The Securities Industry Essentials Exam (SIE) updates

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What is happening to the Series 6?

The Series 6 is being split into 2 exams; 75 question SIE (Securities Industry Essentials Examination), and a new 50 question Series 6 Exam.

When does this happen?

This happens October 1, 2018. If you pass the current Series 6 before that date, you are good. If you do not, you will need to pass both to have the Registered Representative License.

Ok, so what do I need to be a Registered Representative?

Before October 1, 2018, you will need a Series 6, and in most states a Series 63 license to be fully registered. After October 1, 2018, you will need the SIE exam, the Series 6, and in most states a Series 63 license to be fully registered. The Series 63 is in no way changing or affected by any of these other changes.

States not requiring Series 63 as of the date of this writing; Colorado, District of Columbia, Florida, Louisiana, Maryland, Ohio, Puerto Rico.

What is going to be on each test?

There is a detailed description can be found at http://www.finra.org/industry/essentials-exam. Basically, “general representative knowledge” will be on the SIE, and more specific real-world usefulness will be on the new Series 6.

What are some changes we know of?

The current Series exams require sponsorship from a FINRA Member Firm. The SIE is designed to avoid that. The SIE will NOT require a U4, like the current Series 6 does. Anyone will be able to sign up themselves, without going through a Member Firm. After the SIE the new Series 6 will require a U4 and sponsorship from a Member Firm.

It appears the SIE was designed to fix a problem the industry has with Stock Brokers. The average age is in the 50s, and apparently not enough people want to go through the test. The SIE was designed to let people unaffiliated with a member firm (no U4), see if it is something they want. It appears, after looking through the outline, that FINRA took about 30% of the Series 7 and are now requiring all reps to pass it. There is material in the outline that currently is only on the Series 26 and Series 65, and some material that isn’t on any of the others, short of the 7 or 24.

FINRA Links

FINRA Exam Restructuring

FINRA SIE Exam Information

FINRA Notice about exam restructuring

FINRA SIE Exam Content Outline

 

 

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