What is the SIE exam?
The Securities Industry Essentials (SIE) exam is FINRA's entry-level test of basic securities knowledge. Anyone 18 or older can take it, even without a job at a firm. It has 75 scored questions and costs $100. To register as a securities representative, you need the SIE plus an exam for your specific job.
- Pass the SIEYou can take it on your own, with no firm or sponsor.
- Your pass stays valid for four years.
- Join a FINRA member firmThe firm sponsors you for the next exam.
- Your firm requests the exam through FINRA's registration system.
- Pass a top-off examThe exam for your role, such as the Series 7 or Series 6.
- You also clear a background check. Your state may require a state law exam too.
- Get registered with FINRANow you can work in that registered role.
FINRA started the SIE on October 1, 2018. Before then, exams like the Series 7 each tested the same industry basics. FINRA moved that shared material into one exam open to the public. The Series 7 and the other job exams now cover only what each role needs. People call them top-off exams because they sit on top of the SIE.
Is the SIE a license or a certification?
No. The SIE is an exam, not a license or a certification. FINRA has no registration category for it. Passing it alone doesn't let you sell securities or do any other securities business.
What people call a securities license is a FINRA registration. You get one only after a firm hires you and you pass a top-off exam. The SIE is the only step you can take before a firm hires you.
Who can take the SIE exam?
Anyone 18 or older can take the SIE. People take it at different points:
- Students. FINRA suggests it as a way to stand out when you apply for internships and first jobs.
- Career changers. A pass shows a firm you've already learned the basics before it hires you.
- New hires. If a firm hires you first, you take the SIE and your top-off exam in either order. FINRA says the order doesn't matter as long as you pass both.
SIE exam format: questions, time and passing score
The SIE has 80 multiple-choice questions, and 75 of them count toward your score. You get 1 hour 45 minutes and need a 70 to pass.
| Feature | The SIE |
|---|---|
| Questions | 75 scored, plus 5 unscored |
| Answer choices | Four per question |
| Time | 1 hour 45 minutes |
| Passing score | 70 |
| Guessing penalty | None |
Use the format to your advantage:
- Answer every question. There's no penalty for guessing, so a guess beats a blank.
- Treat every question as scored. The five unscored questions are mixed in at random, and you can't tell which they are.
- Keep moving. You have about 79 seconds for each question.
Some older guides still say 85 questions. FINRA cut the unscored questions from 10 to 5 in October 2025.
What's on the SIE exam?
The SIE has four sections, and the biggest by far is products and their risks. It makes up 44% of the exam, or 33 questions.
- Capital markets. Who regulates and works in the markets, how the economy affects them and how new securities are offered.
- Products and their risks. Stocks, bonds, options and packaged products like mutual funds. It also covers the main investment risks.
- Trading, accounts and prohibited activities. How trades settle, how customer accounts work and which practices are banned, such as insider trading.
- Regulatory framework. Rules for people who work at firms, from registration and continuing education to conduct.
Much of the exam tests general knowledge, such as why bond prices fall when yields rise. The rest tests specific rules, such as when a firm must report suspicious activity. You need both kinds.
What do you pay to take the SIE?
The SIE costs $100. You pay it to FINRA when you enroll, by card, bank transfer or voucher.
Every retake costs another $100. Rescheduling fees may also apply if you move your appointment. The $100 covers the SIE only. Each top-off exam has its own fee, such as $395 for the Series 7. Our SIE exam cost guide covers late fees, refunds and who else can pay.
Where can you take the SIE exam?
You can take the SIE at a Prometric test center or online. You pick one when you schedule. Testing online comes with a few rules:
- Software. You install Prometric's ProProctor app on a laptop or desktop. FINRA suggests a Windows computer.
- Camera and room. You need a working camera and a clean workspace.
- ID. Bring one valid government ID with your photo and signature. The name must match your exam booking exactly.
How long is the SIE valid?
An SIE pass lasts four years. If you haven't registered through a firm by then, you must pass it again before you can register. Pass in June 2026, for example, and you have until June 2030.
Once you're registered, the clock changes. FINRA counts four years from your SIE pass or the end of your last registration, whichever is later. So if you leave the industry, you have four years to come back without retaking the SIE.
Your top-off exam lapses sooner. After two years away you must pass it again, unless you keep it current through FINRA's continuing education option for people who leave.
What exams do you take after the SIE?
After the SIE, you take the top-off exam that matches your job. A FINRA member firm must sponsor you. Your job at that firm decides which exam you take. A trader takes the Series 57, for example. FINRA lists these exams as the next step:
| Exam | Role it qualifies you for |
|---|---|
| Series 6 | Investment company and variable contracts products representative |
| Series 7 | General securities representative |
| Series 22 | Direct participation programs representative |
| Series 57 | Securities trader |
| Series 79 | Investment banking representative |
| Series 82 | Private securities offerings representative |
| Series 86 and 87 | Research analyst |
| Series 99 | Operations professional |
Your state may also require a state law exam, usually the Series 63, before you can sell securities to customers there. It's an exam from the North American Securities Administrators Association (NASAA), and FINRA administers it.
The Series 7 is the most popular top-off exam. FINRA's 2026 filing names its three most popular exams: the SIE, the Series 7 and the Series 24, a principal exam. The Series 7 has 125 scored questions and needs a 72 to pass. See our Series 7 pass rate guide for how candidates do on it. Our SIE vs Series 7 guide compares the SIE with the most common next exam.
How many people pass the SIE?
About three in four people pass the SIE on their first try. FINRA's most recent public SIE-only figure is 74%, from the exam's first year. Its 2024 data shows over 70% of first-timers passing across its three most popular exams.
One in four first-timers still fails, so plan real study time. Our SIE pass rate guide explains both figures and what moves your odds.
After a fail, you wait at least 30 days to retake the SIE. From January 19, 2027, that wait drops to 15 days. If your wait ends after that date, don't book until FINRA updates your window that day. Already booked? Check for an earlier seat, then cancel before January 19 and rebook. Our SIE retake guide covers the longer waits after repeat fails.
How to get started on the SIE exam
Start with what you don't know yet, then book a date you can prepare for. Work through it in this order:
- Find your weak sections. Test yourself across all four sections before you open a textbook.
- Plan several weeks of study. The SIE is heavy on terms, and they stick better when you spread them out.
- Book a date at the end of your study plan. FINRA encourages booking early. Sit the exam once you score 80% or more on fresh, full-length, timed practice exams. If you're not there 10 business days before, move it for free. The 70 is a scaled score, not a percentage, so a buffer is safer.
- Practice under exam conditions. Time yourself on questions you haven't seen before. Our free SIE practice test is a good place to start.
Our SIE registration guide walks through creating a FINRA account, enrolling and booking.
For a structured path, our SIE course has short video lessons and three timed mock exams of 75 scored questions each.
SIE exam FAQs
Is the SIE the same as the Series 7?
No. The SIE covers basics shared by every role. The Series 7 tests the products and rules a general securities representative uses, and it runs 3 hours 45 minutes.
Will passing the SIE put me on BrokerCheck?
No. FINRA says passing the SIE alone doesn't put you on BrokerCheck. You appear there once a firm registers you.
Will a firm pay for the SIE?
Some do. Firms can buy SIE vouchers for candidates, and a firm that enrolls you through FINRA's registration system pays the fee itself.
How soon do you get your SIE results?
Right away. You see whether you passed as soon as you finish. If you fail, you also get feedback on your weaker areas.
How many times can you take the SIE?
As many times as you need. FINRA sets waiting periods between attempts but no limit on the number of attempts.
Is it worth taking the SIE before you have a job?
It can be. FINRA says it lets you show employers basic industry knowledge. Plan to be hired within four years, though, or you'll need to pass it again.
Related SIE guides
Sources
- FINRA, Securities Industry Essentials (SIE) Exam: eligibility, length, passing score, fee, testing options, validity, the qualification exams that follow and the January 2027 retake change
- FINRA, SIE Content Outline (2025): 80 items with 5 unscored, four answer choices, section weights, equating and no guessing penalty
- FINRA, SIE Content Outline (2024): the earlier 85-item format with 10 unscored items
- FINRA, SIE information for students: taking the SIE before a job offer, sponsorship and the background check
- FINRA, SIE and Exam Restructuring FAQ: no registration category, exam order and the four-year validity
- FINRA Regulatory Notice 17-30: the restructuring that created the SIE on October 1, 2018
- FINRA Rule 1210, Supplementary Material .03 (the SIE and qualification exams), .06 (retake waits) and .08 (expiration of the SIE)
- FINRA Regulatory Notice 26-18 (October 14, 2026): shorter retake waiting periods from January 19, 2027
- FINRA, Prepare for Your Online Test Appointment: ProProctor, camera, workspace and ID rules
- FINRA, Series 7 exam page: the SIE corequisite, sponsorship, length, passing score and fee
- SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026: FINRA's three most popular exams and 2024 first-attempt pass data
- FINRA's 2019 SIE figures (74% of first-time candidates), presented at an industry conference in September 2019 and reported on the Knopman Marks and Kaplan Financial Education websites
- FINRA, Series 63 exam page: a NASAA exam administered by FINRA
Every figure on this page is checked against the sources listed above. Spotted something out of date? Tell us through the contact page and we'll fix it.