What You Need to Know About the New Securities Industry Essentials (SIE) Exam?

FINRA has taken a big step by making its qualification process accessible to more people than ever. With the introduction of the Securities Industry Essentials Exam in October 2018 you no longer need to be sponsored by a broker-dealer to sit for a test and prove your capabilities.

What is the SIE?

The Securities Industry Essentials exam is a new introductory element offered by the Financial Industry Regulatory Authority (FINRA) that tests for basic knowledge of the securities industry as well as Registered Representative activities and functions. It will be a pre-requisite for taking the Series 6, Series 7 and other ‘Series’ tests. Where the SIE will test for general knowledge, the other ‘Series’ exams will become more abbreviated and focus on the specific functions associated with the intended qualification.

Who Can Take It?

Anyone over 18 years of age who wants to break into the financial services industry can take the exam. The qualification can be used to demonstrate a candidate’s knowledge and preparation for entering the field. Upon passing the score is valid for 4 years.

How Does It Differ from the Series 7?

The SIE is simply an introductory level examination to prequalify and prep candidates for future sponsorship, licensing, and securities training. The Series 7 on the other hand allows you to become licensed to carry out work of a Registered Representative. The SIE does not replace any of the qualification exams, but it allows candidates to get a foot in the door and prove their securities industry competence to potential employers.

To best prepare for the new Securities Industry Essentials and begin your journey towards becoming a licensee today, subscribe to our blog and register to enroll in our securities training courses here.

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