A free FINRA SIE cheat sheet: format and passing score, the four sections with official weights, enrollment and retake rules, and key distinctions to revise.
By The Exam Atlas Editorial Team · Verified 2026-08-05
A final-revision summary of the FINRA SIE exam: format, the four sections, enrollment rules and the distinctions the exam tests most. Study aid only - FINRA’s official materials are authoritative.
The four sections
#
Section
Weight
Scored questions
1
Knowledge of Capital Markets
16%
12
2
Understanding Products and Their Risks
44%
33
3
Understanding Trading, Customer Accounts and Prohibited Activities
Four-option multiple choice, no essays or simulations
Time
1 hour 45 minutes (105 minutes)
Passing score
70 on a 0-100 equated scale
Wrong answers
No penalty - answer everything
Delivery
Prometric test center or ProProctor online proctoring
Enrollment, validity and retakes
Item
Detail
Who can take it
Anyone 18 or older; no firm sponsorship required
Enrollment window
120 days from the day after you enroll - book inside it
Result validity
4 years from the pass date
Retake waits
30 days after the 1st and 2nd failed attempts; 180 days after the 3rd and later
Fee
USD 100 per attempt at the 2026-2029 rate; the full fee applies to every retake
What a pass gives you
No registration by itself - it is the co-requisite for representative exams (Series 6, 7, 79)
Key distinctions to memorise
Pair
The line between them
SEC vs FINRA
Federal government agency vs self-regulatory organization for broker-dealers
SIPC vs FDIC
Failed broker-dealer protection (never market losses) vs bank deposit insurance
Primary vs secondary market
Issuer sells new securities and gets the proceeds vs investors trade with each other
Firm commitment vs best efforts
Underwriter buys the issue and bears the risk vs sells as agent, issuer keeps the risk
Common vs preferred stock
Voting rights and last liquidation claim vs fixed dividend, priority, usually no vote
GO vs revenue bond
Backed by taxing power vs backed by a project’s income
Open-end vs closed-end fund
Redeemable shares at next NAV vs exchange-traded at premiums or discounts to NAV
Call vs put
Right to buy at the strike vs right to sell at the strike
Systematic vs unsystematic risk
Market-wide, not diversifiable vs company-specific, diversifiable
Monetary vs fiscal policy
Federal Reserve and the money supply vs Congress, taxes and spending
Market vs limit order
Certain execution, uncertain price vs certain price cap or floor, uncertain execution
Prohibited-conduct quick list
Churning (excessive trading for commissions) · insider trading (material nonpublic information) · front running (trading ahead of a customer order) · marking the close and painting the tape (manipulation) · selling away (private securities transactions without firm approval) · structuring (splitting deposits to dodge reporting) · guaranteeing a customer against loss.
Reminders
Weight your study toward Section 2 (44%) · pace for 80 questions, not 75 · answer every question · book your seat inside the 120-day window · a pass is valid 4 years and is not a license by itself.
FAQ
Can I bring notes or a cheat sheet into the SIE exam?
No. The SIE is a proctored, closed-book exam taken at a Prometric test center or via ProProctor online proctoring. Use this sheet for final revision before exam day only.
Does passing the SIE license me to sell securities?
No. The SIE has no registration category. To do securities business you must become associated with a FINRA member firm and pass a representative-level exam such as the Series 7, for which the SIE is a co-requisite.
