What is the Securities Industry Essentials (SIE) Exam?

The SIE is a new regulatory exam that will allow candidates to demonstrate their mastery of the essentials of the financial industry. The exam will cover the foundational knowledge used in careers in investment banking, wealth management, sales and trading, and more.

What’s the big deal?

This is a big change from the current exam structure, which requires individuals to be employed and sponsored by a FINRA-registered firm.
The SIE Exam will impact:

  • Undergrads
  • Graduates
  • Industry professionals

Who can take the SIE Exam?

The SIE Exam will be available to anyone 18 years old or older. That means college students, MBAs, career changers, and anyone interested in pursuing a career in the financial services industry can take the SIE, which is the first step in landing that dream job.

What is the new process to become fully licensed?

To become fully licensed in 2018 individuals must pass both the SIE and a specialized top-off exam tailored to their area of practice (e.g., investment banking, securities trading, operations). Though the SIE can be taken at any time, the top-off exams will only be available to employees of FINRA member firms.

sie-infographicWhy is FINRA changing its exams?

There are several reasons FINRA is adopting a new exam structure. The SIE Exam will streamline the overall qualification exam structure, eliminate duplication across exams, and make it easier and quicker for individuals to become fully registered securities professionals. In addition, the SIE offers an opportunity for individuals seeking to enter or re-enter the securities industry to demonstrate their knowledge of the securities industry and stand out in the crowded field of potential applicants.

Where can I take the SIE Exam?

The SIE will be available worldwide at Prometric testing centers.

When can I take the SIE Exam?

FINRA recently announced that the Securities Industry Essentials (SIE) exam will launch during the 4th quarter of 2018.

How can I pass the SIE Exam?

FINRA exams are designed by professional psychometricians (test-makers) and truly distinguish individuals who have or do not have the required knowledge of the securities industry and its products, rules, and regulations. To pass, candidates must prepare specifically for the SIE, learning and mastering the testable concepts. In general, students need to read a textbook, participate in classroom training (live or on-demand), and drill with practice questions to be successful. We will have a great set of materials to get you through the test and hope you will train with us!

Securities Industry Essentials Exam Details

  • 75 multiple-choice questions
  • Cost: TBD
  • Time: TBD
  • Credential lasts for four years
  • Content
    • Knowledge of Capital Markets
    • Understanding Securities Products
    • Understanding Trading, Customer Accounts, and Prohibited Activities
    • Rules and Regulations

Do I need to take the SIE Exam if I’m already licensed?

No. If you currently hold a Series 7, Series 6, or Series 79, you will be grandfathered into the new exam and receive the credential. If you leave the industry, your SIE Exam credential will be valid for four years.

If I want to, can I take only the Series 7 Exam, Series 79 Exam, etc., to become licensed?

No. Once the SIE Exam is available, you will need to take the SIE + the specialized top-off exam to become licensed. You may become licensed solely with the legacy exam only if you have an open exam window prior to the change.