Tag: Securities Industry Essentials Exam

Pepperdine University Partners with Solomon on SIE Prep Course

Solomon Exam Prep’s Securities Industry Essentials (SIE) Exam prep materials will be used by students at Pepperdine University this Spring 2022 term. Continue reading

Solomon Exam Prep is thrilled to announce that Pepperdine University in Malibu, California, will be using the Solomon SIE curriculum for a course in the spring 2022 term. This marks the second time Pepperdine has used Solomon SIE materials in one of their courses in the Graziadio Business School, which offers full-time, part-time, and executive MBA programs, as well as doctorate, master’s, bachelor’s, joint degrees, and professional development certificate courses. 

The seven-week, in-person class, Contemporary Issues in Business and Management, will be taught by Professor Chris Manfrè, MBA, PhD, and will give students the chance to explore current topics in business and management. Students will be using the Solomon SIE Total Package as their main course material, which includes the digital Study Guide, Exam Simulator, Audiobook, Video Lecture, and Flashcards. The course will help prepare students to take the FINRA Securities Industry Essentials (SIE) Exam.

Bring the SIE To Your Campus

Solomon Exam Prep can tailor its SIE curriculum to fit any course, including credit and non-credit courses, as part of a current course such as Finance or Capital Markets, or as a self-study program. The Solomon platform works equally well for in-person, hybrid, and online courses. And no matter what kind of course it is, instructors receive access to the Instructor Portal, class slides, quizzes and exams, a custom study schedule, and QwizBang, Solomon’s interactive game platform.

Solomon Exam Prep partners with dozens of colleges and universities to bring the Solomon SIE exam prep program to students across the country. Join institutions such as Pepperdine University, the University of North Carolina at Pembroke, University of Delaware, Adelphi University, University of Nebraska-Omaha, Seton Hall University, Ohio Dominican University, Georgetown University, Widener University, and University of Dallas in partnering with Solomon.

To learn more about the ways colleges and universities can partner with Solomon, visit the website or contact Beth Hamilton, Higher Education Development Manager, at beth@solomonexamprep.com or 503-601-0212.

Solomon Exam Prep has helped tens of thousands pass their FINRA, NASAA, MSRB, and NFA licensing exams including the SIE, Series 3, 6, 7, 14, 22, 24, 26, 27, 28, 50, 51, 52, 53, 54, 63, 65, 66, 79, 82, and 99.

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Interview: How Pennie Kincade Passed Three Securities Licensing Exams

Do you need to pass the SIE, Series 7, Series 66, or another FINRA or NASAA exam? Hear one student’s experience preparing for and taking her securities exams. Continue reading

There are many career options to choose from in the financial services industry, such as stockbroker, investment banker, financial analyst, or financial advisor. Whether you’re aiming for a job on Wall Street or off, you will probably need to pass a securities licensing exam or two (or three) to be permitted to work in your chosen role. To reach her career goals, Solomon customer Pennie Kincade, Financial Advisor at Raymond James Financial Services, decided to take the FINRA Securities Industry Essentials (SIE) and Series 7, and the NASAA Series 66 exams. Pennie recently shared her experience studying for and passing her exams.

“From passing the exams, I have been able to further my career and truly enjoy coming to work every day. It’s been a privilege to partner with my clients and plan for their retirement.”

Pennie Kincade

Solomon Exam Prep: What led you to take the SIE, Series 7, and Series 66?

Pennie Kincade: When I started working in the financial services industry, I found my passion helping individuals and businesses reach their financial goals. I wanted to take this a step further by helping with their long-term goals, wealth management strategies, business succession planning, and retirement planning. With the SIE, Series 7 and 66, now I can follow my dream of assisting clients with wealth management strategies.

Solomon Exam Prep: Out of the exams you passed, which one did you find the most challenging and why?

Pennie Kincade: The Series 7 was the most challenging and the longest exam. It was helpful to have Solomon Exam Prep available to answer my questions and breakdown concepts into simple terms. They gave me confidence to push through and not give up.

Solomon Exam Prep: How did you approach studying for your exams?

Pennie Kincade: When studying for each exam, it was important to read each chapter and take a chapter exam at the end. Regardless of my scores, I continued reading through, taking an exam and then I started taking half exams once or twice a week. The questions I missed, I wrote down and referred back to for review. I reread my notes and reviewed each chapter on sections I scored low in. Once my scores were in the 80s, I moved onto a full exam once a week. Making note cards and writing out the questions I missed were helpful to review later. Two weeks before the exam, I made a sheet with notes to review each day with definitions, formulas or calculations.

Solomon Exam Prep: How did you take the exams – at a testing center or remotely? How was your experience, and do you have any tips to share?  

Pennie Kincade: I completed my exams at the testing center. Before each exam, I would arrive an hour and a half early. During this time, I would have a small snack and drink some water. Then I reviewed my note cards and one page cram sheet. When I was able to write down notes during the exam, I wrote down everything I could remember from my cram sheet since it was fresh in my mind. I found this helpful to refer back to when I was getting a little anxious. It helped me stay focused and maintain confidence.

“It was helpful to have Solomon Exam Prep available to answer my questions and breakdown concepts into simple terms. They gave me confidence to push through and not give up.”

Solomon Exam Prep: Any words of wisdom to help motivate others who are preparing for exams? 

Pennie Kincade: Give yourself enough time to study and know when you need a break. I read my notes out loud, while recording my voice and listened to them on the way to work. The chapters I had a difficult time remembering I would read the section before bed and touch on it the next morning. If I felt I had information overload, I would get up for a snack and take a 15-minute break.  

Solomon Exam Prep: How has passing these exams affected your work and your career?

Pennie Kincade: From passing the exams, I have been able to further my career and truly enjoy coming to work every day. It’s been a privilege to partner with my clients and plan for their retirement.

Visit the Solomon Exam Prep website to explore study materials for 21 different securities licensing exams, including the SIE, Series 7, and Series 66.

Francis Marion University Students Studying for the SIE Exam with Solomon

Solomon Exam Prep’s newest partnership will bring its Securities Industry Essentials (SIE) exam curriculum to a self-study cohort. Continue reading

Solomon Exam Prep is pleased to announce that students at Francis Marion University in Florence, South Carolina, will shortly begin studying for the Securities Industry Essentials (SIE) exam. Instructor Jan Serrano, PhD., Associate Professor of Finance, will lead the group of students in a self-study course using Solomon’s SIE Total Study Package, providing them with the widest variety of study tools to help them pass the SIE.

Bring the SIE To Your Campus

Interested in how you could incorporate Solomon Exam Prep’s study materials into a course at your college or university? Solomon’s flexible SIE curriculum can be tailored to meet the needs of a variety of classes. Students receive Solomon’s industry-leading online study materials at a discounted educational rate, and instructors benefit from high-touch support and access to the Instructor Portal with its innovative classroom tools and reporting features. And Solomon’s SIE curriculum is perfect for both in-person and online courses.

Solomon Exam Prep partners with dozens of colleges and universities to bring the Solomon SIE exam prep program to students across the country. Join institutions such as the University of Nebraska-Omaha, University of Delaware, Adelphi University, Seton Hall University, Ohio Dominican University, Georgetown University, Widener University, and University of Dallas in partnering with Solomon.

To learn more about the ways colleges and universities can partner with Solomon, visit the website or contact Beth Hamilton, Higher Education Development Manager, at beth@solomonexamprep.com or 503-601-0212.

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Interview: How Alec Orudjev Passed Four Securities Licensing Exams

What does it take to pass securities licensing exams like the SIE, Series 24, Series 63, and Series 79? Read about one student’s approach to success. Continue reading

No one said career changes are easy, and when they involve taking several difficult securities licensing exams, the challenge is real. Having an effective study system is an important part of passing securities licensing exams, and hearing about others’ strategies can help you develop a system that works for you. Solomon Exam Prep recently interviewed Alec Orudjev, General Counsel at FT Global Capital, about passing the SIE, Series 24, Series 63, and Series 79 exams (in three months!). Alec shares valuable insights into his study process and how he utilizes Solomon materials to achieve success.

“… the Solomon study materials are the best and the most comprehensive (notes, resources, simulated exam questions, etc.) in their class, in my view.“

Photo of Alec Orudjev

Alec Orudjev

Solomon Exam Prep: What motivated you to pursue multiple securities licenses?

Alec Orudjev: After about two decades of being an attorney in private practice, I decided to change my career path and accepted an in-house legal counsel position earlier in the year. As a condition of such change, I needed to secure certain FINRA licenses.

Solomon Exam Prep: Why did you take your exams in the order that you did? Was this order helpful, or would you change anything if you had to do it again? 

Alec Orudjev: I have passed the SIE, Series 79, 63 and 24 tests, and am currently studying for the Series 7 exam. While some of this sequence is dictated by FINRA rules, etc., a great deal of it is a matter of personal planning. Given the overlapping nature of the substance of these tests, I thought it would be helpful to plan the sequence to benefit from common points/concepts across different tested areas. Basically, I focused on the end objective and reviewed the substance of each test to line them up so as to utilize my time most efficiently and effectively.

Solomon Exam Prep: Out of the exams you passed, which one required the most study time and why? 

Alec Orudjev: Looking back, I think the Series 24 exam commanded most of my study time and attention. I think the volume of what was to be covered and the overall fatigue of having to study and pass three FINRA exams in a 2 ½ month period both made this test preparation more difficult than it would or should have been. It is a very saturated, broad themed exam that requires a lot of focus and attention.

Solomon Exam Prep: How did you approach studying for your exams?  

Alec Orudjev: My approach included: (i) outlining, and (ii) attending Solomon live classes and utilizing exam simulators. With respect to the first element, I approached all my exam preparations the way I did my law school exams – by first preparing thorough outlines of the reading materials. I would start by reading the Solomon preparation materials, actively engaging them and highlighting key points, concepts and examples. Next, I would transfer (literally and figuratively) those notes into an outline of my own, condensing the reading materials down to their bare essence. For example, five chapters of the Series 24 prep book (about 500 pages) were condensed to a 50-page outline (10:1 ratio or so) which, then, I used in reviewing in preparation for the test. Needless to say, one’s outline is as good as one’s effort and the quality of the underlying study materials. On the latter point – the Solomon study materials are the best and the most comprehensive (notes, resources, simulated exam questions, etc.) in their class, in my view. While this outlining approach seems like a lot of work, it is. However, it has worked for me for years and I do strongly recommend this approach to all.

With respect to the second element of my approach, I made every effort to attend live classes and utilize exam simulator questions. I will then turn to Solomon’s online exam question bank and answer those questions, noting what I got right and, more importantly, what and why I got wrong. Also, a significant part of my preparations involved participation in live classes offered by Solomon (I enrolled in the SIE and 63 sessions). You tend to get lot more out of these sessions if you review the materials ahead of time. Overall, they are terrific – the instructor is sharp and very knowledgeable, with a healthy sense of humor to get you through some rather dense and tedious parts of the material. I would highly recommend taking live sessions as they force you to focus on the totality of the study materials in five days, 3-4 hours a day – a daunting, but useful exercise.

“Studying for any difficult test is no pleasant experience … take breaks, change the nature of your mental engagement (read something else altogether, watch, take a walk, etc.) to refresh and resume your studying effort.”

Solomon Exam Prep: How did you take the exams – at a testing center or remotely? How was your experience, and do you have any tips to share? 

Alec Orudjev: I took all exams (4 + 1 more to go) at the ProMetric testing center in Bethesda, MD. Given the stress of test-taking, in general, I did not want to add the stress of doing it remotely, etc. The conditions at the center were superb, the staff – very friendly and helpful. I offer no new advice on how to handle this experience other than what is commonly suggested for test takers, e.g., arrive early, read test center instructions carefully and follow them to the letter, give yourself enough time to travel, relax and focus before the test, pace yourself during the test, etc. Keep in mind, however, that FINRA tests are uniquely stringent in the way they are administered, etc. So, to reiterate – read the test taking instructions closely.  

Solomon Exam Prep: Any words of wisdom to help motivate others who are preparing for exams? 

Alec Orudjev: Focus on the reasons why you have undertaken this effort. Studying for any difficult test is no pleasant experience, and very few things can make that less so. However, take breaks, change the nature of your mental engagement (read something else altogether, watch, take a walk, etc.) to refresh and resume your studying effort. There will be many distractions and excuses – acknowledge and indulge to some extent, but do not lose your focus. Most importantly, be honest with yourself about how disciplined you are studying and preparing for your exams.

Solomon Exam Prep: How has passing the SIE, Series 24, Series 63, and Series 79 exams affected your work and your career?

Alec Orudjev: Certainly. Apart from the obvious, studying helped me to be a better legal professional and advisor. Understanding and internalizing a large, complex body of laws, rules and regulations governing the conduct of member firms is a daunting task indeed. These exams set a useful baseline for developing this understanding and building upon it. Take solace in this idea and keep at it.

Visit the Solomon Exam Prep website to explore study materials for 21 different securities licensing exams, including the SIE, Series 7, Series 24, Series 63, and Series 79.

University of Nebraska-Omaha Students Studying for the SIE Exam with Solomon

Solomon Exam Prep’s SIE study materials are helping students at UNO learn about financial markets and prepare to take the SIE exam. Continue reading

Solomon Exam Prep is proud that our long-standing partnership with the University of Nebraska Omaha’s College of Business Administration continues be a success. Since 2018, instructor Ray LeBlanc has been using Solomon’s Securities Industry Essentials (SIE) curriculum in UNO’s Financial Markets course, which is a core course in the banking and financial markets program. In the fall 2021 semester, there are 64 students in two class sections studying with Solomon SIE exam prep.

Ray LeBlanc had this midterm update to share:

“UNO’s experience with Solomon Exam Prep continues to be extraordinary. We have expanded our course catalog to include a completely online offering this fall. Both the face-to-face and online students appreciate Solomon’s clear, concise content which provides the perfect foundation for our Financial Markets class. Best of all, students who aspire to enter the finance services industry are sufficiently prepared to launch their career by passing the SIE Exam before they even interview for a job. We look forward to continuing our partnership for years to come.”

Ray LeBlanc, University of Nebraska-Omaha

Why should students take the SIE exam?

The SIE exam is FINRA’s way of introducing a new generation to the securities industry. Passing the SIE proves that an individual knows and understands the basics of the world of stocks, bonds, mutual funds and ETFs. It’s also the requirement for anyone who will want to become registered, so it’s quickly becoming the industry standard to take the exam before applying for jobs. Having the SIE on a resume can increase a student’s chance of landing a desirable internship or first job after graduation. 
 
Passing the SIE shows potential employers that students:

    • Are serious about a career in the financial services industry
    • Have completed a co-requisite for a relevant Series exams
    • Have mastered the basics of the securities industry

The only requirement to take the SIE is that the candidate is over 18 years old. Results are valid for four years so students can take the exam well before graduation.

Solomon Exam Prep partners with dozens of colleges and universities to bring the Solomon SIE exam prep program to students across the country. Join institutions such as the University of Nebraska-Omaha, University of Delaware, Adelphi University, Seton Hall University, Ohio Dominican University, Georgetown University, Widener University, and University of Dallas in partnering with Solomon.

To learn more about the ways colleges and universities can partner with Solomon, visit the website or contact Beth Hamilton, Higher Education Development Manager, at beth@solomonexamprep.com or 503-601-0212.

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University of North Carolina at Pembroke Finance Students Studying for the SIE Exam with Solomon

Students at UNC Pembroke are preparing for the FINRA SIE exam this fall semester with Solomon Exam Prep’s SIE study materials. Continue reading

In a previous blog post, Solomon Exam Prep announced a new partnership with the University of North Carolina at Pembroke’s School of Business. Fall 2021 marks the first term that UNC Pembroke is using Solomon Exam Prep’s SIE curriculum in one of its courses. For the past seven weeks, students have been studying online with the Solomon SIE Total Package, which includes the Study Guide, Exam Simulator, Audiobook, Video Lecture, and Flashcards.

The new 14-week course, Financial Trading, is being taught by Mohammad Rahman, Ph.D., Associate Professor of Finance, who reports:

“University of North Carolina at Pembroke school of Business started offering a new minor in ‘Trading’. As part of that, FIN 3300 (Financial Trading) has been offered in Fall 2021 for the first time. I am using Solomon SIE exam prep tools for the class. The students are tremendously benefitting from using all the tools starting with study guide, exam simulation and other resources. I hope this will allow our students to get the SIE certification and make a positive difference in their life.”

Mohammad Rahman, Ph.D., Associate Professor of Finance

Solomon Exam Prep can tailor its SIE curriculum to fit any course, including credit and non-credit courses, as part of a current course such as Finance or Capital Markets, or as a self-study program. The Solomon platform works equally well for in-person, hybrid, and online courses. And no matter what kind of course it is, instructors receive access to the Instructor Portal, class slides, quizzes and exams, a custom study schedule, and QwizBang, Solomon’s interactive game platform.

Join institutions such as the University of North Carolina at Pembroke, University of Delaware, Adelphi University, University of Nebraska-Omaha, Seton Hall University, Ohio Dominican University, Georgetown University, Widener University, and University of Dallas in partnering with Solomon.

To learn more about the ways colleges and universities can partner with Solomon, visit the website or contact Beth Hamilton, Higher Education Development Manager, at beth@solomonexamprep.com or 503-601-0212.

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University of the Incarnate Word In San Antonio Partners with Solomon on Capital Markets Course

Solomon Exam Prep’s SIE exam study course is being used by students at the University of the Incarnate Word in San Antonio, Texas this Fall 2021 term. Continue reading

Solomon Exam Prep is pleased to report that the University of the Incarnate Word in San Antonio, Texas is partnering with Solomon this Fall 2021 term. Solomon SIE study materials are being used by 17 students in the FIN 3325 Money and Capital Markets course. Alicia Rubio, Ph.D., Professor of Finance and BBA Director at the H-E-B School of Business and Administration, had this to say about students’ experience preparing for the SIE so far:

“Finance students at the University of the Incarnate Word are preparing for the SIE with Solomon Exam Prep. Our students love the unlimited sub-chapter quizzes as they really help them to master the material. Although the SIE exam is information overload, Solomon does a great job at making it manageable to digest. We look forward to the end of the semester to see how many students attempt and pass the SIE exam.”

Alicia Rubio, Ph.D., Professor of Finance & BBA Director

The Money and Capital Markets course is required for students pursuing a BBA in Finance with a Financial Planning specialization. This path prepares students for careers in risk management, insurance, estate planning, investment planning, and other areas of finance. The Financial Planning career path is recognized by the Certified Financial Planner (CFP)® Board as a registered program.

Bring the SIE to Your Campus

Solomon Exam Prep partners with dozens of colleges and universities to bring the Solomon SIE exam prep program to students across the country. Join institutions such as the University of the Incarnate Word, University of Delaware, Adelphi University, University of Nebraska-Omaha, Seton Hall University, Ohio Dominican University, Georgetown University, Widener University, and University of Dallas in partnering with Solomon.

To learn more about the ways colleges and universities can partner with Solomon, visit the website or contact Beth Hamilton, Higher Education Development Manager, at beth@solomonexamprep.com or 503-601-0212.

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Interview: How Andrew Nerys Passed Three Securities Licensing Exams

If you’re preparing to take a securities licensing exam, such as the SIE, Series 7, or Series 63 (or all three!), Solomon’s latest student interview is a must-read. Continue reading

If you’re interested in becoming a securities industry professional, there are many paths to follow, most of which require you to pass one or more securities licensing exams. Depending on your work and the type of employer, a common exam track is the SIE, Series 7, and Series 63 exams.

The SIE exam covers fundamentals of the securities industry and is a co-requisite to several qualification exams, including the Series 7. The Series 7 qualifies you to buy and sell the widest range of securities. The Series 63 covers the principles of state securities regulation.

Passing all three exams requires considerable effort – but it is possible! Solomon Exam Prep recently interviewed Andrew Nerys, Brokerage Operations Specialist at Cash App Investing, about passing the SIE, Series 7, and Series 63. Read about how Andrew approached studying for these exams, his experience taking exams both remotely and in-person, and how passing these securities licensing exams has benefited his career.

“Passing these exams allowed me to make an exciting transition to a new team and gave me a sense of direction for my professional future.”

Andrew Nerys

Andrew Nerys

Solomon Exam Prep: What motivated you to pursue multiple securities licenses?

Andrew Nerys: To be considered for a permanent role with my organization, it was required for me to pass the three exams I took.

Solomon Exam Prep: Why did you take your exams in the order that you did? Was this order helpful, or would you change anything if you had to do it again? 

Andrew Nerys: I took the SIE, followed by the Series 7 and, lastly, the Series 63. I ultimately didn’t get much say in the order or scheduling of my exams but I did find it helpful all the same. I found that preparing for the SIE (and taking the exam) was a good introduction to the concepts and regulations of the securities industry. The Series 7 built on the concepts that were introduced in the SIE and gave me a good foundation. Taking the Series 63 last was refreshing, in a way, since I found it easier to absorb the material and there was much less to cover in preparation for the exam. I don’t think I’d change anything if I had to do it all again which, hopefully, won’t ever be the case!

Solomon Exam Prep: Out of the exams you passed, which one required the most study time and why? 

Andrew Nerys: The Series 7 definitely required the most study time. There’s a lot of material to cover and some of the concepts were challenging for me to understand. As a result, I found the need to re-read several sections and to take more of the practice tests at the end of each chapter. I also started studying each chapter by watching its corresponding Video Lecture, so it sometimes took several hours to get through one chapter’s worth of material. In total, I estimate that I spent just under 100 hours studying for that one exam.

Solomon Exam Prep: How did you approach studying for your exams?

Andrew Nerys: For each of the exams, I started by watching the chapter’s Video Lecture and taking very brief notes. Once finished with the video, I’d move on to reading the Study Guide and taking more comprehensive notes to fill in the gaps. I used a couple of wire-bound notebooks and tried to space everything out so I’d have an easy time finding any info I might be hunting for when I went back to review my notes.

I also tried to stick to the study schedules provided by Solomon as much as I could, but didn’t beat myself up if I fell a day behind. I found that I’d usually make up for it soon enough. I only made flashcards for concepts that I really struggled with, or specific equations that required memorization. Otherwise, I leaned heavily on practice tests – both for each chapter and the ones provided for exam review. The pie charts and Pass Probability™ metrics were very useful in helping me identify areas where I needed more study.

“It’s always worth remembering that passing these exams is achievable, especially on those days where it feels impossible.”

Solomon Exam Prep: How did you take the exams – at a testing center or remotely? How was your experience, and do you have any tips to share? 

Andrew Nerys: I had a blended experience with taking the actual exams: I took the SIE and 63 at a testing center and took the Series 7 remotely. I didn’t really have a preference for one over the other, but I’d strongly encourage anyone taking it remotely to make the space as distraction-free and free of clutter as possible. Not only did I find that helpful in keeping me focused, but it also made me feel more confident that my exam result wouldn’t be nullified for failing to meet the remote testing requirements.

The other thing to consider when deciding whether or not to take an exam remotely is that you’re not allowed to have any paper, pen, or calculator on your desk when testing remotely. That means all of the notes and calculations have to be done using your computer, which might be a disadvantage when compared to taking the exam at a testing center.  

Solomon Exam Prep: Any words of wisdom to help motivate others who are preparing for exams? 

Andrew Nerys: Establish a study routine early in the process that’s easy to stick to and that keeps you regularly engaged in the material. If I took more than one day off between studying, I found it more difficult to get back into study mode.

It’s always worth remembering that passing these exams is achievable, especially on those days where it feels impossible. I also use Reddit and subscribed to a couple of Subreddits that focus on the Series 7 and other related exams. I found it really helpful to have a community that was going through the experience (or had recently been through it) to help keep me motivated and to encourage my success.

Solomon Exam Prep: How has passing the SIE, Series 7, and Series 63 exams affected your work and your career?

Andrew Nerys: Passing these exams allowed me to make an exciting transition to a new team and gave me a sense of direction for my professional future. In a more indirect way, it also helped reinforce the feeling that I’m capable of achieving my goals when I have the right resources and mindset.

Visit the Solomon Exam Prep website to explore study materials for 21 different securities licensing exams, including the SIE, Series 7, and Series 63.

How to Pass the FINRA Securities Industry Essentials (SIE) Exam

Thinking about taking the SIE exam? Keep reading to learn what the SIE is, what topics the exam covers, and how you should prepare for it. Continue reading

Updated June 9, 2022

Should I Take the SIE Exam?

Are you interested in the world of stocks, bonds, and investments? Thinking about a career as a financial advisor? Or perhaps your goal is to become an investment banker or a hedge fund manager? There are many attractive career options in the securities industry, but no matter which path you’re considering, you’ll probably need to take the Securities Industry Essentials (SIE) Exam.

If you’re not sure whether a career as a securities industry professional is right for you, the SIE is a great way to test the waters. For college students, the SIE provides a broad overview of the securities industry and financial knowledge that will be helpful even if you don’t pursue a securities industry career. And passing the SIE will make you more competitive when looking for a financial or investment-related internship.

For job seekers in general, having the SIE under your belt shows potential employers that you are serious about a career in the industry and have mastered industry fundamentals. And because the SIE is a co-requisite to several securities industry qualification exams, passing it allows you to jumpstart your career goals.

What is the SIE Exam?

The SIE exam is an introductory-level exam that covers fundamental securities industry knowledge. The SIE focuses on industry terminology, securities products, the structure and function of the markets, regulatory agencies and their functions, and regulated and prohibited practices.

The SIE is a co-requisite of several qualification exams, including the Series 6, Series 7, Series 22, Series 79, Series 82, and Series 99. Passing the SIE does not qualify you to become a registered securities industry professional, but it is usually the first step. Because the SIE is “co-requisite,” instead of “pre-requisite,” you don’t have to take the SIE before taking other FINRA exams. However, taking the SIE first is highly recommended because what you learn on the SIE is extremely helpful to you when you take any other security exam. The knowledge that you learn on the SIE is wind in your sails when you take any other registered representative level securities qualification exam, such as the Series 6 or Series 7.

Any individual 18 or older may take the SIE exam. Unlike other FINRA securities exams, employment and sponsorship by a FINRA member firm is not required in order to take the SIE, and exam results are valid for four years. Individuals can sign up to take the SIE exam on the FINRA website by creating an account, paying the $80 exam fee, and scheduling the exam. The SIE can be taken at a Prometric test center or online via the ProProctor platform.

About the Exam

The SIE exam consists of 75 scored and 10 unscored multiple-choice questions covering the four sections of the FINRA SIE exam outline. The 10 additional unscored questions are ones that the exam committee is trying out. These are unidentified and are distributed randomly throughout the exam. FINRA updates its exam questions regularly to reflect the most current rules and regulations.

About the SIE exam

Note: Scores are rounded down to the next lowest whole number (e.g. 69.9% would be a final score of 69% – not a passing score for the SIE exam).

Topics Covered on the Exam

FINRA divides the SIE exam into four sections:

SIE exam topics

The SIE exam covers many topics including the following:

    • Common Stock
    • Preferred Stock, Warrants, Rights and ADRs
    • Bonds and Yields
    • Types of Bonds
    • Treasury Securities, ABS, CMOs, and Munis
    • Mutual Funds and Other Investment Companies
    • Life Insurance Products and Municipal Fund Securities
    • Options, Partnerships, Hedge Funds, and Private Placements
    • Risks
    • Customer Disclosures & Taxation
    • Underwriting, Issuing, and Registering Securities
    • Exemptions from Registration & Types of Broker-Dealers
    • Markets, Financial Institutions, and Clearance & Settlement
    • Economic Factors and Business Cycles
    • Tools of Government Policy and International Factors
    • Opening an Account & Types of Accounts
    • Cash and Margin Accounts
    • Order Processing
    • Handling Corporate Actions, Account Compliance, and SIPC Rules
    • Prohibited Activities and Trading Rules
    • FINRA Conduct Rules
    • FINRA Membership

Question Types on the SIE Exam

The SIE exam consists of multiple-choice questions, each with four options. You will see these question structures:

Closed Stem Format:

This item type asks a question and gives four possible answers from which to choose.

When interest rates go up, what happens to the price of typical preferred stock?

    1. It rises.
    2. It falls.
    3. It stays the same.
    4. It is unrelated to interest rates, so it is impossible to tell.
Incomplete Sentence Format:

This kind of question has an incomplete sentence followed by four options that present possible conclusions.

ADRs trade in:

    1. The foreign currency that underlies the ADR
    2. U.S. dollars
    3. A combination of foreign currency and U.S. dollars
    4. A special exchange rate that takes into consideration how much foreign currency can purchase one U.S. dollar
“EXCEPT” Format:

This type requires you to recognize the one choice that is an exception among the four answer choices presented.

All of the following are advantages to the issuer of debt financing over equity financing except:

    1. No ownership dilution
    2. No loss of control
    3. Interest payments are a deductible business expense
    4. Fixed repayment schedule
Complex Multiple-Choice (“Roman Numeral”) Format:

For this question type, you see a question followed by two or more statements identified by Roman numerals. The four answer choices represent combinations of these statements. You must select the combination that best answers the question.

The prices of which of the following two types of preferred stock are least sensitive to changes in interest rates?

    1. Participating preferred
    2. Cumulative preferred
    3. Adjustable-rate preferred
    4. Convertible preferred
    1. I and II
    2. II and III
    3. I and IV
    4. III and IV

This format is also used in items that ask you to rank or order a set of items from highest to lowest (or vice versa), or to place a series of events in the proper sequence.

Rank the following yields for a premium bond held to maturity from highest to lowest.

    1. Yield to call
    2. Coupon rate
    3. Yield to maturity
    4. Current yield
    1. II, IV, III, I
    2. IV, I, III, II
    3. II, IV, I, III
    4. III, I, IV, II

For an even better idea of the possible question types you might encounter on the SIE exam, try Solomon Exam Prep’s free SIE Sample Quiz and SIE Sample Exam.

How to Study for the SIE Exam

Follow Solomon Exam Prep’s proven study system:
    • Read and understand. Read the Solomon SIE Study Guide, carefully. The SIE is a knowledge test, not an IQ test. Many students read the Study Guide two or three times before taking the exam. To increase your ability to focus while reading, or as an alternative to reading, listen to the Solomon SIE Audiobook, which is a word-for-word reading of the Study Guide.
    • Answer practice questions in the Solomon Exam Simulator. When you’re done with a chapter in the Study Guide, take 4–6 chapter quizzes in the Solomon Online Exam Simulator. Use these quizzes to give yourself practice and to find out what you need to study more. Make sure you read and understand the question rationales. When you’re finished reading the entire Study Guide, review your handwritten notes once more. Then, and only then, start taking full practice exams in the SIE Exam Simulator. Aim to pass at least six full practice exams and try to get your Solomon Pass Probability™ score to at least an 80%; when you reach that point, you are probably ready to sit for the SIE exam.
Use these effective study strategies:
    • Take handwritten notes. As you read the SIE Study Guide, take handwritten notes and review your notes every day for 10 to 15 minutes. Studies show that the act of taking handwritten notes in your own words and then reviewing them strengthens learning and memory.
    • Make flashcards. Making your own flashcards is another powerful and proven method to reinforce memory and strengthen learning. Solomon also offers digital flashcards for the SIE exam.
    • Research. Research anything you do not understand. Curiosity = learning. Students who take responsibility for their own learning by researching anything they do not understand get a deeper understanding of the subject matter and are much more likely to pass.
    • Become the teacher. Studies show that explaining what you are learning greatly increases your understanding of the material. Ask someone in your life to listen and ask questions. If you don’t have anyone, explain it to yourself. Studies show that helps almost as much as explaining to an actual person (see Solomon’s previous blog post to learn more about this strategy!).
Take advantage of Solomon’s supplemental tools and resources:
    • Use all the resources. The Resources folder in your Solomon student account has helpful information, including a detailed study schedule that you can print out – or use the online study schedule and check off tasks as you complete them.
    • Watch the Video Lecture. This provides a helpful review of the key concepts in each chapter after reading the Solomon SIE Study Guide. Take notes to help yourself stay focused.
  • Good practices while studying:
    • Take regular breaks. Studies show that if you are studying for an exam, taking regular walks in a park or natural setting significantly improves scores. Walks in urban areas or among people did not improve test scores.
    • Get enough sleep during the period when you are studying. Sleep consolidates learning into memory, studies show. Be good to yourself while you are studying for the SIE: exercise, eat well, and avoid activities that will hurt your ability to get a good night’s sleep.

You can pass the FINRA SIE Exam! It just takes focus and determination. Earning this certification will provide valuable knowledge and open up rewarding career opportunities. Solomon Exam Prep is here to support you on your first step to entering the securities industry.

To explore all Solomon Exam Prep’s SIE study materials, including product samples, visit the Solomon website here.

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Interview: How Alexandria Coyne Passed Four Securities Licensing Exams

If you’re considering taking the SIE, Series 6, Series 63, Series 7, or another securities licensing exam, read these valuable insights on how to study for and pass your exams. Continue reading

It’s not uncommon for those in the securities and investment industries to need more than one securities license. But the determination involved in passing multiple securities licensing exams (especially in a short time period) is substantial. Case in point: Alexandria Coyne, Financial Advisor at Northwestern Mutual, who passed her fourth exam with Solomon Exam Prep earlier this year. She now has the SIE, Series 6, Series 7, and Series 63 under her belt. Alex was kind enough to answer Solomon’s questions about her study approach and how she achieved success four times.

“I really wanted to learn the material through and through, so I was never preparing for an exam; I was preparing for a career.”

Alex Coyne

Solomon Exam Prep: Why did you take your exams in the order that you did? Was this order helpful, or would you change anything if you had to do it again? 

Alex Coyne: I took the SIE, the 6, the 63 and then the 7. If I could do it all over, I’d do the same thing! The SIE was a great entry level exam for the 6. To me, there was only a little bit of differentiating content between the two exams. I will always recommend splitting up the 6 and the 7. I think the 6 was just high-level enough to get an understanding of the content. The 7, on the other hand, got extremely detailed. I truly believe that if I went straight into the 7 from the SIE, I wouldn’t have been successful on my first attempt.

Solomon Exam Prep: Out of the exams you passed, which one required the most study time and why? 

Alex Coyne: Most definitely the Series 7. I just think that there were a lot of details to remember and a lot of information to digest.

Solomon Exam Prep: How did you approach studying for your exams?  

Alex Coyne: I recommend everyone to Solomon. I think that Solomon did an amazing job with the study material. What I have found to be most successful for me:

The first thing I did was set an exam date. That was just knowing my ability to procrastinate, so I had to put a timeline on this thing before it even started!

Order the book. Read the entire book in full, highlighting important content and underlining even more important content. I found that 20 pages per day was my reading goal.

Once the book was read in full, I WROTE out all the highlighted and underlined information onto a notebook. Yes, I outlined the entire book. I found that approximately 10 pages of outlining per day was my capacity (approx. 1-2 hours). It took an entire 2-subject notebook for an entire outline. (Still no quizzes at this point.)

While I was reading and outlining, I played the online Video Lectures through my AUX cord in my car wherever I went. From start to finish. 

After outlining the entire book, I went to my NOTEBOOK (outlined) and I went through the content in detail. After I studied Chapter 1, I took Ch. 1 practice quizzes until passing consistently. Then Chapter 2, 3, 4 and so on….

After all of the Chapter quizzes were complete, I did the practice tests. I probably did 15-20 total practice exams. Some timed, some with immediate feedback. I made sure to read the feedback and understand what questions I was getting wrong and use my book and notebook to go back to content and work through the wrong answers. 

On the 7, the Options Video Lecture was a total game changer for me. I watched it twice and memorized every table on there. That single-handedly won me 15-20 questions on the Series 7 exam.

“…there are still things from the study material that I use in client meetings today, 8 months since the Series 7 exam.”

Solomon Exam Prep: How did you take the exams – at a testing center or remotely? How was your experience, and do you have any tips to share? 

Alex Coyne: I took all of my tests in a testing center. My advice: Practice your “dump sheet.” AKA: Once you START the exam, dump out all you can remember on scratch paper. I actually practiced my dump sheet, especially for the Series 7. The week leading up the 7, randomly throughout the day, I would stop what I was doing, find paper, and practice my dump sheet. By the time I took my Series 7, I pretty well had my dump sheet memorized. That was very helpful for me.  

Solomon Exam Prep: Any words of wisdom to help motivate others who are preparing for exams? 

Alex Coyne: Passing on the first try is very possible, but you will only get out of the material the level of commitment you decide to put into it. I really wanted to learn the material through and through, so I was never preparing for an exam; I was preparing for a career. I saw this knowledge as transformational for my financial practice. I took it seriously and there are still things from the study material that I use in client meetings today, 8 months since the Series 7 exam. My advice is to have that mentality when it comes to learning; don’t just cram to pass an exam. Our clients deserve better.

Visit the Solomon Exam Prep website to explore study materials for 21 different securities licensing exams, including the SIE, Series 6, Series 7, and Series 63.