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FINRA has introduced a new licensing structure for people entering finance. The new structure brings on new challenges and possibly an alternative method for evaluating new candidates.  For the first time, the new Series 7 encompasses a prerequisite SIE exam that can be taken prior to being employed by a FINRA Broker-Dealer. This SIE exam tests your basic Securities Industry Knowledge and will have a passing score of 70%.

       Passing the SIE exam will most likely be a part of the application process and will be compared to other candidates. The SIE exam is all about the facts Customer Accounts and SEC and FINRA rules . You will need to have a more solid understanding of the material and the basic inner workings of Broker-Dealers. Passing the SIE Exam on the first attempt should give the hiring manager an idea of how easily you will pass the Series 7 top off exam once you are hired.  Firms spend money on training new candidates and have a strict timeline to bring new hires up to speed. Any delay in that process costs time and more money and at the very least embarrassment for the new hire if they should fail the exam. The candidate passing the SIE in one attempt  is more likely to pass the Series 7  top off exam on the first try and the more comfortable the firm will feel about hiring them.

  After passing the SIE exam and being sponsored by a FINRA Broker-Dealer a candidate is then eligible to take the top off exams.  Series 6 is for selling investment company products, Series 7 is for selling general securities, Series 57 is for those looking to trade equities and the Series 79 is for Investment Banking.  Once you pass those then you are registered and can perform those functions. If the exam is failed there is a 30 day waiting period and the new hire cannot perform anything more than clerical functions until the exam is passed.

Focus on reading and learning vs memorizing the material and if you run into trouble feel free to reach out.