Key Takeaways
- The SIE exam has 75 multiple-choice questions (70 scored) with a 70% passing score
- No firm sponsorship required - anyone 18 years or older can take the exam
- The exam costs $80, takes 1 hour 45 minutes, and results are valid for 4 years
- Products and Their Risks is the largest section at 44% of the exam content
- Passing the SIE alone doesn't qualify you to sell securities - you need firm sponsorship and a top-off exam like Series 6 or 7
About the Securities Industry Essentials (SIE) Exam
Quick Answer: The SIE exam is a 75-question, 105-minute FINRA exam that costs $80 and requires a 70% passing score. Anyone 18 or older can take it without firm sponsorship. The SIE alone doesn't qualify you to sell securities—you'll need to pass a "top-off" exam like the Series 6 or Series 7 after getting sponsored by a FINRA member firm.
The Securities Industry Essentials (SIE) Exam is a FINRA-administered exam that assesses a candidate's basic knowledge of the securities industry. It's the first step for anyone looking to enter the securities industry.
Who Should Take the SIE?
The SIE exam is open to anyone 18 years or older — you don't need to be associated with a FINRA member firm to take it. This makes it a great starting point if you're exploring a career in finance.
Exam Format
| Detail | Information |
|---|---|
| Number of Questions | 75 multiple-choice questions |
| Scored Questions | 70 (5 are unscored pilot questions) |
| Time Limit | 1 hour 45 minutes |
| Passing Score | 70% |
| Cost | $80 |
| Validity | 4 years |
The Four Content Areas
The SIE exam covers four main areas:
- Knowledge of Capital Markets (16%) — Regulatory entities, market structure, and economic factors
- Understanding Products and Their Risks (44%) — Equity, debt, packaged products, and risk types
- Understanding Trading, Customer Accounts, and Prohibited Activities (31%) — Order types, account types, and ethical practices
- Overview of Regulatory Framework (9%) — Registration, conduct rules, and compliance
What Happens After You Pass?
The SIE alone doesn't qualify you to sell securities. After passing, you'll need to:
- Get sponsored by a FINRA member firm
- Pass a "top-off" qualification exam (like the Series 6, 7, or others)
Think of the SIE as your foundation — it proves you understand the basics, and then you specialize with additional exams.
Tips for Success
- Focus on Products & Risks — This is 44% of the exam!
- Understand, don't memorize — The exam tests concepts, not just facts
- Practice with questions — Use the quizzes throughout this course
- Take your time — You have nearly 1.5 minutes per question
Official Resources
For official information and exam registration, visit these FINRA resources:
- SIE Exam Overview — Official exam details, eligibility, and content outline
- Enroll for the SIE Exam — How to register and schedule your exam
- SIE Content Outline (PDF) — The official FINRA content outline
- FINRA Exam FAQs — Common questions about FINRA exams
What is the passing score for the SIE exam?
Which content area makes up the largest portion of the SIE exam?
What is required to take the SIE exam?