FINRA has released updates about the implementation of the SIE exam in a Regulatory Notice posted on October 5, 2017 (

Below is a quick summary of important information related to the exam restructuring:

  • The effective date of the SIE exam and related specialized knowledge exams (“top offs”) is October 1, 2018.
  • The SIE exam will consist of 75 graded questions.  Ten experimental questions will also be included randomly within each exam.  Candidates will have a total of 105 minutes to complete the 85 questions.
  • Final outlines for the SIE and all top off exams will be released prior to year-end 2017.
  • The MSRB’s Series 52 exam has been added as a top off exam, but exam length and further details have not yet been announced.
  • The passing score of the SIE has not yet been determined, but is expected in Q1 of 2018.
  • Exams fees will change, and will be announced in Q1 of 2018.
  • Persons that return after leaving the industry for two years will be required to retake top off exams, however the SIE is good for 4 years.
  • Principal exams will not change in 2018, but work will begin on aligning these exams to the SIE format.
  • Series 17/37/38 will be retired, but holders of these certifications will be grandfathered from the SIE exam.
  • All SIE and top off exams will be administered at Prometric Centers.

We will keep you apprised of other updates as they become available.  We also invite you to contact us with questions at or at 212.626.6899, or to schedule an information session for you or your team.