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Securities Industry Essentials (FINRA SIE)
The SIE covers the fundamentals that you'll need for any role in finance, regardless of the specific field you might want to specialize in.
1 hour 45 minutes
Solve each of the SIE practice questions below to get a feel for what to expect on the actual SIE exam. Achievable's free SIE exam questions are scored instantly, providing the correct answer along with an easy to understand explanation.
A customer buys 700 shares of ABC stock at $81 on Thursday, February 11. The following year, the customer sells 700 shares of ABC stock at $97 on Wednesday, February 14. What is the tax consequence?
Long-term capital gain
Short-term capital gain
All of the following statements related to Treasury securities are true, EXCEPT:
Treasury bills trade flat
TIPS par values are adjusted according to inflationary changes
Treasury notes pay interest semi-annually
STRIPS are subject to taxation on interest only at maturity
The lowest investment grade bond rating is which of the following choices?
Which of the following statements regarding preferred equity securities is correct?
The par value should be assumed to be $1,000 unless otherwise specified
These securities maintain prominence over all other securities in corporate liquidations
Most have a variable coupon
They are suitable for investors seeking income as a primary goal
A registered agent facilitates a transaction with one of their clients. After a long discussion regarding the suitability of the trade, the agent executes a transaction that results in the client obtaining shares of a technology company's stock. The trade confirmation reports the transaction as executed in a principal capacity. Which of the following statements is true?
The client was charged a sales load
The client was charged a markup
The client was charged a commission
The client was charged a markdown
A customer wants their firm to manage their assets and wants a simplified fee structure. What should the registered representative recommend?
Which of the following orders are placed above the current market price?
Buy limits and sell stops
Buy stops and sell stops
Buy stops and sell limits
Buy limits and sell limits
An investor learns a company they're invested in is considering the offer of warrants in an upcoming sale of securities. To better understand this security, they call their assigned registered representative to discuss this security. Which of the following statements made by the representative would be considered false or misleading?
Warrants are typically issued without intrinsic value
Warrants are typically issued without time value
Warrants are usually attached to the sale of another security like a bond
The issuance of warrants is dilutive
A 19 year, 6.10% bond is quoted at a 15 point discount. What is the order of yields, from highest to lowest?
YTM, YTC, Current, Nominal
YTC, YTM, Current, Nominal
Nominal, Current, YTM, YTC
Nominal, Current, YTC, YTM
Rylan goes short 4 TSLA Feb 315 calls at $8 when TSLA's market price is $311. What is Rylan's breakeven price?
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FINRA's SIE exam summary
Knowledge of Capital Markets
12 questions, 16%
The basics, laws, and regulations of the financial markets. You'll need to know the primary and secondary markets, the regulators (SEC and FINRA), and their rules (Act of 1933, etc).
Understanding Products and their Risks
33 questions, 44%
The products of the financial markets, which include stocks, bonds, mutual funds, ETFs, and options. You'll need to know what these products are, the risks of investing in them, and how they benefit investors.
Understanding Trading, Customer Accounts and Prohibited Activities
23 questions, 31%
How customers buy and sell securities in their accounts. You'll need to know different types of orders and accounts, how those orders are entered into the market, and the regulations that govern these activities.
Overview of Regulatory Framework
7 questions, 9%
How financial professionals operate in their jobs and the rules that govern their activities. You'll need to know FINRA and SEC rules, ethics of working with clients, and general procedures for financial professionals.
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