This month’s study question from the Solomon Online Exam Simulator question database is now available. Continue reading
This month’s study question from the Solomon Online Exam Simulator question database is now available.
***Comment below or submit your answer to info@solomonexamprep.com to be entered to win a $20 Starbucks gift card.***
This question is relevant to the Series14, 79, 82, and SIE exams.
Question:
A research analyst who works for an underwriter that participated in an IPO may not publicly discuss or write a research report about the company until __________________.
Answer Choices:
A. 30 days after the registration is filed
B. 20 days after the securities are issued
C. 10 days after the date of the IPO
D. 30 days after the date of the IPO
Correct Answer: C – 10 days after the date of the IPO
Explanation: A research analyst who works for an underwriter of an IPO must not discuss or write a research report about the company for 10 days after the IPO. This 10-day period of silence is called a ‘quiet period.’ There is no quiet period for EGCs (emerging growth companies).
To explore free samples of Solomon Exam Prep’s industry-leading online exam simulators for the SIE, Series 14, Series 79, Series 82, and many more exams, visit the Solomon website here.
Read our interview with Dominic Mamrega, a finance major at High Point University, who passed the SIE exam with Solomon’s self-study program. Continue reading
Dominic Mamrega, a senior at High Point University, passed the FINRA Securities Industry Essentials exam!
Dominic Mamrega is a finance major at High Point University in High Point, North Carolina. Dominic studied for the Securities Industry Essentials (SIE) exam in a self-study program using Solomon Exam Prep SIE materials. We interviewed Dominic after he passed the exam.
Solomon Exam Prep: Why did you decide to study finance and what is your dream job?
Dominic: I decided to study finance because growing up as a triplet my parents taught me the value of a dollar and how to properly save your money. It wasn’t easy for my parents, they had to buy three of everything. My father is great with numbers and taught me how to properly manage my money. My dream job has always been as a financial advisor/planner. There are many people who need financial help and I wanted to make a change.
Solomon Exam Prep: Why did you decide to take the SIE exam?
Dominic: I decided to take my SIE for two reasons. The first reason was I wanted to have an edge when applying to jobs and get ahead of the pack. The other reason I decided to take the SIE was I have a good friend who recently graduated HPU who is also in the field of finance and told me to get the ball rolling in order to land a job when I graduate in May 2021.
Solomon Exam Prep: Where do you work now and how did you get there?
Dominic: My current job is on campus working in the IT department which isn’t that exciting, and I got there by applying to every job on campus and waiting to hear back from one. My upcoming job when I graduate will be with Allied Wealth Partners as a Financial Advisor. I got there by looking at LinkedIn daily for job postings and applying to every single one. I went through the interview process with a few firms and had a great connection with Allied.
Solomon Exam Prep: How has the SIE helped you in your current job?
Dominic: The SIE has helped me land my current job because it showed Allied that I am eager and want to go in the field as fast as I can.
“Yes, I would recommend the Solomon SIE course to other students because you are still able to handle the studying time while staying on top of your classwork.”
Solomon Exam Prep: How did you find Solomon Exam Prep?
Dominic: I chose Solomon when Professor James mentioned it to me in class one day. After I investigated it and when HPU had a discount code it was a no-brainer.
Solomon Exam Prep: What do you like about Solomon Exam Prep?
Dominic: There are many things I like about Solomon. The first one being the app that is for the phone and knowing I can study anywhere and anytime with ease. Throughout the day I will just take a quiz or read up on something. I like how the material is broken down with simple day-to-day tasks that do not overwhelm me. The ability to ask the professor and the quick response times you have. Finally, I enjoy the exam breakdowns and telling me where I should study more.
Solomon Exam Prep: What did you like about the Solomon Exam Prep SIE products?
Dominic: I enjoyed the website and how easy it is to navigate and go back to sections that I was struggling with. I enjoy the highlight feature that saves to a doc that I can print out and study from.
Solomon Exam Prep: Would you recommend the Solomon SIE course to other students? If yes, why?
Dominic: Yes, I would recommend the Solomon SIE course to other students because you are still able to handle the studying time while staying on top of your classwork.
Solomon Exam Prep: What other exams do you plan to take with Solomon?
Dominic: I am currently studying for Series 7 with Solomon and I will be taking that exam in late March. After that, I will be taking Series 66 with Solomon, and if all goes to plan that will be on June 1st.
For more information about Solomon Exam Prep’s compelling SIE program and the advantages for your students, contact Beth Hamilton at Beth@SolomonExamPrep.com or call 503-601-0212.
You can also learn more on the Solomon website Colleges page.
This month’s study question from the Solomon Online Exam Simulator question database is now available. Continue reading
This month’s study question from the Solomon Online Exam Simulator question database is now available.
***Comment below or submit your answer to info@solomonexamprep.com to be entered to win a $20 Starbucks gift card.***
This question is relevant to the SIE, Series 6, 7, 22, 24, and 82 exams.
Question:
Which of the following people would be considered a specified adult?
Answer Choices:
A. A 16 year old with autism
B. A 30 year old
C. A 60 year old with a heart condition
D. An 18 year old in a coma
Correct Answer: D
Explanation: A specified adult is a natural person age 65 and older or a natural person age 18 and older who the member firm reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.
On November 2, the SEC announced a collection of rule changes meant to, in the announcement’s words, “harmonize, simplify, and improve” its “overly complex exempt offering framework.” Continue reading
On November 2, the SECannounceda collection of rule changes meant to, in the announcement’s words, “harmonize, simplify, and improve” its “overly complex exempt offering framework.” The changes affect Regulation A, which governs small public offerings; Regulation D, which governs private placements; and Regulation CF, which governs crowdfunding. This system of exemptions allows various small offerings to avoid the normal registration process required by the Securities Act.
The rule changes should provide a clearer choice as to which exemption is most appropriate to an issuer, based on how much the issuer needs to raise and other factors.
The changes also seek to clarify how issuers can avoid “integration” of exempt offerings. Integration is the risk that exempt offerings will be considered a single offering by the SEC, because the offerings are too similar.
Highlights of the changes include:
If two exempt offerings are conducted more than 30 days apart, they are almost always protected from integration.
An issuer can “test the waters” with potential investors before deciding which exemption it will use for an offering.Test-the-waters communications solicit interest in a potential offering before the issuer has filed anything with the SEC.Previously, an issuer could only test the waters after deciding that its potential offering would take place under Regulation A.
Caps on the amount that may be raised through these exemptions have been increased:
Crowdfunding: from $1.07 million to $5 million
Regulation A, Tier 2: from $50 million to $75 million
Regulation D, Rule 504: from $5 million to $10 million
Make “bad actor” exclusions more consistent across different exemptions.
The rule changes will take effect early next year.Until the changes take effect, securities exam questions will continue to be based on the old rules. FINRA Exams affected by these rule changes include the SIE, Series 6, Series 7, Series 14, Series 22, Series 24, Series 65, Series 66, Series 79, and Series 82.
Solomon Exam Prep is delighted to announce a partnership with Claflin University and Lincoln Financial Advisors. Continue reading
Solomon Exam Prep is delighted to announce a partnership with Claflin University and Lincoln Financial Advisors. With sponsorship from Lincoln Financial, Claflin University students taking a new Claflin investment course will receive the Solomon study materials they need to pass the FINRA Securities Industry Essentials (SIE) exam.
To read the official press release, please click on the download link below.
FINRA partner Prometric has developed ProProctor for online, remote test taking. Here are some takeaways about the process. Continue reading
Lucas Rumpeltes of Solomon Exam Prep passed the SIE Exam with ProProctor
Updated May 26, 2022
In person licensing exams have been a staple in the securities industry for decades, but with the novel Coronavirus COVID-19, FINRA has been tasked with providing a safer method for testing. Given this, FINRA partner Prometric has developed a new product titled ProProctor for online, remote test taking. Prometric is a giant in the testing industry, and operates hundreds of testing centers.
With all this as the backdrop, one month ago I was tasked with studying for and taking the Securities Industry Essentials (SIE) exam as a junior associate at Solomon Exam Prep. Using the ProProctor product seemed like the most convenient way to take the exam, and proved easy enough. However, for the benefit of Solomon exam takers, I would like to share some takeaways about the process.
Before Exam Day
Signing up for the exam
I registered for the test three weeks ahead of time on the Prometric website. There were still many time slots available, but the most convenient ones had been taken. The most feasible slot for me ended up being at 7:45 AM, so if you prefer to test later in the day, register ahead of time!
I immediately received a confirmation email detailing all of the procedures that I would need to follow for test day. It was a lengthy email. This is due to Prometric’s desire to avoid cheating and duplication of the test, so they are rightfully cautious. This ProProctor user guide contains all the procedures. That being said, there are a few procedures that are very important to understand ahead of time.
Preparing for exam day
First is your testing environment. Ideally one is able to test in a bare, white room, at a desk, with no decorations of any kind. However, this is not always possible, so it is helpful to have a bed sheet or tarp on hand to cover anything that your proctor determines to be unacceptable. Furthermore, you cannot have any interruptions during the test, so it is imperative to notify your office mates!
Prometric also recommends having a mirror on hand for the check in process. Ultimately, this is simply for the purpose of inspecting your computer keyboard and screen if you cannot remove your webcam, so a medium-sized mirror is fine. The more easily you can position it in front of your screen the better (I did not take my own advice here and had a giant mirror, which was tough to position so that my proctor could see my keyboard).
Leading up to the exam day, you should do one of Prometric’s system readiness checks, test your microphone specifically, and download and install their application.
On Exam Day
Getting started
On exam day, you will follow a unique web link in your confirmation email to launch your exam. Once there, you will input user specific information, and it will automatically launch the application. Be warned, once you launch the exam application, you cannot access any other settings or applications on your computer, so adjust your volume or microphone controls ahead of time. Once there, you will be asked to photograph yourself and take a picture of your photo ID. Then you’ll be sent to the security proctor.
Ultimately two different proctors will communicate with you. The process for meeting with them is seamless, and they will answer any questions you may have.
Security checks
The first proctor will conduct the security checks, and you will have a webcam view of them. The security checks are detailed on the ProProctor website, as well as in the confirmation email, but here are a few tips. I wore pants with lots of pockets, which was a mistake. Wearing as few items of clothing as possible, with as few pockets as possible, is helpful because they will ask you to empty them. Additionally, they advise no jewelry. Ideally, the only things in the testing room are you, your photo ID, and your computer. There is nothing else allowed (with the exception of tests that have certified testing materials).
The security checks also include room checks, which necessitates either an external webcam or an easily portable laptop. The fewer furniture items in the room, the easier the check will be. Finally, the security proctor will detail their break policy. I did not use the break, and it should ultimately be seen as an emergency asset. The test time does not stop while you take it, and you will have to redo all security checks upon returning.
Taking the exam
Once all of the security protocol is over with, your security proctor will pass you on to another proctor. The new proctor will greet you via the application chat, but you will not see them on screen. They will, however, see your video and hear your audio. Additionally, they prohibit you from speaking out loud during the exam. You may mouth or whisper the words, but they do not allow you to speak.
Once the exam starts, it’s straightforward. There is a calculator in the application, as well as a “scratch pad” where you may type things. Be warned, you may not go back to questions once you move on. EDIT: As of September 28, 2020, candidates are able to go back to questions and change answers.
Trouble-shooting
When I was taking the SIE, I felt confident once I got to this point, since I was mostly worried about complying with the security checks. However, there is protocol from Prometric should you be disconnected from the application for any reason. I was disconnected with just six questions left (!), so it would have been helpful to know this ahead of time. Needless to say, I panicked. Prometric recommends a wired internet connection for this reason, but I gambled with wifi. Ultimately this was not the reason I was disconnected (my internet connection was fine), but the application automatically closed and I was forced to consult the FAQ.
From here, Prometric recommended that I check my internet connection, wait three minutes, restart my computer, and relaunch the exam. This proved to be perfect advice, and I was readmitted to the system. I had to re-do the entire security check with a new set of proctors, but my test time was paused and my progress had been saved. I finished my last six questions without a hitch. In other words, if you are disconnected, do not panic and simply follow their directions on the FAQ. If the issue persists, they recommend that you contact support.
As with the in-person exams, my preliminary results were shown at the conclusion of the exam, and I was free to continue with my work day. All in all, the process was relatively user-friendly, and well worth it since I was able to avoid going to a testing center.
Get both general home-study tips and specific home-study tips for securities exams. Continue reading
GENERAL HOME-STUDY TIPS
Find a quiet place that you feel comfortable in – try to study in this same place every day
Unless you’re using your phone to study with, put the phone in another room.
Wake up early – getting started is the hardest part, and starting in the morning will make studying easier. You will get in several hours before you know it.
Make small goals.
Reward yourself – try to get up and walk around at least every 30 minutes. This will rest your eyes and mind.
If you start to feel anxious – take a deep breath, counting to four as you inhale, then slowly exhale, counting to seven as you exhale. Repeat. This will lower your anxiety. This is a good strategy to use before your exam.
Ask for help being accountable: find someone in your life to query you every day about what you have accomplished.
Go for a walk in a natural or green setting. Studies show that your mind relaxes and you remember more if you take regular walks in a natural or green setting.
Get a good night’s sleep – try to go to sleep at the same time each night and wake up at the same time.
SPECIFIC HOME-STUDY TIPS FOR SECURITIES EXAMS
Read the Solomon Study Guide. Remember: the number one reason people fail their securities exam is they didn’t read the Study Guide.
If you’re having trouble reading the Study Guide, listen to the Solomon Audio Guide while you read the Study Guide.
Read Exam Notes in the Resources folder.
If you don’t understand a question or concept, email Solomon’s Ask the Professor.
If you’re having trouble with something, create note cards and try to teach it to someone else. Becoming the teacher is the most effective tool to learn something you find challenging or difficult.
After reading the Solomon Study Guide, take at least six practice exams in the Solomon Exam Simulator.
Use Interactive Review to review the Exam Simulator questions you get incorrect.
Solomon Exam Prep has helped thousands pass the SIE and the Series 3, 6, 7, 14, 22, 24, 26, 27, 28, 50, 51, 52, 53, 54, 63, 65, 66, 79, 82 and 99. For more information, go to www.SolomonExamPrep.Com or call 503.601.0212.
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:
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:
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.
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.
A FINRA spokesperson at the 2015 ARM Annual Education Conference recently proposed some important changes to securities exams. FINRA recently released the accompanying PowerPoint slides that cover the upcoming changes and outline other plans for the coming year. Continue reading
A FINRA spokesperson at the 2015 ARM Annual Education Conference recently proposed some important changes to securities exams. Solomon Exam Prep previously covered the main points made in FINRA’s address in our original blog post: FINRA Says Big Changes Coming to Securities Exams.
*Solomon Exam Prep will continue to keep you up-to-date on the latest information regarding these changes. Make sure to follow us to be alerted of any new developments.
