Checked 29 September 2026. Scoring rules from the SIE Content Outline and FAQ; the only FINRA pass figure is from SR-FINRA-2026-014 (2024 first attempts, one figure for the SIE, Series 7 and Series 24). The 2019 figures are reported and will not be updated. The study plan is our arithmetic.
Two numbers dominate SIE forums: the passing score of 70, and a pass rate that is quoted anywhere from 70% to 82%. Both are usually misread. The 70 is a scaled score, not 70 correct answers out of 100 or 70% of the items, and FINRA has not published an SIE-only pass rate since the exam's first year; the figures that circulate come from 2019, when FINRA staff shared early results at industry conferences, and we could find them only as reported by prep companies, not in a FINRA publication. This guide sets out what FINRA actually says about scoring, lists every pass-rate figure with its source and date, and then turns the outline's weights into a study plan you can adjust. ProSyllabus is an independent study site, not part of FINRA, NASAA or Prometric. Every rule here is quoted or summarised from FINRA's own pages, rule filings and the SIE content outline; FINRA, and for the NASAA exams the state regulators, decide every individual case.
SIE FAQ, SIE Content Outline (c) 2025, SR-FINRA-2026-014.
Where other pages get this wrong
The SIE's 70 is a scaled score, and no current SIE-only pass rate is published.
Commonly published instead: "You need 53 of 75 correct to pass" and "the SIE pass rate is 74%" quoted as current.
FINRA's FAQ says the passing score is 70 "on a scale of 0 to 100" and that "statistical adjustments are made to the score to account for slight variations in the difficulty" between question sets. So the raw count needed varies with the form you get, and FINRA publishes no conversion. The 74% figures date from early 2019 and survive only as prep companies reported FINRA conference presentations.
How the SIE is scored
The content outline explains the method: "All candidate test scores are placed on a common scale using a statistical adjustment process known as equating." Different candidates see different sets of items, and equating "accounts for the slight variations in difficulty", so that "every candidate is held to the same passing standard regardless of which set of exam items they received". Three practical consequences follow. First, 70 is not a percentage and there is no fixed number of correct answers that guarantees it. Second, the 5 pretest items do not count, but you cannot identify them. Third, "there is no penalty for guessing", so a blank answer can only cost you. At the end you see pass or fail on screen, and FINRA gives "performance feedback if you fail".
Every published SIE pass-rate figure
| Figure | Population and date | Source type |
|---|---|---|
| Over 70% passed on the first attempt | People whose first attempt was in 2024; one line covering the SIE, Series 7 and Series 24, method not stated | Official: FINRA, SR-FINRA-2026-014 |
| 74% average pass rate; 16,195 SIE exams | 1 October 2018 to 31 January 2019 | Reported: Knopman Marks, from figures FINRA shared at an industry conference in March 2019 |
| 74% pass rate; 29,181 exams taken; 44,626 enrolled | To 31 March 2019 (first-attempt or all attempts is not stated) | Reported: Knopman Marks, from a FINRA staff presentation |
| About 72% pass rate; over 52,000 enrolled | To the end of April 2019 | Reported: Knopman Marks |
| SIE + Series 7: 71% | To 31 March 2019; defined as passing the top-off exam at the first attempt after passing the SIE at the first attempt | Reported: Knopman Marks |
| 82% overall pass rate of 67,445 exams | To 31 August 2019 | Reported: Kaplan Financial |
| 74% of 58,264 first-time candidates | To 31 August 2019 | Reported: Kaplan Financial |
| SIE and Series 7: 84% | To 31 August 2019; not defined | Reported: Kaplan Financial |
The 2019 figures do not reconcile. Kaplan's "overall" 82% is higher than its own first-timer rate of 74%, which cannot happen if retakers are part of the overall figure and pass less often; and the two "SIE and Series 7" figures (71% and 84%) come from different dates, and only Knopman's is defined, so they cannot be read as a trend. We print them because they are what circulates, but none appears in a FINRA publication we could find and none is recent. FINRA's only current statement is the 2024 line covering three exams, and the same filing adds that 65% of SIE failers came back for a second attempt.
What 70 might mean in correct answers: an illustration only
Because of equating, no official table converts the scaled 70 into correct answers. For planning only, the table shows what 70% of each section's items would be. Treat it as a rough target for practice tests, not as the pass rule.
| Section | Scored items | Illustrative 70% of items (ours, not the pass rule) |
|---|---|---|
| 1. Knowledge of Capital Markets | 12 | 8.4 |
| 2. Understanding Products and Their Risks | 33 | 23.1 |
| 3. Understanding Trading, Customer Accounts and Prohibited Activities | 23 | 16.1 |
| 4. Overview of the Regulatory Framework | 7 | 4.9 |
| All four | 75 | 52.5 |
Pace on the day
You get 1 hour 45 minutes for 80 items, about 79 seconds each (our arithmetic). A workable rhythm is to take a first pass answering everything you know and marking the rest, then return to the marked items. Leave no item blank, because there is no guessing penalty. No reference materials are allowed. If English is not your primary language and you meet FINRA's Limited English Proficiency criteria, you can apply for 30 extra minutes through a web form; allow about five business days before booking.
A study plan built on the outline's weights
FINRA publishes no study-hour guidance. The plan below is our own: it spends the last week on FINRA's free practice test and review, and splits the rest across the four sections by their share of scored items. It assumes 8 hours a week over six weeks, 48 hours in all, with 8 kept for the final week. Change the numbers with the planner below.
| Week | Focus (our plan) | Hours |
|---|---|---|
| 1 | Take the FINRA practice test untimed as a diagnostic; start Section 1 (regulators, market structure, economics, offerings) | 8 |
| 2 | Finish Section 1; Section 2 equities and debt (price and yield, ratings, municipal bonds) | 8 |
| 3 | Section 2 options, packaged products, 529 and ABLE, DPPs, REITs, ETPs; investment risks | 8 |
| 4 | Section 3 orders, returns, settlement, corporate actions, account types and registrations | 8 |
| 5 | Section 3 AML, records and privacy, communications, prohibited activities; all of Section 4 | 8 |
| 6 | Retake the practice test timed at 105 minutes; review wrong answers by outline heading | 8 |
| Section | Weight | Hours of 40 core hours (ours) |
|---|---|---|
| 1. Knowledge of Capital Markets | 16% | 6.4 |
| 2. Understanding Products and Their Risks | 44% | 17.6 |
| 3. Understanding Trading, Customer Accounts and Prohibited Activities | 31% | 12.4 |
| 4. Overview of the Regulatory Framework | 9% | 3.6 |
Split your SIE study hours by the outline's weights
Enter the date you plan to book and your weekly hours. The planner keeps the last week for the free FINRA practice test and revision, and splits the rest across the four sections in proportion to their 44/31/16/9 weighting.
Our arithmetic. Weighting by item count is a starting point, not a FINRA recommendation; if you already work in operations, move hours from what you know to what you do not. The enrolment window is 120 days, so book inside it.
Where people in operations roles can save time
If you already work in trade support, settlements, reconciliations, KYC or AML at a firm serving US clients, much of Section 3 will be familiar: order types, T+1 settlement, corporate actions, account documentation, suspicious-activity reporting. The new ground is usually US-specific: municipal securities and the MSRB, 529 and ABLE accounts, Regulation Best Interest, blue-sky laws, and FINRA's registration and reportable-event rules in Section 4. Our suggestion is to take the practice test before you plan, then move hours from what you scored well on to what you did not. Nothing on this page is investment advice: securities products appear here only as exam content.
Booking the date
Your enrolment window is 120 calendar days and opens the day after you enrol, so enrol when you are within about four months of being ready, not earlier. On a self-enrolled (TESS) booking, cancelling or rescheduling 3 to 10 business days before costs $50; within two business days, or a no-show, forfeits the $100 fee and consumes the enrolment. Firm enrolments differ: the firm is charged and the window stays open. If you fail, you wait 30 days before a first or second retake under the rule in force today (FINRA has adopted 15 but not yet switched it on). ProSyllabus has no SIE practice quizzes yet, so this guide does not point you to any.
What is the passing score for the SIE?
70 on a scale of 0 to 100, after statistical equating across question sets. It is not 70% of the items correct.
How many questions do I need right to pass the SIE?
FINRA does not publish a number. Scores are equated, so the raw count needed can differ between versions of the exam.
What is the SIE pass rate?
FINRA's only recent figure covers three exams in one line: over 70% of people first sitting the SIE, Series 7 or Series 24 in 2024 passed at the first attempt. SIE-only figures of 72% to 82% date from 2019 and survive only as reported by prep companies.
Is there negative marking in the SIE?
No. FINRA says there is no penalty for guessing and candidates should answer every item.
Do I get my SIE score?
You see pass or fail at the end, with performance feedback if you fail. A score report can be requested from the FINRA Support Center.
How long should I study for the SIE?
FINRA gives no guidance. Our example plan is six weeks at about 8 hours a week, weighted by the outline: 44% products, 31% trading and accounts, 16% capital markets, 9% regulation.
Is the FINRA practice test like the real SIE?
FINRA says its 75 free practice questions are similar to the real ones, but the result is not a prediction and each real exam covers only part of the outline.
How much time do I get per SIE question?
About 79 seconds, from 105 minutes for 80 items including the 5 unscored ones (our arithmetic).
Can I get extra time on the SIE?
Candidates who meet FINRA's Limited English Proficiency criteria can get 30 extra minutes; testing accommodations for disabilities are also available on request.
Sources
- official — FINRA — SIE Exam and Exam Restructuring FAQ (age, citizenship, SSN or mother's maiden name, co-requisite, scoring, waiting periods, validity, BrokerCheck and CRD)
- official — FINRA — SIE Content Outline, (c) 2025, the file the SIE page links (75 scored + 5 pretest = 80 items) (PDF)
- official — FINRA — Securities Industry Essentials (SIE) Exam page ("At a glance": 75 questions, 1 hour 45 minutes, passing score 70, cost $100; enrolment routes; exams taken after the SIE)
- official — FINRA — SR-FINRA-2026-014, proposed rule change to reduce retake waiting periods, with 2024 pass and retake data (PDF)
- official — FINRA — Free SIE practice test (75 questions, untimed)
- official — FINRA — Qualification Exams (duration, questions and cost of every exam FINRA administers; appointments add 30 minutes for tutorial and survey)
- official — FINRA — Candidates with Limited English Proficiency (30 extra minutes for exams up to 2 hours; web form for SIE takers)
- official — FINRA — Reschedule or Cancel Your Appointment (SIE: $50 within 3 to 10 business days, $100 within 2 business days or no-show; TESS enrolment consumed)
- official — FINRA — Frequently Asked Questions about TESS (profile details, SSN or mother's maiden name, payment methods, no refunds, 120 calendar days, results within 72 hours)
- official — FINRA — Weekly update of 1 July 2026, "FINRA Reduces Waiting Periods for Retaking Qualification Exams" (wording revised 16 July: not yet in effect)
- reported — Knopman Marks — "How Many People Are Taking FINRA's SIE and Top-Off Exams?" (3 Apr 2019: 16,195 SIE exams and a 74% average pass rate, 1 Oct 2018 to 31 Jan 2019, as FINRA shared them at an industry conference in March 2019)
- reported — Knopman Marks — report of FINRA staff figures at the 2019 FINRA Annual Conference (SIE 74% to 31 Mar 2019, about 72% by end of April)
- reported — Kaplan Financial — SIE passing rate page (82% overall of 67,445 exams, 74% of 58,264 first-timers, as of 31 Aug 2019)
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
