SIE vs Series 7
The SIE is open to anyone 18 or older with no firm sponsorship. The Series 7 requires passing the SIE as a co-requisite and sponsorship by a FINRA member firm.
- Level
SIE
Entry-level / introductory
Series 7
Registered representative (entry-level)
- Format
SIE
80 total multiple-choice items (75 scored + 5 unidentified, unscored pretest items randomly distributed throughout), 4 answer choices each, 1 hour 45 minutes (105 minutes), computer-administered, no penalty for guessing
Series 7
125 scored multiple-choice questions (4 answer choices each), delivered by computer with 10 additional unscored pretest items randomly distributed (135 items total); 3 hours 45 minutes
- Passing score
SIE
70 (scaled score on a 0-100 scale, equated across exam forms)
Series 7
72%
- Number of questions
SIE
80 items presented (75 scored, 5 unscored pretest); only the 75 scored items count toward the candidate's result
Series 7
125 scored questions (135 delivered, including 10 unscored pretest items)
- Prerequisites
SIE
None. Open to anyone age 18 or older; no association or sponsorship with a FINRA member firm is required to sit for the exam
Series 7
Must pass the Securities Industry Essentials (SIE) exam as a co-requisite, and be sponsored by a FINRA member firm (or other applicable SRO member firm) to sit for the Series 7 ("Top-Off") exam
- Who it's for
SIE
Anyone 18 or older, including students and career-changers, who wants to demonstrate baseline securities-industry knowledge to prospective employers. It is also a co-requisite for industry professionals: passing the SIE alone does not qualify someone for registration, but it must be paired with a specialized representative-level exam (e.g., Series 6, 7, 63) once sponsored by a member firm to become fully registered.
Series 7
Entry-level candidates seeking registration as general securities representatives who will sell corporate securities, municipal securities, investment company products, variable annuities, options, direct participation programs, and government securities to customers.
What each exam covers
SIE
- Knowledge of Capital Markets16%
- Understanding Products and Their Risks44%
- Understanding Trading, Customer Accounts and Prohibited Activities31%
- Overview of the Regulatory Framework9%
Series 7
- Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers7%
- Function 2: Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives9%
- Function 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records73%
- Function 4: Obtains and Verifies Customers' Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions11%
SIE exam detailsSeries 7 exam details
Considering a career as an advisor?
Advisor Training is brought to you by Parsonex, a wealth-management firm. See what building your practice with us looks like.
Explore careers at Parsonex