What is the SIE pass rate?
About 74% of people pass the SIE on their first try, or roughly three in four. That figure comes from FINRA's data for the exam's first year, up to August 2019. FINRA hasn't released an SIE-only pass rate since, but its 2024 data suggests the rate is still over 70%.
Use 74% if this is your first attempt. It's based on more than 58,000 first-time candidates. FINRA also gave an "overall" rate of 82%. It didn't say what that rate measured, and the numbers don't work as a share of all exams taken. Set it aside.
| FINRA's measure | Pass rate |
|---|---|
| First-time candidates (58,264 people) | 74% |
| Overall (67,445 exams taken) | 82% |
SIE pass rate in 2024: FINRA's latest data
FINRA hasn't given an SIE-only rate for 2024. Its latest figure says over 70% of first-time candidates passed its three most popular exams that year. Those are the SIE, the Series 7 and the Series 24, a principal exam. The figure comes from a 2026 FINRA rule filing.
That's a floor for the three exams together, not an SIE-only rate. It fits with the 2019 figure, so three in four is still a fair number to plan on.
Is the SIE exam hard?
Yes, harder than its entry-level label suggests: one in four first-timers fail. Two things make it harder than it looks:
- Breadth. It covers the whole industry, from how markets work to how accounts are opened.
- Wording. Questions are written so that more than one answer looks right if you only half know the material.
How the SIE compares with the Series 7 and Series 66
| Exam | Questions | Time | To pass |
|---|---|---|---|
| SIE | 75 | 1 hr 45 min | 70 |
| Series 7 | 125 | 3 hr 45 min | 72 |
| Series 66 | 100 | 2 hr 30 min | 73 |
Anyone 18 or older can take the SIE. You don't need a job in the industry. The Series 7, by contrast, needs a brokerage firm to sponsor you. See our guide to the SIE exam for the full format, and our Series 7 pass rate guide for the next step. Our SIE vs Series 7 guide compares the two side by side.
Why prep company pass rates look higher
Prep company pass rates can't be compared with FINRA's, because they count a narrower group of students. ExamFX, for example, reports 93%. That figure comes from a 2025 survey that students filled in themselves. It counted those who finished at least 85% of the course or averaged 80% or better on its final exam.
We don't publish a pass rate for the same reason. A number based on our most committed students would flatter us and tell you little. Our guide to the best SIE exam prep compares courses on price, format and guarantees.
SIE passing score: how many questions can you miss?
Read as a percentage, a 70 lets you miss about 22 of the 75 scored questions. That's about 53 correct answers. Aim higher than that, for two reasons:
- The exact number moves. FINRA adjusts scores between versions of the exam so that harder versions aren't penalized. This is called equating.
- Five questions don't count, and you can't tell which. The exam has 80 questions, including five unscored test questions mixed in at random.
Answer every question. There's no penalty for guessing, so a guess always beats a blank.
Why people fail the SIE
FINRA doesn't publish why people fail, but four preparation mistakes make a fail more likely:
- Practicing on easy questions. Questions easier than the real exam give you a high score that means little, so you feel ready too early.
- Under-preparing for section 2. Products and their risks make up 44% of the exam, about 33 questions.
- Skipping full-length, timed practice. Eighty questions in one sitting takes stamina.
- Cramming. The SIE is heavy on terms. They stick better when you learn them over several weeks.
What happens if you fail the SIE?
You can retake the SIE after a waiting period of at least 30 days, and each attempt costs another $100. The waits get shorter on January 19, 2027: 15 days, or 60 after three fails. If yours 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 waits, the change and the booking rules in full.
Most people do try again. About two in three people who fail the SIE retake it, according to FINRA's 2026 filing.
What the SIE score report shows
Your result appears on screen as soon as you finish. A pass shows only that you passed. A fail also shows where you were weakest. Start your retake study there.
How to know you're ready to pass the SIE
You're ready when you score 80% or more on full-length, timed practice exams made of questions you haven't seen before. Each part matters:
- 80%, not 70%. Practice scores often run higher than real exam scores, so you need a buffer.
- Full length and timed. The real exam gives you 105 minutes for 80 questions, about 79 seconds each.
- Fresh questions. Questions you've seen before mostly test your memory.
Our SIE course includes three timed mock exams of 75 questions each. None of their questions appear in the lesson quizzes, so your mock scores reflect what you actually know.
SIE pass rate FAQs
If I fail the SIE, can I still take the Series 7?
Yes. A waiting period only applies to the exam you failed. You still need to pass both to register.
How soon do people retake the SIE after failing?
Most wait longer than they have to. Only 23% retake as soon as FINRA allows, and 40% wait more than 60 days, according to FINRA's 2026 filing.
How long does an SIE pass last?
Four years. Within that time you need to join a firm, pass the exam for your role and register.
Is there a limit on how many times you can take the SIE?
No. FINRA sets waiting periods between attempts but no maximum number of attempts. Each attempt costs $100.
How many questions can you miss on the SIE and still pass?
About 22, if you read the 70 as a percentage. FINRA doesn't publish the exact number, because it adjusts scores between versions. The five unscored questions don't count, so a miss there costs nothing.
Related SIE guides
Sources
- FINRA, SIE Content Outline (2025): exam length, pretest items, equating and the no-guessing-penalty rule
- FINRA, Securities Industry Essentials (SIE) Exam: eligibility, passing score, fee, results and the January 2027 retake change
- SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026: 2024 first-attempt pass and retake data
- FINRA Regulatory Notice 26-18 (October 14, 2026): shorter retake waiting periods
- FINRA Rule 1210, Supplementary Material .06: waiting periods for retaking a failed exam
- FINRA, Series 7 exam page
- FINRA, Series 66 exam page
- FINRA's 2019 SIE figures, presented at industry conferences in March, May and September 2019 and reported on the Knopman Marks and Kaplan Financial Education websites
- ExamFX pass-rate claim and survey method, from the SIE pass rate page on the ExamFX website, October 2026
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.