On our list
Securities Industry Essentials (SIE) Exam
The entry-level exam on securities industry basics, the first step toward registering with FINRA as a US securities representative alongside an exam such as Series 7.
The exam
- Set by
- FINRA (Financial Industry Regulatory Authority)
- The paper
- 80 multiple-choice questions, 75 of them scored, in one hour 45 minutes; pass with a score of 70
- How it is sat
- On demand at Prometric test centres or online; open to anyone, no firm sponsorship needed
- Where
- United States, in English
About the exam
The Securities Industry Essentials (SIE) exam is FINRA's entry-level test of general securities knowledge: how the markets are organised, the main investment products and their risks, how trading and customer accounts work, and the basic rules for people who work in the industry. It is set by the Financial Industry Regulatory Authority (FINRA), the self-regulatory body for US broker-dealers.
Passing the SIE does not, on its own, let you register or do securities business. It is the shared foundation that sits alongside a specialised qualification exam, such as the Series 6, 7, 57, 79 or 99, and you need both before a firm can register you as a representative. A pass stays usable for four years.
What surprises many people is how open the SIE is: you do not need to work for, or be sponsored by, a broker-dealer, and you do not need to be a US citizen. Students and career changers can sit it first and take the pass with them into a job search.
Who has to sit it
Anyone aged 18 or over may take the SIE. Firm association is not needed for the SIE itself, although it is needed for the qualification exams that complete a registration. FINRA lists the SIE as a co-requisite for representative-level exams including the Series 6, 7, 22, 52, 57, 79, 82, 86/87 and 99, and, together with a representative exam, for principal exams such as the Series 24. Nothing has to come before it, and the order in which you pass the SIE and the qualification exam does not matter.
What is on it
- Knowledge of Capital Markets
- Who regulates the markets (the SEC, self-regulatory organisations and other agencies) and the roles of market participants; how primary and secondary markets are structured; economic factors such as Federal Reserve policy and the business cycle; and how securities offerings are brought to market.
- Understanding Products and Their Risks
- The features of the main investment products, from shares and bonds to options, funds and other packaged products, and the kinds of risk each carries for an investor. This is the largest section.
- Understanding Trading, Customer Accounts and Prohibited Activities
- How trades are placed and settled and how corporate actions work; opening and handling customer accounts and the compliance checks around them; and the practices the rules forbid.
- Overview of the Regulatory Framework
- The regulatory requirements that apply to people associated with a member firm, and the rules on employee conduct and on events that must be reported.
The paper
- 80 multiple-choice questions, each with four options: 75 are scored and 5 are unidentified pretest questions spread through the exam.
- 1 hour 45 minutes of testing time, after a short tutorial on how the exam works.
- The passing score is 70. Scores are equated to a common scale, so every version of the exam is held to the same standard.
- There is no penalty for guessing, so answer every question.
- Closed book: no reference materials. When testing online you get an onscreen calculator and a virtual notepad; breaks are for the restroom only, after telling the proctor, and the clock keeps running.
- Taken on computer, in English. Extra time can be approved for accommodations or for limited English proficiency; accommodations must be approved by FINRA before you schedule.
- You see your pass or fail result as soon as you finish; if you fail, you get feedback on your performance.
How to book it
- Create a FINRA account, enrol for the SIE and pay the USD 100 fee by credit card, ACH or voucher. A firm can instead enrol you through Form U4 or give you a voucher.
- Enrolment opens a 120-day window in which you must sit the exam; you cannot schedule after it expires and FINRA does not extend it.
- Book an appointment with Prometric, online or by phone, either at a test centre or as an online proctored session. For online testing, install the ProProctor application and run its system check before you book.
- Ask FINRA for any accommodation before scheduling; it cannot be added once the appointment is booked.
- Bring one valid, government-issued photo ID with a signature, in exactly the name you enrolled under. Online candidates check in 30 minutes before the appointment.
- If you fail, wait 30 days before a second or third attempt and 180 days after a third or later failure. From 19 January 2027 these waits shorten to 15 and 60 days.
Fees and dates
- Fee
- USD 100 (about EUR 92)
- When
- On demand at Prometric test centres or online, within a 120-day window after enrolling
- Results
- Pass or fail shown immediately at the end of the exam
- Validity
- Four years from the date you pass (or from the end of a later representative registration)
- Retake wait
- 30 days after a first or second fail, 180 days after a third; 15 and 60 days from 19 January 2027
- Questions
- 80 in all: 75 scored, 5 unscored pretest
Questions people ask
How many questions are on the SIE?
80, of which 75 count towards your score. The other five are unscored pretest questions mixed in at random, so you cannot tell which they are. Older guides mention 85 questions with 10 unscored; FINRA's 2025 content outline gives 80.
What score do I need to pass the SIE?
70. FINRA equates all scores to a common scale, so the standard is the same whichever set of questions you receive.
Can I take the SIE online?
Yes. Any candidate with an open enrolment window can sit the SIE remotely through Prometric, using a laptop or desktop with a camera and the ProProctor application. You can also choose a Prometric test centre.
Do I need a firm to sponsor me for the SIE?
No. The SIE is open to anyone aged 18 or over, with no firm association and no US citizenship needed. Association with a firm only becomes necessary for the qualification exams, such as the Series 7.
How long is an SIE pass valid?
Four years from the date you pass. If you then register as a representative and later leave, the four years run from the date that registration ends.
What happens if I fail the SIE?
You get feedback on your performance and can enrol again after the waiting period: currently 30 days after a first or second failure and 180 days after a third. FINRA has shortened these to 15 and 60 days from 19 January 2027.
Does passing the SIE let me work as a broker?
No. You also need to pass a qualification exam suited to the role, such as the Series 7, and a firm must register you.
Sources
What Licento would give you
- Practice questions written to this exam's syllabus, scheduled up to your exam date.
- Mock exams in the real exam's format, timed and marked the same way.
- How ready you are, topic by topic, so you know where to spend your time.