Breaking News on the SIE Exam!

Earlier this week FINRA took the next step to make the SIE Exam a reality by filing the exam restructuring rule with the SEC. This coincided with the industry’s annual ARM Conference, where we had an opportunity to sit down with FINRA to discuss the SIE roll-out and timing.

By way of background, FINRA’s proposal is to restructure the current registration exam process. The new regime will require candidates to pass the SIE Exam and a shorter specialized knowledge exam (a “top-off” exam), based on an individual’s exact role, rather than a single more comprehensive test. Additional information on the SIE Exam can be found here.

The most significant development is FINRA’s proposed timeline for the launch of the new exams. Assuming all goes according to plan, FINRA will release the SIE and top-off exams in March 2018. This means that individuals who join a firm after this (including those in new analyst and associate training programs) will register under the new SIE plus top-off regime.

FINRA also released information on the length of the exams, a pass/fail scoring system, the cut-over process, and the MSRB’s involvement. A detailed discussion of all these developments can be found at our Investopedia article here.

If you or your team would like to discuss the exam restructuring in greater detail, please let us know and we would be happy to schedule an information session.

As always, we will continue to keep you posted on any developments regarding the exam restructuring process.

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