Free SIE Practice Exam
Answer Securities Industry Essentials questions written to FINRA’s current content outline, see every calculation worked step by step, then sit a timed 75-question practice exam.
75 questions in 1 hour 45 minutes at FINRA’s section counts, with a score report by section and a worked explanation for every answer.
Or start with a free section drill- 338 original questions with worked answers
- 10 free drills by section and topic
- 2026 rules: T+1 settlement, Reg BI, the $300 gift limit
A member firm is part of the syndicate distributing a new issue. A customer for whom the firm acts as broker asks to buy that security. Under FINRA Rule 2269, the firm must:
Watch worked examples, step by step
The SIE format and section weights, then 20 questions from all four sections with every bond and options calculation worked step by step.
The SIE exam at a glance
The SIE is FINRA’s entry-level exam for the securities industry. It is the common first step before a representative exam such as the Series 6 or Series 7, and you can take it before you are hired by a firm.
- Run by
- FINRA (Financial Industry Regulatory Authority), delivered at Prometric test centers or online
- Questions
- 75 scored multiple-choice questions plus 5 unscored pretest questions (80 in all), four choices each
- Time
- 1 hour and 45 minutes
- Passing score
- 70
- Fee
- $100
- Who can take it
- Anyone 18 or older. No firm sponsorship is needed.
- Result valid for
- Four years
What the exam covers, and a free drill for each section
FINRA splits the 75 scored questions across four sections. Products alone is 44% of the exam, so it gets the most practice. Each drill is ten questions with a worked explanation after every answer; create a free account to save your results.
| Section | Questions | What it tests | Practice |
|---|---|---|---|
| 1. Knowledge of Capital Markets | 12 (16%) | Regulators and SROs, market participants, primary and secondary markets, the Fed and economic indicators, and how offerings are registered and sold. | Free drill |
| 2. Understanding Products and Their Risks | 33 (44%) | Stocks, bonds and munis, options, mutual funds and variable annuities, 529 plans, DPPs, REITs, hedge funds, ETFs and ETNs, and the risks each one carries. | Free drill |
| 3. Understanding Trading, Customer Accounts and Prohibited Activities | 23 (31%) | Order types, returns and yields, settlement and corporate actions, account types and registrations, AML, records and privacy, Reg BI and communications, and prohibited practices. | Free drill |
| 4. Overview of the Regulatory Framework | 7 (9%) | Registration and continuing education, statutory disqualification, Forms U4 and U5, complaints, outside business activities, gifts and political contributions. | Free drill |
Drill the biggest topics
Put all four sections together under the clock
75 questions in 1 hour 45 minutes at FINRA’s section counts, with a score report by section and a worked explanation for every answer.
The calculations to know
The SIE is mostly concepts and rules, but a handful of questions ask you to compute. These are the ones that come up most, and every calculation question in our bank shows each step.
Current yield
Annual interest ÷ market price. A 5% bond ($50 a year) bought at $800 has a current yield of 6.25%.
Yield to maturity
Approximate it with (annual interest + yearly discount gained, or − premium lost) ÷ the average of price and par.
Premium and discount order
Discount bond: coupon < current yield < YTM < YTC. Premium bond: the order reverses.
Options
Long call breakeven = strike + premium; long put breakeven = strike − premium. A buyer can lose only the premium.
Fund sales charges
Sales charge % = (POP − NAV) ÷ POP. The maximum FINRA allows on a mutual fund is 8.5% of the offering price.
Tax-equivalent yield
Muni yield ÷ (1 − tax bracket). A 3% muni equals 4% taxable for someone in the 25% bracket.
How to use the practice exam
Our full exam matches the real one: 75 questions in 1 hour 45 minutes, drawn at FINRA’s exact section counts (12, 33, 23 and 7). You can move back and forth and change answers until you submit, as you can at the test center. The real exam also slips in 5 unscored pretest questions, so on test day you have a little less time per question.
Your score report shows how you did in each section and topic and points you to the drill for your weakest area. Aim for 70% or better, which is 53 of 75, before you book. Every new sitting draws questions you have not seen first.
Common questions
How many questions are on the SIE exam?
80 in all: 75 scored questions and 5 unscored pretest questions mixed in at random, so you cannot tell which ones count. Each question has four answer choices, and there is no penalty for guessing.
What score do you need to pass the SIE?
A scaled score of 70. FINRA equates scores so every version of the exam is held to the same standard. On our practice exam, 70% correct (53 of 75) is the target.
What is on the SIE exam?
Four sections: Knowledge of Capital Markets (16%, 12 questions), Understanding Products and Their Risks (44%, 33 questions), Understanding Trading, Customer Accounts and Prohibited Activities (31%, 23 questions) and Overview of the Regulatory Framework (9%, 7 questions).
How long is the SIE exam and how much does it cost?
You get 1 hour and 45 minutes. The fee is $100. You can enroll yourself through FINRA without being sponsored by a firm, as long as you are at least 18.
How soon can I retake the SIE if I fail?
Today you wait 30 days after a first or second failed attempt and 180 days after a third. From January 19, 2027, FINRA cuts those waits to 15 days and 60 days.
How long is a passing SIE score good for?
Four years. To register as a representative you also need a top-off exam such as the Series 6 or Series 7 and an association with a FINRA member firm within that window.
Is the gift limit $100 or $300?
$300. FINRA raised the Rule 3220 limit on gifts to a person at another firm from $100 to $300 per person per year, effective March 30, 2026. Our questions use the current figure.
Are these real SIE questions?
No. Every question is original, written to FINRA’s SIE Content Outline, and every explanation cites the rule, statute or official page it comes from. Calculation questions show every step.
Ready for exam day?
75 questions in 1 hour 45 minutes at FINRA’s section counts, with a score report by section and a worked explanation for every answer.
Or start with a free section drillSources
Original practice questions for exam preparation, written to FINRA’s published SIE Content Outline. Not affiliated with or endorsed by FINRA. SIE and Securities Industry Essentials are registered trademarks of FINRA.