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SIE practice questions

The Securities Industry Essentials (SIE) exam is the first step into the securities industry. It covers markets, products and their risks, trading and customer accounts, and the rules that protect investors.

The SIE exam at a glance

Scored questions
75
Time
1 h 45 min
Passing score
70%
Fee
$100
Sponsorship
No sponsor needed (open to anyone 18 or older)
Prerequisites
None. The SIE alone doesn’t let you work as a representative: pair it with a representative exam such as the Series 6 or 7.
Format
The real exam also has a few unscored pretest questions.

Checked by ELLE in October 2026. Exams change, so always confirm on the official site before you book.

Try 5 free questions

1 Which right do owners of common stock usually have?

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Answer: B. Common stockholders usually vote for the board of directors. Dividends are not guaranteed, bondholders and preferred stockholders are paid first in a liquidation, and stock has no maturity date.

2 When market interest rates rise, what generally happens to the prices of existing bonds?

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Answer: B. Bond prices move opposite to interest rates. New bonds pay the higher rate, so older bonds with lower coupons must sell for less to compete.

3 Which law created the Securities and Exchange Commission (SEC)?

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Answer: B. The Securities Exchange Act of 1934 created the SEC and regulates the secondary market. The 1933 Act covers new issues, and the 1940 Act covers investment companies such as mutual funds.

4 An investor buys one call option on XYZ with a $50 strike price for a premium of $3. What is the breakeven price for XYZ stock?

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Answer: C. For a long call, breakeven is the strike price plus the premium: $50 + $3 = $53. Above $53, the option is worth more than it cost.

5 Which is the first stage of money laundering?

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Answer: C. The three stages are placement (getting cash into the financial system), layering (moving it around to hide its source) and integration (using it as if it were legitimate). Structuring is a way of avoiding reporting thresholds.

Take a free 11-question SIE practice test

Questions across every topic on the exam, your score, the topics to work on, and an explanation for every answer. No sign-up needed.

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Study tips for the SIE

  • Learn the four content areas by weight: products and their risks is the biggest part of the exam.
  • Make flash cards for the main laws (1933, 1934, 1940) and what each one regulates.
  • Practice option breakeven, maximum gain and maximum loss until you can do them without a formula sheet.
  • Take full-length timed practice exams in the last two weeks before your test date.

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Practice questions written by ELLE for study only. ELLE is not affiliated with or endorsed by FINRA, NASAA, the SEC or CFP Board. CFP® and CERTIFIED FINANCIAL PLANNER® are certification marks owned by Certified Financial Planner Board of Standards, Inc.