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FINRA SIE Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Understanding Products and Their Risks44%- Options
  • 1. Basic options concepts (calls, puts, premiums, expiration)
  • 2. Options strategies and associated risks
- Packaged Products
  • 1. Mutual funds (open-end and closed-end)
  • 2. Variable annuities and variable life insurance
  • 3. Exchange-traded funds (ETFs)
  • 4. Real estate investment trusts (REITs)
  • 5. Direct participation programs (DPPs)
- Investment Risks
  • 1. Market risk, credit risk, liquidity risk, inflation risk
  • 2. Interest rate risk and reinvestment risk
  • 3. Political and currency risk
- Equity Securities
  • 1. Control and restrictions (e.g., SEC Rule 144)
  • 2. Ownership rights, voting rights, convertible features
  • 3. Common stock, preferred stock, rights, warrants, ADRs
- Debt Instruments
  • 1. Money market instruments
  • 2. Municipal securities (GO bonds, revenue bonds, short-term obligations)
  • 3. Corporate bonds
  • 4. Treasury securities (bills, notes, bonds, receipts)
  • 5. Agency securities (asset-backed and mortgage-backed securities)
- Alternative Investments
  • 1. Risks associated with alternative investments
  • 2. Hedge funds, private equity, and other alternative products
Topic 2: Overview of the Regulatory Framework9%- FINRA Rules and Registration Requirements
  • 1. Supervision and compliance obligations
  • 2. Registration and qualification requirements (FINRA Rule 1210)
  • 3. Continuing education requirements
- Securities Acts and Regulations
  • 1. Securities Act of 1933 and Securities Exchange Act of 1934
  • 2. Securities Investor Protection Act of 1970 (SIPA)
  • 3. Investment Company Act of 1940 and Investment Advisers Act of 1940
Topic 3: Understanding Trading, Customer Accounts and Prohibited Activities31%- Prohibited Activities
  • 1. Market manipulation (e.g., painting the tape, churning)
  • 2. Insider trading and front running
  • 3. Anti-money laundering (AML) requirements
  • 4. Unauthorized transactions and misrepresentation
- Trading, Settlement and Corporate Actions
  • 1. Order types (market, limit, stop orders)
  • 2. Trade execution and settlement (e.g., T+1, T+2)
  • 3. Corporate actions (dividends, stock splits, mergers)
- Customer Accounts
  • 1. Customer protection rules (e.g., SIPC, Rule 15c3-3)
  • 2. Account opening requirements and documentation
  • 3. Types of accounts (individual, joint, retirement, custodial)
  • 4. Margin accounts and Regulation T
Topic 4: Knowledge of Capital Markets16%- Market Structure
  • 1. Market indices and economic indicators (e.g., GDP, GNP, exchange rates)
  • 2. Exchange markets vs. OTC markets
  • 3. Types of markets (primary, secondary, third, fourth)
- Offerings
  • 1. Shelf registrations and distributions
  • 2. Roles of participants (e.g., investment bankers, underwriting syndicate, municipal advisors)
  • 3. Types of offerings: public vs. private, IPO, secondary and follow-on offerings
  • 4. Types and purpose of offering documents (e.g., prospectus, official statement)
  • 5. Regulatory filing requirements and exemptions (e.g., SEC, blue-sky laws)
  • 6. Methods of distribution (e.g., best efforts, firm commitment)
- Regulatory Entities, Agencies and Market Participants
  • 1. Role of broker-dealers, investment advisers, and other market participants
  • 2. Role of the SEC, SROs (e.g., FINRA, MSRB), and other regulators

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q377-Q382):

NEW QUESTION # 377
At which of the following prices does a 7% coupon bond have the highest current yield?

Answer: C

Explanation:
A bond's current yield is calculated as annual interest (coupon payment) divided by the bond's current market price. For a fixed-rate bond, the annual interest amount is based on the coupon rate times par value (typically
$1,000 par). With a 7% coupon, annual interest is $70 per $1,000 of par value. Since the coupon payment is fixed, the current yield becomes higher when the purchase price is lower, because you are receiving the same
$70 of annual interest while paying less for the bond.
In this question, the possible market prices are 92, 100, 102, and 107 (quoted as percentages of par). A price of 92 means the bond costs $920 per $1,000 par. The current yield at 92 is $70 ÷ $920, which is higher than
$70 ÷ $1,000 (at par), higher than $70 ÷ $1,020, and higher than $70 ÷ $1,070. Therefore, the bond has the highest current yield at the lowest price, which is 92.
This question is testing a fundamental SIE relationship: for bonds, yield and price move inversely. While
"current yield" is a simpler measure than yield to maturity (YTM) because it ignores time to maturity and any gain/loss if the bond is redeemed at par, it is still widely used as a quick comparison tool. The exam expects you to recognize that as price declines (discount), current yield rises; as price increases (premium), current yield falls-assuming the coupon rate is fixed. The SIE outline includes debt instrument basics such as coupon, par, yield, and price/yield relationships.


NEW QUESTION # 378
Which of the following statements best describes a characteristic of 529 savings plan accounts?

Answer: D

Explanation:
Step by Step Explanation:
* 529 Savings Plans: These plans allow tax-advantaged savings for education expenses. They can be used for both undergraduate and graduate studies, as well as certain K-12 expenses.
* Contribution Limits: Contributions are subject to gift tax limits but have no specific statutory maximum under federal law.
* Tax Treatment: Earnings grow tax-deferred and are tax-free if used for qualified education expenses.
:
IRS Section 529 Guidance: IRS 529 Plans.


NEW QUESTION # 379
Which of the following statements best describes a characteristic of 529 savings plan accounts?

Answer: D


NEW QUESTION # 380
An investor owns 200 shares of ABC common stock and sells four ABC calls. How many of those calls, if any, are covered by the ABC common stock position?

Answer: D

Explanation:
A call option is considered covered when the seller (writer) owns the underlying security in sufficient quantity to meet the delivery obligation if the option is exercised. In listed equity options, one options contract typically represents 100 shares of the underlying stock. Here, the investor owns 200 shares of ABC stock.
That means the investor can cover two call contracts (2 × 100 shares = 200 shares). Since the investor sold four calls, only two of them are covered; the remaining two calls are uncovered (naked). Therefore, the correct answer is C.
This question tests a fundamental options concept that is heavily emphasized on the SIE: understanding contract size, delivery obligations, and the risk difference between covered and uncovered strategies. If the covered calls are assigned, the investor can deliver the shares they already own, limiting the risk profile on those contracts. For the uncovered calls, if assigned, the investor would need to purchase shares in the market to deliver (or otherwise acquire them), which exposes the investor to potentially unlimited loss if the stock rises substantially above the strike price.
The mechanics are straightforward:
* Shares owned: 200
* Shares required per call contract: 100
* Covered contracts = 200 ÷ 100 = 2
This is also a subtle suitability/risk topic: selling uncovered calls is generally far riskier than selling covered calls, and firms often require higher options approval levels for uncovered writing. Understanding what makes an option "covered" is essential for evaluating both strategy intent and risk exposure.


NEW QUESTION # 381
If a company with a single outstanding bond issue chooses to extinguish this debt through refunding, which of the following actions will occur?

Answer: C

Explanation:
Refunding involves replacing existing debt with new debt, usually to take advantage of lower interest rates.
* B is correctbecause the company issues new bonds to pay off the existing debt.
* Ais incorrect as refunding involves issuing debt, not equity.
* Cis incorrect because the company is not obligated to buy back bonds at a discount.
* Dis incorrect because a sinking fund is used for gradual repayment, not refunding.


NEW QUESTION # 382
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