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⚖️ SIE guideUpdated November 20266 min read4 practice questions

SIE vs Series 7, and what comes after the SIE

The SIE and the Series 7 are two halves of one registration. The SIE tests the basics every securities professional needs and anyone 18 or older can take it; the Series 7 tests the job of a general securities representative and needs a firm behind you. Here is how they compare, from FINRA's exam pages, and how the state law exams fit in.

Side by side

SIESeries 7
Who can take itAnyone 18+, no firm neededMust be associated with and sponsored by a member firm
Items75 scored + 5 pretest125 items
Time1 h 45 min3 h 45 min
Passing score7072
Fee$100$395
What it gives youNothing on its own: a valid SIE for four yearsWith a valid SIE, the General Securities Representative registration

The SIE and the Series 7 are corequisites: you need both, in either order, to register as a general securities representative. A passed SIE stays valid for four years, so you can take it in college and add the Series 7 once a firm hires you.

What the Series 7 qualifies you to do

FINRA describes the Series 7 registration as covering the solicitation, purchase and sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts. For municipal securities, registrations obtained on or after November 7, 2011 cover sales to and purchases from customers; broader municipal work needs the Series 52.

The Series 7 goes much deeper than the SIE into recommendations, customer accounts and products such as options. The SIE content is the foundation it builds on.

The other exams that pair with the SIE

The Series 7 is the most common, but FINRA lists several representative-level qualification exams that, with the SIE, lead to a registration: the Series 6, 7, 22, 57, 79, 82, 86 and 87, and 99. Each one is for a different job, and each needs a sponsoring firm:

  • Series 6: investment company and variable contracts products.
  • Series 22: direct participation programs.
  • Series 57: securities trader.
  • Series 79: investment banking.
  • Series 82: private securities offerings.
  • Series 86 and 87: research analyst.
  • Series 99: operations professional.

Your firm decides which one your role needs.

Where the Series 63, 65 and 66 fit

These are state law exams written by NASAA (the North American Securities Administrators Association) and delivered by FINRA. You do not need a firm to sponsor you for them.

ExamWhat it is for
Series 63State securities law for agents; most states require it of broker-dealer representatives in addition to FINRA's exams
Series 65Usually the exam for becoming an investment adviser representative
Series 66A combined state law exam: with a valid SIE and Series 7, it counts as both the 63 and the 65

A typical path for someone joining a brokerage firm is the SIE, then the Series 7 and Series 63 once hired. Someone heading for an advisory role may add the Series 65 or 66. Your employer and your state decide the exact list.

Should you take the SIE before you are hired?

Often, yes. Because the SIE needs no sponsor and lasts four years, passing it early shows an employer you have the basics and leaves only the qualification exam after you start. Two cautions: the four years run out if you are not registered within them, and passing the SIE alone does not let you do securities business or appear on BrokerCheck. SIE for college students covers the timing.

✅ Test yourself: 4 questions

Three quick checks on how the exams fit together. Exam practice only, not investment advice.

Question 1 of 4

Which activity requires prior written notice to the firm under Rule 3270 as it applies today?

  1. Buying Treasury bills at auction
  2. Holding a savings account at a bank
  3. A paid seat on a local bank's board
  4. Owning shares of an index fund
Show the answer and rationale

Answer: C

Serving as a paid director of another company is an outside business activity. Buying Treasury bills, holding savings and owning fund shares are personal or passive investments.

📚 Learn it: Side Hustles: Tell Your Firm First

Question 2 of 4

Without telling his firm, a rep sells interests in a friend's oil-and-gas program to customers and earns 7%. This is:

  1. Allowed, since the program is not listed
  2. Selling away, a violation of Rule 3280
  3. A Rule 3210 personal account matter
  4. Allowed if each investment is under $50,000
Show the answer and rationale

Answer: B

Taking part in a securities transaction outside the firm without written notice (and, when paid, approval) is selling away under Rule 3280. Listing status and investment size do not matter, and Rule 3210 covers personal accounts.

📚 Learn it: Selling Away: The Deal Your Firm Never Saw

Question 3 of 4

Which item is excluded from the FINRA gift limit and its recordkeeping?

  1. A logo pen of nominal value
  2. A $280 wristwatch from a jewelry store
  3. Two $120 concert tickets
  4. A $150 gift card
Show the answer and rationale

Answer: A

De minimis and promotional items of nominal value, such as a firm-logo pen, are excluded. Gift cards, watches and tickets count toward the $300 annual limit.

📚 Learn it: Gifts, Dinners and Campaign Checks

Question 4 of 4

The quarterly statistical reports required by Rule 4530(d) summarize:

  1. The firm's trading volume
  2. The firm's net capital
  3. Written customer complaints
  4. Gifts given by the firm's reps
Show the answer and rationale

Answer: C

Rule 4530(d) requires statistical and summary information on written customer complaints, due by the 15th of the month after each quarter. Net capital, volume and gifts are tracked under other rules.

📚 Learn it: Your Own Accounts and Events You Must Report

Build your SIE foundation with a free practice set →

The SIE content is what the Series 7 builds on. Rationales for every answer, no sign-up.

❓ Frequently asked

Is the SIE harder than the Series 7?

The Series 7 is longer (125 items in 3 hours 45 minutes against the SIE's 80 in 1 hour 45 minutes), has a higher passing score (72) and goes deeper. The SIE is broader and more introductory.

Can I take the Series 7 without the SIE?

You can take them in either order, but you need both to get the general securities registration.

Do I need a job to take the Series 7?

Yes. The Series 7 requires association with and sponsorship by a FINRA member firm. The SIE does not.

What is the difference between the Series 63, 65 and 66?

All three are NASAA state law exams that FINRA delivers. The 63 is for agents, the 65 usually for investment adviser representatives, and the 66, with a valid SIE and Series 7, counts as both.

Does the SIE expire?

Yes. It is valid for four years from the day you pass, or from the end of a later registration.

📝 Practice this topic

📚 Learn it in the lessons

Sources

  1. FINRA, Series 7 (General Securities Representative) Exam: 125 items, 3 h 45 min, passing score 72, $395, sponsorship
  2. FINRA, Securities Industry Essentials (SIE) Exam: questions, time, passing score, fee, eligibility, enrollment, test center or online, follow-on qualification exams
  3. FINRA, Qualification Exams (the representative and principal exams)
  4. FINRA, SIE and Exam Restructuring FAQ: scaled score, age, citizenship, validity, SIE + Series 7 in either order
  5. NASAA, Exams FAQ (Series 63, 65 and 66: purpose, enrollment without a sponsor, Series 66 corequisites)

Checked November 2026. Rules in transition name their date; FINRA updates its exam pages and content outline from time to time, so check finra.org before you test. SIE is administered by FINRA; SIE Ready is not affiliated with or endorsed by FINRA. Exam preparation only, not investment advice.

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