Free Practice Questions for SIE

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Exam Review

Key Facts: SIE Exam

Items (75 Scored + 5 Unscored)

FINRA SIE content outline

Passing Score

FINRA current exam page

Suggested 40-60 hrs (not FINRA data)

Study Time

Suggested pace, not FINRA data

\$105,070

Median Advisor Salary

BLS May 2025

44,525

New Entrants in 2024

FINRA

$100

Exam Fee

FINRA

FINRA's SIE exam page lists no current pass rate. The current page lists 75 scored questions, 105 minutes, a passing score of 70 and a $100 fee. Anyone 18+ can take the SIE without employer sponsorship, and results remain valid for four years.

Sample SIE Practice Questions

Try these sample questions to review concepts for the SIE exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 700+ question experience with AI tutoring.

1What type of security represents ownership in a corporation?

A.Corporate bond

B.Common stock

C.Municipal bond

D.Treasury bill

Explanation: Common stock represents ownership (equity) in a corporation. Stockholders are part-owners of the company and have voting rights. Bonds are debt instruments where the holder is a creditor, not an owner.

2Which of the following shareholders has priority in receiving dividends?

A.Common stockholders

B.Preferred stockholders

C.Bondholders

D.Warrant holders

Explanation: Preferred stockholders have priority over common stockholders for dividend payments. However, bondholders (creditors) must be paid interest before any dividends are distributed to shareholders.

3Common stockholders typically have which of the following rights?

A.Guaranteed dividends

B.Voting rights on corporate matters

C.Priority claim in bankruptcy

D.Fixed interest payments

Explanation: Common stockholders have voting rights, typically one vote per share, on major corporate matters such as electing the board of directors and approving mergers.

4Which type of preferred stock allows unpaid dividends to accumulate?

A.Participating preferred

B.Convertible preferred

C.Cumulative preferred

D.Callable preferred

Explanation: Cumulative preferred stock accumulates any unpaid dividends (dividends in arrears). These must be paid before any dividends can be paid to common stockholders.

5An American Depositary Receipt (ADR) represents:

A.Ownership in a U.S. company traded overseas

B.Ownership in a foreign company traded in U.S. markets

C.A type of U.S. government bond

D.A derivative contract on foreign currency

Explanation: ADRs are certificates issued by U.S. banks representing shares of foreign companies. They allow U.S. investors to easily invest in foreign companies through U.S. exchanges.

6Rights and warrants are similar in that both:

A.Have unlimited life spans

B.Are issued by the corporation

C.Give the holder the right to buy stock at a set price

D.Pay dividends to the holder

Explanation: Both rights and warrants give holders the right to purchase common stock at a specified price. Rights are short-term (weeks) while warrants are long-term (years).

7How many scored questions are on the current SIE examination?

A.75 scored questions

B.80 questions

C.85 questions

D.100 questions

Explanation: FINRA's current SIE page lists 75 scored multiple-choice questions, a duration of 1 hour and 45 minutes, and a passing score of 70. The current content outline allocates those 75 scored questions across its four sections.

8Municipal bond interest is typically exempt from which type of tax?

A.State income tax only

B.Federal income tax only

C.Federal income tax, and possibly state tax if issued in your state

D.Capital gains tax

Explanation: Municipal bond interest is exempt from federal income tax. If the bond is issued in your state of residence, it may also be exempt from state and local taxes (triple tax-free).

9A bond trading at 95 is trading at:

A.A premium

B.A discount

C.Par value

D.Face value

Explanation: Bond prices are quoted as a percentage of par (face value). A bond at 95 is trading at 95% of par ($950 for a $1,000 bond), which is a discount. Premium = above 100, discount = below 100.

10Which type of bond is backed by the full faith and credit of the U.S. government?

A.Corporate bonds

B.Municipal bonds

C.Treasury securities

D.Most government-sponsored-enterprise debt

Explanation: Treasury securities (T-bills, T-notes, and T-bonds) are direct U.S. government obligations backed by its full faith and credit. Most government-sponsored-enterprise debt does not carry that explicit guarantee; GNMA securities are a notable government-guaranteed exception.

About the SIE Exam

Entry-level exam for aspiring securities professionals. FINRA's exam page lists no current pass rate. With the right preparation, you can pass on your first attempt.

Exam sponsor: FINRA. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

75 questions

Time Limit

1 hour 45 minutes

Passing Score

Exam / Certification Fees

$100

Exam sponsor website

Reported exam pass rate: not-published. FINRA's SIE exam page and FAQ list no current candidate pass rate. Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

16%

Knowledge of Capital Markets

Regulatory entities, market structure, and economic factors

44%

Understanding Products and Their Risks

Equity, debt, packaged products, options, and alternatives

31%

Trading, Customer Accounts, Prohibited Activities

Account types, order handling, and compliance

Overview of Regulatory Framework

SROs, regulations, and industry standards

Preparing for the SIE Exam

What You Need to Know

Passing score: 70
Exam length: 75 questions
Time limit: 1 hour 45 minutes
Exam / certification fees: $100 Official sources

Using Our Practice Resources

Work through all 700 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

SIE: Suggested Study Strategy

1Focus on products section (44% of exam) - master equity, debt, mutual funds, and options before moving on

2Master regulatory concepts - know SEC, FINRA, MSRB, and state regulator roles and differences

3Complete at least 500 practice questions before scheduling your exam

4Aim for 80%+ on practice exams consistently before test day

5Use our AI tutor to deeply understand questions you get wrong

Frequently Asked Questions

What is the SIE exam pass rate?

FINRA's SIE exam page and FAQ list no current candidate pass rate, so online pass-rate figures are not current FINRA statistics. FINRA's passing score is 70 (scaled), with no fixed number of correct answers.

How can I pass the SIE exam on my first try?

To pass the SIE on your first try: 1) Study for 4-8 weeks, dedicating 2-3 hours daily (40-60 total hours). 2) Focus heavily on 'Products and Risks' (44% of exam). 3) Complete at least 500 practice questions. 4) Aim to score 80%+ consistently on practice exams before scheduling. 5) Use our AI tutor to understand concepts you miss.

How hard is the SIE exam?

The SIE exam is considered moderately difficult. It covers broad securities industry knowledge including products, regulations, and prohibited activities. The 'Products and Risks' section is 44% of the exam.

How many questions are on the SIE exam?

FINRA's current SIE page lists 75 multiple-choice questions and a 1-hour-45-minute time limit. Its current four-section allocation is 12, 33, 23, and 7 questions, totaling 75. FINRA's current content outline adds 5 unidentified, unscored pretest items, so each candidate answers 80 items (75 scored and 5 unscored) in that time.

How long should I study for the SIE exam?

Plan for 40-60 hours of study over 4-6 weeks (up to 80 hours if you have no finance background). Study 2-3 hours daily, focusing on understanding concepts rather than memorization. Complete at least 500 practice questions, and don't schedule your exam until you're consistently scoring 80%+ on practice tests.

Can I take the SIE exam without a sponsor?

Yes. Anyone 18 or older can register for the SIE without sponsorship by a FINRA member firm. The current fee is $100, and candidates may schedule at a Prometric test center or use the available online testing option.

What is the job outlook for securities professionals?

BLS projects 1% growth in employment of personal financial advisors from 2025 to 2035, slower than the 3% average. FINRA's 2026 Industry Snapshot reports 634,498 registered representatives at year-end 2024 and 44,525 new entrants in 2024. The BLS median annual wage for personal financial advisors was \$105,070 in May 2025.

Free Practice Questions for SIE

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