SIE vs Series 7: which license do you need?
To sell most securities you need both. The SIE tests the basics and is open to anyone 18 or older. The Series 7 tests the job itself, and you take it through a sponsoring member firm.
| SIE | Series 7 | |
|---|---|---|
| What it covers | The basics every role shares: products, markets, regulators, prohibited practices | The job of a general securities representative |
| Questions | 75 scored, plus 5 unscored | 125 |
| Time | 1 hour 45 minutes | 3 hours 45 minutes |
| To pass | 70 | 72 |
| Fee | $100 | $395 |
| Who can take it | Anyone 18 or older; no firm needed | Only with a sponsoring member firm |
| Also needs | Nothing | The SIE |
| Lets you | Nothing that needs registration on its own; valid 4 years | Sell almost all securities, with the SIE |
Which license path fits you
Your exams, in orderFINRA's rules
SIE + Series 7
The Series 7 covers almost every security. Take the SIE first; a member firm sponsors your Series 7.
| SIE | $100 | 75 questions |
|---|---|---|
| Series 7 | $395 | 125 questions |
Exam fees together: $495. A member firm must sponsor the second exam.
Start with the SIE
Our free diagnostic has 20 questions weighted like the real SIE and takes 25 minutes, with no account. You get a score for each section and a short lesson on the one to fix first.
The SIE beside the Series 6, 7, 63, 65 and 66
| Exam | Questions | Time | To pass | Fee | Also needs |
|---|---|---|---|---|---|
| SIE | 75 | 1 hour 45 minutes | 70 | $100 | Nothing |
| Series 7 | 125 | 3 hours 45 minutes | 72 | $395 | SIE |
| Series 6 | 50 | 1 hour 30 minutes | 70 | $100 | SIE |
| Series 63 | 60 | 1 hour 15 minutes | 43 of 60 | $147 | Nothing |
| Series 65 | 130 | 3 hours | 92 of 130 | $187 | Nothing |
| Series 66 | 100 | 2 hours 30 minutes | 73 of 100 | $177 | Series 7 |
- Series 6: selling mutual funds, variable annuities, variable life insurance, UITs and 529 plans.
- Series 63, 65 and 66 are state law exams written by NASAA and run by FINRA. The Series 66 needs the Series 7 and lets you act for both a broker-dealer and an investment adviser.
Questions people ask
What is the difference between the SIE and the Series 7?
The SIE tests the basics every role shares and is open to anyone 18 or older. The Series 7 tests the job of a general securities representative and needs a sponsoring member firm. You need both to register as a Series 7 representative: 75 plus 125 questions, $100 plus $395.
Do you have to take the SIE before the Series 7?
You need to pass both. FINRA lists the SIE as the Series 7's corequisite, so the order is up to you, but most people take the SIE first because it needs no firm.
SIE vs Series 6: which do I need?
Both, for the Series 6 registration. The Series 6 (50 questions, $100) covers mutual funds, variable annuities and 529 plans, and the SIE is its corequisite, as for the Series 7.
Is the Series 65 related to the SIE?
No. The Series 65 is a state law exam for investment advisers, written by NASAA and run by FINRA, and it lists no corequisite. It has 130 scored questions, and you pass with 92 of 130.
Is the Series 7 harder than the SIE?
It is longer and narrower: 125 questions in 3 hours 45 minutes on one job, against 75 in 1 hour 45 minutes on the basics. The Series 7 passing score is 72; the SIE's is 70.
How long does an SIE pass last?
4 years, so you can pass it before you have a job offer.