The SIE exam is the Securities Industry Essentials exam, run by FINRA. It covers the basics of the securities industry: products, markets, and the rules that govern both. Anyone 18 or older can take it. You do not need a job at a firm first.
The exam gives you 80 questions and 1 hour 45 minutes. Only 75 count toward your score. The other 5 are unscored pretest items mixed in. You need a score of 70 to pass, and the fee is $100.
Passing the SIE does not register or license you by itself. You still need a firm to sponsor you, plus a top-off exam such as the Series 6 or Series 7. Your pass stays valid for 4 years. To see the question style, take the free practice test at /free-practice-test.
What the SIE exam is
SIE stands for Securities Industry Essentials. FINRA writes the exam, sets the passing score, and reports your result. The questions cover knowledge that applies across the whole securities industry, rather than one firm or one product line.
The SIE is the first of two exams on the path to a securities registration. It handles the shared basics that everyone in the industry needs. A second exam, called a top-off exam, covers the specific job you plan to do. Series 6 and Series 7 are two of them.
On its own the SIE does not license you to sell securities or give advice. The page at /sie-license explains what a pass does and does not allow.
Who takes the SIE exam, and why
Anyone 18 or older can sit the SIE. You do not need a job at a firm, a sponsor, or a finance degree. That open door is the main difference between the SIE and the top-off exams, which require a sponsoring firm.
Taking the exam early costs you $100 and gives you a result that lasts 4 years. If you pass before anyone hires you, you walk into interviews with the first exam already behind you.
- College students who want a securities credential before they apply for internships.
- Career changers moving into brokerage, wealth management, or bank securities roles.
- New hires at a broker-dealer who are working toward a full registration.
- Operations and support staff who want to understand the business around them.
Exam format, timing, and how scoring works
You get 80 questions and 1 hour 45 minutes, which is 105 minutes. Every question is multiple choice with four answer choices. There is no penalty for guessing, so answer all 80.
Only 75 of the 80 questions are scored. The other 5 are unscored pretest items mixed into the exam, so treat every question as if it counts.
The passing score is 70, reported as an equated score. Equating adjusts for small differences between exam versions, so no version is easier to pass than another. FINRA does not publish how many correct answers add up to a 70, so read 70 as a scaled number and not a percentage. More on this sits at /resources/blog/sie-exam-pass-rate.
You can sit the exam at a Prometric test center, or online with remote proctoring. For a walk through of test day, read /resources/blog/sie-exam-day-what-to-expect.
105 minutes across 80 questions gives you about 79 seconds per question. A timed run tells you whether that pace works for you. You can take a full mock exam at /practice-tests and work through topic sets at /sie-practice-questions.
The four sections and how much each one counts
FINRA splits the SIE into four sections. The weight tells you how many of the 75 scored questions come from each one.
Products and Their Risks carries 44% on its own. That is 33 questions on securities products and the risk that comes with each one. Stocks, bonds, and funds live here, along with options, annuities, and REITs.
Add the 31% from Trading, Customer Accounts and Prohibited Activities and two sections hold 75% of your score. Plan your study time to match those weights.
Each section has a plain-English overview. Start with /resources/blog/capital-markets-basics-sie, then read /resources/blog/sie-products-and-risks-overview for the largest one. The last two are covered in /resources/blog/sie-trading-and-accounts-rules and /resources/blog/sie-regulatory-framework-explained.
For a topic by topic breakdown of all four sections, use /sie-study-guide. The course at /course covers all four.
- Knowledge of Capital Markets: 16%, 12 scored questions.
- Understanding Products and Their Risks: 44%, 33 scored questions.
- Understanding Trading, Customer Accounts and Prohibited Activities: 31%, 23 scored questions.
- Overview of Regulatory Framework: 9%, 7 scored questions.
Cost, validity, and what happens if you fail
The SIE fee is $100 as of 2026. You pay it when you schedule the exam. Fees change, so check finra.org before you book. The full cost of getting exam ready is set out in /resources/blog/sie-exam-cost.
A pass stays valid for 4 years. Inside that window you can join a firm and sit a top-off exam without repeating the SIE. If the 4 years run out before you register, the result expires and you take the exam again.
If you fail, you wait 30 days before your next attempt, and the same wait applies after a second failure. After a third or later failure within two years, the wait is 180 days. FINRA has approved shorter waits and will announce the start date. Until then, the 30 day and 180 day waits apply.
To book your seat, follow the steps in /resources/blog/how-to-register-for-the-sie-exam. If a retake is on your mind, read /resources/blog/what-happens-if-you-fail-the-sie for what to do next.
What comes after the SIE
A pass on the SIE is one half of a securities registration. The other half is a top-off exam, and that one needs a sponsoring firm. Which top-off you sit depends on the job you take.
Passing the SIE first leaves two things to finish: a job offer and one more exam. A side by side look at the SIE and the Series 7 sits at /resources/blog/sie-vs-series-7.
Study routes for the SIE are gathered at /sie-exam-prep. For a plan you can follow week by week, read /resources/blog/how-to-study-for-the-sie-exam, or /resources/blog/pass-the-sie-exam-first-time if one attempt is the goal.
Frequently asked questions
Is the SIE exam hard?
The SIE covers a wide range of topics without going deep on any one. The difficulty comes more from the volume of material than from the depth of it. The 44% weight on products and risk makes that section the one to plan around. For a closer look, read /resources/blog/sie-exam-difficulty and /resources/blog/hardest-sie-exam-questions.
Do you need a sponsor or a job to take the SIE?
No. Anyone 18 or older can register for the SIE and sit it. You do not need a firm to sponsor you or to associate with you. Sponsorship only matters for the top-off exam that follows.
What is a passing score on the SIE exam?
You need a 70 to pass. That 70 is an equated score, so it is not a percentage of questions answered correctly. FINRA adjusts scores for small differences between exam versions and does not publish a percent-correct equivalent. More on this sits at /resources/blog/sie-exam-pass-rate, including why FINRA does not publish an official pass rate either.
How much does the SIE exam cost?
The exam fee is $100 as of 2026. Fees change, so confirm the current amount on finra.org before you schedule. A breakdown of the full cost, including study materials, sits at /resources/blog/sie-exam-cost.
What happens if you fail the SIE exam?
You wait 30 days, then you can try again. The same 30 day wait applies after a second failure, and 180 days after a third or later failure within two years. FINRA has approved shorter waits and will announce the start date, so plan around the current ones. The retake steps are set out in /resources/blog/what-happens-if-you-fail-the-sie.
Is the SIE the same as the Series 7?
The SIE covers general industry knowledge, and anyone 18 or older can sit it. The Series 7 is a top-off exam that requires a sponsoring firm. You need the SIE plus a top-off exam to register, and the Series 7 is one of those top-offs. A comparison of the two sits at /resources/blog/sie-vs-series-7.