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 | ||
Functions: | ||
1: Collection, Analysis and Evaluation of Data | 37 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 Questions | 75 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 | ||
Functions | ||
1: Information and Data Collection | 10 questions | |
2: Analysis, Modeling and Valuation | 90 questions | |
Total Questions | 100 questions | |
Time for Completion: | 4 hours and 30 minutes | |
Passing Score: | 73% | |
Series 87 | ||
Functions | ||
3: Preparation of Research Reports | 32 questions | |
4: Dissemination of Information | 18 questions | |
Total Questions | 50 questions | |
Time for Completion | 1 hour and 45 minutes | |
Passing Score: | 74% |
Content Outline: http://www.finra.org/sites/default/files/Series_86-87_Content_Outline.pdf
Series 99 | ||
Functions | ||
1: Knowledge Associated with the Securities Industry and Broker-Dealer Operations | 35 questions | |
2: Professional Conduct and Ethical Considerations | 15 questions | |
Total Questions | 50 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.