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SIE Exam Information
About the SIE Exam
The Securities Industry Essentials (SIE) Exam is the entry-level test required for anyone looking to start a career in the securities industry. It covers the basics of financial markets, investment products, trading, regulatory agencies, and professional ethics.
The SIE exam tests candidates on both general industry knowledge (non-rule-based concepts, such as bond price-yield relationships and stockholder rights) and specific rule-based knowledge (such as SAR reporting and Form U4 filing requirements). Much of the exam content is grounded in key federal securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Adviser Act of 1940.
Passing the SIE shows potential employers and regulators that you have a solid foundation of industry knowledge. It’s also a prerequisite for taking many of the FINRA qualification exams you’ll need to become fully licensed.
Who is the SIE Exam for?
Whether you’re a student exploring finance, a career changer entering the investment world, or someone preparing to become a registered representative, the SIE is your first step. You don’t need to be sponsored by a firm to take it, making it a great way to demonstrate your commitment and stand out to potential employers.
Do I need to be sponsored to take the SIE Exam?
No, you do not need a sponsor to take the SIE exam. Anyone 18 or older can register and take the exam on their own to demonstrate their knowledge of basic securities industry concepts. This is a key difference from other FINRA exams, which do require sponsorship by a FINRA member firm to be eligible.
What is covered on the SIE Exam?
The SIE Exam tests your understanding of the core concepts every securities professional needs to know. Key areas of knowledge include the structure of financial markets, various types of securities products, fundamentals of trading and customer accounts, the roles of regulatory agencies, and essential rules on ethics and compliance. In short, the exam measures whether you have the foundational knowledge to begin working in the industry and to move on to specialized licensing exams.
The exam content is divided into 4 main topics. The topics and percentage of exam items from each is as follows:
- Knowledge of Capital Markets (16%)
- Understanding Products & Their Risks (44%)
- Understanding Trading, Customer Accounts, & Prohibited Activities (31%)
- Overview of the Regulatory Framework (9%)
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SIE Exam Enrollment & Eligibility
1. How old do I have to be to take the SIE Exam?
You must be 18 years or older to take the SIE exam.
2. Do I have to be a U.S. citizen to take the SIE Exam?
No, U.S. citizenship is not required.
3. Do I need to provide a Social Security number to enroll?
Yes, you must provide your Social Security number. If you do not have one, you can use your mother’s maiden name. If you plan to associate with a broker-dealer later, the information you provide for the SIE must exactly match your broker-dealer records to ensure your results are properly recorded in your CRD. Otherwise, you may need to retake the exam. For more details, see FINRA’s TESS FAQ.
4. Do I need to be associated with a broker-dealer to take the SIE?
No, you do not need a broker-dealer affiliation to take the SIE.
5. Do I need a broker-dealer affiliation to take other FINRA qualification exams?
Yes, association with a broker-dealer is required for representative-level exams, such as the Series 7.
6. Can I take the SIE Exam and another qualification exam (like the Series 7) on the same day?
Yes, broker-dealer associated candidates can take both exams on the same day, if Prometric has available testing seats. Each exam is treated as a separate session.
7. What happens if I take the SIE and Series 7 on the same day and fail the SIE but pass the Series 7?
You must pass both the SIE and the Series 7 to become a registered representative. The order of passing does not matter; passing both exams is what counts. This applies to all representative-level exams.
8. How much does the SIE exam cost?
The exam fee is $80.
9. What study materials are available for the SIE?
There are many options to choose from. Acadio offers a comprehensive SIE Exam Prep course which includes a study guide, practice questions, flashcards, instructor support, and more.
SIE Exam Scoring & Results
1. What score is needed to pass the SIE Exam?
The SIE requires a passing score of 70 (on a scale of 0–100). Scores are placed on a common scale and statistically adjusted to account for variations in question difficulty across different exam versions. This ensures a fair and consistent standard for all candidates.
2. Is there a waiting period if I fail the SIE Exam?
Yes. FINRA requires waiting periods between exam retakes. After a first or second failed attempt, candidates must wait 30 days before retaking the exam. Following a third or any subsequent failed attempt, the waiting period increases to 180 days.
3. How long is the SIE valid?
The SIE is valid for four years from the date you pass. This means if you join a broker-dealer within that period, you only need to pass the Series 7 (or other representative-level exams) to become registered. If you terminate your registration, the SIE remains valid for four years from the termination date.
SIE Exam Registration
1. Does the SIE have a registration category?
No. Passing the SIE Exam alone does not register you with FINRA and does not qualify you to engage in securities business.
2. Will I appear in BrokerCheck if I pass the SIE Exam?
No. Passing the SIE Exam by itself will not make you appear in BrokerCheck.
3. If I am a non-registered fingerprint (NRF) person, will the SIE appear in my CRD Exam History?
No. The SIE will not appear in CRD for NRF individuals. Once your firm files a Form U4, your SIE results will be added to your CRD exam history.