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FINRA SIE Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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.
Topic 2
  • 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 3
  • 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 4
  • 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 5
  • 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.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q244-Q249):

NEW QUESTION # 244
For a customer thinking about purchasing a high-income bond mutual fund, which of the following is considered the primary risk of the underlying securities in the portfolio?

Answer: A

Explanation:
High-income bond mutual funds typically invest in lower-rated (junk) bonds that offer higher yields. These bonds are exposed to significant credit risk, as issuers may default on their payments.
* A is correctbecause credit risk is the primary concern with high-yield bonds.
* Bis incorrect as political risk is more relevant for international investments.
* Cis incorrect because taxability risk is not specific to bond mutual funds.
* Dis incorrect because purchasing power risk is more relevant for fixed-income investments during inflationary periods but is not the primary risk here.


NEW QUESTION # 245
A registered representative (RR) owns 500 shares of a thinly traded security. A customer of the firm calls the RR to place a sell order for 10,000 shares of the same security. The RR sells his shares before entering the customer's order to sell. Which of the following activities has the RR just engaged in?

Answer: D

Explanation:
Step by Step Explanation:
* Front Running Definition: Occurs when a broker executes a personal trade ahead of a customer's order to profit from the anticipated market movement.
* Thinly Traded Security: Front running is particularly impactful in low-liquidity securities.
* Other Options:
* Selling Away: Involves unapproved securities transactions outside the employing firm.
* Insider Trading: Involves trading on material non-public information.
* Market Manipulation: Encompasses activities like wash trading or spoofing, not specific to this scenario.
References:
* FINRA Rule 5270 (Front Running of Block Transactions): FINRA Rule 5270.


NEW QUESTION # 246
Which of the following is considered nonpublic information?

Answer: A

Explanation:
Step by Step Explanation:
* Nonpublic Information: A customer's net worth is nonpublic personal information that requires confidentiality under Regulation S-P.
* Incorrect Options:
* A, B, and D: Names, addresses, and phone numbers may be public unless linked to specific financial or personal details.
:
SEC Regulation S-P (Privacy of Consumer Financial Information): SEC Regulation S-P.


NEW QUESTION # 247
Which of the following responses best characterizes a money market mutual fund?

Answer: C

Explanation:
Money market mutual funds invest in highly liquid, short-term debt instruments, such as Treasury bills, commercial paper, and certificates of deposit. While the funds aim to maintain a stable $1 NAV, this is not guaranteed.
* C is correct because the fund's investments are short term.
* A is incorrect because the rate of return is not fixed; it varies with market interest rates.
* B is incorrect because while the fund tries to maintain a $1 NAV, it is not guaranteed.
* D is incorrect because yields do not always exceed those of savings accounts.
Reference: SIE Study Guide, Chapter 5: Money Market Funds


NEW QUESTION # 248
How long are unused funds permitted to remain in a Coverdell education savings account?

Answer: C

Explanation:
Coverdell Education Savings Accounts (ESAs) require that all funds be distributed by the time the beneficiary reaches 30 years old. If the funds are not used for qualified educational expenses, they may be subject to taxes and penalties.
* B is correct because funds must be distributed by age 30 unless transferred to another eligible family member.
* A is incorrect as age 21 is not relevant for Coverdell ESAs.
* C is incorrect because age 59 ½ applies to retirement accounts like IRAs.
* D is incorrect because there is a distribution deadline for Coverdell accounts.
Reference: IRS Publication 970: Tax Benefits for Education


NEW QUESTION # 249
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