SIE Study Test, New SIE Exam Format

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FINRA SIE Exam Syllabus Topics:

Topic	Details
Topic 1	Regulatory Entities, Agencies, and Market Participants: This section of the exam measures the skills of Financial Regulatory Analysts and covers the structure, authority, and jurisdiction of key regulatory bodies overseeing financial markets. The SEC's role in enforcing securities regulations is assessed, along with the authority of self-regulatory organizations such as FINRA and MSRB. Candidates must also understand the functions of other financial regulators, including the Department of the Treasury and state regulatory agencies. One key skill evaluated is identifying the jurisdictional scope of different financial regulators.
Topic 2	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 3	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 4	Understanding Products and Their Risks: This section of the exam measures the skills of Investment Analysts and examines different financial products and associated risks. Candidates must understand equity securities, including common stock, as well as debt instruments such as Treasury securities and mortgage-backed securities.
Topic 5	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 SIE passing score, SIE exam review

FINRA certification exams become more and more popular. The certification exams are widely recognized by international community, so increasing numbers of people choose to take FINRA certification test. Among FINRA certification exams, SIE is one of the most important exams. So, in order to pass SIE test successfully, how do you going to prepare for your exam? Will you choose to study hard examinations-related knowledge, or choose to use high efficient study materials?

FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q107-Q112):

NEW QUESTION # 107
An elderly customer wants to use $50,000 to open an investment account that would allow her assets to bypass probate. Her registered representative advises her to create:

A. A trust account
B. A separately managed account
C. An individual retirement account
D. A power of attorney

Answer: A

Explanation:
A trust account can be structured so that assets pass according to the terms of the trust and avoid probate.
Probate is the court-supervised process for distributing assets after death. A properly established trust can hold investment assets for the benefit of named beneficiaries and provide continuity of control, privacy, and estate- transfer efficiency. Choice A is correct. A power of attorney authorizes another person to act on behalf of the customer during the customer's lifetime, but the authority generally terminates at death and does not itself bypass probate. A separately managed account is an investment management arrangement, not an estate- transfer structure. An individual retirement account has beneficiary designations and tax features, but the question asks for an investment account structure designed to allow assets to bypass probate; a trust account is the most direct and appropriate answer. The SIE outline includes customer account registrations, including trust accounts, individual accounts, retirement accounts, and other account types. This question tests the functional difference between account registration forms and estate-planning authority. Reference:
Understanding Trading, Customer Accounts and Prohibited Activities; Customer Account Registrations; Trust Accounts.

NEW QUESTION # 108
Which of the following types of debt securities has the highest liquidity?

A. Mortgage bonds
B. Corporate bonds
C. Treasury bonds
D. Municipal bonds

Answer: C

NEW QUESTION # 109
Which of the following statements best describes the permissibility of a borrowing arrangement between a registered representative (RR) and a customer who is also the RR's grandfather?

A. It is permissible if the grandfather agrees in writing.
B. It is permissible provided that the loan was made in accordance with the firm's policies.
C. It is permissible if the loan was made on commercially reasonable terms.
D. It is permissible subject to FINRA approval.

Answer: B

Explanation:
Step by Step Explanation:
* FINRA Rule 3240: Permits borrowing or lending arrangements between RRs and customers under specific conditions, including familial relationships, provided the arrangement complies with the firm's policies.
* Incorrect Options:
* A: FINRA approval is not required; firm approval is.
* B: A written agreement alone is insufficient without firm approval.
* C: Commercially reasonable terms are not the sole criterion for permissibility.
FINRA Rule 3240 (Borrowing from or Lending to Customers): FINRA Rule 3240.

NEW QUESTION # 110
An investor purchases 100 shares of a no-load mutual fund at $20 per share. Three months later, the investor receives a $1 per share dividend that is reinvested at $25 per share. What is the investor ' s cost basis for the mutual fund shares after the reinvestment?

A. $2,100
B. $2,500
C. $2,250
D. $2,000

Answer: A

Explanation:
The correct answer is B, $2,100. Cost basis represents the total amount invested in a security, including reinvested dividends. It is critical for determining capital gains or losses when the investment is eventually sold.
Step 1: Calculate the initial investment. The investor buys 100 shares at $20, resulting in:
100 × $20 = $2,000
Step 2: Calculate the dividend received. The investor receives a $1 per share dividend on 100 shares:
100 × $1 = $100
Step 3: Determine reinvestment. The $100 dividend is reinvested at $25 per share. This purchases:
$100 ÷ $25 = 4 additional shares
Step 4: Adjust cost basis. Even though the investor now owns more shares (104 total), the key point is that reinvested dividends are added to the cost basis because they are treated as new investments. Therefore:
$2,000 (original investment) + $100 (reinvested dividend) = $2,100
The reinvestment price does not change the total cost basis amount-only the number of shares acquired.
Thus, the investor's total cost basis after reinvestment is $2,100, making choice B correct.

NEW QUESTION # 111
A customer purchased $80,000 of Fund XYZ two years ago. He now wants to buy $50,000 of Fund LMN offered within the same fund family, which offers a $100,000 breakpoint under right of accumulation. Which of the following statements is true?

A. The additional investment qualifies for a $100,000 breakpoint.
B. The customer will receive a sales charge discount on his next purchase after the account balance of the fund reaches $100,000.
C. The customer must sign a new letter of intent to receive the $100,000 breakpoint on the additional purchase.
D. Each fund requires contributions of $100,000 to qualify for a breakpoint.

Answer: A

Explanation:
Step by Step Explanation:
* Right of Accumulation: Allows an investor to combine the value of existing investments within the same fund family to qualify for a breakpoint (reduced sales charge) on new purchases.
* Current Holdings: $80,000
* New Purchase: $50,000
* Total: $130,000, qualifying for the $100,000 breakpoint.
* Incorrect Options:
* B: Contributions from all funds within the same family can be aggregated.
* C: A new letter of intent is unnecessary; right of accumulation applies automatically.
* D: Discounts apply immediately, not retroactively.
FINRA Guidance on Breakpoints: FINRA Breakpoints.

NEW QUESTION # 112
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