0.1 About the SIE Exam
The Securities Industry Essentials (SIE) is FINRA's foundational introductory examination testing baseline knowledge of capital markets, securities products, customer accounts, and regulatory compliance.
Key FINRA Exam Takeaways
- 75 scored multiple-choice questions plus 10 unscored experimental questions (85 total).
- Time limit: 1 hour 45 minutes (105 minutes) administered via Prometric test centers or online proctoring.
- Passing score benchmark: 70% (53 out of 75 scored questions correct).
- NO firm sponsorship required: anyone 18 years or older can register and take the SIE.
- Results are valid for 4 years, during which you can take specialized top-off exams (Series 7, Series 79, Series 57, etc.).
SIE Exam Format and Logistics
Candidates have 105 minutes to answer 85 multiple-choice questions (75 scored and 10 unscored pilot questions). The exam fee is $80. You do not need to be employed by a broker-dealer to take the SIE.
The 4-Year Credential Window
Once passed, the SIE credential remains valid for 4 years. During this 4-year period, an individual can associate with a FINRA-member broker-dealer to take specialized qualification exams like the Series 7 or Series 79 without re-taking the SIE.
| Section | FINRA Topic Area | % of Exam | Questions |
|---|---|---|---|
| Section 1 | Knowledge of Capital Markets | 16% | 12 Questions |
| Section 2 | Understanding Products and Their Risks | 44% | 33 Questions (Heaviest!) |
| Section 3 | Trading, Customer Accounts & Prohibited Activities | 31% | 23 Questions |
| Section 4 | Overview of the Regulatory Framework | 9% | 7 Questions |
An individual who is not employed by a financial institution wishes to take the FINRA Securities Industry Essentials (SIE) exam. Which requirement must be met to take the exam?