About the Securities Industry Essentials Exam
What are the topics covered on the SIE Exam?
The SIE exam, which is an introductory level exam, consisting of 75 questions and is broken down into four parts. These topics include:
- Knowledge of Capital Markets
- Understanding Products and Their Risks
- Understanding Trading, Customer Accounts, and Prohibited Activities
- Overview of Regulatory Framework
See below for more detailed breakdown or visit FINRA.
Regulatory Entities, Agencies and Market Participants
- The Securities and Exchange Commission (SEC)
- Self-regulatory Organizations (SROs)
- Other Regulators and Agencies
- Market Participants and their Roles
- Types of Markets
- Economic Factors
- The Federal Reserve Board's Impact on Business Activity and Market Stability
- Business Economic Factors
- International Economic Factors
- Offerings
Understanding Products and Their Risks
- Equity Securities
- Debt Instruments
- Options
- Packaged Products
- Municipal Fund Securities
- Direct Participation Programs (DPPs)
- Real Estate Investment Trusts (REITs)
- Hedge Funds
- Exchange-traded Products (ETPs)
- Definition and Identification of Risks
- Strategies for Mitigating Risk
Understanding Trading, Customer Accounts and Prohibited Activities
- Trading, Settlement and Corporate Actions
- Orders and Strategies
- Investment Returns
- Trade Settlement
- Corporate Actions
- Account Types and Characteristics
- Customer Account Registrations
- Anti-money Laundering (AML)
- Books and Records and Privacy Requirements
- Communications with the Public and General Suitability Requirements
- Market Munipulation
- Insider Trading
- Other Prohibited Activities
- Financial Exploitation of Seniors
- Activities of Unregistered Persons
- Falsifying or Withholding Documents
- Prohibited Activities related to maintenance of books and records (e.g. falsifying records and improper maintenance/retention of records)
Overview of Regulatory Framework
- Registration and Continuing Education
- Employee Conduct
- Reportable Events
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About the Series 99 Exam
What are the topics covered on the Series 99 exam?
FINRA has classified the exam into two main job functions an Operations Professional is expected to perform. Based on the outline, the job functions are:
- Knowledge Associated with the Securities Industry and Broker-dealer Operations (70%)
- Professional Conduct and Ethical Considerations (30%)
See below for more detailed breakdown or visit FINRA.
Function 1: Knowledge Associated with the Securities Industry and Broker-Dealer Operations
- Accounts opening and maintenance
- Cashiering and account transfers
- Custody and control of securities
- Trade reporting and corrections
- Margin and stock loan/securities lending
- Settlement
- Account statements and confirmations
- Regulatory financial requirements of brokers/dealers
- Books and records
Function 2: Professional Conduct and Ethical Considerations
- Relationships and dealings with customers, vendors and associated persons of the firm
- Customer privacy
- Importance of escalating complaints and/or potential red flags
- Broker/Dealer supervision and control
