What is the difference between SIE and Series 6?
With the SIE exam being structured to assess general securities industry knowledge, the restructured Series 6 representative-level exam will have fewer questions and a more in-depth focus on the four main job functions as an investment company and variable contract products representative.
Overall, the Series 6 difficulty level is somewhat comparable to the SIE exam difficulty. Both tests are certainly digestible, but require enough memory work to weed out anyone not willing to put in sufficient effort. It takes most of our students about 1 to 1.5 months to study for the exam.
The Series 6 top off exam will require you to have retained the foundational knowledge tested on the SIE exam. The Series 6 exam will test some of the same material and will test you on more advanced concepts based on the information contained in the SIE exam.
Two of the most popular licenses are the Series 6 and Series 7 exams. The Series 6 license allows a registered representative to sell only a specific type of investment products, whereas the Series 7 license allows the rep to sell a wider variety of securities.
The SIE exam is a corequisite to the Series 7 exam. Candidates must pass both the Series 7 exam and the SIE exam to obtain the General Securities registration. For more information on the registration process, see Register a New Candidate.
If you're interested in a career on Wall Street, the Securities Industry Essentials (SIE) exam is a must-pass. This "big daddy" of securities exams is tough and not to be taken lightly. Passing the SIE will open up a host of opportunities for jobs in the industry.
Studying for the SIE Exam
Achievable Blog recommends studying for 20 to 50 hours and for approximately two months. However, if you have experience in the field, you can expect your study time to be less than that. Review the FINRA content outline to get a full understanding of the test's structure and content.
SIE is a co-requisite for the Series 6 and Series 7 exams and can be taken any time before or after the Top-Off exams (within 4 years). We recommend, however, that you pass your SIE exam first and then prepare for Series 6 or 7 Top-Off.
The SIE exam and Series 6 top-off exams are “co-requisites,” which means you can take and pass them in any order. Of course, you have to pass both to earn your Series 6 license.
Requirements for Series 6
Candidates must be sponsored by a member of FINRA or a self-regulatory organization (SRO) to take the exam. There is no prerequisite for the exam, but the Securities Industry Essentials (SIE) exam is a corequisite for Series 6.
What does a Series 6 allow you to do?
With a Series 6 license, you are able to sell mutual funds, variable annuities, variable life insurance, unit investment trusts (UITs), and municipal fund securities. The Series 6 is often seen as the ideal companion license for those in the insurance industry.
The SIE Exam's current pass rate is 74% for first-timers and 82% overall. These numbers are largely unchanged from the pass rates that FINRA previously released in January 2019.
What happens after I pass the SIE exam? To become registered with FINRA and seek a representative level role with an employer, you must also pass a revised, specialized knowledge qualification exam (or "top-off") applicable to your job function with the firm.
The SIE exam is hard for some people for the same reason that any new subject is difficult. To this point, in my experience with students, the SIE Exam difficulty is not so much due to the challenging nature of the questions. It's more due to the novelty of the content.
However, the Series 7 Top-Off difficulty is much more evident than for the SIE Exam. In this guide, I break down what makes it challenging for some, and less-so for others. If you need any extra help, check out our video courses or our Series 7 tutoring options.
The SIE will be valid for four years from the date that you pass the exam. This means that if you become employed by a broker-dealer during the four-year period and need to become registered as a general securities representative, you will not need to take the SIE again.
When employers see on your resume that you've already passed the SIE Exam, they will appreciate that you're serious about a financial services career. They also view it as a significant benefit because they don't need to spend the time and money to train you for the exam.
Individuals who are able to add the SIE to their resume and, more importantly, demonstrate general industry knowledge, will stand out to potential employers during job interviews and within post-hire training programs.
The SIE will give you points for initiative and will prove to an employer that you're serious about making a career change. It also shows your potential for success in passing exams, which is required for many financial careers.
- Study. According to Professional Exam Tutoring, the amount of study time a person needs is dependent on his prior knowledge. ...
- Study the right material. ...
- Use practice tests. ...
- Get help if necessary. ...
- Understand what you're studying.
Does Sie tell you your score?
Once you complete the exam, your unofficial results will be displayed on the computer screen explaining whether you passed or failed. It also will provide a score profile indicating your performance on the major areas of the exam. You will also get a printout of your results from the exam center.
A: The Series 6 exam is fairly difficult. FINRA reports that the pass rate for the exam is only 58%. Make sure to study well ahead of time if you want to pass on your first try.
How much time does it take to study for the Series 6 top-off? Most candidates spend 40 to 60 hours studying for the FINRA Series 6 exam.
Frequently Asked Questions
SIE is a co-requisite for the Series 6 and Series 7 exams and can be taken any time before or after the Top-Off exams (within 4 years). We recommend, however, that you pass your SIE exam first and then prepare for Series 6 or 7 Top-Off.
The passing score of 70% also remains unchanged. There is no prerequisite for the exam, but the Securities Industry Essentials (SIE) exam is a corequisite for Series 6. Before October 2018, the exam was 100 questions and didn't have the SIE corequisite.
You need to get a score of 70%, or higher, to pass. During your SIE exam prep, be honest with yourself about how much knowledge you have going in. If you have a hard time defining a “stock” or “bond” for example, then you should expect to take about two months to study on average.
What Is the Series 6 Exam Pass Rate? The Financial Industry Regulatory Authority (FINRA) recently reported a 59% pass rate for first-time exam takers.
The Series 6 costs $40. Once you pass the Series 6, you need to register your new license with FINRA. You must also participate in FINRA's continuing education requirements and sponsored by a FINRA registered company in order to maintain the Series 6 license.
The SIE Exam's current pass rate is 74% for first-timers and 82% overall. These numbers are largely unchanged from the pass rates that FINRA previously released in January 2019.
