What FINRA exams does GoFINRA cover?
GoFINRA provides practice questions for five FINRA examinations: the SIE (Securities Industry Essentials), Series 7 (General Securities Representative Top-Off), Series 63 (Uniform Securities Agent State Law), Series 65 (Uniform Investment Adviser Law), and Series 66 (Uniform Combined State Law).
What is the SIE exam and who can take it?
The Securities Industry Essentials (SIE) exam is a FINRA qualification open to anyone aged 18 or older, including candidates not yet associated with a FINRA member firm. It covers capital markets, investment products and risks, trading and customer accounts, and the regulatory framework. The pass mark is 70%, and the exam contains 75 scored questions plus 10 unscored pretest items.
How many questions are in the Series 7 exam?
The Series 7 Top-Off exam contains 125 scored questions and 10 unscored pretest items, to be completed in 3 hours 45 minutes. The pass mark is 72%. The Series 7 requires FINRA firm sponsorship and co-requisite completion of the SIE.
What is the difference between the Series 63, Series 65 and Series 66?
The Series 63 qualifies you to act as a securities agent under state law. The Series 65 qualifies you as an investment adviser representative. The Series 66 is a combined exam that satisfies both the Series 63 and Series 65 requirements, and is typically taken alongside the Series 7.
Is the first module really free?
Yes. SIE Module 1 (Knowledge of Capital Markets) is fully free with no credit card required. You can start practising immediately after signing up.
Do I need firm sponsorship to sit the SIE exam?
No. The SIE is an open exam and does not require sponsorship by a FINRA member firm. The Series 7 Top-Off exam, however, does require firm sponsorship.
How should I prepare for the FINRA SIE exam?
Focus on the four SIE modules in order: Knowledge of Capital Markets, Understanding Products and Their Risks, Understanding Trading and Customer Accounts, and Overview of the Regulatory Framework. Practise MCQs at exam difficulty across all four modules, and use detailed explanations to understand the reasoning behind each answer.