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FINRA · Securities Industry Essentials

Pass the SIE on the first try.

The entry-level FINRA exam that anyone 18 or older can take, and the first step toward a representative license. Our course covers every topic on the official outline, reads every lesson aloud, and tells you exactly when you're ready to book.

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  • Every topic coveredMapped to the official outline. Nothing tested is left out.
  • Know when you’re readyA green light on every chapter before you book.
  • Read it or hear itEvery lesson can be read aloud, on any device.
  • One price, no subscriptionFrom $79, paid once. 12 months of access.
The exam

What's on the SIE.

Covers the basics of the securities business: how capital markets work, common investment products and their risks, trading and customer accounts, and the rules that govern industry professionals. It does not grant a registration on its own, but it is the co-requisite for every FINRA representative-level exam, including the Series 6, 7, 57, 79, 86/87 and 99. A passing result stays valid for four years.

Who takes it. Students, career changers and new broker-dealer hires who want to show baseline industry knowledge before a firm sponsors them for a representative exam.

Official FINRA exam page ↗
How the 75 scored questions are split
1. Knowledge of Capital Markets16%
12 questions
2. Understanding Products and Their Risks44%
33 questions
3. Understanding Trading, Customer Accounts and Prohibited Activities31%
23 questions
4. Overview of the Regulatory Framework9%
7 questions
Inside the course

Everything you need to pass the SIE.

Every chapter maps to the official outline and ends with a 30-question quiz that tells you whether you're ready to move on.

19chapters, about 12 hours of reading
1,938practice and exam questions
853flashcards with read-aloud
17interactive visuals
2timed exams: a 45-question midterm and 75-question final
Curriculum · click a chapter to see its lessons
Section 1: Knowledge of Capital Markets
1Regulators and Market Participants9 lessons · 42 min
  1. 1.1Why Securities Are Regulated
  2. 1.2The Securities and Exchange Commission
  3. 1.3Self-Regulatory Organizations
  4. 1.4The Treasury, the IRS, and State Regulators
  5. 1.5The Federal Reserve, SIPC, and the FDIC
  6. 1.6Investors: Retail, Institutional, and Accredited
  7. 1.7Broker-Dealers, Investment Advisers, and Municipal Advisors
  8. 1.8Issuers, Underwriters, Traders, and Market Makers
  9. 1.9Custodians, Trustees, Transfer Agents, and Clearing Corporations
2Market Structure and Economic Factors8 lessons · 41 min
  1. 2.1Primary and Secondary Markets
  2. 2.2Over-the-Counter, Third, and Fourth Markets
  3. 2.3The Federal Reserve: Monetary and Fiscal Policy
  4. 2.4The Fed's Tools and Key Interest Rates
  5. 2.5Reading Financial Statements
  6. 2.6The Business Cycle and Economic Indicators
  7. 2.7How the Cycle Affects Markets, and Competing Economic Theories
  8. 2.8International Economic Factors
3Securities Offerings8 lessons · 41 min
  1. 3.1Roles of Offering Participants
  2. 3.2Types of Offerings
  3. 3.3Methods of Distribution: Underwriting Commitments
  4. 3.4Shelf Registrations and Distributions
  5. 3.5Offering Documents and Delivery Requirements
  6. 3.6Regulatory Filing Requirements: Registering with the SEC
  7. 3.7Exemptions: Exempt Securities and Private Placements
  8. 3.8More Exemptions and State Blue-Sky Laws
Section 2: Understanding Products and Their Risks
4Equity Securities8 lessons · 35 min
  1. 4.1Common Stock and Ownership
  2. 4.2Voting Rights and Other Shareholder Rights
  3. 4.3Preferred Stock
  4. 4.4Convertible Preferred Stock
  5. 4.5Rights and Warrants
  6. 4.6American Depositary Receipts
  7. 4.7Order of Liquidation
  8. 4.8Control and Restricted Securities: Rule 144
5Debt Securities8 lessons · 37 min
  1. 5.1Bond Basics: Par, Coupon, Maturity and Price
  2. 5.2Price and Yield: The Inverse Relationship
  3. 5.3Short- vs. Long-Term Bonds and the Yield Curve
  4. 5.4Credit Ratings, Call Features and Convertible Bonds
  5. 5.5U.S. Treasury Securities and the Treasury Auction
  6. 5.6Agency, Mortgage-Backed and Asset-Backed Securities
  7. 5.7Corporate Bonds and How New Debt Is Offered
  8. 5.8Money Market Instruments
6Municipal Securities9 lessons · 38 min
  1. 6.1What Municipal Securities Are
  2. 6.2Tax Advantages and Tax-Equivalent Yield
  3. 6.3General Obligation Bonds
  4. 6.4Revenue Bonds
  5. 6.5Special-Type Bonds and Taxable Municipals
  6. 6.6Short-Term Municipal Obligations
  7. 6.7Negotiated and Competitive Offerings
  8. 6.8The Municipal Underwriting Syndicate
  9. 6.9Disclosure and Fair Dealing Rules
7Options8 lessons · 35 min
  1. 7.1Calls and Puts
  2. 7.2Equity Options vs. Index Options
  3. 7.3Strike Price, Expiration Date and Premium
  4. 7.4In the Money, At the Money and Out of the Money
  5. 7.5Long and Short Positions: Gain, Loss and Breakeven
  6. 7.6Covered vs. Uncovered, Hedging and Speculation
  7. 7.7American vs. European Style, Exercise and Assignment
  8. 7.8The Options Disclosure Document, Account Opening and the OCC
8Investment Companies9 lessons · 41 min
  1. 8.1The Investment Company Act of 1940 and Types of Investment Companies
  2. 8.2Closed-End Funds
  3. 8.3Open-End Funds: NAV, Offering Price and Redemption
  4. 8.4Unit Investment Trusts and Money Market Funds
  5. 8.5Loads, Sales Charges and Fund Costs
  6. 8.6Share Classes
  7. 8.7Breakpoints, Rights of Accumulation and Letters of Intent
  8. 8.8Net Transactions and Fund Disclosures
  9. 8.9Fund Taxation
9Variable Contracts and Municipal Fund Securities9 lessons · 39 min
  1. 9.1Annuity Basics: Fixed, Variable, and Indexed
  2. 9.2The Accumulation Phase
  3. 9.3Annuitization and Payout Options
  4. 9.4Costs, Surrender Charges, and Riders
  5. 9.5Taxation of Annuities and 1035 Exchanges
  6. 9.6FINRA Rule 2330 and Variable Life Insurance
  7. 9.7529 Plans: Types, Owners, and How They Are Sold
  8. 9.8529 Plans: Contributions, Tax Advantages, and Restrictions
  9. 9.9LGIPs and ABLE Accounts
10DPPs, REITs, Hedge Funds and ETPs7 lessons · 37 min
  1. 10.1Direct Participation Programs and the Limited Partnership
  2. 10.2How DPPs Are Taxed and the Main Program Types
  3. 10.3Liquidity, FINRA Rule 2310 and Tenants in Common
  4. 10.4Real Estate Investment Trusts
  5. 10.5Hedge Funds and Private Equity
  6. 10.6Exchange-Traded Funds
  7. 10.7Leveraged and Inverse ETFs, ETNs, and Choosing an ETP
11Investment Risks9 lessons · 38 min
  1. 11.1Risk, Return and Capital Risk
  2. 11.2Credit Risk
  3. 11.3Currency Risk and Inflation Risk
  4. 11.4Interest Rate Risk and Reinvestment Risk
  5. 11.5Liquidity Risk
  6. 11.6Market Risk and Non-Systematic Risk
  7. 11.7Political Risk and Prepayment Risk
  8. 11.8Diversification and Asset Allocation
  9. 11.9Portfolio Rebalancing and Hedging
Section 3: Understanding Trading, Customer Accounts and Prohibited Activities
12Orders and Trading8 lessons · 38 min
  1. 12.1Buy and Sell: Bids, Offers and Quotes
  2. 12.2Types of Orders: Market, Limit, Stop and Stop-Limit
  3. 12.3Time-in-Force and Other Order Qualifiers
  4. 12.4Discretionary vs. Non-Discretionary and Solicited vs. Unsolicited Orders
  5. 12.5Trade Capacity: Agency and Principal
  6. 12.6Best Execution, Order Handling and Trade Reporting
  7. 12.7Long and Short Positions, Naked and Covered
  8. 12.8Bullish and Bearish
13Investment Returns8 lessons · 37 min
  1. 13.1Components of Return
  2. 13.2Types of Dividends
  3. 13.3Dividend Payment Dates
  4. 13.4Measuring Return: Yields and Basis Points
  5. 13.5Total Return, Real Return and After-Tax Return
  6. 13.6Cost Basis and Capital Gains
  7. 13.7Adjusting Cost Basis
  8. 13.8Benchmarks and Indices
14Settlement and Corporate Actions8 lessons · 37 min
  1. 14.1Trade Date, Settlement Date, and T+1
  2. 14.2Other Settlement Time Frames, Payment, and Fails
  3. 14.3Physical Certificates and Book-Entry Ownership
  4. 14.4Stock Splits, Reverse Splits, and Stock Dividends
  5. 14.5Buybacks and Tender Offers
  6. 14.6Exchange Offers, Rights Offerings, Mergers, and Spin-Offs
  7. 14.7Adjusting Options, Convertibles, and Open Orders
  8. 14.8Corporate Action Notices, Deadlines, and Proxy Voting
15Customer Accounts and Registrations8 lessons · 37 min
  1. 15.1Opening a Customer Account
  2. 15.2Cash and Margin Accounts
  3. 15.3Options, Discretionary and Fee-Based Accounts
  4. 15.4Educational Accounts
  5. 15.5Individual, Joint and Transfer-on-Death Registrations
  6. 15.6Corporate, Trust, Custodial and Partnership Registrations
  7. 15.7Individual Retirement Accounts
  8. 15.8Employer Plans, Distributions and Rollovers
16AML, Books and Records, and Privacy9 lessons · 40 min
  1. 16.1Money Laundering and Its Stages
  2. 16.2The AML Compliance Program
  3. 16.3FinCEN, CTRs, and SARs
  4. 16.4OFAC and the SDN List
  5. 16.5Books and Records Retention
  6. 16.6Confirmations and Account Statements
  7. 16.7Holding Customer Mail and Business Continuity Plans
  8. 16.8Customer Protection and Custody of Assets
  9. 16.9Privacy and Regulation S-P
17Communications, Best Interest and Suitability7 lessons · 37 min
  1. 17.1The Three Categories of Communications
  2. 17.2Approval, Filing and Recordkeeping
  3. 17.3Content Standards, Social Media and Municipal Advertising
  4. 17.4Telemarketing and the Do-Not-Call Rules
  5. 17.5Know Your Customer and What Counts as a Recommendation
  6. 17.6Regulation Best Interest and Form CRS
  7. 17.7FINRA Suitability, Institutional Customers and Required Disclosures
18Prohibited Activities8 lessons · 40 min
  1. 18.1Market Manipulation and Misleading Information
  2. 18.2Manipulative Trading Practices
  3. 18.3Front Running, Trading Ahead, and Churning
  4. 18.4Insider Trading: The Information and the People
  5. 18.5Insider Trading Penalties and Firm Safeguards
  6. 18.6IPO Restrictions and Fraudulent Devices
  7. 18.7Customer Assets and Senior Investors
  8. 18.8Unregistered Persons, Falsified Documents, and Records
Section 4: Overview of the Regulatory Framework
19Registration, Conduct and Reportable Events9 lessons · 41 min
  1. 19.1Who Must Register
  2. 19.2Membership, Background Checks and Statutory Disqualification
  3. 19.3State Registration and Continuing Education
  4. 19.4Forms U4 and U5
  5. 19.5Customer Complaints and Red Flags
  6. 19.6Outside Business Activities and Private Securities Transactions
  7. 19.7Political Contributions
  8. 19.8Gifts, Non-Cash Compensation and Business Entertainment
  9. 19.9Criminal and Financial Disclosure Events
Try it free

Five real SIE questions. Give them a try.

Straight from the course's question bank, with the same explanations you get when you enroll.

Live sample · SIE question bank
SIE sample · 5 questions0 right so far
Question 1 of 5
SIE · Ch. 1: Regulators and Market Participants●●○ difficulty
Which statement BEST describes the philosophy of federal securities regulation?

Plus two of the SIE course's interactive visuals. Go ahead, drag the sliders.

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Plan it

How soon can you be ready for the SIE?

About 53 hours of focused study in total. Set your pace and see your date.

Estimate per chapter: read it (and re-read the hard parts), drill the flashcards, take the 30-question quiz, review your misses. Then the midterm once and the final twice, with a review after each.

Your SIE plan
8 weeks

About 53 hours of focused study. Start today and you'll be exam-ready in about 8 weeks.

Section 1Section 2Section 3Section 4MidtermFinal ×2
Our first-try standard

Book the SIE when the course says you're ready.

  • Every chapter green: 80% or better on its full quiz, well above the 70% you need.
  • A passing midterm of 45 questions, taken against the clock.
  • 80%+ on the full 75-question final, twice, on questions you haven't seen.

Failing costs the $100 exam fee again plus a mandatory waiting period before you can retest. One well-prepared attempt is the cheapest path to your license.

Start here

SIE

Securities Industry Essentials
$79one time
75 questions1h 45m70% to pass
  • 19-chapter textbook mapped to the official outline
  • Voice mode: about 12 hours of lessons, read aloud at 0.5×–2×
  • 1,938 practice and exam questions with explanations
  • 853 flashcards
  • 17 interactive visuals and 314 built-in checks
  • Green, yellow and red readiness lights for every chapter
  • 45-question midterm and 75-question timed final
  • 12 months of access on any device
Get the SIE course
FAQ

SIE questions, answered.

Who can take the SIE?
None — open to anyone 18+; no firm sponsorship. Students, career changers and new broker-dealer hires who want to show baseline industry knowledge before a firm sponsors them for a representative exam.
What score do I need to pass the SIE?
70%, on 75 scored questions (plus 5 unscored pretest questions you can't tell apart). Our green light starts at 80%, so you prepare to clear the line with room to spare.
How much does the SIE exam cost?
The exam fee is $100, paid when you enroll for the exam. It's separate from the price of the course.
How long should I study for the SIE?
Plan on about 53 hours with our course, including quizzes, reviews and practice exams. The planner above turns that into a target date for your schedule.
How long do I have access?
12 months of full access for a single $79 payment. No subscription, nothing renews automatically.
Is Series Ready affiliated with FINRA?
No. Series Ready is an independent study provider. Our courses are built on the publicly available content outlines and rules, but we are not affiliated with, endorsed by or sponsored by FINRA or NASAA.

Your SIE starts here. Pass it the first time.

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