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FINRA SIE Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Understanding Products and Their Risks	44%	- Packaged Products 1. Variable annuities and variable life insurance 2. Exchange-traded funds (ETFs) 3. Mutual funds (open-end and closed-end) 4. Direct participation programs (DPPs) 5. Real estate investment trusts (REITs) - 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 - Alternative Investments 1. Risks associated with alternative investments 2. Hedge funds, private equity, and other alternative products - Options 1. Options strategies and associated risks 2. Basic options concepts (calls, puts, premiums, expiration) - Debt Instruments 1. Municipal securities (GO bonds, revenue bonds, short-term obligations) 2. Treasury securities (bills, notes, bonds, receipts) 3. Corporate bonds 4. Money market instruments 5. Agency securities (asset-backed and mortgage-backed securities) - Investment Risks 1. Political and currency risk 2. Market risk, credit risk, liquidity risk, inflation risk 3. Interest rate risk and reinvestment risk
Topic 2: Overview of the Regulatory Framework	9%	- Securities Acts and Regulations 1. Securities Investor Protection Act of 1970 (SIPA) 2. Securities Act of 1933 and Securities Exchange Act of 1934 3. Investment Company Act of 1940 and Investment Advisers Act of 1940 - FINRA Rules and Registration Requirements 1. Registration and qualification requirements (FINRA Rule 1210) 2. Continuing education requirements 3. Supervision and compliance obligations
Topic 3: Understanding Trading, Customer Accounts and Prohibited Activities	31%	- Prohibited Activities 1. Unauthorized transactions and misrepresentation 2. Anti-money laundering (AML) requirements 3. Insider trading and front running 4. Market manipulation (e.g., painting the tape, churning) - Customer Accounts 1. Account opening requirements and documentation 2. Margin accounts and Regulation T 3. Types of accounts (individual, joint, retirement, custodial) 4. Customer protection rules (e.g., SIPC, Rule 15c3-3) - 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)
Topic 4: Knowledge of Capital Markets	16%	- 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. Types of markets (primary, secondary, third, fourth) 2. Market indices and economic indicators (e.g., GDP, GNP, exchange rates) 3. Exchange markets vs. OTC markets - Offerings 1. Roles of participants (e.g., investment bankers, underwriting syndicate, municipal advisors) 2. Shelf registrations and distributions 3. Regulatory filing requirements and exemptions (e.g., SEC, blue-sky laws) 4. Methods of distribution (e.g., best efforts, firm commitment) 5. Types of offerings: public vs. private, IPO, secondary and follow-on offerings 6. Types and purpose of offering documents (e.g., prospectus, official statement)

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q151-Q156):

NEW QUESTION # 151
Which of the following statements concerning nonqualified deferred compensation plans is true?

A. A failure of the business could lead to nonpayment of the deferred compensation.
B. Such plans must be reviewed with the IRS.
C. The deferred compensation must be held in escrow at a bank.
D. They are governed by ERISA rules.

Answer: A

Explanation:
Nonqualified deferred compensation (NQDC) plans allow employees to defer income until a future date.
* D is correctbecause NQDC funds remain part of the company's general assets, which creditors may claim if the company goes bankrupt.
* Ais incorrect as NQDC plans are not subject to ERISA rules.
* Bis incorrect because these plans do not require IRS review.
* Cis incorrect as NQDC assets are not required to be held in escrow.

NEW QUESTION # 152
A confirmation indicates a 100-share purchase of Company ABC at $11. According to SEC rules, which of the following information is required to be stated on the confirmation?

A. That the firm did not act as a market maker in the security
B. The firm's inventory level at the time of trade execution
C. The capacity in which the firm acted when executing the trade
D. The firm's cost basis in the security

Answer: C

Explanation:
Step by Step Explanation:
* SEC Rule 10b-10: Requires trade confirmations to disclose the capacity in which the firm acted (e.g., as agent or principal) and details like trade price, quantity, and commissions.
* Incorrect Options:
* A: Cost basis is not disclosed on trade confirmations.
* B: Inventory levels are not part of the required disclosures.
* C: Market maker status is not explicitly required in the confirmation.
:
SEC Rule 10b-10 (Confirmation Requirements): SEC Rule 10b-10.

NEW QUESTION # 153
Which of the following events requires reporting on a Form U4?

A. A felony conviction for drunk driving
B. A gross-misdemeanor domestic assault conviction
C. A misdemeanor speeding ticket
D. A bench warrant for missing a court date

Answer: A

Explanation:
Form U4 (Uniform Application for Securities Industry Registration or Transfer) requires disclosure of any felony convictions, regardless of whether they are securities-related. A felony conviction for drunk driving falls under this requirement.
* B is correct because a felony conviction must be reported on Form U4.
* A is incorrect as misdemeanor speeding tickets do not require disclosure unless they involve fraud, theft, or dishonesty.
* C is incorrect as bench warrants are not reportable unless they lead to a conviction.
* D is incorrect because gross misdemeanors (except those involving fraud or dishonesty) do not require reporting.
Reference: FINRA By-Laws, Article V, Section 2; Form U4 Instructions

NEW QUESTION # 154
Which of the following debt security classes has the highest claim priority ranking?

A. Senior unsecured debt
B. Subordinated debt
C. Second lien secured debt
D. Secured debt

Answer: D

Explanation:
The correct answer is A, Secured debt. In the event of a company's liquidation or bankruptcy, creditors are paid based on a strict priority of claims hierarchy. Secured debt has the highest priority because it is backed by specific collateral, such as property, equipment, or other assets. If the issuer defaults, secured creditors have a legal claim to seize and sell the collateral to recover their investment, giving them the strongest protection.
Next in priority would typically be senior unsecured debt, which has no collateral backing but still ranks ahead of other unsecured obligations. Below that is subordinated debt, which explicitly ranks lower in priority and is only repaid after senior creditors have been satisfied.
Second lien secured debt is still secured, but it has a secondary claim on the same collateral behind first lien (primary) secured debt. This means it is riskier than first lien secured debt because those creditors are paid first from the collateral proceeds.
Therefore, among the choices, secured debt (specifically first lien secured debt) holds the highest claim priority, making it the safest from a repayment standpoint and the correct answer for this question.

NEW QUESTION # 155
Which of the following statements is true regarding customers who own bond funds?

A. Customers of long-term bond funds are less exposed to interest rate risk than short-term bond fund holders.
B. When interest rates rise, customers may experience an increase in net asset value.
C. Customers who own bond funds will have a net asset value that remains stable in both a rising and falling interest rate environment.
D. When interest rates rise, customers who decide to sell may not receive their full investment.

Answer: D

Explanation:
Bond fund net asset values generally decline when interest rates rise because the prices of existing bonds in the portfolio tend to fall. If a customer sells bond fund shares after rates have risen and the fund's NAV has declined, the customer may receive less than the original investment. Choice B is correct. Choice A reverses the typical price-rate relationship. Choice C is incorrect because long-term bond funds are generally more exposed to interest rate risk than short-term bond funds. Longer maturities and longer durations produce greater price sensitivity to rate changes. Choice D is incorrect because bond fund NAVs fluctuate with the market value of portfolio holdings; they are not guaranteed to remain stable. The SIE outline requires knowledge of debt instruments, bond prices, yields, maturities, interest-rate risk, and the relationship between price and interest rates. It also includes open-end funds and net asset value under packaged products. This question integrates bond pricing mechanics with mutual fund NAV behavior. Reference: Understanding Products and Their Risks; Debt Instruments; Packaged Products; Investment Risks.

NEW QUESTION # 156
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