Securities Industry Essentials (SIE) Exam
Your First Step to a Career in the Securities Industry
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The 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.
Passing the SIE alone does not qualify an individual for registration with a FINRA member firm or to engage in securities business. In order to become registered to engage in securities business, an individual must pass the SIE and a qualification exam appropriate for the type of business the individual will engage in. The individual must be associated with a member firm to take a qualification exam.
- The SIE 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.
- SIE results are valid for four years.
At A Glance
- Number of Questions: 75
- Format: Multiple Choice
- Duration: 1 hour and 45 minutes
- Passing Score: 70
- Cost: $60
Prepare for Your Exam
The Securities Industry Essentials (SIE) Exam Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four sections. The table below lists the allocation of exam questions for each section.
|Sections||Percentage of Exam Questions||Number of Exam Questions|
|(1) Knowledge of Capital Markets||16%||12|
|(2) Understanding Products and Their Risks||44%||33|
|(3) Understanding Trading, Customer Accounts and Prohibited Activities||31%||23|
|(4) Overview of Regulatory Framework||9%||7|
- Ability to distinguish yourself from your peers seeking internships or jobs
- Opportunity to jumpstart your career goals
- Immediate notice of your pass/fail status with performance feedback if you fail
- Increased marketability in financial services industry
FINRA has developed a toolkit for use by colleges and universities to share information about the SIE. The resources in this toolkit, some of which you can customize with your school name or logo, are intended to highlight the benefits of taking the SIE to students considering a career in the securities industry. The toolkit includes:
After You Pass the SIE
Passing the SIE alone does not qualify an individual for registration with a FINRA member firm or to engage in securities business. In order to become registered to engage in securities business, an individual must pass the Essentials exam and a qualification exam appropriate for the type of business the individual will engage in. The individual must be associated with a member firm to take a qualification exam.
- Series 6 – Investment Company Representative (IR)
- Series 7 – General Securities Representative (GS)
- Series 22 – DPP Representative (DR)
- Series 57 – Securities Trader (TD)
- Series 79 – Investment Banking Representative (IB)
- Series 82 – Private Securities Offerings Representative (PR)
- Series 86 and 87 – Research Analyst (RS)
- Series 99 – Operations Professional (OS)