Question 1
An institution buys shares of an exchange-listed stock over the counter through a broker-dealer. Which market is this?
What is the SIE exam?
The SIE, or Securities Industry Essentials exam, is FINRA's entry-level exam for anyone starting in the securities industry. It tests the basics: products and their risks, how markets work, the regulators and what is prohibited. It is the first step to a license such as the Series 7.
- 75scored questions, plus 5 unscored
- 1h 45to answer them
- 70to pass, on FINRA's scaled score
- $100to enroll
What is on it
12 questions
Capital markets
33 questions
Products and risks
23 questions
Trading and accounts
7 questions
Regulatory framework
Every question has four choices, and a wrong answer costs nothing. The SIE format in full
The SIE and the exam after it
The SIE covers what every role shares. A second, "top-off" exam covers your job, and you take that one through a member firm. The SIE is the corequisite for all of them.
| Exam | For | Questions | Time | Fee |
|---|---|---|---|---|
| SIE | Everyone starting out | 75 | 1 hour 45 minutes | $100 |
| Series 7 | General Securities Representative | 125 | 3 hours 45 minutes | $395 |
| Series 6 | Investment Company and Variable Contracts Products Representative | 50 | 1 hour 30 minutes | $100 |
| Series 22 | Direct Participation Programs | 50 | 1 hour 30 minutes | $100 |
| Series 57 | Securities Trader | 50 | 1 hour 45 minutes | $105 |
| Series 79 | Investment Banking | 75 | 2 hours 30 minutes | $395 |
| Series 82 | Private Securities Offerings | 50 | 1 hour 30 minutes | $100 |
| Series 99 | Operations Professional | 50 | 1 hour 30 minutes | $100 |
Who takes it
- Anyone 18 or older. You do not need a job or a sponsoring firm; you enroll and pay on finra.org.
- Students and career changers who want to show employers they know the basics. A pass counts for 4 years.
- New hires at a broker-dealer, before the representative exam their firm sponsors.
You can test at a Prometric test center or online.
Try 4 SIE questions
Question 2
Which option position is bearish?
Question 3
A stock is quoted 25.10 bid, 25.15 ask. At what price does a customer buy with a market order?
Question 4
A candidate passes the SIE. What can she now do?
See where you stand
The free diagnostic has 20 questions weighted like the real exam and takes 25 minutes, with no account. You get your score by section and a short lesson on the one to fix first.
Questions people ask
What is the SIE exam?
The Securities Industry Essentials exam, FINRA's entry-level exam on how the securities industry works: products and their risks, markets, regulators and prohibited practices. It has 75 scored questions in 1 hour 45 minutes, and 70 passes.
What does SIE stand for?
Securities Industry Essentials.
Who needs to take the SIE?
Anyone who wants a FINRA representative registration, such as the Series 7 or Series 6: the SIE is the corequisite for each of them. Anyone 18 or older can take it, with no sponsoring firm.
How much does the SIE cost?
$100, paid to FINRA when you enroll.
Does the SIE let you work as a stockbroker?
Not on its own. To register you also pass a qualification exam, such as the Series 7, and join a FINRA member firm, which sponsors that exam.
How long is the SIE valid?
4 years from the day you pass it.