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FINRA SIE Exam Overview:

Certification Vendor:	FINRA
Exam Name:	Securities Industry Essentials Exam
Exam Number:	SIE
Related Certifications:	Series 99 Series 57 Series 7 Series 6 Series 79
Certificate Validity Period:	4 years
Exam Duration:	105 minutes
Exam Price:	USD $100
Exam Format:	Multiple Choice
Available Languages:	English
Real Exam Qty:	75
Passing Score:	70
Sample Questions:	FINRA SIE Sample Questions
Exam Way:	Proctored in-person exam administered at Prometric testing centers
Pre Condition:	Must be at least 18 years old. No firm association required to take the SIE. To become registered, must also pass a representative-level qualification exam while associated with a FINRA member firm.
Official Syllabus URL:	https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam

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FINRA SIE Exam Syllabus Topics:

Topic	Details
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	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.
Topic 3	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.

FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q193-Q198):

NEW QUESTION # 193
An investor writes a call option with a strike price of $35.00 on underlying XYZ stock with an expiration date of March 15. On March 15, XYZ is priced at $36.50. The call option:

A. will expire worthless.
B. is out of the money by $1.50.
C. is at the money.
D. is in the money by $1.50.

Answer: D

Explanation:
The correct answer is C, is in the money by $1.50. A call option is in the money (ITM) when the market price of the underlying stock is above the strike price.
Step-by-step, the intrinsic value of a call option is calculated as:
Market Price # Strike Price
In this case:
$36.50 # $35.00 = $1.50
This means the call option has $1.50 of intrinsic value at expiration. Since the option is in the money, it will not expire worthless-instead, it will be exercised (or automatically exercised), allowing the holder to buy the stock at $35 and potentially sell it at the market price of $36.50.
Choice A is incorrect because "at the money" would mean the stock price equals the strike price. Choice B is incorrect because only out-of-the-money options expire worthless. Choice D is incorrect because the option is not out of the money-it is above the strike price.
It is also important to note that the investor wrote (sold) the call, meaning they face an obligation to deliver the stock at $35 if exercised, resulting in potential loss.
Thus, the call option is in the money by $1.50, making Answer C correct.

NEW QUESTION # 194
Under SEC Regulation D, which of the following parties is considered an accredited investor?

A. A person whose net worth, excluding the net equity in their primary residence, exceeds $1 million at the time of purchase.
B. A charitable organization, partnership, or corporation whose assets exceed $2.5 million.
C. A person whose joint income with their spouse exceeds $200,000 in each of the two most recent years and who has a reasonable expectation of reaching the same income level in the current year.
D. A person whose net worth, excluding the net equity in their primary residence, exceeds $500,000 at the time of purchase.

Answer: A

Explanation:
Step by Step Explanation:
* Definition of Accredited Investor: As per SEC Regulation D, Rule 501, an accredited investor includes:
* Individuals with a net worth exceeding $1 million (excluding primary residence equity).
* Individuals with an annual income exceeding $200,000 (or $300,000 jointly with a spouse) for the past two years.
* Elimination of Incorrect Answers:
* $500,000 threshold (option B) is too low to qualify under Regulation D.
* Option D is incorrect as it requires assets of $5 million, not $2.5 million.
SEC Regulation D, Rule 501 (Accredited Investor Definition): SEC Regulation D.

NEW QUESTION # 195
A hypothecation agreement gives the broker-dealer the right to engage in which of the following activities?

A. Entering trades in a customer ' s account without prior authorization from the customer
B. Using securities that a customer has bought on margin as collateral to obtain a loan from a bank
C. Sharing customers ' nonpublic personal information with nonaffiliated third parties
D. Selling a customer ' s securities when the customer has failed to pay for trades in a cash account

Answer: B

NEW QUESTION # 196
An investor is long 100 shares of XYZ and sells a covered call with a strike price of $50. If XYZ closes at
$45 on the day of expiration, the investor should expect:

A. that the covered call will expire and the investor will still be long 100 shares of XYZ.
B. to receive an additional 100 shares since the contract expired out of the money.
C. a margin call on the expiring contract requiring a deposit of additional funds.
D. that the option to be exercised and the stock to be called away.

Answer: A

Explanation:
This scenario describes a covered call: the investor owns the underlying stock (long 100 shares) and has sold (written) a call option against it. A call option gives its holder the right to buy the stock at the strike price ($50) before expiration. On expiration day, the key question is whether the option is in the money (stock price above strike) or out of the money (stock price below strike). If XYZ closes at $45, the call option with a $50 strike is out of the money because exercising the right to buy at $50 makes no economic sense when the market price is $45. As a result, the call will typically expire worthless, and the writer keeps the premium collected. The investor remains long the original 100 shares, which is exactly choice B.
Choice A is incorrect because assignment/exercise is most likely when the option is in the money at expiration (and sometimes slightly in the money intraday), not when it is out of the money. Choice C is incorrect because standard listed equity options do not create a "margin call on the expiring contract" simply because they expire; margin requirements are about risk exposure while positions are open, and here the position is covered by stock ownership. Choice D is incorrect because a call option expiring out of the money does not deliver shares to the writer; it simply expires and disappears.
This tests core SIE options mechanics: moneyness, expiration outcomes, assignment likelihood, and covered vs. uncovered risk.

NEW QUESTION # 197
The cash value of a variable life insurance policy is affected by which of the following factors?

A. Changes in the beneficiary
B. Fluctuating market conditions
C. Changes in the death benefit
D. Contingent deferred sales charges

Answer: B

Explanation:
Step by Step Explanation:
* Variable Life Insurance: The cash value depends on the performance of the underlying investment options.
* Fluctuating Market Conditions: Since the cash value is linked to market performance, fluctuations directly impact its value.
* Beneficiary/Death Benefit Changes: These do not directly impact the cash value unless they involve additional costs or changes to premiums.
:
SEC Bulletin on Variable Life Insurance: SEC Variable Insurance.

NEW QUESTION # 198
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