SIE Exam 2026–2026 — Format, Topics, Registration, and How to Pass

SIE Exam Format 2026–2026

The SIE exam is administered at Prometric test centers throughout the United States and also available online via remote proctoring. Here are the key format details.

SIE Exam at a Glance:

• Total questions: 85 (75 scored + 10 unscored pretest questions — you cannot tell which are unscored)
• Time allowed: 1 hour 45 minutes
• Passing score: 70% (approximately 53 of 75 scored questions correct)
• Question format: All multiple choice, 4 answer choices each
• Exam fee: $80
• Results: Immediate pass/fail notification at the test center; score report available through FINRA within 24 hours

Exam structure by domain: FINRA organizes the SIE exam content into 4 major function areas with specific weightings:

1. Knowledge of Capital Markets (16%): Types of markets, market participants, economic factors affecting the securities industry, regulatory agencies
2. Understanding Products and Their Risks (44%): Equity securities, debt securities, options, packaged products (mutual funds, ETFs, variable annuities), alternative investments — and the risks associated with each
3. Understanding Trading, Customer Accounts, and Prohibited Activities (31%): Order types, trade execution, customer account types, prohibited practices, anti-money laundering
4. Overview of the Regulatory Framework (9%): FINRA rules, registration requirements, broker-dealer regulation, investor protection rules

Hardest section: Products and Their Risks (44% of the exam) is the heaviest and most content-dense area. Most candidates invest 50%+ of their study time here. Equity and debt securities basics, options mechanics, and understanding packaged products are the highest-yield sub-topics.

SIE Exam Topics — What to Study

The SIE exam tests foundational securities knowledge across all major product types. Here is a breakdown of what you need to know for each domain.

Domain 1: Knowledge of Capital Markets (16%)

• Types of markets: primary vs secondary markets, exchanges (NYSE, Nasdaq), OTC markets
• Market participants: broker-dealers, investment advisers, transfer agents, custodians
• Economic factors: interest rates, inflation, GDP, Federal Reserve policy
• Regulatory structure: SEC, FINRA, MSRB, state securities regulators

Domain 2: Understanding Products and Their Risks (44%) — Highest Priority

• Equity securities: Common stock (voting rights, dividends, liquidation priority), preferred stock, rights and warrants, American Depositary Receipts (ADRs)
• Debt securities: Corporate bonds, government securities (T-bills, notes, bonds, TIPS), municipal bonds (GOs and revenue bonds), zero-coupon bonds. Know the inverse relationship between bond prices and interest rates — this concept appears frequently.
• Options: Calls and puts, long vs short positions, intrinsic and time value, options risk characteristics. The SIE does not test complex options strategies (that is Series 7), but basic mechanics are required.
• Packaged products: Mutual funds (NAV calculation, share classes, fees), ETFs vs mutual funds, variable annuities (accumulation phase, payout, subaccounts), REITs
• Alternative investments: Direct participation programs (DPPs), hedge funds, private equity — primarily risk characteristics

Domain 3: Trading, Customer Accounts, and Prohibited Activities (31%)

• Order types: market orders, limit orders, stop orders, stop-limit orders
• Customer account types: cash accounts, margin accounts, retirement accounts (IRAs), custodial accounts (UTMA)
• Prohibited activities: churning, front running, marking the close, insider trading, Regulation T
• Anti-money laundering (AML): Bank Secrecy Act, SARs (Suspicious Activity Reports), CTRs, know your customer (KYC)

Domain 4: Regulatory Framework (9%)

• FINRA registration: associated person, registered representative, principal requirements
• Continuing education requirements
• Investor protection rules: suitability (Regulation Best Interest), customer protection rule

SIE Exam vs Series 7 — How They Work Together

The SIE exam is the first step in obtaining a Series 7 General Securities Representative license. Before 2018, candidates had to take only the Series 7 exam with firm sponsorship. FINRA restructured the qualification exam system in 2018 to create the SIE as a co-requisite exam.

How the SIE and Series 7 work together:

• The SIE exam can be taken without employer sponsorship at any time (once you are 18+)
• The Series 7 Top-Off exam requires employer sponsorship — your FINRA member firm must file a Form U4 on your behalf
• To become a General Securities Representative, you must pass BOTH the SIE and the Series 7 Top-Off
• Passing the SIE is valid for 4 years — if you do not take your top-off exam within 4 years, your SIE credit expires

Why take the SIE before getting hired: Many candidates take the SIE while in college or while job searching, before having firm sponsorship for the Series 7. A passing SIE score demonstrates foundational securities knowledge to potential employers in the financial services industry — it can be a differentiating factor during recruiting. Goldman Sachs, Morgan Stanley, and other investment banks actively encourage candidates to pass the SIE before starting their programs.

Other top-off exams compatible with SIE: The SIE pairs with multiple top-off exams beyond Series 7, including Series 6 (investment company and variable contracts), Series 57 (equity trader), Series 79 (investment banking representative), Series 82 (private securities representative), and Series 99 (operations professional). Each requires firm sponsorship.

Practice with our SIE practice tests and SIE practice test video answers to build confidence with securities concepts before your exam date.