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Securities Industry Essentials (SIE) Exam

The SIE is designed for prospective securities industry professionals to demonstrate basic knowledge of the industry. Passing the SIE is a co-requisite to a representative-level qualification exam, such as the Series 7, to register with a member firm.

Written against the published specification.

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Pass mark 53/85 105 minutes Real test fee USD 80 FINRA How many can I get wrong?
About this practice. Revision Robin is built and maintained by Bloor Engineering Ltd, a UK-registered company. Our Securities Industry Essentials (SIE) Exam questions are written and reviewed in-house to match the current syllabus, each with a plain-English worked explanation. They are original practice material, not the official exam questions and not affiliated with or endorsed by FINRA. Always confirm current test rules, fees and content with the official provider. See our Terms and Privacy.
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Free practice questions
Try 3 real Securities Industry Essentials (SIE) Exam questions
Have a go, then reveal the worked explanation. A taster from a bank of 200 original questions. Unlock for unlimited drills and full timed mocks.
Q1. An Initial Public Offering (IPO), where a company offers stock to the public for the very first time, takes place in which market?
  • A.  The secondary market
  • B.  The fourth market
  • C.  The primary market
  • D.  The third market
Show answer & explanation
✓ Answer: C. The primary market
The primary market is where new securities are created and sold directly by the issuer to investors, which is the definition of an IPO.
Q2. An investor owns a type of preferred stock that requires the company to pay all missed dividends before any dividends can be paid to common shareholders. This feature is characteristic of:
  • A.  Callable preferred stock
  • B.  Cumulative preferred stock
  • C.  Convertible preferred stock
  • D.  Participating preferred stock
Show answer & explanation
✓ Answer: B. Cumulative preferred stock
Cumulative preferred stock requires that any dividends in arrears (missed payments) must be paid out to preferred shareholders before any common stock dividends can be distributed.
Q3. An investor purchases a 5% corporate bond at a price of 95. Which of the following statements is TRUE regarding its yields?
  • A.  The current yield is lower than the nominal yield.
  • B.  The yield to maturity is lower than the current yield.
  • C.  The nominal yield is the highest of all yields.
  • D.  The yield to maturity is higher than the nominal yield.
Show answer & explanation
✓ Answer: D. The yield to maturity is higher than the nominal yield.
When a bond is bought at a discount (price of 95, below par 100), its Yield to Maturity (YTM) will be higher than its Current Yield, which in turn is higher than its Nominal Yield (coupon).
Exam mode
Full mock exam
85 random questions, real timing, marked against the official pass mark. Different every time.
The first 8 of 85 questions are free, with your score on them. Finishing the paper, your result against the pass mark and every answer explained come with the paid version.
Practice material only. This is revision practice, not official training, assessment or certification, and not a substitute for the required course or supervised experience. Always confirm the current requirements with the official awarding body or test provider before relying on it.
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Topic drills
Ten quick questions on one topic, marked instantly with explanations.
1 free drill left.
Knowledge of Capital Markets · 30
Equity Securities · 27
Debt Securities · 30
Investment Companies and Packaged Products · 30
Options and Derivatives · 27
Trading, Customer Accounts, and Settlement · 20
Prohibited Activities and Conduct Rules · 17
Regulatory Framework and Agencies · 19

The real Securities Industry Essentials (SIE) Exam: format

How many questions are in the Securities Industry Essentials (SIE) Exam?

The real Securities Industry Essentials (SIE) Exam has 80 questions and lasts 105 minutes. Our mock uses 85 questions in 105 minutes.

What is the Securities Industry Essentials (SIE) Exam pass mark?

Real exam pass mark: 70%. Our mock marks you at 53 out of 85, the threshold we mark against.

What it costs, and what a resit costs

How much does the Securities Industry Essentials (SIE) Exam cost?

Real exam fee: 75.01. Resit fee: 75.01. Rebooking after a fail: 30 days after 1st/2nd fail, 180 days after 3rd fail (within 2 years)

How hard is it

What is the Securities Industry Essentials (SIE) Exam pass rate?

Real exam first-time pass rate: Approximately 74%. Difficulty: Moderately difficult.

Why people fail it

Why do people fail the Securities Industry Essentials (SIE) Exam?

Figures for the real exam from finra.org, stcusa.com, finalis.com, checked October 2026. Fees and rules change, so confirm with the test provider before you book.
Securities Industry Essentials (SIE) Exam: common questions
Frequently asked
How long do you get?
The test is timed at 105 minutes. Our full mock runs on the same clock so you can practise your pacing.
Are these the real exam questions?
No. Our questions are original and written to match the current syllabus, so they give realistic practice without copying the official paper. Every answer comes with a plain-English explanation. Always confirm current rules and content with FINRA.