FINRA has released updates on its exam restructuring program which launches October 1, 2018. New on the FINRA site are content outlines for three of the “top off” or “specialized knowledge exams”, that will become effective simultaneously with the new Securities Essentials Exam (see more about the SIE at https://www.finra.org/file/securities-industry-essentials-sie-exam-content-outline.
The common theme of these top-off exams is that redundant information will be removed, and candidates will be tested on rules and functions that are closely associated with the tasks they perform daily.
Top-Off Exam Facts
| Series 79 | ||
| Functions: | ||
| 1: Collection, Analysis and Evaluation of Data | 37 questions | |
| 2: Underwriting and New Financing Transactions, Types of Offerings and Registration of Securities |
20 questions | |
| 3: Mergers and Acquisitions, Tender Offers and Financial Restructuring Transactions | 18 questions | |
| Total Questions | 75 questions + 10 experimental questions | |
| Time for Completion: | 2 hours and 30 minutes | |
| Passing Score: | To be determined |
Content Outline: http://www.finra.org/sites/default/files/Series_79_Content_Outline.pdf
| Series 86 | ||
| Functions | ||
| 1: Information and Data Collection | 10 questions | |
| 2: Analysis, Modeling and Valuation | 90 questions | |
| Total Questions | 100 questions | |
| Time for Completion: | 4 hours and 30 minutes | |
| Passing Score: | 73% | |
| Series 87 | ||
| Functions | ||
| 3: Preparation of Research Reports | 32 questions | |
| 4: Dissemination of Information | 18 questions | |
| Total Questions | 50 questions | |
| Time for Completion | 1 hour and 45 minutes | |
| Passing Score: | 74% |
Content Outline: http://www.finra.org/sites/default/files/Series_86-87_Content_Outline.pdf
| Series 99 | ||
| Functions | ||
| 1: Knowledge Associated with the Securities Industry and Broker-Dealer Operations | 35 questions | |
| 2: Professional Conduct and Ethical Considerations | 15 questions | |
| Total Questions | 50 questions | |
| Time for Completion: | 1 hours and 30 minutes | |
| Passing Score: | To be determinedContent Outline: |
Content Outline: http://www.finra.org/sites/default/files/Series_99_Content_Outline.pdf
New Licensing Process
To become fully licensed after October 1, 2018, individuals must pass both the SIE and a specialized top-off exam tailored to their area of practice. Though the SIE can be taken by persons that aren’t associated with firms, the top-off exams will be available only to associated persons of FINRA member firms. This new approach provides college students, career changers, and other interested persons an opportunity to establish an industry credential prior to hire.
Knopman Marks will Keep You Informed
Check back regularly for updates on the SIE exam and top-offs. FINRA content outlines are expected soon for Series 6, Series 7, Series 22, Series 57 and Series 82, and the MSRB will also re-align the Series 52 with the SIE requirement. Knopman Marks is committed to delivering the best exam prep material for these new exams, and we are happy to help with any question you have about this revised exam process.
Written by Marcia Larson
Marcia Larson is Vice President, Faculty, at Knopman Marks Financial Training, New York, NY. She has extensive experience in financial licensing and regulatory training, having authored, developed and presented courseware for numerous securities and insurance exam preparation and continuing education and compliance programs. Before joining Knopman Marks, Marcia was Director of Annuity Products and Business Development at CUNA Mutual Group, where she developed and marketed industry-leading annuity products and retirement solutions and implemented distribution relationships. She was previously VP, Securities Products for Kaplan Financial, managing securities training products and subsequently, international training and businesses development. Marcia has trained thousands of financial industry exam candidates throughout their careers, and also college students as an adjunct professor. Marcia was a summa cum laude graduate of Wartburg College with degrees in Business Administration and Piano Performance. Marcia also holds the designations of Chartered Financial Consultant® (ChFC®), Chartered Life Underwriter (CLU®), Certified Employee Benefit Specialist (CEBS), and Fellow Life Management Institute™ (FLMI®). She currently teaches the SIE, Series 6, 7, 24, 50, 52, 63, 65, and 66 exams.
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