| SIE | Series 7 | |
|---|---|---|
| Purpose | General industry knowledge | Job knowledge of a general securities representative |
| Questions | 75 scored + 10 unscored | 125 scored + 5 unscored |
| Time | 1 hour 45 minutes | 3 hours 45 minutes |
| Passing score | 70 | 72 |
| Fee | $100 | $395 |
| Sponsor required | No (age 18+) | Yes |
| Validity | 4 years | While registered (2-year lapse rule) |
How the content differs
The SIE tests what things are: types of securities, how markets work, basic regulation and prohibited practices. The Series 7 tests what a representative does with them: recommending suitable products, opening accounts, calculating yields, breakevens and margin, and processing orders. Expect far more math and far more customer scenarios on the Series 7.
Which to take first
Take the SIE first. Anything you learn for it — bond pricing, options vocabulary, account types — carries straight into Series 7 study. Then follow a Series 7 study plan while the material is fresh.
SIE and Series 7 FAQ
Should I take the SIE or the Series 7 first?
Take the SIE first. It needs no sponsor, it covers the foundation the Series 7 builds on, and passing it shows employers you are serious.
Can I take the Series 7 without the SIE?
You can sit for the Series 7 before the SIE, but you will not be registered as a General Securities Representative until you have passed both.
How long is the SIE valid?
Four years from the date you pass it. You must pass the Series 7 and become registered within that time.
Sources: FINRA qualification exam pages for the SIE and Series 7. Fees and rules change; confirm on finra.org.