FINRA Says Big Changes Coming to Securities Exams

Solomon Exam Prep has learned that FINRA is considering making the following changes to the securities exam system… Continue reading

Solomon Exam Prep has learned that FINRA is considering making the following changes to the securities exam system:

  • In 2015, the Series 55 and the Series 56 will be combined to become the Series 57. The Series 57 will not have a prerequisite.  A Series 57 rep will need the Series 24 to become a principal.
  • In 2016, FINRA will begin a new exam, to be called the Securities Industry Essentials exam (SIE).  The SIE will cover basic security industry knowledge and will become a prerequisite to the Series 6, Series 7, Series 22, Series 57, Series 79, Series 82, Series 86/87, and Series 99. You will not need be sponsored by a FINRA member firm to take the SIE.  SIE exam results will not appear in BrokerCheck.
  • After passing the SIE, individuals can continue on to what FINRA is calling a “top-off exam” for the Series 6, Series 7, Series 79, Series 82 and Series 99.  So, for example, if someone wants to be Series 7 and Series 79 registered, the individual will take and pass the SIE then take and pass the top-off exams for the Series 7 and Series 79. FINRA says the SIE is estimated to be 100 questions, and the top-off exams will consist of the remaining balance of questions (i.e. Series 7 currently has 250 questions, so the Series 7 top-off would contain 150 questions.)
  • Those who are currently registered will be grandfathered in and will not need to take the SIE.
  • Individuals who have been out of the industry 2-4 years will only need to take the top off.  Individuals who have been out of the industry for more than four years will need to take the SIE and top off.
  • FINRA will be retiring the Series 62 exam.

Follow Solomon Exam Prep as we keep you up-to-date on these important changes.

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