October 17, 2018


Beginning on October 1, 2018, the Financial Industry Regulatory Authority (“FINRA”) restructured certain representative-level qualification exams by creating the Securities Industry Essentials (SIE or Essentials) exam and revising appropriate representative-level qualification exams. This change is meant to reduce the duplication across various exams regarding general industry knowledge and was created to allow persons not associated with a firm to show that they have general industry knowledge as they seek jobs in the industry.

Persons seeking their Series 65 license to act as investment advisors (IARs) do not need to take the SIE Exam.

Key facts about the SIE exam include:

  • The SIE Exam is open to anyone 18 years old or older and the individual does not have to be associated with a firm;
  • The exam is good for four years and, beginning October 1, 2018, is to be used in conjunction with other representative exams;
  • If you already hold representative-level exams (i.e., Series 6, 7, 22, 57, etc.) you will be granted credit for the SIE Exam;
  • The SIE Exam can be passed once and used in conjunction with taking other affected exams; and
  • The table below outlines the affected exam categories:
Registration Category Requirements as of October 1, 2018
Investment Company Representative SIE & Series 6
General Securities Representative SIE & Series 7
DPP Representative SIE & Series 22
Securities Trader SIE & Series 57
Investment Banking Representative SIE & Series 79
Private Securities Offerings Representative SIE & Series 82
Research Analyst SIE & Series 7 + 86 + 87
Operations Professional SIE & Series 99

To review FINRA's published Q&A on the SIE exam, please see: Click Here


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