FINRA has released updates on its exam restructuring program which launches October 1, 2018.  New on the FINRA site are content outlines for three of the “top off” or “specialized knowledge exams”, that will become effective simultaneously with the new Securities Essentials Exam (see more about the SIE at  https://www.finra.org/file/securities-industry-essentials-sie-exam-content-outline.

The common theme of these top-off exams is that redundant information will be removed, and candidates will be tested on rules and functions that are closely associated with the tasks they perform daily.

Top-Off Exam Facts

Series 79  
 1: Collection, Analysis and Evaluation of Data37 questions
 2: Underwriting and New Financing Transactions, Types of Offerings and Registration of Securities 


20 questions

 3: Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions 

18 questions

 Total Questions75 questions + 10 experimental questions
 Time for Completion: 2 hours and 30 minutes
 Passing Score:To be determined

Content Outline: http://www.finra.org/sites/default/files/Series_79_Content_Outline.pdf

Series 86  
 1: Information and Data Collection10 questions
 2: Analysis, Modeling and Valuation90 questions
 Total Questions100 questions
 Time for Completion: 4 hours and 30 minutes
 Passing Score:73%
Series 87  
 3: Preparation of Research Reports32 questions
 4: Dissemination of Information18 questions
 Total Questions50 questions
 Time for Completion1 hour and 45 minutes
 Passing Score: 74%

Content Outline: http://www.finra.org/sites/default/files/Series_86-87_Content_Outline.pdf

Series 99  
 1: Knowledge Associated with the Securities Industry and Broker-Dealer Operations35 questions
 2: Professional Conduct and Ethical Considerations15 questions
 Total Questions50 questions
 Time for Completion: 1 hours and 30 minutes
 Passing Score:To be determinedContent Outline:

Content Outline: http://www.finra.org/sites/default/files/Series_99_Content_Outline.pdf

New Licensing Process

To become fully licensed after October 1, 2018, individuals must pass both the SIE and a specialized top-off exam tailored to their area of practice. Though the SIE can be taken by persons that aren’t associated with firms, the top-off exams will be available only to associated persons of FINRA member firms. This new approach provides college students, career changers, and other interested persons an opportunity to establish an industry credential prior to hire.

Knopman Marks will Keep You Informed

Check back regularly for updates on the SIE exam and top-offs. FINRA content outlines are expected soon for Series 6, Series 7, Series 22, Series 57 and Series 82, and the MSRB will also re-align the Series 52 with the SIE requirement.  Knopman Marks is committed to delivering the best exam prep material for these new exams, and we are happy to help with any question you have about this revised exam process.