What the Securities Industry Essentials (SIE) exam is and who has to take it
SIE stands for Securities Industry Essentials. It's the entry exam run by FINRA. It's the first exam on almost every securities license path: you pass the SIE, then a second "top-off" exam for the specific job.
| Step 1 | Step 2 (top-off exam) | The job |
|---|---|---|
| SIE | Series 7 | General securities representative (stockbroker) |
| SIE | Series 6 | Mutual funds and variable annuities |
| SIE | Series 79 | Investment banking |
| SIE | Series 57 | Securities trader |
You don't need a job or a sponsor to take the SIE. You do need a firm to sponsor you for the top-off exam.
The facts
| Item | Fact |
|---|---|
| Questions | 80 multiple choice (75 scored, 5 unscored) |
| Time | 1 hour 45 minutes |
| Passing score | 70 |
| Fee | $100 |
| Sponsor needed? | No. Anyone 18 or older can take it |
| Result good for | 4 years |
| Retake wait | 30 days after a 1st or 2nd fail, 180 days after a 3rd |
Source: FINRA SIE exam page, checked Oct 4, 2026.
What's on it, by weight
| Section | Share | About how many questions |
|---|---|---|
| Knowledge of capital markets | 16% | 12 |
| Products and their risks | 44% | 33 |
| Trading, customer accounts and prohibited activities | 31% | 23 |
| Regulatory framework | 9% | 7 |
Products and their risks is almost half the test. That's where I'd put most of your hours.
Source: FINRA SIE content outline (October 2025).
Booking, rescheduling and retake rules
| If you... | What it costs you |
|---|---|
| Reschedule or cancel 10+ business days before | Nothing |
| Reschedule or cancel 3 to 10 business days before | A partial fee |
| Cancel within 2 business days, or don't show up | The full $100. You pay again to re-enroll |
| Fail (1st or 2nd time) | 30-day wait, then $100 again |
| Fail a 3rd time or more | 180-day wait each time, then $100 again |
This is why I say don't schedule your exam until you can explain everything on the sheet. I lost the fee twice before I passed.
Sources: FINRA cancellation policy and FINRA SIE frequently asked questions, checked Oct 5, 2026.
Numbers that change every year
| Item | 2026 |
|---|---|
| Individual Retirement Account (IRA) contribution limit | $7,500 |
| 401(k) employee limit | $24,500 |
Source: Internal Revenue Service (IRS) newsroom, checked Oct 4, 2026. I update these when the IRS announces next year's numbers.
What changed (changelog)
- Oct 27, 2025: exam went from 85 to 80 questions (75 scored). Time and passing score stayed the same.
- 2026: fee is $100 (it was $80). I haven't confirmed the exact date it changed.
- Oct 5, 2026: added what the SIE is, and the booking, rescheduling and retake rules.
- Oct 4, 2026: this page launched. I check FINRA's page every month.