Integrated Securities Industry Essentials (SIE) and Series 7 Exam Prep Training Course & Study Materials

Integrated SIE and Series 7 prelicensing program

Integrated SIE & Series 7 Top-Off Exam Prep

ExamFX has created a comprehensive online training program to ensure candidates are prepared to pass their exam on the first attempt. We have a variety of study packages available to fit every learning preference and budget.

RETAIL PACKAGES STARTING AT
$449.00

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*Securities products are available through Training Consultants, an ExamFX brand. Click this button to checkout on TrainingConsultants.com.

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Integrated SIE and Series 7 Training Package Comparison

The integrated SIE and Series 7 bundle includes three different exam prep trainings within a single purchase, providing candidates multiple ways to study and prepare for their exams. Gain complete flexibility on how to study, while saving time and money by choosing this option. Here are some highlights:

Integrated Study both the SIE and Series 7 material at the same time within a single integrated learning experience. The exam prep training is combined into logical discussions of all topics vs. independent discussions of the material. This option will help reduce overall study time for those wanting to take both exams in close succession.

SIE Only Study only material being presented on the SIE exam with this learning experience. This option allows those wanting a two-part exam study plan to be able to focus solely on SIE testable material.

Series 7 Rep Level Study only the material being presented on the Series 7 exam with this learning experience. This option allows those wanting a two-part exam study plan to be able to focus solely on Series 7 testable material.

New! Live Online Study Package

Navigate your securities licensing exams with confidence! Our new comprehensive learning experience will level up your study practices. In addition to online courses delivered in a video-first modern e-learning environment, the Live Online Study Package gives you access to 3-hour Live Focused Webinars. These webinars are interactive training sessions focused on the most challenging topics frequently encountered on exams. Our Live Focused Webinars make complex financial concepts more digestible, clearing your path to success.

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PURCHASE PACKAGE

See detailed descriptions of the 5 sessions offered for the Securities Industry Essentials (SIE) and Series 7 Exam below.

Introducing the Securities Live Online Study Package & Live Focus Webinars

Benefits of studying with Live Focused Webinars:

Candidates are twice as likely to reach the recommended amount of study in course.

Candidates can save an average of 13 hours of online study time.*

Candidates consistently pass the SIE exam with 95/96% pass rates.*

*Calculated for candidates who completed 80% of their ExamFX course and scored 80% or greater on their final practice exam. Live Focused Webinars are a supplemental study tool and do not affect the total recommended hours of study per course.

PACKAGE COMPARISON

	LIVE ONLINE STUDY PACKAGE $628	ONLINE COURSE PACKAGE $449
	LIVE ONLINE STUDY PACKAGE $628	ONLINE COURSE PACKAGE $449
Access Days	180	180
Hard-Copy Textbook
eBook
Live Instruction New! Live Focus Webinars
Instruction On-Demand Video Lectures
Personalized Study Plan
Best Practice Guide
Multi-Level Testing Competency Exams
SpotCheck Quizzes
Practice Question Sets
Checkpoint Exams
Benchmark Final
Standard Final Exams
Custom Exam Generator
Support Online Instructor Support
Phone Instructor Support
Additional Tools Glossary and Acronyms
Online Flashcards
Real-Time Content Updates
Report Center

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*Securities products are available through Training Consultants, an ExamFX brand. Click this button to checkout on TrainingConsultants.com.

Securities Industry Essentials (SIE) Live Focused Webinars

Equity & Bonds (Chapters 1 & 2)

Candidates will explore shareholder rights, the intricacies of stock types, and the strategic considerations of stock splits and dividends. Candidates will explore the relationship between bond prices and yields, with valuable tools to help with comprehension and recall of these critical facts on test day. With a focus on testable applications, this webinar provides the analytical tools and knowledge to confidently address questions on equity and bond market dynamics.

Options & Investment Companies (Chapters 3 &4)

Participants will gain a solid grasp of call and put options and learn the structure and application of these instruments. The webinar also covers hedging techniques and option strategies, complete with practical calculations for real-world trading scenarios. Candidates will differentiate between open-end and closed-end investment companies, understand mutual fund characteristics, and explore the basics of Exchange Traded Funds and Exchange Traded Notes. This webinar ensures well-rounded preparation for the exam.

Markets & Margins (Chapters 7 & 9)

The webinar covers topics such as order execution, market maker & designated market maker functions, and the intricacies of the OTC market and Exchange Market. Participants will gain practical insights into the mechanics of margin accounts, both long and short accounts. This webinar is crucial for SIE candidates seeking to deepen their market knowledge and leverage financial strategies effectively for exam success and professional advancement. 

Series 7 Live Focused Webinars

Tailored for those who have passed the SIE, these webinars build upon that foundation, focusing on advanced topics that reinforce and expand your skills by integrating the fundamental concepts with the nuanced material. The Suitability webinar synthesizes various critical concepts, preparing candidates to assess and apply client suitability with precision.

Equity, Bonds & Options (Chapters 1-3)

Participants will delve into equity issuance strategies, share distribution mechanics, and key stock formulas. The webinar simplifies bond features, accrued interest, and the specifics of callable and convertible bonds. Attendees will explore advanced strategies such as spreads and straddles through practical examples. This webinar is ideal for Series 7 candidates looking to deepen their investment knowledge and apply it proficiently in their careers.

Suitability (Chapter 1-20)

Suitability succinctly navigates FINRA Rule 2111, Reg BI, and KYC standards. Discussing suitable client investment recommendations and sharpening skills in risk assessment, asset allocation, account types, and investment objectives, this call will reinforce practical application with examples. Essential for Series 7 exam success, this webinar is a concentrated study in the art of suitability in financial advising.

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What is the Securities Industry Essentials (SIE) exam?

The SIE exam assesses a candidate's basic knowledge of the securities industry. Starting October 1, 2018, the Financial Industry Regulatory Authority (FINRA) requires that all candidates must pass both the SIE exam and a representative (Rep Level) top off exam. The SIE exam focuses on industry terminology, securities products, the structure and function of the markets, regulatory agencies and their function, and regulated and prohibitive practices.
VIEW FINRA SIE EXAM CONTENT OUTLINE

What is the Series 7 Rep Level exam?

The Series 7 exam is designed to assess the competency of entry-level General Securities Representatives and is administered by the Financial Industry Regulatory Authority (FINRA). The Series 7 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative. In order to obtain registration as a General Securities Representative, candidates must pass both the Series 7 exam and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam. For more information about the activities requiring registration as a General Securities Representative, see FINRA Rule 1220(b)(2).
VIEW FINRA SERIES 7 EXAM CONTENT OUTLINE

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

About the Series 7 Rep Level Exam

What are the topics covered on the Series 7 Rep-Level Exam?

The Series 7 Rep Level exam is broken down into four parts (by job function). These topics include:

Seeks Business for the Broker-Dealer from Customers and Potential Customers
Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions

See below for more detailed breakdown or visit FINRA.

Seeks Business for the Broker-Dealer from Customers and Potential Customers

Standards and required approvals of public communications
Types of communications (e.g., retail, institutional, correspondence)
Seminars, lectures and other group forum requirements
Product specific advertisements and disclosures
Process of bringing new issues to market (e.g., due diligence, registration statement, preliminary prospectus, final prospectus, underwriting agreement, selling group agreement, blue-sky laws and procedures)
Regulatory requirements for initial public offerings (IPOs) (e.g., restrictions on prospecting or soliciting, allowable communications with the public)
Primary financing for municipal securities (e.g., competitive sale, negotiated sale, private offering, advance refunding)
Syndicate formation and operational procedures (e.g., purpose of syndicate bid, roles and responsibilities of underwriters, selling group concession and reallowance)
Pricing practices and components of underwriters’ spread and determination of underwriters’ compensation and selling practices
Prospectus requirements (e.g., timeliness of information, preliminary prospectus (red herring), final prospectus)
Information required in a registration statement and offering material on new issue (e.g., in pre-filing period, in cooling-off period, in post-registration period)
Official statements, preliminary official statements, notice of sale for municipal securities
Qualified institutional buyer (QIB) and accredited investor
Qualification requirements for Regulation A offerings (e.g., filing of abbreviated registration statement and offering circular
Regulation D offerings (e.g., exemption from SEC registration, access to capital markets, accredited investors)
Securities and transactions exempted from registration, including Section 3(a)(11) of the Securities Act of 1933 and Rule 147 thereunder (i.e., intrastate offering)
Regulatory requirements for private placements or resales
Nonregistered foreign securities sold to institutions qualified in the U.S.
Foreign securities prohibited from being sold to U.S. investors

Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives

Types of accounts (e.g., prime brokerage, advisory or fee-based)
Account registration types (e.g., tenants in common (TIC), community property, sole proprietorship, partnership, unincorporated associations)
Requirements for opening customer accounts
Retirement plans and other tax advantaged accounts
Wealth events (e.g., inheritance)
Account registration changes and internal transfers
Customer screening (e.g., customer identification program (CIP), know your customer (KYC), domestic or foreign residency and/or citizenship, corporate insiders, employees of broker-dealers or self-regulatory organizations (SROs))
Information security and privacy regulations (e.g., initial privacy disclosures to customers, opt-out notices, disclosure limitations, exceptions)
Essential facts regarding customers and customer relationships
Financial factors relevant to assessing a customer's investment profile
Investment objectives (e.g., preservation of capital, income, growth, speculation)
Reasonable-basis suitability, customer-specific suitability and quantitative suitability
Investment strategies and recommendations to hold
Verification of investor accreditation and sophistication
Required review, approvals and documentation for account opening and maintenance
Physical receipt, delivery and safeguarding of cash or cash equivalents, checks and securities
Circumstances for refusing or restricting activity in an account or closing accounts

Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions

Orders, offerings, and transactions in customer accounts
Trade execution activities
Types of securities quotes
Types of orders
Short sale requirements and strategies
Securities lending
Best execution obligations
Information required on order ticket
Market making activities: role and functions of the designated market maker, listing requirements, limitations on trading during significant market declines, principal transactions, agency transactions, quotations
Use of automated execution systems
Regulatory reporting requirements
Delivery requirements
Good delivery
Settlement of transactions
Erroneous reports, errors, cancels and rebills
Requirements for addressing customer complaints and consequences of improper handling of complaints
Methods of formal resolution
Form U4 reporting requirements
Requirements and characteristics of margin accounts and required disclosures
Product of strategy specific requirements
Calculations in margin accounts
Initial margin: long market value, short market value, debit balance, credit balance, initial Regulation T margin requirement on long or short positions, Regulation T requirement for established accounts, loan value, excess equity, buying power of deposited securities
Maintenance: additonal purchases, sales (short or long), cash withdrawals, stock withdrawals, simultaneous purchases and sales, restrictions, liquidation to meet a margin/maintenance call, deposit of cash or securities required to meet a margin or maintenance call
Special memorandum account (SMA): balance, buying power, prohibited use of SMA, effect of excess equity, deposit of margin able securities, receipt of cash dividends and earned interest, liquidation of securities in the account, cash or securities withdrawals, new margin securities purchased or sold short
Other margin accounts

Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records

Customer-specific factors that generally affect the section of products (i.e., customer's investment profile, including the customer's risk tolerance, investment time horizon and investment objectives, liquidity needs)
Portfolio of account analysis and its application to product selection (e.g., diversification, concentration, volatility, potential tax ramifications)
Portfolio theory (e.g., alpha and beta considerations, Capital Asset Pricing Model (CAPM))
Delivery of annual reports and notices of corporate actions (e.g., dividends, splits, odd lot tenders)
Fundamental analysis of financial statements and types of financial statements included in an annual report, importance of footnotes, material risk disclosures and key terms (e.g., assets, liabilities, capital, cash flow, income, earnings per share (EPS), book value, shareholders' equity, depreciation, depletion, goodwill)
Balance sheet and methods of inventory valuation: last-in, first out (LIFO), first-in, first-out (FIFO) and methods of depreciation
Income statement and calculations derived from an income statement: earnings before interest and taxes (EBIT); earnings before taxes (EBT); net profit; and earnings before interests, taxes, depreciation and amortization (EBITDA)
Principal tools to measure financial health
Types of stock
Characteristics of common stock
Characteristics of preferred stock
Rights and warrants: origination, exercise terms, relationship of subscription price to market price of underlying stock, anti-dilution agreement
Electronic exchanges or auction markets (e.g., electronic communications networks (ECNs), over-the-counter (OTC), dark pools of liquidity)
Types of characteristics of non-U.S. market securities (e.g., American Depositary Receipts (ADR's), corporate equity)
Tax treatment of equity securities transactions
Investment companies, exchange-traded funds (ETFs), unit investment trusts (UITs)
Variable life insurance/annuity contracts
Real estate investment trusts (REITs)
Direct participation programs (DPPs)
Listed options and their characteristics
Basic strategies
Advanced strategies
Profit and loss calculations, break-even points, economics of positions
Tax treatment of option transactions
Types of debt securities and money market instruments
Characteristics: structure, risks and rewards, call provisions
Structured products
Types and characteristics of non-U.S. market securities
Types of yields
Bond ratings
Tax implications of taxable debt securities, including original issue discount (OID) rules, interest, principal, premiums, discounts, and capital gain and losses
Types of corporate bonds
Convertible bond: general characteristics
General characteristics of municipal fund securities, methods of quotation, interest rate, payment periods, denominations, diversity of maturities and legal opinion
Analysis and diversification of municipal investments: geographical, type and rating
Analysis of general obligations (GO) bonds, including: characteristics of the issuer, nature of the issuer's debt, factors affecting the issuer's ability to pay, municipal debt ratios
Analysis of revenue bonds, including feasibility studies, sources of revenue, security (protective covenants of bond indenture), financial reports and outside audits, restrictions on the issuance of additional bonds, flow of funds, earnings coverage, sources of credit information, rating services, credit enhancements
Purpose of characteristics of specific types of municipal securities
Factors affecting the marketability of municipal bonds: rating, maturity, call features, interest (coupon) rate, block size, liquidity (ability to sell the bond in the secondary market), dollar /yield price, issuer name (local or national reputation), credit enhancement, credit and liquidity support, denominations
Pricing of municipal securities and other mathematical calculations: dollar price, accrued interest (regular coupon, odd first coupon), computations of accrued interest (30/360), amortization of premium, accretion of discount, relationship of bond prices to changes in maturity, coupon, various yield calculations (taxable equivalent yield, net yield after capital gains tax, current yield, YTC on premium bonds) value of basis point in default
Tax treatment of municipal securities: securities bought at a discount or premium in the secondary market, OID, federal income tax status, state and local tax status, computation of taxable equivalent yield, accrued interest, AMT, bonds, taxable bonds, band qualified bonds
Structure of hedge funds and fund of funds
Characteristics of hedge funds
Tax treatment of distributions
Collateralized mortgage obligations (CMOs)
Collateralized debt obligations (CDOs)
Characteristics of asset-backed securities
Treasury bills, notes bonds
Treasury receipts (Separate Trading of Registered Interest and Principal Securities (STRIPS)/zero coupon)
Treasury Inflation Protected Securities (TIPS)
Characteristics of U.S. Treasury Securities
Government National Mortgage Association (GNMA)
Federal National Home Loan Mortgage Association (FNMA)
Federal Home Loan Mortgage Association (SLMA)
Characteristics: types, maturities, denominations, primary dealers, distribution, issue form, quotations, pass-through, calculating a spread, pricing, payment of interest and principal
Required disclosures on specific transactions
Types of investment risks
Types of investment returns
Costs and fees associated with investments
Tax considerations
Market analysis considerations
Market analysis considerations for municipal securities, including Bond Buyer indexes
Technical analysis of basic chart patterns and key terms (e.g., trend lines, saucer/inverted saucer, head-and-shoulders/inverted head-and-shoulders, breakouts, resistance/support levels, moving averages, consolidation, stabilization, overbought and oversold)
Disclosure of material events affecting retail sales of municipal bonds
Customer confirmations and statements, including: components, timing, mailings to third parties, and exceptions
Account value, profits and losses, realized and unrealized
Withdrawals and tenders
Customer account records
Transferring accounts between broker-dealers
Books and records retention requirements
Account closure procedures

FINRA SIE Exam Details

The SIE exam consists of 75 multiple-choice questions. Candidates will be given 1 hour and 45 minutes to complete the exam and must achieve a 70% to pass. The cost of the exam is $60.

FINRA Series 7 Rep Level Exam Details

The Series 7 Rep Level exam consists of 125 multiple-choice questions. Candidates are given 3 hours and 45 minutes to complete the exam and must achieve a 72% to pass. The cost of the exam is $245.

SIE and Series 7 Tips and Insights

Find your way through the SIE and Series 7 exam landscape with guidance from our blog. Click to read the blog >>

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*Securities products are available through Training Consultants, an ExamFX brand. Click this button to checkout on TrainingConsultants.com.