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SIE (Securities Industry Essentials Exam)

Available Beginning Oct. 1, 2018

The Securities Industry Essentials (SIE or Essentials) Exam, scheduled for availability beginning Oct. 1, 2018, is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate's knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices.

The exam will act as a stepping-stone into the industry and FINRA will still require member-firm sponsorship for licensing. This means a "top-off" exam will be required after sponsorship.

When FINRA launches the revised exam format, be assured that Pass Perfect will be ready with SMART SIE and SMART Top-Off training programs.


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SMART SIE

With the SMART SIE you will have all the tools you need to prepare for and pass the exam. This introductory-level course will ground you in the fundamental concepts required to help you successfully pass the SIE exam (exam availability beginning October 1st, 2018).

If you are having trouble or need an extra edge during your studies, sign up for the SIE Live Virtual Classroom Review. Our experienced instructors will provide that extra boost you need to pass the SIE exam.

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Points of Interest
  • The Essentials exam is open to anyone aged 18 or older, including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers.
  • Association with a firm is not required.
  • Individuals are permitted to take the exam before or after associating with a firm.
  • Essentials exam results are valid for four years.
  • Both the SIE and the appropriate "Top-Off" can be taken on the same day.
  • An individual is not licensed until both tests are passed.
  • These changes do not affect NASAA state exams - Series 63, 65 and 66.
  • These changes also do not affect the FINRA Principals exams.
  • Everything stays the same until Oct. 1, 2018.
  • The SIE exam will not be administered until on or after Oct. 1, 2018.

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SIE & Top-Off Exams at a Glance
SIE
As of Oct. 1, 2018
Number of Items 75
Format Multiple Choice
Duration 105 minutes
Passing Score 70%
Cost $60
Series 6
As of Oct. 1, 2018
Number of Items 50
Format Multiple Choice
Duration 90 minutes
Passing Score 70%
Corequisite SIE exam
Cost $40
Series 7
As of Oct. 1, 2018
Number of Items 125
Format Multiple Choice
Duration 225 minutes
Passing Score 72%
Corequisite SIE exam
Cost $245
Series 57
As of Oct. 1, 2018
Number of Items 50
Format Multiple Choice
Duration 105 minutes
Passing Score 70%
Corequisite SIE exam
Cost $60
Series 82
As of Oct. 1, 2018
Number of Items 50
Format Multiple Choice
Duration 90 minutes
Passing Score 70%
Corequisite SIE exam
Cost $40
Series 99
As of Oct. 1, 2018
Number of Items 50
Format Multiple Choice
Duration 90 minutes
Passing Score 68%
Corequisite SIE exam
Cost $40

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Content Outlines - As of Oct. 1, 2018

The following content outlines provide a comprehensive guide to the range of topics covered on the corresponding exams, as well as the depth of knowledge required. The tables below list the allocation of exam questions for each section.

SIE (Securities Industry Essentials Exam)

The outline is comprised of the four sections.

Sections % Questions # Questions
(1) Knowledge of Capital Markets 16% 12
(2) Understanding Products and Their Risks 44% 33
(3) Understanding Trading, Customer Accounts and Prohibited Activities 31% 23
(4) Overview of Regulatory Framework 9% 7
TOTAL 100% 75

Series 6 - Investment Company and Variable Contracts Products Representative Exam

The outline is comprised of the four main job functions of an investment company and variable contracts products representative.

Major Job Functions % Questions # Questions
(F1) Seeks Business for the Broker-dealer from Customers and Potential Customers 24% 12
(F2) Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives 16% 8
(F3) Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 50% 25
(F4) Obtains and Verifies Customers' Purchase and Sales Instructions; Processes, Completes and Confirms Transactions 10% 5
TOTAL 100% 50

Series 7 - General Securities Representative Exam

The outline is comprised of the four main job functions of a general securities representative.

Major Job Functions % Questions # Questions
(F1) Seeks Business for the Broker-Dealer from Customers and Potential Customers 7% 9
(F2) Opens Accounts after Obtaining and Evaluating Customers' Financial Profile and Investment Objectives 9% 11
(F3) Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 73% 91
(F4) Obtains and Verifies Customers' Purchase and Sales Instructions; Processes, Completes, and Confirms Transactions 11% 14
TOTAL 100% 125

Series 57 - Securities Trader Representative Exam

The outline is comprised of the two main job functions of a securities trader representative.

Major Job Functions % Questions # Questions
(F1) Trading Activities 82% 41
(F2) Maintaining Books and Records, Trade Reporting and Clearance and Settlement 18% 9
TOTAL 100% 50

Series 82 - Private Securities Offerings Representative Exam

The outline is comprised of the four main job functions of a private securities offerings representative.

Major Job Functions % Questions # Questions
(F1) Seeks Business for the Broker-dealer from Customers and Potential Customers 50% 25
(F2) Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives 18% 9
(F3) Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 26% 13
(F4) Obtains and Verifies Customers' Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions 6% 3
TOTAL 100% 50

Series 99 - Operations Professional Exam

The outline is comprised of the two main job functions of an operations professional.

Major Job Functions % Questions # Questions
(F1) Knowledge Associated with the Securities Industry and Broker-dealer Operations 70% 35
(F2) Professional Conduct and Ethical Considerations 30% 15
TOTAL 100% 50

Information from finra.org was used for this article.

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