Simulator, the online testing application that helps you assess how well you are learning and retaining the information. 

  Available in the following formats:

  • Streaming Audio + Instant MP3 download

MP3 files are compatible with all major MP3 players, including but not limited to: iPods, iTunes, Zune, Sony, MP3 CD Players, MP3 Walkman, Windows Media Player and QuickTime.

(Note for iPod, iPhone, and iPad users: MP3 files must be downloaded to a computer and added to iTunes before being transferred to your device.)

To listen to a sample click  here.

Sours: https://solomonexamprep.com/demos/intro/26/SIE-Sample-Quiz

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