Introduction and SIE Exam Tips
An introduction to the blog, podcast, course, and host. All about the SIE, tips, and more.
Hello and welcome to FINRA Ninja, the blog and podcast dedicated to helping you pass your FINRA licensing exams. I myself am a student and largely created this forum as a personal method of learning. Throughout my journey, I've found that my material helped others as well. Bear with me as I work on formalizing my notes!
Today, besides this post, I'm also launching the accompanying podcast and Teachable course. Hopefully, you find at least one of these formats helpful for your studies. This blog and the podcast are 100% free. My goal is to create content that covers that you need to pass the exam, free-of-charge, gratis, pro-bono.
Right now, my focus is on the SIE exam. It's the first fundamental exam you have to take before moving on to other license exams, like the Series 66 and Series 7 (or their split up portions). So if your goal is to pass the exam, consider subscribing to the newsletter to get my latest posts and updates. The goal is at least one per week. As always, you can unsubscribe at any point.
The Teachable course isn't quite done just yet, though it is open for enrollment. I have about 15,000 words (about two hours of reading material on there) with a few quizzes. Over the next month and a half, I'll continue to build out the course. If you enroll now, you'll get access to all of the SIE material for life.
Since the course isn't complete, I'm asking $5 for full access. Again, that's for life and includes the content yet to be written. How does $5 sound when you compare that to the $99 offerings by Kaplan and Achievable? If you're ever unhappy, within a year of purchase, I'm also happy to refund your purchase – for any reason.
Anyway, I hope you'll give the podcast a listen. And if not, I've transcribed the full episode below for your viewing pleasure. Until next time!
Episode One Transcript
The FINRA Ninja Episode 1: Intro & SIE Exam Tips
Introduction
Hey guys!! Welcome to the first episode of the FINRA Ninja - a podcast dedicated to bringing FINRA licensing exam prep to your inbox and podcast feed. While we're getting things kicked off, we'll be focusing on the S.I.E. exam, the Securities Industries Essentials. It's the first exam that you'll need before moving on to more advanced licenses, like the Series 66 or the Series 7. So whether you’re just starting out in finance or looking to solidify your foundational knowledge, this podcast is for you.
I'm your host, Sean. I don't come from a typical financial background. Instead, I studied Computer Science at West Point and Georgia Tech. While I love tech, I also have a passion for numbers and finances. My sphere of friends and family have always asked me how to optimize their portfolios or reduce their taxes. That got me thinking, why don't I just become a licenced professional? I figured that would at least help my mom take my advice just a little more seriously...
The Blog and Teachable Course
This podcast is one of three things I just launched. I also started up a blog and more formal training course on Teachable. The goal is to make everything on the podcast and the blog free and 100 percent inclusive of everything you need to pass your exams. The training course provides a more structured learning platform, with each module tied directly to the exam's content outline provided by FINRA. There's also a few quizzes, and eventually, I will throw up some full length practice exams. You can find both the blog and the course at finraninja.com.
As a caveat, the course isn't quite finished yet. I've got about a quarter of the material up there. As of recording, there's about 15 thousand words, which is about two hours of reading material, posted to the course. Since it's not finalized, I'm offering this for just 5 dollars. That gives you access for life and includes the content yet to be written. Even better, if you're a first time listener to the podcast, I'll give you access to the course for free. There're no strings attached. I'm not selling your e-mail or tracking your location. I'd just like to see what people think of my course.
If you're interested, you can head on over to courses.finraninja.com today and use the discount code, all caps, no spaces, the ninja way. That's T H E N I N J A W A Y. Again, this gives you access to all of the SIE exam prep content, even the sections yet to be written. So what's there to lose? Check out the course at courses.finraninja.com. The discount disappears after August 14th, 2024.
Why the SIE?
But enough about my course. Let's talk about the SIE exam and what to expect. It's absolutely essential for anyone looking to enter the securities industry. It tests your understanding of fundamental concepts that are essential for a career in finance, such as understanding key players in the securities industries, types of products and their risks, and regulatory frameworks.
Passing the SIE Exam can open many career opportunities. It’s not just a requirement for more advanced licensing exams, like the Series 7, but even solo, it also gives you a foot in the door when applying to broker-dealers. I will say that as soon as I completed the SIE and logged my information into FIND, the Financial Industry Networking Directory, I had firms shooting me e-mails to consider applying to their offices. There was even a remote wealth management firm that specifically caught my eye.
About the SIE
If you're listening to a podcast about FINRA exams, you likely already know all of this. So let's talk specifics instead. The SIE contains 75 scored, multiple choice questions with 10 additional, unscored questions giving a total of 85 multiple choice.
Why ten additional questions? Well, FINRA likes to test new questions before adding them to the next exam's question rotation. The exam does not identify unscored questions so you won't know whether a specific question counted toward your score.
You need at least 70% to pass. And, no, they don't tell you what your percentage is when you pass or fail. The good news is that FINRA explicitly lays out what's on the exam and how each section is weighted. There are four sections, Knowledge of Capital Markets at 16%, Understanding Products and Their Risks at 44%, Understanding Trading, Customer Accounts, and Prohibited Activities at 31%, and Overview of the Regulatory Framework at 9%. Notice that Sections 2 and 3 cover three-fourths of the exam!
Who is eligible to take the SIE? Well, simply put, anyone over the age of 18. You don't need to be associated with a member firm. You can be a student, career changer, or current finance professional.Without being employed by a member firm, the results of your exam are valid for four years. While you're employed by a member firm, like Vanguard or Chase, you do not need to retake the exam at any point. When you leave those firms, the four year clock starts down. It's also important to note that passing the SIE does not automatically register you with FINRA. This will most certainly be a testable concept.
The cost of the exam itself is 80 dollars and you can register and pay directly with FINRA. They contract out with another company, Prometric, to actually administer the test. What's nice is that they give you two options to take the exam, either in person at one of their testing centers, or online.
If you're able, I'd recommend taking the exam in person. I've done it both ways with Prometric, and I think it's less nerve-wracking to just be sitting in a quiet room as opposed to having someone constantly monitoring your webcam. It's also just like a huge privacy thing. The Prometric app will log all sorts of things about your computer and the network. Who knows what all they do with that information. But, if you're far away from a testing center, I totally get it. Do what's easiest for you.
At the testing facility, you'll get a couple of scratch dry-erase sheets and a simple calculator. Though there are only a few math questions, the calculator is nice to have. I also brain-dumped some formulas on the scratch pads immediately upon logging in for the exam. I'd totally recommend doing that, just in case you get tripped up later on.
The GI Bill and the SIE
I also want to point out that if you're a veteran and eligible for the GI Bill, the Veteran's Administration will reimburse you for the cost of the exam. They don't even put a cap on the number of times you take it, in the event that you fail. So if you have a GI Bill benefit, make sure to use it! There's a PDF on the course website that has more details.
Outro
With this podcast, blog, and course, I hope that you'll have the same success that I did. Let's build a community of students eager to learn and apply their knowledge in the financial industry. You don't have to be a rockstar accountant or math wiz to pass the SIE. You just need focused and relatable material to keep you going, one step at a time. That's the ninja way.
With that, I hope you enjoyed this episode and will consider joining the community over at finraninja.com. If you have questions or feedback for any of my material, you can reach me there. Until next time!
