This week is FINRA’s annual conference, and from the Knopman Marks perspective we are most excited to share an update on the status of the Securities Industry Essentials (SIE) Exam. For those of you unfamiliar with the exam please review our previous articles here.

Since the SIE rule filing many firms and trade groups submitted comments to the SEC. Feedback on the exam restructuring has been overwhelmingly positive – firms believe the pool of potential job candidates will increase and welcome a more streamline and efficient approach to the qualification process. One area of concern was the exam’s proposed March 2018 launch date, which some firms suggested was too aggressive given previously allocated budgets and other operational changes required to adapt to the new licensing regime.

Today, FINRA’s testing and qualifications team hosted a session and gave the following update:

  • FINRA still hopes to release the exam in March 2018. However, given the comments requesting additional time, FINRA is conducting additional diligence to see if a delay until fall 2018 is warranted.
  • FINRA will release final content outlines and exam specifications sometime this summer.
  • FINRA will not provide a numerical score to candidates who pass the exam. Candidates who fail the exam will receive a score report along with a breakdown by topic area.

FINRA and the SEC are continuing to review the comments to the rule filing. FINRA has extended the time for SEC action until July 2017 and we expect to receive more information in the coming months. We will continue to post any updates here so subscribe to stay up-to-date and fully informed on all things SIE.

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Written by Dave Meshkov
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.