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FINRA SIE Exam Overview:

Certification Vendor:FINRA
Exam Name:Securities Industry Essentials Exam
Exam Number:SIE
Available Languages:English
Exam Format:Multiple Choice
Exam Price:USD $100
Exam Duration:105 minutes
Certificate Validity Period:4 years
Related Certifications:Series 99
Series 7
Series 57
Series 79
Series 6
Passing Score:70
Real Exam Qty:75
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:

TopicDetails
Topic 1
  • 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 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
  • 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 (Q183-Q188):

NEW QUESTION # 183
A grandfather establishes a Uniform Transfers to Minors Act (UTMA) custodial account for his grandson and appoints an attorney as custodian. Which of the following individuals owns the account?

Answer: B

Explanation:
In a UTMA account, the minor is the legal owner of the account. The custodian (in this case, the attorney) manages the account until the minor reaches the age of majority specified by state law.
* C is correct because the grandson (the minor) is the account's legal owner.
* A is incorrect because the attorney is the custodian, not the owner.
* B is incorrect because the grandfather established the account but does not own it.
* D is incorrect because the parent does not have ownership unless explicitly named as the custodian.
Reference: SIE Study Guide, Chapter 9: Custodial Accounts


NEW QUESTION # 184
An individual investor has $300,000 in cash and $400,000 in securities held with a financially troubled SIPC member firm for which liquidation has begun. The individual investor's cash is protected for what amount?

Answer: D

Explanation:
Step by Step Explanation:
* SIPC Coverage Limits: Protects up to $500,000 per customer, including a maximum of $250,000 for cash.
* In this case, $300,000 in cash exceeds the SIPC limit, so only $250,000 is protected.
* Incorrect Options:
* A: $150,000 understates the SIPC limit for cash.
* C: The full $300,000 in cash is not protected.
* D: Total coverage exceeds SIPC limits.
SIPC Coverage Details: SIPC Protection.


NEW QUESTION # 185
Which of the following statements is true regarding the ownership of investment company shares held as tenants in common?

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 # 186
What is the sales load of an open-end investment company with a net asset value (NAV) of $14.35 and a public offering price (POP) of $15.50?

Answer: C

Explanation:
The sales load is calculated as a percentage of the POP, using the formula:Sales load = (POP # NAV) ÷ POP
× 100
* POP = $15.50, NAV = $14.35.
* Sales load = ($15.50 # $14.35) ÷ $15.50 × 100 =8.50%.
* C is correctbecause the calculation results in an 8.50% load.
* A,B, andDare incorrect due to incorrect calculations.


NEW QUESTION # 187
Which of the following information must be disclosed on a confirmation?

Answer: D

Explanation:
A customer confirmation must disclose whether the broker-dealer acted as principal or agent in the transaction. Trade capacity is a key disclosure because it tells the customer whether the firm executed the trade from or for its own account, or whether it acted as an intermediary for the customer. Choice C is correct.
If the firm acts as agent, it generally charges a commission. If it acts as principal, it buys from or sells to the customer and may earn a markup or markdown. Choice A is incorrect because the daily trading price range is not a standard required confirmation disclosure. Choice B is incorrect because total trading volume for the security is not required on the customer confirmation. Choice D is incorrect because representative-specific compensation is not the general required confirmation disclosure stated in this question. The SIE outline includes customer confirmations, trade capacity, principal versus agency trading, commissions, markups, and books and records requirements. It also lists SEC Rule 10b-10 and FINRA Rule 2232 on customer confirmations. Reference: Section 3.1.1 Orders and Strategies; Section 3.2.4 Books and Records; SEC Rule
10b-10; FINRA Rule 2232.


NEW QUESTION # 188
......

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