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Why the SIE?
The SIE Securities Industry Essential exam was introduced to eliminate duplication of the general questions and information found in the various securities exams. In order to eliminate the duplication among the exams, FINRA created the SIE Exam and changed and shortened the content of the Series 6 and Series 7. The SIE is now the examination that tests on general knowledge, where the Series 6 and 7 tests on more of the specific exam content. If you are new to the securities industry, you must pass the 75-question SIE Exam and then pass an additional exam, such as the Series 6 or Series 7. If you’re considering the possibility of a career in the financial industry, the SIE Exam is the starting point. To sit for the exam, you must be at least 18 years old, but you don’t need to be sponsored by a broker dealer to take it. It’s a great way to determine if the business is for you.
How has the exam changed? How does this affect me?
As a result of the introduction of the SIE Exam a few years ago, both the Series 6 and Series 7 Exams have been shortened. They used to be super long exams compared to today. Before October 2018, the Series 6 was 100 questions and the Series 7 was 250 questions. Today, the Series 6 is 50 questions and Series 7 is 125 questions. The issue that we see here is that due to the shortening of the exams into fewer questions you have to be more precise in getting questions correct. There is actually less room for error. That’s where Ibis Prep can help. We not only teach you the information needed to pass the exam, but also the tools and techniques that you can use to improve your odds of passing statistically. Some of the information you will see centers around how well you can fulfill the responsibilities of a representative of variable contracts products and investment companies. The exams will include questions regarding mutual funds and variable annuities, Basic Options, Customer Suitability, Bonds, and equities to name a few. Now that you have a little breakdown of what you will see on the exams, it’s time to prepare. Let Ibis Prep show you what you can do to pass the exams and move on in your career in the securities industry.
How to pass these exams?
You have to study! Yes, we know it's not easy, but we can help you establish a study schedule, provide study materials, and look at areas where you are showing opportunities to learn more, and also do lots and lots of practice tests. Be careful though, you don’t want to under, or even over-study. Doing practice tests are Critical to passing the exam. The more questions you do the better. At Ibis prep we recommend scoring 80 percent or better consistently to let you know you are ready to take your exam. We also have materials that will set you in the right direction as well, such as presentations, Study guides, cheat sheets, examples, and multiple-choice exams. It can be an uphill climb in the beginning, but trust us it gets easier the more you do it. Everyone learns differently and at different rates. There is no one size fits all for these exams. Due to learning differences, we work with our students individually to determine what works best for them. The length of time varies as well. You know when you’re ready when you feel the confidence going into the exam that you are prepared. The length of time it takes to study and build confidence in the material varies as well. Based on a person’s experience, it may take a week, a month, or even several months. It doesn’t matter how long it takes, as long as at the end you feel confident that you know the material to pass. Confidence is a big part of being successful in taking these exams as well. Remember if it were easy everyone would do it. These exams are difficult even for those who are experienced in the industry don’t be afraid if it takes longer for you to understand the material than it does for others. As long as you ultimately know the information and pass the test, you’ve earned the same opportunities in the securities industry as any other person who passes the exam. To learn more about the FINRA Exams and to get insight into how to study for and pass them, Contact Jason Or Andrew who are our in house experts. We are excited to give you the advice and direction you need to achieve the confidence to pass and the success you deserve.