Last updated: June 2026. Written by Josh Hutcheson, OnlineCourseing editor. See our review methodology.
QUICK VERDICT
Bottom line: The SIE is the entry-level securities exam anyone can take without a sponsoring firm — it’s the natural first step toward a finance career. The Series 7 is the bigger general-representative license that needs an employer sponsor. Both are passable with disciplined, question-bank-driven study, and you don’t need to spend $300+ to prep. For most candidates, The Securities Institute offers the best value, with packages from $85 and a money-back pass guarantee.
- Best for: Aspiring finance/brokerage professionals starting with the SIE, then the Series 7
- Exam fees: SIE $100, Series 7 $395 (paid to FINRA, separate from prep)
- Best value prep: The Securities Institute — SIE packages from $85, with the Greenlight pass guarantee
If you’re starting a career in finance or at a brokerage, the SIE exam (Securities Industry Essentials) is almost always your first hurdle — and the Series 7 is the license that follows. This guide explains exactly what each exam involves, how they fit together, what they cost, and which prep course gives you the best shot at passing the first time without overpaying. Every exam figure below is from FINRA’s official pages, and the prep details are verified directly with the providers.
What is the SIE exam?
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The Securities Industry Essentials (SIE) exam is FINRA’s entry-level qualification. Its biggest advantage: you don’t need to be sponsored by a firm to take it. Anyone 18 or older can sit the SIE, which makes it the ideal way to show employers you’re serious before you’ve even landed a brokerage job.
- 75 multiple-choice questions, 1 hour 45 minutes
- Passing score: 70%
- Cost: $100 (paid to FINRA)
- Covers the basics: products, risks, regulatory structure, and market fundamentals
Passing the SIE alone doesn’t let you transact securities business — but it’s a permanent qualification (valid for four years) and a co-requisite for the bigger exams like the Series 7.
What is the Series 7 exam?
The Series 7 (General Securities Representative) license is the one most people picture when they think of a stockbroker. It lets you sell a broad range of securities, and it’s a significant step up in difficulty from the SIE.
- 125 questions, 3 hours 45 minutes
- Passing score: 72%
- Cost: $395 (paid to FINRA)
- Requires sponsorship by a FINRA member firm, and the SIE as a co-requisite
Because the Series 7 requires an employer sponsor, most people take the SIE first (on their own), get hired, and then prepare for the Series 7 with their firm’s backing. You must pass both the SIE and the Series 7 to earn the General Securities registration.
SIE vs Series 7: how they fit together
| SIE | Series 7 | |
|---|---|---|
| Questions | 75 (1h 45m) | 125 (3h 45m) |
| Passing score | 70% | 72% |
| FINRA fee | $100 | $395 |
| Sponsor needed? | No — anyone can take it | Yes — firm-sponsored |
| Typical order | First | After being hired |
What’s actually on the SIE exam
The SIE is broad but shallow — it tests whether you understand how the securities industry works, not deep technical detail. FINRA organises its 75 questions into four areas:
- Knowledge of Capital Markets — market structure, regulators, and economic factors
- Understanding Products and Their Risks — the largest area; stocks, bonds, packaged products, options, and their risks
- Understanding Trading, Customer Accounts and Prohibited Activities — how orders and accounts work, plus rules on insider trading and other prohibited conduct
- Overview of the Regulatory Framework — the regulators (SEC, FINRA), registration, and compliance basics
The bulk of the exam sits in the products-and-risks area, so that’s where most of your study time should go.
What’s on the Series 7 exam
The Series 7 is organised around the actual job of a general securities representative. Its 125 questions map to the major functions of the role: seeking business and opening accounts, providing customers with information and making suitable recommendations, and processing and completing transactions. In practice that means heavier coverage of options, municipal securities, and suitability than the SIE — the topics where a representative is most likely to do real harm if they get it wrong.
How long should you study for the SIE and Series 7?
The two exams ask for very different commitments. Most candidates clear the SIE with a few weeks of part-time study — it’s a manageable first step, especially if you use a question bank and review your weak areas. The Series 7 is a much bigger lift; plan for one to two months of consistent study, with the majority of that time spent doing practice questions and full-length mock exams rather than re-reading.
The pattern that works for both: learn the material once for coverage, then live in the question bank, reading the explanation for every question you miss. When your practice-exam scores sit comfortably above the pass mark across several attempts, you’re ready to book the real thing.
Best SIE & Series 7 exam prep courses
These are computer-based, heavily scenario-driven exams — the providers that help most are the ones with large, well-explained question banks and realistic practice exams. Here’s how the main options compare on merit:
BEST VALUE — THE SECURITIES INSTITUTE
SIE & Series 7 Exam Prep
13+ hours of video, 1,200+ practice questions with explanations, and realistic exam simulation — backed by the Greenlight money-back pass guarantee. SIE packages start at just $85. The firm has helped 400,000+ students since 1996.
Affiliate partnership — we may earn a commission if you enrol via this link, at no extra cost to you.
The Securities Institute — best value. For most self-studiers this is the one to beat. Packages start at $85 for the SIE (the full review course is $139), the question bank is large and well-explained, and the Greenlight pass guarantee refunds you if you follow the program and still don’t pass — a genuine risk-reducer on an exam you’re paying FINRA $100–$395 to sit. They cover the SIE, Series 7, and combined SIE+Series 7 packages.
Kaplan — the premium incumbent. Kaplan is the most established securities-prep brand, with comprehensive materials and live-class options. It’s thorough, but it’s also the most expensive route, and for a multiple-choice exam the extra spend buys diminishing returns over a strong question bank.
STC (Securities Training Corporation) — the institutional choice. STC is widely used by large brokerages to train new hires. If your firm provides STC, use it; as an individual buyer it’s priced for the enterprise market.
Achievable — the modern option. Achievable is a newer, affordable provider with an adaptive, online-first course that some candidates prefer for its clean interface and spaced-repetition approach.
How to pass the SIE and Series 7
The pattern that works for almost everyone is the same: read or watch the material once for coverage, then spend the majority of your time in the question bank. These exams test applied judgment, so doing hundreds of practice questions — and carefully reading the explanations for the ones you miss — is what moves the needle. Take full-length, timed practice exams in the final stretch, and treat a consistent practice-exam score in the high 70s or low 80s as your green light to book the real thing.
SIE exam day: what to expect
Both exams are taken at a Prometric test centre or, where available, via online remote proctoring. You’ll register through your FINRA or test-centre account, then schedule a date inside your window. Bring a valid government-issued photo ID — the name must match your registration exactly — and expect airport-style security: no phones, notes, or personal items at your seat, and a provided whiteboard and on-screen calculator for any maths.
The exams are computer-based and you get your pass/fail result on screen as soon as you finish, so there’s no anxious wait. If you don’t pass, FINRA imposes a 30-day waiting period before your next attempt (and longer after multiple failures), which is one more reason to walk in genuinely ready rather than treating the first sitting as a practice run.
Total cost to get licensed
Budget for two separate costs: the FINRA exam fees and your prep. For the common SIE-then-Series-7 path, that’s $100 + $395 in FINRA fees, plus prep — and prep can be as little as ~$85–$200 with a value provider, versus $300+ with a premium brand. All-in, a well-prepared candidate can be licensed for under $700, with the prep portion being the easiest place to save without hurting your odds.
Beyond the Series 7: the Series 63, 65, and 66
For most client-facing roles the SIE and Series 7 aren’t the end of the road — you’ll usually add a state-law license too:
- Series 63 (Uniform Securities Agent State Law) — required to transact business in most states; commonly paired with the Series 7
- Series 65 (Uniform Investment Adviser Law) — for investment adviser representatives who give fee-based advice
- Series 66 — a combined exam covering both the 63 and 65 in one sitting, popular with people heading into advisory roles
Which you need depends on the job: a traditional brokerage representative typically does the Series 7 + 63, while someone moving into fee-based advice often takes the Series 66. The Securities Institute and the other major providers sell prep for all of these, frequently as discounted bundles alongside the SIE and Series 7.
What careers do the SIE and Series 7 open up?
These licenses are the entry ticket to client-facing finance. The SIE alone signals to employers that you understand the industry, which helps you land a role; once hired and sponsored, the Series 7 qualifies you to actually sell securities. Common destinations include financial advisor and registered representative roles at brokerages and wirehouses, roles at banks’ investment arms, and positions at independent broker-dealers.
Because the SIE has no sponsorship requirement, it’s also a smart move for career-changers and recent graduates: passing it before you apply is concrete proof you’re serious, and it removes one of the first hurdles an employer would otherwise have to clear for you.
Frequently asked questions
Can I take the SIE without a job?
Yes. The SIE doesn’t require firm sponsorship — anyone 18 or older can take it. That’s why it’s a smart way to prove your commitment to employers before you’re hired.
How much does the SIE exam cost?
The FINRA fee is $100. Prep is separate and ranges from about $85 (value providers like The Securities Institute) to $300+ for premium brands.
How hard is the Series 7?
It’s substantial — 125 questions over 3 hours 45 minutes with a 72% pass mark. It rewards heavy question-bank practice rather than passive reading. Most candidates pass with disciplined preparation.
Do I need the SIE to take the Series 7?
Yes. The SIE is a co-requisite for the Series 7 — you must pass both to earn the General Securities Representative registration, and the Series 7 also requires firm sponsorship.
What’s the best SIE prep course?
For value, The Securities Institute — SIE packages from $85 with a money-back Greenlight pass guarantee. Kaplan is the premium incumbent, and Achievable is a strong modern, affordable option.
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