The SIE Exam is one of the best ways to distinguish yourself from your peers if you want to jump into the financial services sector. SIE practice exams are a great way to study for the actual exam.
Whether you want to become a member of a stock brokerage firm or join FINRA itself, you’ll likely need to take the SIE exam and score well to make it in this competitive professional market.
Our guide to the SIE exam will go over eveything that is on the exam as well as provide some SIE practice exams to help you study.
Summary: Review some of the free SIE practice exams below to see how much you already know.
FREE SIE PRACTICE Exams & Questions
We have compiled a list of free SIE practice exams. Check out these free SIE study resources (some of which are PDF/downloadable).
|Resource||Notes||Number of Questions|
|FINRA SIE Practice Exam||Official SIE practice exam from FINRA's website.||175|
|SIE Practice Questions||SIE practice questions in flashcard format.||141|
|SIE Flashcards||Flashcards from Brainscape. Some limits to the free version but still helpful.||500+ Flashcards|
|SIE Questions - Understanding Products||Questions related to SIE section about understanding products and their risks.||168|
|SIE Questions - Capital Markets||Questions related to SIE section about capital markets.||59|
|SIE Questions - Customer Accounts||Questions related to SIE section about customer accounts.||58|
|SIE Questions - Regulatory Framework & Rules||Questions related to SIE section about regulatory framework and industry rules.||40|
SIE Exam Outline
The SIE Exam can be taken by anyone 18 years of age or older. It’s particularly a good idea for those interested in entering the financial services industry to take the SIE exam. You can take the exam either before or after you are associated with or employed by a firm.
Additionally, any exam results are valid for four years after taking the test, providing a generous window during which you can pursue employment after test completion.
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The test is 75 questions long in a multiple-choice format. It’s administered over one hour and 45 minutes and costs $60 each time you take the exam.
Overall, the SIE Exam covers several financial sector topics. The test is broadly organized across four sections and major subjects. The most recent version of the test has:
|Section||Description||Percentage of Exam||Number of Questions|
|2||Understanding Products & Risks||44%||33|
|3||Trading, Customer Accounts, & Prohibited Activities||31%||23|
The exam is scored out of 100 and a passing score is considered to be 70 or above. Higher scores are always considered better for potential employees, especially if they submit the scores to firms.
Please note that the SIE exam is relatively new and has replaced portions of the following exams:
- Series 6 - Investment Company Representative
- Series 7 - General Securities Representative
- Series 22 - DPP Representative
- Series 55/56 (now series 57) - Securities Trader
- Series 79 - Investment Banking Representative
- Series 82 - Private Securities Offerings Representative
- Series 86/87 - Research Analyst
- Series 99 - Operations Professional
These exams are usually referred to as "Top-Off Exams."
The SIE exam was created in an attempt to remove duplicate information that was on all of the above exams. One big plus of the creation of the SIE exam is that candidates no longer have to be associated with a FINRA member firm to take the SIE exam.
The top-off exams are now exclusively for individuals that fall in specific categories and require the additional certification for their career.
Why Take the SIE Exam?
The SIE Exam may be necessary for many financial or stock market firm employees, so anyone interested in getting a start in the sector will likely want to take and pass this exam with as high a score as possible. It’s also a great way to separate yourself from other potential firm employees, particularly if you don’t have a lot of experience under your belt.
Candidates who take and pass the SIE exam may be eligible for bonuses or pay increases. Having the SIE designation on your resume will allow you to do more things with the company, which helps justify the increase in pay.
Having the SIE designation could also help you excel your career in the financial services industry. There is only so much you can do without having the SIE designation or other similar top off exams.
Freqently Asked Questions
Do You Need to be Associated with a Broker-Dealer to take FINRA Qualifications Exams (Top-Off Exams)?
Can You Take a Qualification Exam and the SIE on the Same Day?
Is the SIE Testing Score Adjusted?
How Many Times Can You Take the SIE Exam?
Can I Take the SIE Exam At College?
Last Updated: 1/14/2021