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Do not schedule your Securities Industry Essentials (SIE) exam until you know everything on my study guide. I failed 10 practice exams before I knew 100% of it.

The Securities Industry Essentials exam pass rate

The last public number: about 74% pass on the first try.

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I'm Jason Meinzer, a real person. I studied 150+ hours, took 12+ practice exams (900 questions), and passed the SIE. I made this study guide by hand. It is not AI slop.

SIE Study GuideJason Meinzer, one page

Reports

Rights

Voting

Systematic risk

Reinvestment risk

Bond yield

Bond price

Bond ratings

Settlement

Market caps

Dividends (DERP)

Margin

Made by handNot AI slop About 100 conceptsEach one explained

The 3 steps

Do them in this order. Step 2 is the gate.

  1. 1

    Study 100+ hours with a prep course.

    No shortcut. Any of these works if you finish it. I used Achievable.

  2. 2

    The gate: get the sheet.

    Can't explain every item on it? Don't schedule the exam.

    ↩ Back to step 1
  3. 3

    Only then book the exam.

    Fail once or twice, you lose the $100 booking fee each time and wait a month to retake it. Fail 3 times, you wait 180 days.

Official numbers

YearFirst-time passOverall pass
201974%82%

2019 figures as published from Financial Industry Regulatory Authority (FINRA) data in the exam's first year. Nothing newer is public as of Oct 4, 2026.

Prep company claims

CompanyClaimStatus
Kaplan87% passSelf-reported, not audited
Knopman Marks98% first-time passSelf-reported, not audited

Companies pick who counts (often only people who finished the course). Useful, but not the same as an exam-wide number.

Get the study guide — $4.99

About 1 in 4 fail the first time. Booking costs $100, paid to FINRA up front. Fail and it's gone: wait 30 days, pay again. Can't explain every item on my one-page study guide? Don't schedule the exam.

Questions people ask

What is the SIE pass rate?

The last public figures are from 2019: about 74% passed on the first try and 82% overall. FINRA hasn't published newer numbers that I can find.

What score do I need?

70.

Are prep company pass rates real?

They are self-reported and not audited. Treat them as marketing.

What happens if I fail?

You wait 30 days and pay the $100 fee again. After a third fail, the wait is 180 days.

Get the study guide — $4.99