SIE vs Series 7
The SIE is the entry-level prerequisite exam that anyone can take, while the Series 7 is the comprehensive license exam that requires firm sponsorship. You must pass the SIE before taking the Series 7.
Side-by-Side Comparison
| Feature | SIE | Series 7 |
|---|---|---|
| Full Name | Securities Industry Essentials | General Securities Representative |
| Exam Cost | $80 | $245 |
| Passing Score | 70% | 72% |
| Questions | 75 (70 scored) | 125 (115 scored) |
| Time Limit | 1 hr 45 min | 3 hr 45 min |
| Study Time | 40-60 hours | 80-120 hours |
| Difficulty | Entry-level | Challenging |
| Prerequisites | None - anyone 18+ can take it | SIE exam + firm sponsorship required |
| Exam Body | FINRA | FINRA |
Key Differences
- 1SIE is a prerequisite; Series 7 is the actual license exam
- 2SIE can be taken without sponsorship; Series 7 requires a firm
- 3SIE tests knowledge; Series 7 tests application and calculations
- 4SIE costs $80; Series 7 costs $245
- 5SIE takes 1 hr 45 min; Series 7 takes 3 hr 45 min
What Each Exam Allows You To Do
SIE
- Demonstrates foundational securities knowledge
- Required before any FINRA representative exam
- Valid for 4 years
- Can be taken without firm sponsorship
Series 7
- Sell all types of securities (stocks, bonds, options)
- Recommend investment strategies
- Work as a stockbroker or financial advisor
- Full securities representative license
Who Should Take Each Exam?
Take the SIE if you...
- →Career changers exploring finance
- →College students getting a head start
- →Anyone wanting to prove securities knowledge
Take the Series 7 if you...
- →Aspiring stockbrokers
- →Financial advisors at broker-dealers
- →Those wanting the full securities license
Which Should You Take First?
You MUST take the SIE first. The SIE is a prerequisite for the Series 7 (and all other FINRA representative exams). Many candidates take the SIE while job hunting, then take the Series 7 once they have firm sponsorship.
Frequently Asked Questions
QCan I take the Series 7 without the SIE?
No. Since October 2018, the SIE is required before any FINRA representative exam including the Series 7. The only exception is if you passed certain exams before that date.
QHow long after passing the SIE can I take the Series 7?
Your SIE result is valid for 4 years. You can take the Series 7 anytime within that window, but you'll need firm sponsorship to register.
QIs the Series 7 harder than the SIE?
Yes, significantly. The Series 7 is longer (125 vs 75 questions), has a higher passing score (72% vs 70%), and includes complex calculations for options, bonds, and suitability. Most people study 80-120 hours for the Series 7 compared to 40-60 for the SIE.
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