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SIE Update – The SIE Rule Filing, Timeline, and Exam Length

Earlier this week FINRA took the next step to make the SIE Exam a reality by filing the exam restructuring rule with the SEC. This coincided with the industry’s annual ARM Conference, where we had an opportunity to sit down with FINRA to discuss the SIE roll-out and timing.

By way of background, FINRA’s proposal is to restructure the current registration exam process. The new regime will require candidates to pass the SIE Exam and a shorter specialized knowledge exam (a “top-off” exam), based on an individual’s exact role, rather than a single more comprehensive test. Additional information on the SIE Exam can be found here.

The most significant development is FINRA’s proposed timeline for the launch of the new exams. Assuming all goes according to plan, FINRA will release the SIE and top-off exams in March 2018. This means that individuals who join a firm after this (including those in new analyst and associate training programs) will register under the new SIE plus top-off regime.

FINRA also released information on the length of the exams, a pass/fail scoring system, the cut-over process, and the MSRB’s involvement. A detailed discussion of all these developments can be found at our Investopedia article here.

If you or your team would like to discuss the exam restructuring in greater detail, please let us know and we would be happy to schedule an information session.

As always, we will continue to keep you posted on any developments regarding the exam restructuring process.

Dave's mission (and job: Managing Director of Course Design) is to make FINRA exam training engaging, approachable, and dare he even say, enjoyable. Having trained and coached over ten thousand students to exam success he knows how to present complex subjects in memorable and understandable ways. Prior to joining Knopman Marks in 2011, Dave practiced bankruptcy law at Weil, Gotshal & Manages and served as a law clerk in a the Southern District of New York Bankruptcy Court working on the General Motors and Lehman Brothers bankruptcies. Building on his legal expertise and training allows him to keep all our courses updated with the latest legislative and rule-making changes. Dave currently trains for the Securities Industry Essentials (SIE) exam and the Top-Off Series 6, 7, 24, 57, 63, 65, 66, 79, 86, 87, and 99 exams. He also delivers executive one-on-one training and shares his passion for learning outside of work as a ski instructor and yoga teacher. Dave graduated magna cum laude from Fordham Law School, and cum laude with a BA from the University of Pennsylvania.