As you embark on your career journey as a financial representative, you create your licensing to-do list and prepare to tackle the steps necessary to achieve a successful career.
The first step on your list is the SIE exam, a test you must take in the early stages of your career journey.
What is the SIE Exam?
The Securities Industry Essentials (SIE) exam is a FINRA exam that everyone starting a career in the financial services industry must take and pass to continue toward licensing. This exam assesses your knowledge of introductory topics related to the industry, and you need to be at least 18 years old to test.
Many FINRA exams require sponsorship before taking the exam, but the SIE exam does not hold that requirement. This means students just finishing college can sit for the exam.
This exam also opens the door to taking other exams, like the Series 6 and Series 7 exams. You must pass both the SIE and Series 6 and 7 exams to become a registered representative.
How Do You Prepare for the SIE Exam?
To properly prepare for the SIE exam, invest in a reputable training partner who provides all the materials and education you need to learn the necessary information to both succeed in the industry and pass your exam on the first try. Look for a partner that even offers an SIE practice exam to help you thoroughly prepare.
STC offers top-of-the-line training packages that do just that. With our help and resources, you will be able to learn the information, appropriately and effectively study and prepare for the exam, and increase your chances of passing on the first attempt.
In addition to partnering with a reputable training provider, you should also:
- Give yourself the right amount of study time leading up to your testing date (if you don’t know the industry basics, it’s best to study for at least two months).
- Make sure you study the right material, which is why partnering with a professional is a smart move.
- Utilize practice tests.
- Take appropriate study breaks, and don’t overload yourself.
- Work on fully understanding the material rather than just memorizing it.
SIE Exam Details
The SIE exam is a multiple-choice test that has 75 questions. To pass the exam, you need a score of 70 or higher.
The registration fee for the exam is $80, and you will be allotted one hour and 45 minutes to finish your exam. The SIE exam dates are available year-round, and you can take it remotely or onsite at a FINRA testing center.
What Happens After You Take the SIE Exam?
After taking the SIE exam and receiving a passing score, there are several more steps toward becoming a registered representative. You must then take and pass either the Series 6 or Series 7 qualification exams. To take these exams, you must be sponsored by a broker-dealer.
If you fail the SIE exam, you can take the test again. However, after the second failed attempt, you must wait 30 days to take it again. After the third failing, you must wait 180 days.
To learn more about the SIE exam or to start your study journey on the right track, explore Securities Training Corporation’s SIE training packages!
