Solomon Exam Prep Guide to the FINRA Securities Industry Essentials Examination
a no-nonsense guide to the SIE exam. With detailed explanations, visual study
aids, and example questions, this Solomon Exam Prep guide will get you on track
to passing the Securities Industry Essentials Exam.
Please note: the Securities Industry Essentials Exam launched on October 1st, 2018.
The SIE Study Guide is available as an online digital study manual via your online student dashboard (requires Internet connection/not downloadable) or as a hard copy textbook (shipping & handling will apply).
Please note: the digital guide and hard copy guide contain the
same content, however, this image is a PDF of the hard copy guide and the digital guide does not look exactly the same as this PDF of the hard copy. If you want this exact look, you must purchase the hard copy
When will the SIE exam begin?
October 1, 2018
What is the SIE exam going to test?
FINRA states that the SIE will test fundamental securities-related knowledge, including
knowledge of basic products, such as stocks, bonds and mutual funds. It will also test securities
industry rules and regulations.
Will I need to be employed by a broker-dealer in order to take the SIE?
No, unlike current FINRA licensing exams, you will not need to have a job with a broker-dealer in
order to take the SIE exam.
If I work at a FINRA broker-dealer, how do I register an individual to take the SIE exam?
FINRA member firms will have two options to register 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 just like any other exam.
2. Request the SIE through CRD via a non-Form U4 enrollment process.This method is not yet available in CRD. However, when it is on Oct 1, 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, the SIE will become viewable in the Exam History section in CRD.
Will a minor be permitted to take the SIE?
No, you will have to be at least 18 years old to take the SIE.
For how long will a passing score on the SIE be valid?
Four years from the date you pass the SIE.
How many questions will there be on the SIE exam?
75 plus 10 additional unscored questions that FINRA is trying out for a total of 85.
How much time will I have to take the exam?
What is the passing score of the SIE?
If I fail the SIE, will I be permitted to retake the exam?
Yes, if you fail the SIE, you will be permitted to retake it, but you will have to wait 30 days. FINRA
is maintaining its 30/30/180 day rule with respect to the SIE. This means that if you fail the SIE
you must wait 30 days to retest. However, if you’re unlucky enough to fail it three times, as with
other securities exams, you will have to wait 180 days to take it again. This same 30/30/180 day
rule will apply to the specialized representative-level exams (the so-called “top-off” exams).
If I pass the SIE, will I be permitted to take the SIE exam again, just for fun?
FINRA says no. Killjoys.
What if an individual fails to pass the current representative-level exam, and the next exam is after October 1, 2018, will that individual have to take the SIE and the new top-off representative exam?
Yes. But the individual would not be required to wait 30 days because the SIE and the top-off exams are different exams from the current representative-level exam.
What is a "Top-Off" exam?
On October 1st, FINRA is introducing the Securities Industry Essentials (SIE) exam. The SIE will cover basic securities industry knowledge. “Top-Off” is the term FINRA is using for the new, shorter registered representative level exams launching October 1st. The Series 6, 7, 22, 57, 82, 79, and 99 will test the more specific information required for the specific registration categories.
Will SIE test-takers receive their scores?
Unlike current licensing exams, FINRA has indicated that it will provide SIE test-takers with
pass/fail information only. However, there has been discussion about providing those who fail
the SIE with additional information about their results.
If I am already registered, will I have to take the SIE?
If you are a registered representative before October 1, 2018, and you maintain your registration
on or after October 1, 2018, FINRA will credit you with the SIE.
What if I was once a registered representative but my registration lapsed, will I have to take the SIE if I want to reenter the securities industry?
If your registration terminated between October 1, 2014, and September 30, 2018, provided you
re-register as a representative within four years from the date of your last registration, then you
will not have to take the SIE. In other words, after two years outside the securities industry if you
want to become registered again you will have to retake a representative-level qualification exam
(the so-called top-off exams) such as the Series 6 or the Series 7.
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.
What if I am registered in an exam license that is being retired by FINRA, will I have to take the SIE exam?
If you are registered in an exam license that FINRA is retiring, 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 and your license expired.
If you return to the industry within two years, you will not have to take the SIE.
If an individual has a representative level securities license (a Series 6 or Series 7, for example) and wants to get another representative level securities license (the Series 79 or Series 82, for example), will that individual have to take the SIE and the new "top-off” exam after October 1st, 2018?
No, these individuals will be grandfathered into the SIE. They will only have to take the top-off exam.
What if I want to become a municipal securities representative? Is the SIE relevant?
The MSRB has indicated that it plans to coordinate its licensing exams with the new SIE, so after
October 2018 it’s likely that in order to become a Municipal Securities Representative you will
need to first take the SIE and then a revised “top-off” version of the Series 52 exam.
If I pass the SIE, will I become a “registered representative?”
No, in order to be registered for a particular function, you must pass the SIE and then get hired
by a broker-dealer and then pass a representative-level qualifying exam, such as the Series 6 or
Will it be possible to take the SIE and a representative-level exam on the same day?
Yes, as long as you reserve time at a testing center for both exams on the same day.
Will it be easier to pass the SIE and the "top-off" qualification exam than it will be to pass the current representative exams?
Unclear. A lot depends on whether you’d rather take one longer test or two shorter ones. If you’d
prefer to take one longer test, you should take your exams before October 1, 2018. After October
1, 2018, in terms of number of questions, some representative-level qualification categories will
require more testing and some will require less testing. See the table on page 3 here for detail.
Who offers the best SIE study materials and where can I get them?
Go to here or call 503-601-0212.
How do I enroll to take the SIE?
Where should I go to schedule my exam?
Will the 120-day “exam window” still apply to the SIE?
Yes, FINRA will continue its system of giving test-takers a 120-day exam window during which
you will be able to take the SIE.
How much will it cost to take the SIE?
If I am an employer and I work for a broker-dealer, will I be able to find out whether a job candidate or any individual passed the SIE?
Yes, according to FINRA, broker-dealers will be able to confirm via Web CRD whether someone
passed the SIE.
With the FINRA exam restructure, which exam is right for me?
If you apply to be a representative on or before September 30th, you will take the current version of the representative exam.
If you apply to be a representative on or after October 1st, you will be required to take the SIE and the updated representative exam.
If you are a registered representative and you do not pass the current representative exam, and your next testing date is on or after October 1st, you must take the updated representative exam. Your waiting period will be waived, as the updated exam will be considered a new exam.
If you are not a registered representative and you do not pass the current representative exam, and your next testing date is on or after October 1st, you will be required to take the SIE and the updated representative exam. Your waiting period will be waived, because the SIE and updated exams will both be new exams.
If your registration lapsed between October 1st 2014 and September 30th 2018, and you pre-register within four years of your last registration, you will not need to take the SIE. You will, however, take the updated version of the exam.
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