What is the difference between the SIE and Series 7?
The SIE is FINRA's entry-level exam on industry basics, and anyone 18 or older can take it. The Series 7 is the exam for general securities reps, and a firm must sponsor you for it. It's also longer, with 125 scored questions to the SIE's 75. You need to pass both to register.
| Detail | SIE | Series 7 |
|---|---|---|
| Scored questions | 75 | 125 |
| Time | 1 hr 45 min | 3 hr 45 min |
| Passing score | 70 | 72 |
| Fee | $100 | $395 |
| Firm sponsor | Not needed | Required |
| Online testing | Open to all | By approval |
The two passes do different jobs. The SIE alone doesn't let you do any securities business. Add the Series 7, and your firm can register you as a general securities representative. That role covers selling almost any security, from stocks and bonds to options and funds.
Together the two fees come to $495. Our SIE exam cost guide covers who can pay and what a retake adds.
Which comes first, the SIE or Series 7?
If you don't work at a firm yet, the SIE comes first. It's the only one of the two you can take on your own. FINRA sets no order. The SIE is a corequisite of the Series 7, so you can pass the two in either order.
Where you start decides your route:
- No job yet. Take the SIE now. FINRA says it lets you show employers basic industry knowledge. A pass stays valid for four years.
- Already hired. Your firm sponsors you for the Series 7. You can take the SIE before it, after it or on the same day. Same day depends on a test center having seats for both, and the two appointments can't overlap.
- A fail on one doesn't block the other. A waiting period applies only to the exam you failed.
Our Series 7 exam guide explains the sponsor rule and the corequisite in full.
Is the Series 7 harder than the SIE?
Yes. The Series 7 is longer, goes deeper and asks you to apply the rules to customers. Three differences make it harder:
- Length. It has 50 more scored questions and more than twice the time. You sit for close to four hours.
- Math. Its outline lists options break-even points and margin calculations. The SIE outline lists neither.
- Customer work. Investments and recommendations make up 73% of the Series 7. FINRA builds this part around a broker's tasks, like checking a customer's profile before a recommendation.
The SIE is tighter on time. You get about 79 seconds a question, against about 104 on the Series 7.
What FINRA's pass figures show
FINRA's figures can't be lined up directly, because each one counts a different group.
| FINRA figure | Who it counts | Passed |
|---|---|---|
| SIE, 2019 | First-time candidates | 74% |
| Series 7, 2019 | First try, after passing the SIE first time | 71% |
| Three exams, 2024 | First-timers on the SIE, Series 7 and Series 24, one figure for all three | Over 70% |
The Series 7 figure counts only people who had already passed the SIE on their first try, and nearly three in ten of them still failed. Our Series 7 pass rate guide and SIE pass rate guide explain where each figure comes from.
SIE vs Series 7 content: what's on each exam?
The SIE tests the basics of the whole industry. The Series 7 tests the day-to-day work of a broker, and most of it is about products and recommendations.
- SIE. Four sections, from capital markets to the regulatory framework. The biggest is products and their risks, at 44% of the questions.
- Series 7. Four job functions, from finding customers to processing trades. The biggest is investments and recommendations, at 73% of the exam.
FINRA's Series 7 outline calls the SIE a general knowledge corequisite. That means basics like why bond prices fall when yields rise.
Our guide to the SIE exam lists the other job exams that follow it.
SIE and Series 7 overlap: how much carries over?
The basics carry over, but FINRA doesn't put a number on the overlap. In 2018, FINRA moved the general knowledge from all its job exams into the SIE. The Series 7 kept the rest.
Here is how four topics compare on FINRA's two outlines. The Series 7 goes further on three of them and drops most of the fourth:
| Topic | On the SIE | On the Series 7 |
|---|---|---|
| Options | Puts, calls, strike price and premium | Spreads, straddles, break-even points and tax |
| Margin | Margin accounts and Regulation T | Margin math, from the first deposit to maintenance calls |
| Suitability | The best interest and suitability rules | Applying them to a customer's profile |
| Rules for you as an employee | Registration, continuing education, gifts and outside work | Only Form U4 reporting, as part of handling complaints |
Can you study for the SIE and Series 7 at the same time?
You can, but it's easier to learn the SIE material first. The Series 7 builds on it. Plan by where you are now:
- No job yet. Study for the SIE only. You can't book the Series 7 until a firm sponsors you.
- Hired, with both exams ahead. Start with the SIE's basics, then move on to the Series 7's strategies and math. Ask your firm which exam it wants you to take first.
- Already passed the SIE. Find your Series 7 gaps before you start. Our free Series 7 diagnostic is weighted like the real exam.
New to both exams? Our guide to studying for the SIE covers how to prepare for your first one.
SIE vs Series 7 FAQs
What is the Series 7 top-off exam?
It's another name for today's Series 7. It sits on top of the SIE. The SIE took over the general knowledge the old Series 7 used to test.
How long can you wait between the SIE and Series 7?
Up to four years. Your SIE pass is valid for four years, so a firm needs to register you within that time. Otherwise you'll need to pass the SIE again.
Does your SIE score count toward the Series 7?
No. Each exam is scored on its own, and you must pass both. A high SIE score doesn't lower the 72 you need on the Series 7.
Is the SIE only for the Series 7?
No. FINRA lists eight job exams that pair with it, from the Series 6 to the Series 99. Your job at the firm decides which one you take.
Related guides
Sources
- FINRA, Securities Industry Essentials (SIE) Exam page: eligibility, demonstrating basic industry knowledge to employers, length, passing score, fee, online testing, four-year validity and the exams that follow
- FINRA, Series 7 exam page: length, passing score, fee, the SIE corequisite and sponsorship by a FINRA member firm or another SRO member firm
- FINRA, SIE Content Outline (2025): 75 scored and 5 unscored questions, section weights and topics, including Regulation T and margin rules
- FINRA, Series 7 Content Outline (2025): 125 scored and 5 unscored questions, job-function weights, topics (margin calculations; Form U4 reporting under complaints) and the SIE as a general knowledge corequisite
- FINRA, SIE and Exam Restructuring FAQ: exam order, same-day testing, firm association and the SIE's four-year validity
- FINRA Regulatory Notice 17-30: the 2018 restructuring that split the 250-question Series 7 into the SIE and a 125-question Series 7
- FINRA Rule 1210, Supplementary Material .03: registration needs the SIE and a representative exam
- FINRA, Schedule an Exam: two exams on one day without overlapping appointments; online testing for exams other than the SIE needs an approved accommodation
- SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026: 2024 first-attempt pass data for the SIE, Series 7 and Series 24, and waits that apply only to the exam failed
- FINRA's 2019 SIE figure (74% of first-time candidates to August 31, 2019) and Series 7 pass-through rate (71% to March 31, 2019), presented at industry conferences and reported on the Knopman Marks and Kaplan Financial Education websites
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.