SIE exam prep
SIE exam prep means getting ready for FINRA's Securities Industry Essentials exam: 75 scored multiple-choice questions in 1 hour 45 minutes, across four sections from capital markets to the regulatory framework. FINRA lists the passing score as 70 and the fee as $100 (checked 14 November 2026). Our free practice exam and study guide follow FINRA's outline.
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SIE exam at a glance
The SIE is a 75-question, 1 hour 45 minute multiple-choice exam written and administered by FINRA. Every fact below comes from FINRA’s own pages and was checked on 14 November 2026.
| Questions | 75 scored multiple-choice questions plus 5 unscored pretest questions that are not identified, 80 in total, each with four answer choices (SIE Content Outline) |
|---|---|
| Time limit | 1 hour 45 minutes (FINRA: SIE exam) |
| Passing score | FINRA lists the passing score as 70. Scores are placed on a common scale by a statistical process called equating, and there is no penalty for guessing (SIE Content Outline) |
| Fee | $100 (FINRA: SIE exam, checked 14 November 2026) |
| Who writes and runs it | FINRA, the Financial Industry Regulatory Authority. You can test online or at a Prometric test center |
| Who can take it | Anyone aged 18 or older. You do not need to work for a firm or be sponsored by one |
| How long a pass lasts | SIE results are valid for four years |
| Retake waiting periods | 30 days after a first or second unsuccessful attempt and 180 days after a third. From 19 January 2027 the waits become 15, 15 and 60 days (checked 14 November 2026) |
Passing the SIE does not on its own let you work as a registered representative. You also need a qualification exam such as the Series 7, and a FINRA member firm must sponsor you for that exam.
How should you prepare for the SIE?
The fastest way to prepare is to take a full-length practice test, read every explanation, and then study the sections where you scored lowest. Products and their risks is the biggest section, with 33 of the 75 scored questions, so it repays the most study time.
Start with our free SIE practice exam, which has 75 questions in the same section proportions as the real test. Then work through the section-by-section SIE guide, which explains each topic with a worked example.
What does the SIE cover?
The SIE covers four sections, each scored as part of one total. The share of questions in each section comes from FINRA’s content outline.
1. Knowledge of Capital Markets (12 questions, 16%)
This section covers who regulates the markets and who takes part in them: the SEC, self-regulatory organizations such as FINRA and the MSRB, broker-dealers, investment advisers, issuers and underwriters. It also covers types of markets, how the Federal Reserve and economic cycles affect securities, and how new securities are offered to the public.
2. Understanding Products and Their Risks (33 questions, 44%)
This section covers stocks, bonds, options, mutual funds and other packaged products, 529 plans, direct participation programs, REITs, hedge funds and exchange-traded products. It also covers the main types of investment risk, such as credit risk and interest rate risk, and the basic ways investors reduce them.
3. Understanding Trading, Customer Accounts and Prohibited Activities (23 questions, 31%)
This section covers order types, investment returns, settlement and corporate actions, then customer accounts: account types and registrations, anti-money laundering rules, books and records, privacy, communications with the public and the obligation to act in a customer’s best interest. It ends with prohibited conduct such as market manipulation and insider trading.
4. Overview of the Regulatory Framework (7 questions, 9%)
The smallest section covers registration and continuing education for people in the industry, Forms U4 and U5, customer complaints, and events that must be reported, such as outside business activities, gifts and political contributions.
Which license comes after the SIE?
For someone starting at a broker-dealer, the SIE is usually the first of several exams. The exams you need depend on your firm, your role and your state.
SIE (Securities Industry Essentials)
A FINRA exam open to anyone aged 18 or older. You do not need a firm to sponsor you, and a pass stays valid for four years.
Series 7 (General Securities Representative)
A FINRA exam for entry-level registered representatives. A FINRA member firm must sponsor you, and you need the SIE as well.
Series 66, or Series 63 and Series 65
NASAA state-law exams, administered by FINRA. The Series 66 combines the Series 63 (agent) and Series 65 (investment adviser representative) roles and has the Series 7 as a corequisite.
Facts checked on finra.org on 14 November 2026.
How are our SIE questions checked?
Every question is original, written from FINRA’s outline, and checked in separate passes before it goes live, including an independent answer check and a recalculation of every number. Questions about rules or limits show the date we last checked them. Our editorial policy explains each step and how we correct mistakes.
Practice tests
Study resources
Frequently asked questions
How many questions are on the SIE exam?
The SIE exam has 80 multiple-choice questions: 75 scored questions and 5 unscored pretest questions. The unscored questions are mixed in and not identified, so you should answer every question as if it counts. Each question has four answer choices.
How long is the SIE exam?
The SIE exam has a time limit of 1 hour 45 minutes, which is 105 minutes. That works out to about 84 seconds for each of the 75 scored questions.
What score do you need to pass the SIE?
FINRA lists the SIE passing score as 70. FINRA places scores on a common scale through equating, which adjusts for small differences in difficulty between versions of the exam, so the passing score is not described as a simple percentage.
Do you need a firm to sponsor you for the SIE?
No. The SIE is open to anyone aged 18 or older, and you do not need to be associated with a firm. Sponsorship is needed later, for qualification exams such as the Series 7.
How long are SIE results valid?
FINRA says SIE results are valid for four years. Within that time you can take a qualification exam such as the Series 7 and combine it with your SIE pass.
How long do you have to wait to retake the SIE?
Today you wait 30 days after a first or second unsuccessful attempt and 180 days after a third. From 19 January 2027, FINRA shortens these waits to 15 days after a first or second attempt and 60 days after a third (checked 14 November 2026).
Written by the FinLicensePrep editorial team Last reviewed How we write our questions