SIE Exam Guide

The Securities Industry Essentials (SIE) exam is FINRA’s entry-level test for people starting a career in the securities industry. This guide covers who can take it, how it’s built, what you need to pass and how to prepare.

Who takes it

Anyone 18 or older. You don’t need a firm to sponsor you for the SIE. To register as a representative, you also need to pass a representative exam such as the Series 6 or Series 7, which does require sponsorship by a FINRA member firm.

The format

The SIE has 80 multiple-choice questions: 75 scored and 5 unscored pretest questions mixed in at random, with a time limit of 1 hour 45 minutes. There’s no penalty for guessing, so answer every question.

Part	Share	Scored questions
Knowledge of Capital Markets	16%	12
Understanding Products and Their Risks	44%	33
Understanding Trading, Customer Accounts and Prohibited Activities	31%	23
Overview of the Regulatory Framework	9%	7

Passing score

FINRA reports a scaled score, and 70 passes. FINRA doesn’t publish how many questions you need right.

How long a pass lasts

Four years. To use it, you need to pass a representative exam and register through a FINRA member firm within that time.

Where you take it

At a Prometric test center or online with a remote proctor.

How hard is the SIE?

The SIE covers a lot of new vocabulary for people outside finance: options, bonds, mutual funds, margin accounts and the rules around them. Products and Their Risks is 44% of the exam on its own, so it matters most. The math is light, but you do need to know a few calculations, such as bond yields and options gains and losses.

How to study

If you have two weeks: focus on Products and Their Risks and Trading, Customer Accounts and Prohibited Activities, which together are three-quarters of the exam. Learn bond basics, equity and options terminology, and account types.

If you have four weeks: spend a week on each of the two big parts, a week on capital markets and regulation, and the last week on full timed practice exams, aiming well above passing before you schedule.

Start with free practice on the home page.