SIE exam guide: sections, fee, passing score and how to prepare
Last checked October 16, 2026 · Sources: FINRA SIE content outline (PDF), SIE FAQ, qualification exams table and Regulatory Notice 26-18
The SIE exam (Securities Industry Essentials) is FINRA’s entry-level securities exam: 75 scored questions in 1 hour 45 minutes, a $100 fee and a passing score of 70. You don’t need a sponsoring firm to take it, and a pass stays valid for four years. Products and their risks make up 44% of the exam, the largest section by far.
What the SIE exam is
FINRA describes the SIE as an exam that assesses a candidate’s basic knowledge of the securities industry: terminology, securities products, how markets are structured, regulatory agencies and their functions, and prohibited practices. It’s a co-requisite for FINRA’s representative-level exams. FINRA says you must pass both the SIE and the Series 7 to become a general securities representative, and that passing the SIE alone doesn’t qualify you for registration or to do securities business.
SIE exam sections and weights
| Section | Share of exam | Questions |
|---|---|---|
| 1. Knowledge of Capital Markets | 16% | 12 |
| 2. Understanding Products and Their Risks | 44% | 33 |
| 3. Understanding Trading, Customer Accounts and Prohibited Activities | 31% | 23 |
| 4. Overview of the Regulatory Framework | 9% | 7 |
Source: FINRA SIE content outline, checked October 16, 2026.
Sections 2 and 3 together account for three quarters of the scored questions, so most study time belongs there. The outline lists the regulators, products, account types and FINRA rules each section draws on. FINRA notes that candidates can’t bring reference materials into the exam.
How the SIE is scored
FINRA says the passing score is 70 on a scale of 0 to 100. Scores are put on a common scale and adjusted for small differences in difficulty between question sets, so every candidate is held to the same standard. Some exams also include unscored pretest questions, and FINRA’s appointment times add 30 minutes for the tutorial and post-exam survey.
Who can take the SIE
FINRA says you don’t need to be associated with a firm to take the SIE, which makes it the one FINRA exam students and career changers can take before getting a job. Prep providers such as Kaplan describe it as open to anyone 18 or older. Taking it early shows employers you’ve started, and the four-year validity gives you time to find a sponsoring firm for the Series 7.
If you fail the SIE
You can retake it after a waiting period, paying the $100 fee again. FINRA currently requires 30 days after a first or second failure and 180 days after a third within two years. Under Regulatory Notice 26-18, those waits shorten to 15 and 60 days, with testing windows adjusted from January 19, 2027. Our 2027 exam changes page explains the details.
How to prepare for the SIE
Take FINRA's free SIE practice test to see the style and your starting point.
Spend most of your time on products and risks (44%) and trading and accounts (31%).
Use the content outline as a checklist so nothing in the 12 capital markets or 7 regulatory questions surprises you.
Take timed practice exams of 75 questions in 1 hour 45 minutes before you book.
For a course, Achievable lists its SIE prep at $99, and Kaplan’s SIE packages run $99 to $229, as of October 2026.
Compare options in our best SIE and Series 7 prep guide, or start free with our free securities exam resources.
Common questions about the SIE exam
How many questions are on the SIE exam?
75 scored questions in 1 hour 45 minutes, according to FINRA. Some exams also include unscored pretest questions.
What is the SIE passing score?
70 on a scale of 0 to 100, according to FINRA.
How much does the SIE cost?
$100, according to FINRA. Older sites may still list $80.
Do I need a sponsor to take the SIE?
No. FINRA says you don’t need to be associated with a firm to take the SIE.
How long is an SIE pass valid?
Four years from the date you pass, according to FINRA.
Can I work in securities with just the SIE?
No. FINRA says passing the SIE alone doesn’t qualify you to do securities business; you also need a representative exam such as the Series 7.
See also our securities licensing guide and formats and scoring. MockTestPrep is independent and is not affiliated with FINRA.