SIE vs Series 63
The SIE is a FINRA prerequisite exam testing securities fundamentals - anyone can take it. The Series 63 is a NASAA state law exam for securities agents - typically taken alongside Series 6 or 7. They test different content and serve different purposes.
Side-by-Side Comparison
| Feature | SIE | Series 63 |
|---|---|---|
| Full Name | Securities Industry Essentials | Uniform Securities Agent State Law |
| Exam Cost | $80 | $147 |
| Passing Score | 70% | 72% |
| Questions | 75 (70 scored) | 60 (55 scored) |
| Time Limit | 1 hr 45 min | 1 hr 15 min |
| Study Time | 40-60 hours | 20-30 hours |
| Difficulty | Entry-level | Moderate |
| Prerequisites | None - anyone 18+ can take it | Usually paired with Series 6 or 7 |
| Exam Body | FINRA | NASAA |
Key Differences
- 1SIE is a FINRA exam; Series 63 is a NASAA (state-level) exam
- 2SIE tests securities fundamentals; Series 63 tests state law only
- 3SIE is a prerequisite for Series 6/7; Series 63 supplements them
- 4SIE can be taken without sponsorship; Series 63 typically requires it
- 5SIE costs $80; Series 63 costs $147
- 6SIE has 75 questions; Series 63 has 60 questions
What Each Exam Allows You To Do
SIE
- Demonstrates foundational securities knowledge
- Required before Series 6 or Series 7
- Valid for 4 years without firm sponsorship
- Tests knowledge of securities products and regulations
Series 63
- Register as a securities agent in your state
- Sell securities within state borders
- Combined with Series 6 or 7 for full state registration
- Understanding of state securities regulations
Who Should Take Each Exam?
Take the SIE if you...
- →Anyone starting in securities industry
- →Career changers exploring finance
- →College students getting a head start
- →Those preparing for representative-level exams
Take the Series 63 if you...
- →Series 6 or 7 holders needing state registration
- →Broker-dealer representatives
- →Those working in states requiring Series 63
- →Anyone selling securities in registered states
Which Should You Take First?
Take the SIE first - it's the prerequisite for Series 6 or 7. The Series 63 is typically taken AFTER you pass Series 6 or 7, not after the SIE alone. The common path is: SIE → Series 6 or 7 → Series 63 (all within 120 days at your firm).
Frequently Asked Questions
QDo I need the SIE before the Series 63?
No, the Series 63 doesn't require the SIE. However, the Series 63 alone doesn't let you do anything - you need Series 6 or 7 (which DO require the SIE) plus the Series 63 for full state registration as a securities agent.
QCan I take the Series 63 without Series 6 or 7?
Technically yes, but it's not practical. The Series 63 only covers state law - without Series 6 or 7, you can't actually work as a securities agent. Most firms have you take all exams together.
QWhich is harder: SIE or Series 63?
The SIE is considered harder because it covers broader material (products, markets, regulations, ethics). The Series 63 is narrower (state law only) but has a higher passing score (72% vs 70%) and memorization-heavy content about state regulations.
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