The outline at a glance
| Section | Weight | Scored questions |
|---|---|---|
| 16% | 12 | |
| 44% | 33 | |
Understanding Trading, Customer Accounts and Prohibited Activities | 31% | 23 |
| 9% | 7 | |
Total | 100% | 75 |
Knowledge of Capital Markets
16% of the exam, 12 scored questions.
- Regulators and their lanes: SEC (federal securities law), SROs such as FINRA, MSRB and Cboe, state regulators (NASAA members), plus the Fed, Treasury/IRS, SIPC and FDIC.
- Market participants: accredited, institutional and retail investors; introducing vs. clearing broker-dealers; transfer agents; DTCC and the OCC.
- Primary vs. secondary market; the third market (listed stock traded OTC) and fourth market (institution to institution).
- Fed tools and economics: monetary vs. fiscal policy, open market operations, discount rate vs. fed funds rate, business-cycle phases, leading/lagging/coincident indicators.
- Offerings: best efforts vs. firm commitment, shelf registration, IPO vs. follow-on, Regulation D and Rule 144/144A basics.
Common trap: Mixing up who regulates what: the MSRB writes municipal rules but does not enforce them against broker-dealers; FINRA and other regulators do.
Deep dive + practice questions: Knowledge of Capital Markets
Understanding Products and Their Risks
44% of the exam, 33 scored questions.
- Equity: common vs. preferred, rights vs. warrants, ADRs; order of liquidation.
- Debt: Treasuries, agencies, corporates, munis (GO vs. revenue); the inverse relationship between price and yield; callable and convertible features.
- Options basics: calls vs. puts, strike, premium, in/out of the money, American vs. European, the ODD and the OCC.
- Packaged products: open-end vs. closed-end funds, UITs, variable annuities; loads, share classes, breakpoints, letters of intent and rights of accumulation.
- 529 plans, ABLE accounts, DPPs, REITs, hedge funds and ETPs (ETFs vs. ETNs), and the risk list: credit, interest-rate, liquidity, inflation, currency, political, prepayment.
Common trap: Treating ETNs like ETFs: an ETN is unsecured debt of the issuer and carries that issuer’s credit risk.
Deep dive + practice questions: Understanding Products and Their Risks
Understanding Trading, Customer Accounts and Prohibited Activities
31% of the exam, 23 scored questions.
- Order types: market, limit, stop, stop-limit, GTC; principal vs. agency capacity.
- Dividend dates (record, ex-dividend, payable) and settlement (regular way is T+1 for most securities since May 28, 2024).
- Account types and registrations: cash vs. margin, discretionary, joint (JTWROS vs. TIC), custodial (UTMA/UGMA), trusts, IRAs and qualified plans.
- AML: placement, layering, integration; SARs, CTRs (cash over $10,000), OFAC and the SDN list.
- Prohibited activities: market manipulation, insider trading, front running, borrowing from customers, sharing in accounts, and financial exploitation of seniors.
Common trap: Confusing the stages of money laundering or the thresholds: a CTR is for cash transactions over $10,000; a broker-dealer SAR threshold is $5,000 of suspicious activity.
Deep dive + practice questions: Understanding Trading, Customer Accounts and Prohibited Activities
Overview of the Regulatory Framework
9% of the exam, 7 scored questions.
- SRO registration: Form U4 (registration) and U5 (termination) filing requirements.
- Continuing education (Regulatory Element and Firm Element) and the Maintaining Qualifications Program.
- Statutory disqualification, and FINRA’s disciplinary and arbitration processes.
- Outside business activities and private securities transactions (selling away) notice requirements.
Common trap: Assuming passing the SIE registers you. It does not: registration requires a top-off exam and a sponsoring firm filing Form U4.
Deep dive + practice questions: Overview of the Regulatory Framework
Study in outline order but spend time in proportion to weight. Take a diagnostic first, then drill your two weakest sections, then switch to timed full-length exams in the final 1-2 weeks. See the SIE study plan.
Download the printable SIE outline checklist
A one-page checklist of every outline section and key rule on this page, as a Word file or a printable page.
Get the full SIE bank
Outline-weighted original questions with explanations, section drills and timed full-length exams. $79 one-time, 12 months, free access extension until you pass.
Frequently asked questions
What is on the SIE?
The official outline has 4 sections: Knowledge of Capital Markets (16%); Understanding Products and Their Risks (44%); Understanding Trading, Customer Accounts and Prohibited Activities (31%); Overview of the Regulatory Framework (9%).
Where do I find the official SIE content outline?
On FINRA’s website; we link the current PDF in the sources below. FINRA publishes the outline and updates it when rules change.
How many hours should I study for the SIE?
Most candidates plan roughly 50-100 hours. That range is our editorial estimate, not an official figure; adjust it after a diagnostic test.
Sources
- FINRA - SIE Content Outline (2025) (accessed 2026-09-23)
- FINRA - Securities Industry Essentials (SIE) Exam (accessed 2026-09-23)
- FINRA Rule 2111 - Suitability (accessed 2026-09-23)
- SEC - Regulation Best Interest (accessed 2026-09-23)
- FINRA Rule 2210 - Communications with the Public (accessed 2026-09-23)
- SEC - Shortening the securities settlement cycle to T+1 (compliance date May 28, 2024) (accessed 2026-09-23)