FINRA
FINRA SIE
Securities Industry Essentials Examination
FINRA's entry-level securities exam, open to anyone 18 or older without firm sponsorship. Passing the SIE is the first step toward registered representative roles and is a corequisite for top-off exams like the Series 7.
Full program: 4 decks, 790 cards.
What's on the exam
FINRA SIE Content Outline
Knowledge of Capital Markets
16%Regulatory entities and SROs · Market structure and participants · Primary and secondary offerings · Economic factors and business cycles
Understanding Products and Their Risks
44%Equity securities · Debt instruments · Municipal securities · Options and packaged products · Investment company products · Investment risks
Understanding Trading, Customer Accounts and Prohibited Activities
31%Trading, settlement and corporate actions · Customer account types and registration · Anti-money laundering (AML) · Prohibited activities (insider trading, manipulation) · Books, records and privacy
Overview of the Regulatory Framework
9%SRO regulatory requirements · Registration and qualification of associated persons · Employee conduct and reportable events · Continuing education
Frequently asked questions
How much does the FINRA SIE cost?
The FINRA SIE costs $100.
How long is the FINRA SIE and how many questions does it have?
75 scored items (plus 10 unscored pretest) — 1 hour 45 minutes.
What do you need to pass the FINRA SIE?
Scaled score of 70 or higher (pass/fail).
Can you retake the FINRA SIE?
After 30 days; 180-day wait after a third consecutive fail.
What is the best way to study for the FINRA SIE?
Start from the official outline and your primary study materials: the exam is weighted by domain (Knowledge of Capital Markets 16%, Understanding Products and Their Risks 44%, Understanding Trading, Customer Accounts and Prohibited Activities 31%, Overview of the Regulatory Framework 9%). Once you've learned the material, spaced-repetition flashcards organized by those domains are an efficient way to retain it and refresh it before test day.
Ready to prepare?
Our FINRA SIE program is organized by this outline's domains and scheduled by spaced repetition, with a path from first card to test day.
Flashcards are a memory tool. Learn the material first, then use NoReread to retain it and refresh what you already know. It doesn't replace studying the subject.