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FINRA SIE Exam Syllabus Topics:

SectionWeightObjectives
Knowledge of Capital Markets16%- Market Structure
  • 1. Exchange markets vs. OTC markets
  • 2. Market indices and economic indicators (e.g., GDP, GNP, exchange rates)
  • 3. Types of markets (primary, secondary, third, fourth)
- Regulatory Entities, Agencies and Market Participants
  • 1. Role of the SEC, SROs (e.g., FINRA, MSRB), and other regulators
  • 2. Role of broker-dealers, investment advisers, and other market participants
- Offerings
  • 1. Types and purpose of offering documents (e.g., prospectus, official statement)
  • 2. Methods of distribution (e.g., best efforts, firm commitment)
  • 3. Types of offerings: public vs. private, IPO, secondary and follow-on offerings
  • 4. Shelf registrations and distributions
  • 5. Roles of participants (e.g., investment bankers, underwriting syndicate, municipal advisors)
  • 6. Regulatory filing requirements and exemptions (e.g., SEC, blue-sky laws)
Overview of the Regulatory Framework9%- Securities Acts and Regulations
  • 1. Investment Company Act of 1940 and Investment Advisers Act of 1940
  • 2. Securities Investor Protection Act of 1970 (SIPA)
  • 3. Securities Act of 1933 and Securities Exchange Act of 1934
- FINRA Rules and Registration Requirements
  • 1. Registration and qualification requirements (FINRA Rule 1210)
  • 2. Continuing education requirements
  • 3. Supervision and compliance obligations
Understanding Products and Their Risks44%- 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
- Options
  • 1. Basic options concepts (calls, puts, premiums, expiration)
  • 2. Options strategies and associated risks
- Investment Risks
  • 1. Market risk, credit risk, liquidity risk, inflation risk
  • 2. Interest rate risk and reinvestment risk
  • 3. Political and currency risk
- Debt Instruments
  • 1. Money market instruments
  • 2. Corporate bonds
  • 3. Treasury securities (bills, notes, bonds, receipts)
  • 4. Agency securities (asset-backed and mortgage-backed securities)
  • 5. Municipal securities (GO bonds, revenue bonds, short-term obligations)
- Alternative Investments
  • 1. Hedge funds, private equity, and other alternative products
  • 2. Risks associated with alternative investments
- Packaged Products
  • 1. Direct participation programs (DPPs)
  • 2. Mutual funds (open-end and closed-end)
  • 3. Variable annuities and variable life insurance
  • 4. Exchange-traded funds (ETFs)
  • 5. Real estate investment trusts (REITs)
Understanding Trading, Customer Accounts and Prohibited Activities31%- Prohibited Activities
  • 1. Market manipulation (e.g., painting the tape, churning)
  • 2. Anti-money laundering (AML) requirements
  • 3. Insider trading and front running
  • 4. Unauthorized transactions and misrepresentation
- Customer Accounts
  • 1. Account opening requirements and documentation
  • 2. Customer protection rules (e.g., SIPC, Rule 15c3-3)
  • 3. Margin accounts and Regulation T
  • 4. Types of accounts (individual, joint, retirement, custodial)
- Trading, Settlement and Corporate Actions
  • 1. Trade execution and settlement (e.g., T+1, T+2)
  • 2. Corporate actions (dividends, stock splits, mergers)
  • 3. Order types (market, limit, stop orders)

>> SIE Exam Introduction <<

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q95-Q100):

NEW QUESTION # 95
A customer purchased 100 shares of Company XYZ common stock five years ago for $20.00 per share. Over the life of her investment, the customer received cash dividends of $2.00 per share, on which she paid total income taxes of $0.50 per share. She recently sold the stock for $30.00 per share. What is the customer's cost basis in each share of XYZ stock?

Answer: B

Explanation:
The cost basis of a stock represents the purchase price and does not include dividends received. Taxes paid on dividends also do not affect the cost basis.
* Original purchase price per share =$20.00.
* Dividends and taxes on dividends do not adjust the stock's cost basis.
* A is correctbecause the cost basis remains $20.00.
* B,C, andDincorrectly assume that dividends or taxes change the cost basis.


NEW QUESTION # 96
Which of the following statements is true of an index exchange-traded fund (ETF)?

Answer: C

Explanation:
Passive ETFs track an index and require minimal management, leading to lower expenses compared to actively managed ETFs.
* D is correct because passive ETFs are cost-efficient and have lower fees.
* A is incorrect because index ETFs have low turnover since they replicate an index.
* B is incorrect because ETFs are priced continuously throughout the trading day.
* C is incorrect as ETFs aim to match, not outperform, the index.
Reference: SIE Study Guide, Chapter 7: Exchange-Traded Funds


NEW QUESTION # 97
The Options Clearing Corporation (OCC) is a registered clearing agency for which of the following products?

Answer: B

Explanation:
The Options Clearing Corporation (OCC) is responsible for issuing and guaranteeing the performance of listed options contracts, including Long-term Equity Anticipation Securities (LEAPS), which are long-term options.
* D is correctbecause LEAPS are a type of listed options contract cleared by the OCC.
* Ais incorrect because listed stocks are not options contracts.
* Bis incorrect because over-the-counter bonds are not cleared by the OCC.
* Cis incorrect because ETFs are not options, though ETF options may be cleared by the OCC.


NEW QUESTION # 98
Which of the following risks are associated with Treasury securities?

Answer: D

Explanation:
Step by Step Explanation:
* Interest Rate Risk: Treasury securities are sensitive to changes in interest rates. When rates rise, Treasury prices fall, exposing investors to price risk.
* Incorrect Options:
* Credit Risk: Virtually nonexistent for Treasuries, as they are backed by the U.S. government.
* Liquidity Risk: Treasuries are highly liquid.
* Prepayment Risk: Applies to mortgage-backed securities, not Treasuries.
References:
* SEC Bond Risk Disclosures: SEC Treasury Risks.


NEW QUESTION # 99
A Treasury bill is issued under which of the following terms?

Answer: D

Explanation:
Treasury bills (T-bills) are short-term debt securities issued at a discount to par value. The difference between the purchase price and the par value represents the investor's interest income, which is realized when the T- bill matures.
* C is correctbecause T-bills are issued at a discount and mature at par.
* Ais incorrect because T-bills are not sold at par value.
* BandDare incorrect because T-bills do not pay periodic interest; the return is based on the discount.


NEW QUESTION # 100
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