Last updated: 22 October 2026. FINRA’s exam details and every practice exam below were opened and checked on that date. Written by Josh Hutcheson, OnlineCourseing editor. See our review methodology.
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An SIE practice exam is the cheapest way to find out whether you are ready for FINRA’s $100 Securities Industry Essentials exam. The good news is that the best place to start costs nothing: FINRA, which writes the SIE, publishes its own free 75-question practice test. The question is what to use after it, and what score means you can book the real exam.
We checked the free and paid SIE practice exams that searchers find most often: how many questions each has, whether it is timed and explains its answers, what it costs and how long you get access. Below that are eight sample questions in the SIE’s style, a practice plan and the scores that mean you are ready.
60-SECOND VERDICT
Bottom line: Take FINRA’s free practice test first, then Achievable’s free timed exam. If you score below about 75%, add a paid question bank; book the SIE once you score around 80% on full-length exams.
- Best free start: FINRA’s own practice test: 75 questions, free, written by the exam’s publisher
- Best free timed exam: Achievable’s free full-length exam: 75 questions, 1 hour 45 minutes, explanations
- Cheapest paid bank: Pangolin Edge on Udemy: 6 full exams, 480 questions, $19.99 on 22 October
- Best value course: Securities Institute of America from $85, with a 1,000-question bank
- Ready when: you score about 80% on full-length timed exams, with no weak section
What the real SIE exam looks like
Before you spend money on the wrong online course, read this.
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Before you judge a practice exam, know what it should imitate. According to FINRA, the SIE has 75 multiple-choice questions, a time limit of 1 hour and 45 minutes and a passing score of 70. It costs $100, anyone aged 18 or older can take it without a sponsoring firm, and a passing result is valid for four years. You take it at a Prometric test center or online.
| Section | Share | Questions |
|---|---|---|
| 1. Knowledge of capital markets | 16% | 12 |
| 2. Understanding products and their risks | 44% | 33 |
| 3. Understanding trading, customer accounts and prohibited activities | 31% | 23 |
| 4. Overview of the regulatory framework | 9% | 7 |
That works out to about 84 seconds per question. The weighting matters as much as the clock. Products and their risks alone is 44% of the exam, so a practice exam that skimps on options, bonds, funds and investment risk will mislead you.
For the full exam breakdown, registration steps and course comparison, see our SIE exam prep guide. This page focuses on practice exams.
FINRA’s free SIE practice test
Start with FINRA’s practice test. It is free, has 75 multiple-choice questions and gives you feedback at the end showing what you know and what to review. Because FINRA writes both this test and the SIE itself, its questions are the closest you will get to the real wording.
Three limits are worth knowing:
- It is not timed. The real exam is 1 hour and 45 minutes, so time yourself or you will not learn your pace.
- It is one test. Once you have seen the questions, a second attempt measures memory rather than readiness. Save a clean attempt for when it is most useful.
- FINRA warns against reading too much into it. In its words, your score “should not be taken as an absolute prediction” of how you will do, and each real exam covers some content the practice test does not.
Most candidates take it in one of two places: at the very start, as a baseline, or about a week before the exam, as a final check. If you can only use it once, the second is more useful.
Other free SIE practice exams compared
Several free practice sites rank for SIE searches. They are useful for volume, though quality and explanations vary. These are the ones we checked on 22 October 2026:
| Free resource | What you get | Timed? | Explanations? |
|---|---|---|---|
| FINRA SIE practice test | 75 questions, feedback at the end | No | Topic feedback |
| Achievable free practice exam | 75 questions, full length | Yes, 1 hr 45 min | Yes |
| finrapracticetests.com | 16 online practice exams | Varies | Yes |
| OpenExamPrep, Mometrix, others | Sample question sets and short quizzes | Usually not | Usually |
Achievable’s free full-length exam
Achievable’s free SIE practice exam is the best free imitation of exam conditions: 75 questions with a 1 hour 45 minute timer, saved progress and an explanation for every answer. It is also a sample of Achievable’s paid course, which costs $99 for a year and includes more than 35 full-length practice exams. Achievable does not run an affiliate program we work with, so we earn nothing if you buy it; it is on this list because it is good value.
finrapracticetests.com
finrapracticetests.com has 16 free online SIE practice exams with explanations. It is not affiliated with FINRA despite the name. Use it for extra questions on topics where you are weak rather than as your measure of readiness, since its difficulty is not calibrated to the real exam.
PDFS AND FLASHCARD SETS
Searches for an “SIE practice exam PDF” or Quizlet sets turn up many copied question lists. Some are useful for vocabulary, but they rarely explain answers or reflect current rules: watch for sets that still say stock trades settle T+2, which changed to T+1 in May 2024. Sites that sell “actual SIE questions” are offering leaked or invented material, which breaks the rules you agree to before the exam.
Paid SIE practice exams and question banks
A paid bank is worth buying for volume and explanations. The free options above add up to a few hundred questions; a good paid bank gives you a thousand or more, with an explanation for every wrong option. Prices below were read on each provider’s site on 22 October 2026.
| Provider | Practice included | Price | Access | Best for |
|---|---|---|---|---|
| Pangolin Edge (Udemy) | 6 full exams, 480 questions | $19.99 on 22 Oct | Lifetime if bought | Cheapest set of full-length exams |
| On Top eLearning (Udemy) | 5 tests, 375 questions | $59.99 list, often discounted | Lifetime if bought | A second bank |
| Securities Institute of America | 1,000-question test bank and section tests | $85 / $115 / $139 | 180 days | Lowest-cost full course with a guarantee |
| Achievable | 35+ full exams, 2,000+ quiz questions | $99 one time | 1 year | The most practice exams per dollar |
| Kaplan Financial Education | QBank with unlimited generated exams + a practice exam | $99 to $229 | 5 months | A brand-name bank and live classes |
| STC | Practice and simulated exams by tier; supplemental exams sold separately | $129 / $141 / $293 | Course access period | Firm-sponsored and guided study |
Pangolin Edge practice exams: the cheapest full-length set
Pangolin Edge’s FINRA SIE Practice Exams on Udemy give you six full-length tests and 480 questions with explanations. On 22 October 2026 the set was rated 4.9 from 63 reviews, updated that month, and cost $19.99. It is new, so the review base is small, but for the price it is the simplest way to add several timed exams after the free ones.
See the Pangolin Edge Practice Exams →
On Top eLearning practice tests: a second bank
On Top eLearning’s SIE practice tests offer five tests and 375 questions, rated 4.7 from 144 reviews with about 1,800 students, last updated in August 2026. Its list price was $59.99, but Udemy discounts most courses often. Use it after the first bank for fresh questions.
Securities Institute of America: best value full course
If you want a course with your practice exams, Securities Institute of America is the lowest-cost full option. Its $85 Video Course and Practice Exam Package includes 12 hours of video, 14 section tests and a 1,000-question test bank; the $115 Online Training Course adds the 400-page study guide, and the $139 Complete Review Course adds a printed copy shipped free. All three include 180 days of access and SIA’s Greenlight money-back pass guarantee, and were updated in July 2026. Our Securities Institute of America review covers the guarantee terms.
Kaplan Financial Education: brand-name question bank
Kaplan’s SIE packages run from $99 to $229. The practice tools are its SecuritiesPro QBank, which builds unlimited randomly generated exams by topic and length, plus a one-time practice exam; Kaplan also lists a mastery exam with unique questions, so check which package includes it. Access lasts five months, with a five-month extension for $49. Choose Kaplan if your employer uses it or you want live online classes; for practice volume alone, it costs more than the options above. Our Securities Institute vs Kaplan comparison sets the two side by side.
STC: for structured, guided study
STC’s SIE courses cost $129 for the Digital E-Course, $141 for Premier and $293 for Premier Plus with instructor-led classes. Practice tools vary by tier, so check which include simulated final exams, and STC offers a pass guarantee if you meet its study requirements. It also sells SIE Supplemental Exams separately: four 85-question exams for extra practice. If a firm is sponsoring you, ask whether it already provides a course before you buy.
Eight SIE sample questions
These questions follow the SIE’s style and cover all four sections. They test settled rules, so they are a fair quick check, but eight questions cannot predict a score. Answer each before reading the explanation.
1. Under Regulation T, what is the initial margin requirement for buying stock in a margin account?
- A. 25% of the purchase price
- B. 30% of the purchase price
- C. 50% of the purchase price
- D. 70% of the purchase price
Answer: C. Regulation T, set by the Federal Reserve Board, requires an initial deposit of 50% of the purchase price. 25% is FINRA’s minimum maintenance requirement for long positions, which is a different rule.
2. When does a regular-way trade of common stock settle?
- A. Same day (T+0)
- B. One business day after the trade (T+1)
- C. Two business days after the trade (T+2)
- D. Three business days after the trade (T+3)
Answer: B. U.S. regular-way stock trades moved from T+2 to T+1 in May 2024. Older study material that still says T+2 is out of date.
3. Which of the following is NOT a self-regulatory organization (SRO)?
- A. FINRA
- B. The MSRB
- C. The SEC
- D. Cboe
Answer: C. The SEC is a federal government agency that oversees the SROs. FINRA, the Municipal Securities Rulemaking Board and exchanges such as Cboe are self-regulatory organizations.
4. If market interest rates rise, what happens to the price of an existing fixed-rate bond?
- A. It rises
- B. It falls
- C. It stays the same
- D. It depends only on the issuer’s credit rating
Answer: B. Bond prices and interest rates move in opposite directions. When new bonds pay more, existing bonds with lower coupons are worth less.
5. A bond with a 5% coupon and a $1,000 par value trades at $950. What is its current yield?
- A. 4.75%
- B. 5.00%
- C. 5.26%
- D. 5.50%
Answer: C. Current yield is the annual interest divided by the market price: $50 ÷ $950 = 5.26%. Because the bond trades below par, its current yield is higher than its coupon rate.
6. A company skipped two quarterly dividends on its cumulative preferred stock. What must it do before paying a dividend to common stockholders?
- A. Nothing; the missed dividends are lost
- B. Pay the missed preferred dividends in arrears first
- C. Convert the preferred shares to common
- D. Get approval from FINRA
Answer: B. Cumulative preferred stock accrues missed dividends in arrears, and they must be paid before any common dividend.
7. Which type of risk cannot be reduced by diversifying across many stocks?
- A. Business risk
- B. Systematic (market) risk
- C. Liquidity risk of a single issuer
- D. Company-specific risk
Answer: B. Systematic, or market, risk affects the whole market, so holding more stocks does not remove it. Diversification reduces unsystematic, company-specific risk.
8. A registered representative makes frequent trades in a customer’s account mainly to generate commissions. What is this called?
- A. Front running
- B. Churning
- C. Market manipulation
- D. Free riding
Answer: B. Churning is excessive trading in a customer’s account to generate commissions. It is a prohibited practice covered in the trading and prohibited activities section of the SIE.
If two or more of these caught you out, especially the margin, settlement or bond-yield questions, spend your next study session on products and their risks before taking a full practice exam.
How many SIE practice exams should you take?
Plan on four to six full-length, timed exams of 75 questions, plus shorter topic quizzes before that. More rarely helps; reviewing each exam well does.
A sensible order:
- FINRA’s practice test or Achievable’s free exam early on, as a baseline.
- Topic quizzes while you study, weighted toward products and their risks.
- Three or four full exams from a paid bank in the last two to three weeks, each followed by a full review.
- FINRA’s practice test in the final week if you saved it, as the last check.
Achievable says its users spend about 17 of an average 55 study hours on timed practice exams. That is a reasonable share to plan for: roughly a third of your time.
What practice score means you’re ready
The SIE’s passing score is 70. A practice score of exactly 70% is not enough, because question banks differ and nerves cost points on the day. Most candidates aim for steady scores of about 80% on full-length practice exams before booking. Achievable reports that its users who pass average about 79% on their final practice exam, which is consistent with that target.
| Your full-exam pattern | What it usually means | Next step |
|---|---|---|
| Below 65% on several exams | Content gaps | Go back to the course material for your weakest section before another full exam |
| 65% to 75%, rising | Close; mostly gaps in products or trading rules | Keep an error log and drill those topics with quizzes |
| About 80% three times running | Ready on most providers’ guidance | Book the SIE within two weeks |
| High overall, one section low | A gap the overall score hides | Drill that section, then take one more full exam |
Compare scores within the same bank over time rather than across providers. A demanding paid bank can produce lower scores than an easier free quiz, without meaning you are less ready.
How to review an SIE practice exam
Taking practice exams without reviewing them mostly measures you. Reviewing them is what raises your score. Sort every miss into one of three causes:
- Didn’t know it: a rule or definition you had not learned, such as the Regulation T margin requirement. Fix it with your course or study guide.
- Misread it: you knew the rule but missed a word such as NOT or EXCEPT, which the SIE uses often. Fix it by reading the last sentence of each question twice.
- Mixed it up: you confused two similar terms, such as current yield and yield to maturity, or cumulative and participating preferred. Fix it with a comparison table in your notes.
Keep a simple error log with the topic, the section and the cause. After two or three exams, patterns appear, and that is where your remaining study hours should go. Review the questions you guessed correctly as well.
A six-week SIE practice plan
| Week | Focus | Full exams |
|---|---|---|
| 1 | Baseline: FINRA’s or Achievable’s free exam, then start the course material | 1 |
| 2 | Capital markets and the regulatory framework, with topic quizzes | 0 |
| 3 | Products and their risks (44% of the exam), with quizzes | 0 |
| 4 | Trading, customer accounts and prohibited activities; first paid full exam | 1 |
| 5 | Two paid full exams, each reviewed; drill weak sections | 2 |
| 6 | Final full exam or FINRA’s test; light review; sit the SIE | 1 |
This assumes about 8 to 10 hours a week, in line with Achievable’s average of about 55 hours and STC’s estimate of 70 to 80 hours. If you are new to finance, add two weeks to weeks 2 to 4.
Booking the SIE once you are ready
You enroll yourself through a FINRA account, pay the $100 fee by credit card, ACH or a voucher, and schedule with Prometric at a test center or online. If you pass, the result counts for four years; you also need a qualification exam such as the Series 7 and a sponsoring firm before you can register as a representative.
If you do not pass, FINRA shows your result with performance feedback, and you currently wait 30 days after a first or second failed attempt and 180 days after a third. FINRA has announced that from 19 January 2027 those waits drop to 15 days and 60 days. Veterans who qualify for the GI Bill may be able to have the fee reimbursed.
The next exam after the SIE is usually the Series 7; our Series 7 prep comparison covers it, and many providers above sell SIE and Series 7 bundles.
Frequently asked questions
Is there a free SIE practice exam?
Yes. FINRA, which writes the SIE, offers a free practice test of 75 multiple-choice questions with feedback at the end. Achievable has a free full-length, timed 75-question exam with explanations, and finrapracticetests.com has 16 free online practice exams. Start with FINRA’s because it comes from the exam’s own publisher.
Is the FINRA SIE practice test similar to the real exam?
It is the closest match in style, because FINRA writes both. FINRA says its questions are similar to those on the SIE but warns that your score should not be taken as an absolute prediction, and that the real exam covers content the practice test does not. Use it as one checkpoint, not your only one.
What score on SIE practice exams means I am ready?
The SIE passing score is 70. Most candidates aim for steady scores of about 80% on full-length practice exams before booking, which leaves a margin for harder questions on the day. Achievable reports that its users who pass average about 79% on their final practice exam.
How many SIE practice exams should I take?
Plan on four to six full-length, timed practice exams of 75 questions, plus topic quizzes before that. Review every exam carefully: going through your mistakes improves your score more than taking extra exams.
How many questions are on the SIE exam?
75 multiple-choice questions in 1 hour and 45 minutes, according to FINRA. 44% of the questions cover products and their risks, 31% trading, customer accounts and prohibited activities, 16% capital markets and 9% the regulatory framework.
Is there an SIE practice exam PDF?
FINRA’s practice test is online rather than a PDF, and so are most good question banks, because they score you and explain each answer. If you want to study offline, Securities Institute of America’s top package includes a printed textbook and Kaplan’s packages include printable class notes.
Are SIE practice exams harder than the real exam?
It depends on the provider. Some advertise especially demanding banks; Securities Institute of America, for example, calls its test banks the most challenging. Compare your scores within the same bank over time rather than across providers.
How much does the SIE exam cost?
FINRA charges $100. You pay when you enroll through your FINRA account, by credit card, ACH or a voucher from a school or employer. Veterans who qualify for the GI Bill may be able to have the fee reimbursed.
How long should I study for the SIE?
Most people need 50 to 80 hours. Achievable reports an average of about 55 hours for its users, and STC estimates 70 to 80 hours of preparation. Spread over six to eight weeks, that is about 8 to 10 hours a week.
What happens if I fail the SIE?
You see your result on screen, with performance feedback if you fail. FINRA currently makes you wait 30 days after a first or second failed attempt and 180 days after a third. From 19 January 2027 those waits drop to 15 days and 60 days.