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The Truth About SIE - Securities Industry Essentials Exam

There has been a lot of hoopla and hype about the SIE - Securities Industry Essentials exam - that FINRA is putting together. Here are the key facts:

  1. There are NO changes to the FINRA exams until at least March 2018 - which is at least a year from now.
  2. The "idea" is to have a "General Knowledge" exam of information that is common to all FINRA tests and then a "Top Off" exam of information that pertains to that securities license. FINRA will use the same question pools that it has now and recategorize the questions for use in these tests.
  3. The SIE will be a 75-question "basics" test covering securities products and industry regulations. FINRA will not release the final study outline for this test until July 2017. From the release date of the study outline, it will be 9 months before the SIE and "Top Off" exams are introduced.
  4. Anyone can take the SIE without being sponsored by a member firm. The individual then has up to 4 years to complete a "Top Off" registered representative exam for a securities industry license.
  5. To take the "Top Off" exam, that individual must be sponsored by a member firm and must complete a U-4, fingerprinting and a background check - the same as required for the current exams.
    • The Series 7 "Top Off" exam will be 125 questions;
    • The Series 6 "Top Off" exam will be 50 questions;
    • The Series 57, 82, and 99 "Top Off" exams will also be 50 questions.
  6. Both the SIE and the appropriate "Top Off" can be taken on the same day.
  7. An individual is not licensed until both tests are passed.
  8. These changes do not affect NASAA state exams - Series 63, 65 and 66; they also do not affect the FINRA Principals exams.

The bottom line is that everything STAYS THE SAME for at least 1 year. The SIE will not be administered until, at the earliest, March of 2018, and it will probably start later than this. When FINRA "pushes the button" and introduces the revised exam format, be assured that PassPerfect will be ready with SMART SIE and SMART Top Off courseware.

Anyone who buys our courseware intending to take the test before the change, and who, for whatever reason, does not take or pass the test prior to the change, will be provided with the courseware for BOTH the SIE and appropriate "Top Off" exam free of charge.

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Pass Perfect is a leading developer of targeted, effective training programs for Series 7 and other FINRA and NASAA securities licensing exams.

Our level of experience and expertise is unmatched. Over the last 30 years we have successfully trained over 1,000,000 individuals for these exams.

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