SIE · Syllabus & Exam Outline 2026
FINRA SIE
Study securities industry fundamentals in focused 15-minute topics mapped to FINRA's official SIE content outline.
- Questions
- 85 items (75 scored and 10 unscored pretest items)
- Time limit
- 1 hour and 45 minutes
- Passing score
- 70
- Cost
- $100
- Format
- Multiple-choice
- Delivery
- In-person at a Prometric test center or remotely proctored online
- Calculator
- Personal calculators are not permitted. An onscreen calculator is provided for online exams, and standard calculators are provided at test centers.
- Prep time
- ~85 hours
Exam overview
The FINRA Securities Industry Essentials (SIE) examination is the foundational assessment for prospective securities professionals. It evaluates an individual's fundamental understanding of the financial industry, including standard terminology, regulatory entities, and the broader structure of the capital markets. Passing the SIE is typically the first step toward specialized securities licenses, as it lays the groundwork for more advanced, role-specific exams. The syllabus spans four primary domains, heavily emphasizing the characteristics and risks of various investment products alongside the strict rules governing customer interactions and trading execution. Preparation requires a firm grasp of both non-rule-based general market concepts and highly specific regulatory provisions. Only Ever maps every domain to 15-minute study topics, making it easy to master complex regulatory structures, investment products, and trading rules step-by-step. By breaking the expansive material into digestible segments, candidates can consistently track their readiness and tackle the official framework with confidence.
Exam domains & weighting
Each domain's share of the exam — study deepest where the weight is highest. Open one for how to study it and its objectives.
How to study this domain
Focus on the big picture of how money flows between investors, broker-dealers, and issuers. Pay close attention to the distinctions between different regulatory bodies like the SEC, FINRA, and the Federal Reserve, ensuring you know their specific jurisdictions and mandates.
Key objectives
- The SEC and SROs
- Other Regulators and Agencies
- Market Participants and Their Roles
- Market Structure
- Economic Factors and the Federal Reserve
- Business and International Economic Factors
- Securities Offerings
- Offering Documents and Regulatory Filings
Readiness self-check
Tick off everything you can confidently explain. Anything left unchecked is your study list — tap “Review” to jump straight into that domain.
Quick reference
Essential Industry Acronyms
The SIE exam heavily utilizes standard financial and regulatory acronyms. Knowing these instantly is crucial.
- SEC
- Securities and Exchange CommissionPrimary federal regulatory agency for the securities industry.
- SRO
- Self-Regulatory OrganizationOrganizations like FINRA or the MSRB that enforce industry rules.
- SIPC
- Securities Investor Protection CorporationProtects customer funds in the event of a broker-dealer bankruptcy.
- ADR
- American Depositary ReceiptAllows US investors to buy shares of foreign companies on US exchanges.
- NAV
- Net Asset ValueThe per-share value of a mutual fund, calculated daily.
- DPP
- Direct Participation ProgramInvestment vehicles that provide flow-through tax consequences.
- REIT
- Real Estate Investment TrustA company that owns or finances income-producing real estate.
- AML
- Anti-Money LaunderingRegulations and procedures aimed at preventing financial crimes.
- OFAC
- Office of Foreign Asset ControlMaintains the list of specially designated nationals blocked from US trade.
Key Market Terminology
High-level terms utilized throughout the regulatory and trading segments.
Primary Market
The financial market where new securities are issued and sold to the investing public for the first time.
Secondary Market
The market where previously issued financial instruments are bought and sold among investors.
Monetary Policy
Actions undertaken by the Federal Reserve to influence the availability and cost of money and credit.
Fiscal Policy
The use of government revenue collection and expenditure to influence the economy.
Bullish
An investment outlook expecting that market prices or a specific security's value will increase.
Bearish
An investment outlook expecting that market prices or a specific security's value will decline.
Frequently asked questions
Good to know
- The exam includes a tutorial on how to use the testing software prior to the start of the actual test.
- Candidate scores are placed on a common scale using a statistical equating process to account for minor variations in difficulty across different exam forms.
- Severe penalties are enforced for any candidate found bringing outside reference materials into the testing session.
- Because there is no guessing penalty, candidates are instructed to attempt to answer all 85 items.
Reading isn’t remembering.
SIE prep can feel broad and scattered because the exam spans markets, products, accounts, regulations, and prohibited practices before candidates have real industry context.
Only Ever turns FINRA's official content outline into a structured sequence of 15-minute study sessions so candidates can build foundational securities knowledge with clear, exam-aligned coverage.