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FINRA SIE Exam Syllabus Topics:

TopicDetails
Topic 1
  • Understanding Trading, Customer Accounts, and Prohibited Activities: This section of the exam measures the skills of Securities Traders and focuses on different trading strategies, settlement processes, and corporate actions. Candidates must demonstrate knowledge of order types, including market, limit, stop, and good-til-canceled orders, as well as bid-ask spreads and discretionary versus non-discretionary trading.
Topic 2
  • Market Structure: This section of the exam measures the skills of Equity Market Specialists and covers the classification of financial markets, including the primary, secondary, third, and fourth markets. Candidates must demonstrate knowledge of electronic trading, over-the-counter (OTC) markets, and physical exchanges. One specific skill tested is differentiating between various market types and their operational mechanisms.
Topic 3
  • Overview of the Regulatory Framework: This section of the exam measures the skills of Compliance Officers and evaluates knowledge of self-regulatory organization (SRO) requirements, including registration and continuing education for associated persons. Candidates must understand the distinction between registered and non-registered individuals and the requirements for maintaining industry qualifications.
Topic 4
  • Employee Conduct and Reportable Events: This section of the exam measures the skills of Financial Compliance Specialists and covers regulatory expectations regarding employee conduct and disclosure requirements. Candidates must be familiar with Form U4 and Form U5, as well as reporting obligations for outside business activities and political contributions.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q344-Q349):

NEW QUESTION # 344
For up to how many business days is a firm initially permitted to place a temporary hold on disbursements for a specified adult account in which the firm reasonably believes financial exploitation has occurred?

Answer: C

Explanation:
Step by Step Explanation:
* Temporary Hold Period: Under FINRA Rule 2165, a firm can initially place a hold on disbursements for up to 10 business days if financial exploitation is suspected.
* Additional Holds: The period may be extended by an additional 10 business days if warranted and allowed by state law.
* Incorrect Options:
* A & B: These are shorter than the permissible period.
* D: The initial hold period is capped at 10 business days.
:
FINRA Rule 2165 (Financial Exploitation of Specified Adults): FINRA Rule 2165.


NEW QUESTION # 345
Which of the following strategies is an investor most likely to employ using options contracts?

Answer: B

Explanation:
Buying a put option gives the investor the right to sell a stock at a specific strike price, effectively setting a floor for potential losses if the stock price declines. This is a common risk-management strategy.
* A is correct because buying puts limits downside risk while retaining the potential for upside gains.
* B is incorrect as buying puts is a bearish strategy, not one used during upward momentum.
* C is incorrect because selling call options does not hedge losses; it is a speculative or income- generating strategy.
* D is incorrect because buying calls is a bullish strategy, used during upward momentum, not downward.
Reference: SIE Study Guide, Chapter 8: Options Strategies


NEW QUESTION # 346
An investor needs to liquidate stock today because he needs the cash. Which of the following order types must the investor place to ensure that the trade will be executed today?

Answer: B

Explanation:
The correct answer is C, Market order. A market order is an order to buy or sell a security immediately at the best available current price, ensuring execution as long as the market is open and there is liquidity.
Step-by-step, the key phrase in the question is "ensure that the trade will be executed today." Market orders prioritize execution over price, meaning the investor accepts the current market price in exchange for immediate execution. This makes it the most appropriate choice when urgency is the primary concern.
Choice A, a stop order, becomes a market order only after a specified stop price is reached, so execution is not guaranteed if the price is never triggered. Choice B, a limit order, sets a specific price at which the investor is willing to trade, but the order may not be executed if the market does not reach that price. Choice D, a stop limit order, has even more restrictions, as it requires both a trigger price and a limit price, further reducing the likelihood of execution.
Thus, when an investor must sell immediately and guarantee execution, a market order is the correct choice, making Answer C correct.


NEW QUESTION # 347
A registered representative has identified a risky investment he feels is suitable for one of his customers. He has discussed the investment with the customer, and the customer agreed to purchase the security. Given the risk factors, the representative's firm requires the customer's signature on a form that reflects the customer understands the investment. The representative signs the form on behalf of the customer using a digital signature platform. The representative authenticates the signature using information that the customer had provided on the new account form when the account was opened two years ago. Which of the following statements best describes the permissibility of the representative's action?

Answer: D

Explanation:
A registered representative may not sign a customer's name or apply a customer's digital signature on the customer's behalf, even if the customer verbally agreed to the transaction or previously provided identifying information. Choice C is correct because the prohibited conduct is the representative's act of signing for the customer. The issue is not whether the form is internal, whether the investment is suitable, or whether the authentication information was accurate. Customer signatures evidence customer review, consent, and acknowledgment. Allowing a representative to sign for the customer undermines books and records integrity and creates a false record. Choice A is incorrect because internal firm documents still must be accurate and authentic. Choice B is incorrect because possessing authentication information does not authorize the representative to impersonate the customer. Choice D is too narrow; the action would be impermissible even if the authentication information were current. The SIE outline includes falsifying or withholding documents, signatures of convenience, books and records, suitability, and prohibited activities related to account documentation. This falls directly under improper maintenance of records and falsification concerns.
Reference: Understanding Trading, Customer Accounts and Prohibited Activities; Prohibited Activities; Falsifying Documents; Books and Records.


NEW QUESTION # 348
A grandfather establishes a Uniform Transfers to Minors Act (UTMA) custodial account for his grandson and appoints an attorney as custodian. Which of the following individuals owns the account?

Answer: D

Explanation:
In a UTMA account, the minor is the legal owner of the account. The custodian (in this case, the attorney) manages the account until the minor reaches the age of majority specified by state law.
* C is correctbecause the grandson (the minor) is the account's legal owner.
* Ais incorrect because the attorney is the custodian, not the owner.
* Bis incorrect because the grandfather established the account but does not own it.
* Dis incorrect because the parent does not have ownership unless explicitly named as the custodian.


NEW QUESTION # 349
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