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FINRA SIE Exam Syllabus Topics:

Section	Weight	Objectives
Knowledge of Capital Markets	16%	- Offerings 1. Types and purpose of offering documents (e.g., prospectus, official statement) 2. Regulatory filing requirements and exemptions (e.g., SEC, blue-sky laws) 3. Shelf registrations and distributions 4. Methods of distribution (e.g., best efforts, firm commitment) 5. Types of offerings: public vs. private, IPO, secondary and follow-on offerings 6. Roles of participants (e.g., investment bankers, underwriting syndicate, municipal advisors) - 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 - Market Structure 1. Exchange markets vs. OTC markets 2. Types of markets (primary, secondary, third, fourth) 3. Market indices and economic indicators (e.g., GDP, GNP, exchange rates)
Understanding Trading, Customer Accounts and Prohibited Activities	31%	- Trading, Settlement and Corporate Actions 1. Order types (market, limit, stop orders) 2. Corporate actions (dividends, stock splits, mergers) 3. Trade execution and settlement (e.g., T+1, T+2) - Customer Accounts 1. Types of accounts (individual, joint, retirement, custodial) 2. Margin accounts and Regulation T 3. Customer protection rules (e.g., SIPC, Rule 15c3-3) 4. Account opening requirements and documentation - Prohibited Activities 1. Insider trading and front running 2. Unauthorized transactions and misrepresentation 3. Anti-money laundering (AML) requirements 4. Market manipulation (e.g., painting the tape, churning)
Understanding Products and Their Risks	44%	- Alternative Investments 1. Risks associated with alternative investments 2. Hedge funds, private equity, and other alternative products - Packaged Products 1. Exchange-traded funds (ETFs) 2. Real estate investment trusts (REITs) 3. Variable annuities and variable life insurance 4. Direct participation programs (DPPs) 5. Mutual funds (open-end and closed-end) - 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 - Options 1. Basic options concepts (calls, puts, premiums, expiration) 2. Options strategies and associated risks - Debt Instruments 1. Corporate bonds 2. Money market instruments 3. Municipal securities (GO bonds, revenue bonds, short-term obligations) 4. Agency securities (asset-backed and mortgage-backed securities) 5. Treasury securities (bills, notes, bonds, receipts) - Investment Risks 1. Market risk, credit risk, liquidity risk, inflation risk 2. Interest rate risk and reinvestment risk 3. Political and currency risk
Overview of the Regulatory Framework	9%	- 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 Investor Protection Act of 1970 (SIPA) 2. Investment Company Act of 1940 and Investment Advisers Act of 1940 3. Securities Act of 1933 and Securities Exchange Act of 1934

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q81-Q86):

NEW QUESTION # 81
A broker-dealer (BD) is underwriting an initial public offering (IPO). According to industry rules, which of the following customers is eligible to participate in the IPO?

A. The BD's branch office manager's unemployed spouse
B. The chief financial officer of a fast-food chain, whose brother is a registered representative employed by the BD
C. A customer of the BD who is the president of a local bank
D. An unregistered sales assistant employed by the BD

Answer: C

Explanation:
FINRA Rule 5130 restricts participation in IPOs for certain individuals (e.g., restricted persons) to prevent potential conflicts of interest. Restricted persons include employees of broker-dealers and their immediate family members.
* C is correct because the president of a local bank is not considered a restricted person under FINRA Rule 5130.
* A is incorrect because employees (registered or not) of broker-dealers are restricted.
* B is incorrect because immediate family members of broker-dealer employees are restricted, even if unemployed.
* D is incorrect because the immediate family of a registered representative is restricted.
Reference: FINRA Rule 5130 (Restrictions on the Purchase and Sale of IPOs)

NEW QUESTION # 82
Which of the following statements is true regarding the ownership of investment company shares held as tenants in common?

A. Upon the death of a tenant, all shares in the account are taxable in the estate of the deceased.
B. Each tenant has a fractional interest in the investment.
C. Any income is distributed evenly among the tenants.
D. All tenants must sign redemption requests.

Answer: B

Explanation:
Step by Step Explanation:
* Tenants in Common: In this arrangement, each tenant owns a fractional interest in the account's assets, which can be unequal depending on the agreement.
* Income Distribution: Income is distributed based on ownership percentage, not necessarily equally.
* Redemption Requests: Only the owner of the fractional interest has authority to request redemption for their portion.
* Estate Taxation: Upon the death of a tenant, only their fractional interest is taxable in their estate.
FINRA Guidelines on Joint Accounts: FINRA Joint Accounts.

NEW QUESTION # 83
Which of the following company details is included on a balance sheet?

A. Assets, debts and the amount invested in the company
B. Earnings at a specific point in time
C. Assets, debts and number of investors
D. Revenues and expenses

Answer: A

Explanation:
A balance sheet provides a snapshot of a company's financial position at a specific point in time by showing what the company owns and owes, and the residual value attributable to owners. The core balance sheet equation is Assets = Liabilities + Shareholders' Equity. That is why the best description among the choices is
"assets, debts, and the amount invested in the company"-assets correspond to resources owned, debts correspond to liabilities owed, and the "amount invested" corresponds to equity (often including paid-in capital and retained earnings). This aligns with how fundamental analysis uses financial statements to evaluate issuer health, leverage, and capitalization.
Choice A (revenues and expenses) describes an income statement, which measures operating performance over a period of time (e.g., a quarter or a year), not a point-in-time snapshot. Choice B is misleading: while a balance sheet is indeed "at a specific point in time," it does not show "earnings" at a point in time. Earnings are generated over a period and appear on the income statement; the balance sheet may reflect accumulated earnings through retained earnings, but it is not an earnings statement. Choice C is incorrect because the balance sheet does not include the "number of investors" as a standard line item. Public companies disclose shares outstanding elsewhere, but investor count is not a balance sheet category.
For SIE purposes, the key is recognizing which statement answers which question: balance sheet = financial position (assets, liabilities, equity), income statement = profitability (revenue, expenses, net income), and cash flow statement = sources/uses of cash.

NEW QUESTION # 84
Assuming yields are held constant, which of the following statements describes what will occur as a discount bond reaches maturity?

A. Its price decreases.
B. Its par value increases.
C. Its price increases.
D. Its par value decreases.

Answer: C

Explanation:
Step by Step Explanation:
* Discount Bonds: These are issued or traded below par value. Over time, their price moves closer to par as they approach maturity, assuming yields remain constant.
* Other Options:
* Par Value Changes: The par value of a bond does not change over time; only its price fluctuates.
SEC and FINRA Bond Basics: SEC Discount Bonds.

NEW QUESTION # 85
A registered representative (RR) reads an article online about a thinly traded security that the RR believes has a high likelihood of rapid growth and price appreciation. The RR purchases shares of the security in their own account and recommends to a number of high net worth customers that they purchase shares as well. After the RR's customers make several purchases of the security, the price appreciates, as the RR expected. The RR liquidates their position for a profit and subsequently recommends to customers that they do the same thing.
Which of the following statements is true regarding this scenario?

A. This is an acceptable practice if the customers' profits were equal to or greater than the RR's.
B. The RR's recommendations are appropriate as the customers are all high net worth individuals.
C. This is a deceptive practice that violates FINRA conduct rules.
D. The RR violated FINRA rules that state RRs are only permitted to accept unsolicited orders for thinly traded securities.

Answer: C

Explanation:
This fact pattern describes a classic conflict-and-manipulation style scenario: the RR buys first, promotes purchases to customers in a thinly traded security, benefits from the price increase that customer buying helps create, then sells for a profit and tells customers to sell afterward. In FINRA terms, this is consistent with a deceptive practice that violates standards of commercial honor and fair dealing (e.g., conduct rules requiring ethical behavior and prohibiting manipulative or deceptive devices). Thinly traded securities are especially vulnerable because relatively small buying pressure can move the price materially; when an RR uses their position and influence over customers to create demand that benefits the RR's own account, regulators view that as improper and potentially manipulative.
Choice B is wrong because "customers also made money" does not cure a deceptive or manipulative practice.
The issue is the RR's conduct, conflicts, and potential misuse of customer recommendations to profit personally. Choice C is wrong because suitability and ethical standards apply regardless of a customer's wealth level; high net worth does not make conflicted or deceptive conduct permissible. Choice D is wrong because there is no rule that representatives may only accept unsolicited orders for thinly traded securities.
Firms may accept solicited orders if recommendations are suitable and communications are fair and balanced, but the scenario here is about deceptive/conflicted trading behavior.
On the SIE, this falls under prohibited practices and market manipulation concepts, including ethics, conflicts of interest, and improper trading ahead of customers.

NEW QUESTION # 86
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