Category: SIE Exam

SIE Exam Bootcamp

Solomon Exam Prep is pleased announce a joint venture with University of California, Berkeley: SIE Exam Bootcamp! Continue reading

Solomon Exam Prep is pleased announce a joint venture with University of California, Berkeley: SIE Exam Bootcamp! This intensive, four-day, live class will prepare you for a career in the securities industry!

What is the SIE?
SIE stands for Securities Industry Essentials. The SIE is a fundamental exam that will launch on October 1st, making it easier for everyone to enter the securities industry. It is the new co-requisite for many FINRA licensing exams, including the Series 6, 7, 22, 57, 79, 82, and 99. The SIE Exam Bootcamp will cover every topic in the SIE exam:

1. Equity Securities
2. Debt Securities
3. Investment Companies, Life Insurance Products, & Other Packaged Securities
4. Options & Alternative Investments
5. Risk, Disclosures, & Taxation
6. Issuing Securities: The Primary Market
7. The Securities Markets
8. Customer Accounts
9. Prohibited Activities and Conduct Rules
10. Regulatory Responsibilities

Why the SIE?
Starting October 1st, passing the SIE will be the first step to getting licensed in the securities industry. If you want to get ahead of the curve, or if you need a better grasp of the basics of securities and the markets, the SIE exam course will be a thorough and valuable introduction. Students will also be provided with comprehensive study materials from Solomon Exam Prep and continued tutoring options upon completion of the SIE Exam Bootcamp.

How Can I Take The Class?
The UC Berkeley SIE Exam Bootcamp will take place August 6-9 on the UC Berkeley campus.
For more information, go to: https://executive.law.berkeley.edu/custom-options/sie-exam-bootcamp/

Solomon Exam Prep and NASA launch SIE mission to Mars

In preparation for the October 1 launch of the Securities Industry Essentials (SIE) exam, Solomon Exam Prep teamed with NASA to send Solomon SIE exam study materials to the Red Planet. Continue reading

In preparation for the October 1 launch of the Securities Industry Essentials (SIE) exam, Solomon Exam Prep teamed with NASA to send Solomon SIE exam study materials to the Red Planet.

Unlike other FINRA securities licensing exams, the SIE exam will be open to anyone 18 years or older who is interested in the securities industry. FINRA has not publicly stated whether Martians will be permitted to take the SIE exam but since FINRA is dedicated to “investor protection” and to promoting “market integrity” Solomon takes the position that investors and markets on other planets can benefit from securities education, and the SIE in particular. Solomon has helped thousands of earthlings pass their Series 7, Series 6, Series 65, Series 63, Series 24, Series 50, Series 79 and other securities licensing exams.

Elon Musk has not responded to the news of the joint NASA/Solomon Exam Prep mission.

Bring the SIE to Your Summer Internship Program

Summer internships offer firms a way to stay young and grow. Continue reading

The Securities Industry Essentials (SIE) exam comes bearing more gifts! Not only does the SIE help individuals break into the securities industry, it also provides some incredible opportunities for employers.

Summer internships offer firms a way to stay young and grow.

College students or recently graduated students are the future of your firm and the SIE makes it a lot easier to ensure your firm’s future is bright!

Since the SIE exam will not require BD employment or sponsorship or even a background check, what better way to help your interns succeed than have them study for the SIE exam! By giving your interns the chance to study for the SIE during your program, they will be ready to work for you full time upon graduation.

You can learn more about the SIE and Solomon here.

Solomon offers a complete SIE curriculum including online and print study materials.

Call 503-601-0212 to offer your summer interns the educational experience they will appreciate and value for the rest of their lives!

 

Time is of the essence for anyone who wants to take the Series 82 exam

Alert! Starting October 1, the number of exam questions for the Series 82 Private Securities Offerings Representative licensing category will increase from 100 questions to 125 questions. Continue reading

Alert! Starting October 1, the number of exam questions for the Series 82 Private Securities Offerings Representative licensing category will increase from 100 questions to 125 questions. That’s because starting October 1, the Series 82 exam, like all FINRA representative level exams, is being divided into two exams: the SIE (75 questions) and the Series 82 “top-off” (50 questions). More work!

But if you don’t want to take 25 additional questions, not to mention take two exams instead of one, then Solomon Exam Prep recommends you take your Series 82 exam pronto, before October 1.

Series 82 students will also be happy to know that Solomon Exam Prep has just updated its Series 82 Video Lecture with updates about Regulation D, Rule 147, and research report rules.  The Solomon Exam Prep Video Lecture is a critical piece of the Solomon Securities Exam Prep system that also includes the Exam Guide, the Audio Guide and the Exam Simulator.

Spring is in the air and there has never been a better time to take the Series 82! 

FINRA Proposes $60 Fee for Securities Industry Essentials (SIE) Exam

As the Securities Industry Essentials (SIE) exam looms in the distance, FINRA is moving full steam ahead to ready the exam for its October 1 launch. Continue reading

On December 20, 2017, FINRA held its Board of Governors Meeting to discuss rule proposals and the 2018 budget. One rule that was addressed was the fee for the Securities Industry Essentials (SIE) exam. FINRA chose a fee of $60 for the exam. This rule change will be filed with the SEC and await approval sometime in the new year.

The $60 fee is considerably less than the $100 fee for the Series 6 and the $305 fee for the Series 7 exam. FINRA’s meeting notes report that the price for other exams will be reevaluated as well, to adhere to the changing securities landscape.

Jeremy Solomon, President of Solomon Exam Prep, responded to the proposed fee:

“This is another indication of how serious FINRA and the industry is about making the SIE exam as user-friendly and available as possible. Kudos to FINRA.”

For more information about the SIE or other FINRA, NASAA or MSRB securities licensing exams, visit www.solomonexamprep.com or give us a call at 503-601-0212.

FAQs for the Securities Industry Essentials – SIE Exam

The FINRA SIE exam is required for many careers in the securities industry. We cover all your frequently-asked-questions about the SIE. Continue reading

Updated May 20, 2022

The FINRA SIE Exam is a foundational exam required for many career paths in the finance and securities industries. But you probably have some questions about the SIE, such as what the exam covers and if you need to take it. We compiled answers to the most frequently-asked-questions about the SIE to help.

  • When did the SIE exam begin?

    October 1, 2018

  • What does the SIE exam test?

    The SIE exam tests fundamental securities-related knowledge. This includes knowledge of basic products, such as stocks, bonds and mutual funds. It also tests securities industry rules and regulations.

    FINRA has outlined the SIE exam content and categorized it into four "functions" or categories:

SIE exam topics

  • Do I need to be employed or sponsored to take the SIE exam?

    No, unlike other FINRA licensing exams, you do not need to be employed or sponsored by a broker-dealer to take the SIE exam.

  • Do I need to take the SIE before other licensing exams?

    Not necessarily. The SIE is a corequisite for the representative-level "top off" exams and the MSRB Series 52. You may take your top-off exam before the SIE, but you must pass both in order to become a registered representative. Most municipal and NASAA exams do not require the SIE (with the exception of the Series 52). Finally, if you passed a representative-level exam on or before October 1st, 2018, you do not need to take the SIE exam.

  • What is a Top-off exam? Can I take it with the SIE?

    The SIE covers basic or essential securities industry knowledge. When FINRA introduced the SIE, they also introduced new, shorter versions of their specialized representative-level exams (such as the Series 7, Series 6 or Series 79). These exams “top-off” your knowledge of the industry with more specific information based on which one you take, thus the name “top-off exam."

    You may choose to study for your SIE and top-off exam simultaneously, and even take them on the same day. However, most people take the SIE first and then take a top-off. For those taking the SIE and a top-off exam, see discounted Solomon Exam Prep Top-Off bundles here.

  • Does the SIE make me a "registered representative?"

    No. In order to be a registered representative, in addition to passing the SIE exam, you must get hired by a broker-dealer. Your employer must then sponsor you to take a representative-level qualifying exam, also known as a top-off exam, such as the Series 6, Series 7, or Series 79. Once you pass a top-off exam, you will be registered with FINRA and then be considered a registered representative.

Who Needs to Take the SIE

  • If I was registered before the SIE started to be required, do I have to take it?

    No. If you were a registered representative before October 1, 2018, and you have maintained your registration after October 1, 2018, FINRA has credited you with the SIE automatically.

  • If I was once a registered representative but my registration lapsed, do I have to take the SIE to re-enter the securities industry?

    If your registration lapses, you can be outside the industry for up to four years before you would need to take the SIE. In other words, you will not have to take the SIE, provided you register as a representative within four years from the date of your last registration. After four years pass, you would need to take the SIE before reentering the industry. For example, if you left the industry on October 31, 2018, you have until October 31, 2022, to become registered again before you would need to take the SIE.

    However, a two-year timeline applies to the top-off exams, such as the Series 6 or Series 7. In other words, after two years outside the industry, if you want to become registered again, you will have to retake the top-off exam.

  • What if my registration lapsed or terminated before October 1, 2014?

    In order to get re-registered, you will have to pass the SIE and any relevant top-off exam, such as the Series 6 or Series 7.

  • If I am registered in an exam license that has been retired by FINRA, do I have to take the SIE exam?

    If you are registered in an exam license that FINRA has retired, such as the Series 11, Series 62, Series 42, or Series 72, you will not have to take the SIE. You will only have to take the SIE if you left the industry for more than two years and your license expired.

    If you return to the industry within two years, you will not have to take the SIE. 

  • If I want to become a municipal securities representative, is the SIE required?

    Yes. The MSRB (Municipal Securities Rulemaking Board) has coordinated its licensing exams with the SIE. To become a Municipal Securities Representative, you will need to take both the SIE and the “top-off” Series 52 exam.

  • If I have a representative-level securities license (such as Series 6 or Series 7) and I want to get another one (such as Series 79 or Series 82), do I have to take the SIE?

    No. If your registration has not lapsed, you don't need to take the SIE to get another representative level license.

  • Do I need the SIE to sell variable annuities?

    Yes, you must take the SIE, as well as a representative level exam (such as the Series 6) to sell variable annuities. You must also be employed by a registered broker-dealer.

Preparing for the SIE Exam

  • How long should I prepare for the SIE exam?

    Solomon recommends studying for 60 hours. Depending on your timeframe, you can choose a 4, 6, 8, or 11-week Solomon study schedule.

  • How do I prepare for the SIE exam?

    Solomon offers a complete SIE study program, which includes digital Study Guide, Exam Simulator, Audiobook, Video Lecture, Flashcards, and Live Web Classes. Visit the Solomon SIE page to learn more.

Signing Up for the SIE Exam

  • How do I enroll to take the SIE?

    To enroll for the SIE Exam, follow the instructions on the FINRA website.

  • Where should I go to schedule my exam?

    After you enroll with FINRA to take the SIE exam, you must then schedule a time to sit for the exam with Prometric, FINRA’s testing service. Prometric offers online or in person exam appointments.

  • Does the 120-day "exam window" apply to the SIE?

    Yes. Like other licensing exams, FINRA gives you a 120-day window within which to schedule your SIE exam.

  • If I work at a FINRA broker-dealer, how do I enroll someone to take the SIE exam?

    FINRA member firms have two options for registering an employee:

    1. File Form U4 requesting a registration position. When a person takes the SIE this way, the result will be visible in CRD (Central Registration Depository) just like any other exam.
    2. Request the SIE through CRD via a non-Form U4 enrollment process. The firm will be able to view the SIE result as part of this process if the firm subsequently files a Form U4 requesting a registration position for this person. Once this happens, the SIE result will become viewable in the Exam History section in CRD.

Taking the SIE Exam

  • Who can take the SIE exam?

    Anyone 18 years and older can take the SIE.

  • How is the exam administered?

    The exam is administered by computer, either remotely or in a testing center.

  • How much does it cost to take the SIE?

    The SIE costs $80 at the time of this writing.

  • Do I need any materials on test day?

    You don't need to bring any materials on test day apart from the required forms of identification. A calculator is provided on the testing application, as well as a virtual “notepad” for you to jot things down. If you are testing remotely, this notepad does not carry over from one question to another, and you must input your entries on your keyboard. If you are testing in person, they will provide you with a physical notepad as well.

  • How many questions are there on the SIE exam?

    There are 75 scored questions and 10 unscored questions, for a total of 85 questions.

  • How much time do I have to take the exam?

    You have 105 minutes to take the exam.

  • Can I skip between questions on the exam?

    If you choose to take the exam in a testing center, you can navigate back and forth between questions. That means you can go back to a question if you want to change your answer. If you take the exam remotely, you are unable to go back.

  • What are my options to take the SIE with COVID-19 precautions?

    Prometric launched their service ProProctor in June 2020, which allows exam takers to sit for certain exams online. There are many anti-cheating regulations that FINRA requires, so consult Prometric’s ProProctor Info, or our blog post on the process to see how it works. 

    When taking an exam in person at a Prometric testing center, there may be certain safety precautions in place. Consult this page on Prometric’s website to see their updates.

  • Will there be other students present at the exam?

    If you are testing in a testing center, there may be other individuals taking their exam while you take yours. Prometric has taken steps to assure that COVID-19 regulations are followed in this case.

  • Can I take the SIE and a representative-level exam on the same day?

    Yes, but you must schedule each exam separately.

SIE Exam Results

  • What is a passing score on the SIE exam?

    You must get 70% or higher to pass.

  • When do I receive my score on the SIE exam?

    The Prometric system will immediately notify you after you finish your exam. If you pass, the system will just say "pass." You will only receive your specific score if you don't pass the exam.

    If you take the exam in person at a testing center, you will receive a printed confirmation of your result. If you take the exam remotely using ProProctor, you will receive an encrypted email with your SIE pass results.

  • How long is a passing score on the SIE valid?

    Your SIE exam score is valid for four years from the date you pass.

  • If I fail the SIE, can I take it again?

    Yes. If you fail the SIE, you are permitted to retake it, but you have to wait 30 days. FINRA maintains a 30/30/180-day rule with respect to the SIE, as well as all other exams. This means that you must wait 30 days after the first time you fail, and another 30 days if you fail again. If you fail a third time, you will have to wait 180 days to retake the exam.

  • Am I able to find out whether a job candidate or any individual passed the SIE?

    The SIE alone does not appear on FINRA BrokerCheck or CRD. However, once a firm files a U4, it will be pulled into the individual’s CRD history. Also, once an individual passes a representative-level exam, the SIE will appear in BrokerCheck.

Looking for study materials for the SIE exam? Solomon Exam Prep offers a complete SIE study system. Choose from a variety of materials to help you prepare: Study Guide, Exam Simulator, Audiobook, Video Lecture, digital Flashcards, and Live Web Classes. Visit the Solomon SIE product page to learn more.

View SIE Exam Prep

November Study Question of the Month

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.

Congratulations to Elizabeth S., this month’s Study Question of the Month winner!

Question

Relevant to the SIE, Series 7, Series 24, Series 79, and Series 82.

 

 

 

 

 

Which of the following would not necessarily be restricted shares when you purchase them?:

A. Shares sold by the CEO of the issuing company

B. Shares sold by the CEO’s wife of the issuing company

C. Shares sold by the assistant to the CEO of the issuing company

D. Shares sold by a major shareholder (more than 10% ownership) of the issuing company

Answer: C.

Securities that are held by control persons are called control securities. A control person, or affiliated person, is an individual in a position to exert direct influence on the actions of an issuer. For example, officers, directors, policy-making executives, major shareholders (generally own 10% or more of outstanding shares), and other people who are in a position to directly or indirectly control the management of the company are considered control persons. This includes spouses, family members who live with them, and other entities such as trusts or corporations affiliated with control persons, as defined in Rule 144. When control securities are sold, they become restricted securities even if they were not restricted securities previously.

Solomon’s SIE Study Materials—Now Available

Looking to kick start your career? You’ve come to the right place! Continue reading

Looking to kick start your career? You’ve come to the right place!

Many people are aware that FINRA is giving the securities industry a face-lift. Hoping to attract more securities professionals, FINRA is going to release a new exam in 2018. The Securities Industry Essentials (SIE) exam will give the industry a chance to attract some new prospects.

In the past, FINRA’s exams were only available to those employed by a broker-dealer and working in the industry. The SIE exam is going to change that. This exam will be available to anyone who wants to take it.

While the exam won’t be available until 2018, Solomon Exam Prep remains in front of the competition and released SIE study materials earlier this week. Known for our high pass rates, no-nonsense study guides, and industry-leading exam simulators, we’re excited to unveil our SIE study materials to the public. Check out our SIE exam study guide and online exam simulator here!

President and founder of Solomon Exam Prep, Jeremy Solomon, articulates the importance of the SIE exam:

“The SIE exam is going to change the entire structure of the securities industry. Our goal is to provide students with the tools and resources they need to pass the exam and land a job in this dynamic profession.”

Don’t wait! Get a head start on your studying and impress your future employers by acing the SIE exam. You’ll thank us later!

Our SIE study materials are available in the popular Essentials Package or for individual purchase.

Interested in learning more? For a free consult about implementing an SIE program at your institution, call Jeremy Solomon at 503-601-0212 or email him at Jeremy@SolomonExamPrep.Com