The entry point to a US securities career, and open to anyone 18 or over. 300 calibrated questions across all four sections of the current FINRA outline, $49.
The Securities Industry Essentials (SIE) exam is FINRA's test of basic securities industry knowledge: terminology, products and their risks, how markets work, how trading and customer accounts operate, and the regulatory framework. It's the first exam most people take on the way to working in US securities.
FINRA states that the SIE is open to anyone aged 18 or older, and that you don't need to be associated with a firm to sit it. Passing the SIE on its own doesn't let you do securities business: to do that you also need a qualification exam suited to the work you'll do (for example the Series 7 for a general securities representative) and a firm to sponsor you.
| Questions | 75 scored multiple-choice questions, each with four options, plus 10 unscored pretest questions mixed in (85 in total) |
| Time | 1 hour 45 minutes |
| Passing score | 70 (FINRA states this on its SIE page) |
| Guessing | No penalty, so answer every question |
Fees, testing locations and booking details change, so check FINRA's SIE page before you book.
| Section | Topic | Exam weight |
|---|---|---|
| 1 | Knowledge of Capital Markets — regulators, market participants, market structure, economic factors and offerings | 12 / 75 (16%) |
| 2 | Understanding Products and Their Risks — the heaviest section — equities, debt, options, packaged products, municipal fund securities, DPPs, REITs, hedge funds, ETPs and investment risks | 33 / 75 (44%) |
| 3 | Understanding Trading, Customer Accounts and Prohibited Activities — orders, settlement, corporate actions, account types, AML, communications and best-interest rules, market manipulation and insider trading | 23 / 75 (31%) |
| 4 | Overview of the Regulatory Framework — registration and continuing education, employee conduct and reportable events | 7 / 75 (9%) |
Section 2 is 44% of the paper. Products and their risks is where the marks are, so it gets the biggest share of our bank as well.
Full SIE bank — 300 Qs across 4 sections — $49 one-time. Or try 12 free questions per section first.
At 6-8 hours a week alongside work:
Aim to average 80%+ across timed mocks before booking. If you can't reach that, wait a week rather than risk a re-sit.
No. FINRA states that the SIE is open to anyone 18 or older and that firm association isn't required to sit it. You do need a sponsoring firm for the qualification exams that follow.
FINRA states a passing score of 70. Scores are placed on a common scale, so different question sets are held to the same standard.
It follows FINRA's 2024 SIE content outline and current rules. That includes T+1 settlement for regular-way trades, which older study materials still show as T+2. When FINRA publishes a new outline we review the bank against it.
SIE is a US exam, so it's priced in US dollars. Our CISI and UAE courses are priced in pounds. Your card issuer converts at checkout if your card is in another currency.
Gumroad-backed 30-day refund. If it isn't what you needed, request a refund from your Gumroad receipt email within 30 days.
No. One-time payment, permanent access.
FINRA and SIE are trademarks of the Financial Industry Regulatory Authority. FinStudyHub is independent and not affiliated with or endorsed by FINRA. Content is original preparatory material based on FINRA's published SIE content outline.