FINRA’s Securities Industry Essentials Exam or SIE is designed as a prerequisite for individuals who wish to enter the financial services industry. Passing the SIE will not allow a person to conduct business or to act as an agent of a broker dealer. In order to qualify as an agent, the person must pass a specific top off exam based on the type of business the agent will wish to conduct. A person does not need to be sponsored to take the SIE exam and passing the SIE exam will give the person up to 4 years to become associated with a broker dealer and to complete the required top off exam. Most candidates who have successfully completed the SIE exam will take the series 6 or series 7 top off exam. FINRA has designed the SIE exam to test candidates’ knowledge in a variety of subjects relating to the financial services industry and to the markets and economy as a whole.
Applying "Tested On The SIE Exam" to Securities Exams:
Candidates who sit for the SIE exam will be required to demonstrate that they have master the knowledge being testing in a number of critical areas. Just because a candidate does not need to be sponsored to sit for the SIE exam, does not mean that the exam should be taken lightly. The SIE exam will test knowledge in four critical functions. Some of the information tested will be general in scope. A significant portion of the information will be very detailed and require that the test taker demonstrate significant mastery of the material. The SIE Exam test the following information
Percent of SIE Exam
Number of Questions on the SIE Exam
Knowledge of Capital Markets
Understanding Products and Their Risks
Understanding Trading, Customer Accounts and Prohibited activities
Overview of Regulatory Framework
75 questions on SIE Exam
In addition to the 75 questions detailed above,candidates will also have 10 additional questions that do not count towards the final score. Each SIE exam will be comprised of 85 total questions, of which only 75 will be scored or graded. The total time allowed for the SIE exam is 1 hour and 45 minutes and is designed to provide enough time for the exam to be completed. The SIE exam will be presented in multiple choice format, which each question containing 4 possible choices. All questions must be answered before a candidate may move on to the next question. The SIE is administered through a touch screen computer and will allow candidates to mark questions that they are unsure of with the option to review the question at the end of the exam.