Life & Health Insurance License Study Courses

Commonly known as SIE, it is the first step to beginning your investment career. We'll breakdown the process and how to get started.

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Anyone looking to market and sell investments must obtain a securities license. The type of license required depends on the investment products they plan to sell, their compensation structure, and the level of service they intend to offer customers. Before getting your securities license, you will need to first pass the SIE exam.

The SIE (Securities Industry Essentials) exam is a foundational FINRA exam that tests basic knowledge of the securities industry, including products, market structure, regulatory agencies, and ethics.

1. Complete a Study Course & Pass The Exam

The first step in obtaining a securities license, you will first need to take a Securities Industry Essentials (SIE) study course and then pass the exam through FINRA. FINRA requires that you pass the SIE exam before you can move forward taking any of the series of investment licenses, such as the Series 6, Series 7, etc. 

The SIE exam is a prerequisite for all securities licenses. You will not be able to obtain any investment or securities licenses until you have passed the SIE exam (unless you were previously and actively licensed prior to October 2018).

2. Find an Agency Sponsor

After passing the exam, you’ll then need to be sponsored by a company or agency that is a member of FINRA in order to move forward with obtaining an investment license - Series 6, Series 7, etc. Some firms, agencies or companies may pay for your next study courses and the fees for taking the exam. 

At that point, you can register for, study, then pass a FINRA securities license exam (ex; Series 6, Series 7, Series 63, etc.).

 

• The SIE course and exam DO NOT require a FINRA Member Firm or Broker-Dealer to sponsor you before you take the SIE exam. In fact, completing a study course and then passing the exam before you search for a firm to work with makes you more marketable because you’ve already completed the important first step in the licensing process and it shows initiative.

 

• Completing and passing a course and FINRA exam does not permit you a securities license to sell investments, however FINRA requires that you pass the SIE exam before you can move forward taking exams for any series of securities licenses. It's basically an entrance exam. 

 

 

3. Schedule Your Exam

 

You’ll just need to create a FINRA account and then schedule your exam at FINRA’s website. You can do this before or after you study. But make sure you complete the study course before taking your exam. You'll need the knowledge and information in order to successfully pass your exam. 

 

 

4. SIE Cost

 

The cost of the FINRA SIE exam is $80. You can pay this fee at the time of scheduling your exam.

In order to obtain any securities license, a person must first pass the SIE. 

Cost of other investment license exams; Series 6: $75 Series 7: $300 Series 3: $140 Series 63: $147 Series 65: $187 Series 66: $177

5. Jobs You Can Get With an Investment License

 

An investment or securities license allows you to market and sell investment products. Depending on the license you hold, you might have an opportunity as a financial advisor, financial analyst, investment banker, stockbroker, registered representative or an investment advisor.

• The average registered representative salary is $54,693 per year
• The average financial advisor salary is $102,422 per year

 

Exam Information (FINRA)

 

Minimum Age:  18 years

Number of Questions:  75

Format:  Multiple Choice

Time Allowed:  1 hour and 45 minutes

Passing Score:  70% (or better)

What if You Fail the Exam?

 

The waiting period for the SIE is the same as that for FINRA’s other exams. After the first and second failed attempts, there is a 30-day waiting period for the third attempt. After the third failed attempt, there is a 180-day waiting period. For any attempts after the third attempt, there is also a 180-day waiting period between each exam attempt.

 

How Long Your Exam Results Will Be Valid

 

Your Securities Industry Essentials exam results will be valid for 4 years from the date that you pass the exam. This means that if you become employed by a broker-dealer during the four-year period and need to become registered as a general securities representative, you will not need to take the exam again. Beyond 4 years will require you to take and pass the exam again.

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