FINRA Releases Statistics on New SIE and Top-Off Exams
The new Securities Industry Essentials (SIE) Exam was the first modification to the securities industry registration process in more than 40 years. All agree that the rollout on October 1, 2018, went smoothly, thanks to careful planning and the collaboration between FINRA and member firms. FINRA shared results of the rollout and exam administration statistics at an industry conference held in March.
SIE Exam Statistics through January 2019
FINRA reported four months of results, compiled from the October 1, 2018, launch through January 31, 2019. In this time period:
- Administered SIE exams totaled 16,195.
- The average pass rate for the SIE was 74%.
FINRA expressed that these results were approximately in line with their expectations.
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Top-Off Exam Statistics
FINRA also reported statistics on the number of top-off exams taken since they were first administered on October 1. As of January 31, the administrations were as follows:
An additional statistic that FINRA shared is the “Pass-through” rate for each top-off. This statistic reports how many were successful on their first attempt at each of the top-offs.
- Series 6: 59%
- Series 7: 71%
- Series 79: 87%
Changes to Exam Performance Reports
Another modification implemented in October was a change to candidate performance reports. Candidates who are successful on the SIE, top-offs, and all legacy industry exams administered by FINRA no longer see their percentage of correct answers as was prior practice. Now, only a “PASS” result is reported.
Candidates who are unsuccessful on any of these exams continue to receive a score. The percentage of correct answers is provided to help indicate the level of preparation necessary for the next exam attempt. As in the past, a waiting period of 30 days is required after the first two unsuccessful attempts. A six-month waiting period applies after the third exam failure.
Will FINRA Continue to Restructure Their Exams?
FINRA announced that principal level exam changes are on their radar for the future. With the same commitment to reduction of redundancy and an overall improved exam process, it is expected that within the next three years new principal exams will be implemented. Check back for more updates as FINRA releases these plans.