Here are some of the reasons people fail their securities exams and some of the steps you can take to be successful: Prep courses can help you identify and focus on the most commonly tested topics and provide valuable tips for mastering difficult math problems. Options give the purchaser the right to buy or sell securities at a fixed price. I tried to give some insight into where I was coming from in terms of trading experience and how I approached the whole thing. The building is more like a doctor’s office than anything else. To make sure you don’t walk into the Securities Industry Essentials (SIE) exam testing center, take one look at the computer screen, go into shock, and start drooling on the keyboard, this article covers some of the testing details for the SIE exam. Mr. Bearishnikoff is a conservative investor. Other organizations, including academic institutions, training and test preparation companies, and firms can purchase vouchers to provide to individuals. Be realistic – the goal here is to set an appropriate schedule. In other words, you get 85 questions to answer, but only 75 are scored. I was able to cover content faster and see all the pieces come together. That’s one of the most common ways to raise capital in finance. These characteristics, along with how they function and how they are taxed must be known for the exam. Keep in mind – the test is pretty new, so the industry is still collecting data on this. Log In Sign Up. To pass this exam, you will be required to demonstrate a fundamental knowledge of the finance industry. Your answer choices, lettered (A) through (D), may be complete or incomplete sentences. Make sure that you’re passing practice exams on a consistent basis with grades in at least the high 70s before you attempt to take the real exam. I passed the SIE exam a couple of days ago and wanted to capture some thoughts while it is still fresh in my mind. , but this rubric is a great starting point. I wrapped up the course this way after about a week and scheduled the exam to 3 days later so that I have some time for revision and final practice exams. You can take the SIE without sponsorship from a FINRA firm. Therefore, Choice (D) is the correct answer because in order to cast 900 votes for each candidate, the stockholder would need a total of 2,700 votes (900 × 3). Being familiar with the way the questions and answer choices will appear on the screen is essential. Let’s analyze the sections, starting with the largest: Understanding Products and Their Risks – 33 questions – 44% of the exam. The securities exam creators have an annoying tendency to include extra details in the question (such as the maturity date, coupon rate, investor’s age, and so on) that you may not need. The preceding example is quite easy. shares can be purchased in the market. 10 of the questions are considered “experimental” and do not count towards your grade. The scores are rounded down, so a grade of 69.33 is scored as 69 on the SIE. Archived. After that, you put your belongings into a locker except for that same ID. The initial maturity on a standard option is. To make the problem more difficult (don’t hate me, now), I add an except because I’m feeling really good about you, and I just know you’re up to it. In addition, there is a requirement (called a brokerage firm element) that requires broker-dealers to keep their registered representatives updated on job and product-related topics. Whenever the word “regulatory” appears, you’re going to be required to recall laws, regulations, and general rules of the industry. This entry-level exam is made up of 75 multiple-choice questions, takes 1 hour and 45 minutes to complete, and costs $60 to take. This means that I can now move onto the Series 57 exam. I. Choice (C) is an option because the stockholder has a total of 2,400 votes to cast. Take note of your confidence with each section. I probably spent 4–5 hours a day for about 3–4 days going through the training and covered just Equities and Debt topics. Customers can open and maintain several different types of accounts. The following list describes some important computer exam features: You can mark answers for review or change responses only for the part of the test you’re currently taking. SIE Exam. Not only do you have to memorize the initial maturities of all the different securities, but unfortunately, you also have to remember a truckload of time frames (for example, accounts are frozen for 90 days, new securities can’t be purchased on margin for 30 days, an options account agreement must be returned within 15 days after the account is approved, and so on). Give yourself a time budget for how many hours you plan on studying between today and test day. So this means, 10 additional questions to answer within the same time. In controlled studies, most students see a drop-off after studying for more than three hours in a row, but with just an hour break they can study another three hours with similar success. The answer you want is Choice (C). Mr. Bearishnikoff probably wouldn’t appreciate any rogue-elephant investing, even if you think he should be more daring. Then you’ll need to sign a disclosure form that’s pretty straightforward: no cheating, don’t bring weapons into the test center, etc. The test experience you have taking the test will depend on the test itself, but a couple things commonly happen that you can plan for. Don’t be intimidated by the test center. On the other hand, Long-Term Equity AnticiPation Securities (LEAPS) may have initial maturities of one, two, or three years. Like the original subreddit, this subreddit is designed for people who want to discuss issues related to prep for series 7 exam and the SIE. This will tell you whether you passed right away! The SIE is a relatively difficult exam, and certainly some people need a do-over. How/Where would I list that I passed the SIE exam on my resume and LinkedIn? So next I took the exam from Pass the SIE and scored exactly 70%. The individual must be associated with a member firm to take a qualification exam. However, there are many financial products investors can choose from. It seemed an overkill for an exam that’s named “Essentials”. I also found a 20% coupon on their twitter feed, so that was sweet. When a question includes the word except or not, you’re looking for the answer that’s the exception to the rule stated in the stem of the question. Organizations with access to CRD can request exam enrollment through a Form U4 submission, directly enroll individuals for the SIE by uploading required information to the system, and purchase SIE exam vouchers to provide to individuals. What score is needed to pass the SIE? You can take the SIE as many times as you want, but there are restrictions on how long you must wait between failed attempts. In addition, just so I don’t get blindsided just by one vendor content, I also bought kindle version of Pass the SIE from Exam Zone. Anyone who has been studying for the SIE or Series 7 exam should know the answer. In addition to understanding how companies and organizations raise money through selling financial products, you’ll need to know finance regulators and how they operate. This is a great way to improve your resume and show firms both that you’re serious about a finance career and that you understand key industry concepts. Download the SIE Content Outline The question mark is what makes closed-stem questions different from open-stem questions. SIE will consist of 75 scored questions (+ 10 pretest). Of course, sometimes the phrasing of the answer choices can help you immediately cut down the number of feasible answer choices. 2 weeks before the exam, practice, practice, practice questions! The Securities Industry Essentials® (SIE®) Exam is a FINRA exam for prospective securities industry professionals. The following question may have one, three, or four correct answers. Don’t sweat this too much – just answer them as normal and be confident in your approach. Right off the bat, look for an except or not in the stem of every question on the SIE exam. Need Help? With the SIE, instead of just taking the Series 7, you will need to pass both the SIE and a new, shortened version of the Series 7. Their Quick SIE reference is also useful to quickly jump to topics. For example, they make you answer a single concept around debt yields slicing and dicing it in 20 different ways in a single practice exam. This means that if you fail the SIE you must … The test is broken down into these categories: The Financial Industry Regulatory Authority (FINRA) administers the SIE, which is a 85 question exam. Follow These Steps: 1. After the second failed attempt, you must also wait 30 days before taking the SIE again. Economic conditions have an affect on the financial markets and investors. Typical questions from this section focus on: The SIE exam that you take will have 85 questions, with 10 of those questions being “experimental” questions that don’t count on the final exam.


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