The FINRA SIE Exam is a new exam meant to simplify the FINRA licensing process. You start your Series 6, 7, 79, or other license by passing the SIE Exam, then taking “Top Off” exam to complete the rest of your license. The SIE Exam difficulty isn’t too bad, but it’s a new test – so we wanted to share the SIE Exam pass rate to help you understand what you are getting into. Let’s dive in.
What is the SIE Exam Pass Rate?
According to FINRA, the SIE Exam Pass Rate was 74% for the first 16,000 individuals to take the test. This pass rate was right in line This shows that the SIE Exam is a bit easier than the old Series 7 exam, which had a national pass rate of approximately 65%.
What is a passing score on the SIE Exam?
70% is a passing score for the SIE Exam, but FINRA will adjust it to reflect the specific mix of questions each candidate faces. Your output score at the end of the test may not reflect the same number of correct questions out of the total that your peers got due to these adjustments.
What is the Series 6, Series 7, or Series 79 Pass Rate?
The pass rates for the most common Top-Off Exams are:
- Series 6 Top-Off Pass Rate: 59%
- Series 7 Top-Off Pass Rate: 71%
- Series 79 Top-Off Pass Rate: 87%
Industry observers originally thought that Top-Off Exams would become more difficult because the “easy” questions are all in the SIE Exam. However, as you can see from the pass rates above, the first time pass rates of most students has remained constant or improved since the implementation of the SIE. So far, looks like FINRA’s initiative to split out the SIE Exam is helping students pass both tests more easily. Good job, FINRA.
Recommendations for passing the SIE Exam
When putting together a study plan for the SIE Exam, we recommend the following:
- Review the FINRA Content outline
- Study the material and use flashcards to review it. Aim for one to two months for studying, and budget approximately 50 hours to prepare.
- This is what we do! Try Achievable’s SIE prep program for free.
- Take practice exams and question banks to identify problem areas for re-studying. Aim for a mid-to-high 80s score consistently on the practice exams.
- Take the practice SIE Exam offered by the FINRA Website – LINK. If you score a high 80 or above on that exam after doing so on the practice exams, you should be in great shape to take the test.
With that simple action plan, the SIE Exam is in your crosshairs! All you have to do is execute and you can pass. Good luck!
Thanks for reading!
About Achievable The FINRA SIE Exam is a new test for students and career switchers that want to show their proficiency in finance. Passing the SIE before applying to jobs will help your resume stand out. The proof is in the results: our students have gone on to jobs at Goldman Sachs, Wells Fargo, Fidelity Investments, Edward Jones, and many other great firms. Achievable’s FINRA SIE course is the most modern and effective on the market. We leverage data analytics and learning science to create a personalized study program for you, on your phone, tablet, or computer. Follow it, and we guarantee that you’ll pass. Best of all, it’s free to try – visit https://achievable.me to see why more students are switching to Achievable.
Last modified: August 5, 2020