Should you take the SIE exam before you're hired?
By the Steady Ground team ·
Most finance licenses need a company to back you before you can test. The SIE exam is different. Anyone 18 or older can take it, with no job and no firm. That makes it tempting. But is it worth your $100 before anyone has hired you? Let's look at both sides.
What the SIE exam is
SIE stands for Securities Industry Essentials. It's the first test for people who want to work with stocks, bonds and other investments. FINRA runs it. FINRA is the group that oversees people who sell investments.
- Cost: $100
- Questions: 75
- Time: 1 hour and 45 minutes
- To pass: a score of 70
- How long a pass lasts: 4 years
You don't have to be a U.S. citizen. You can take it at a test center or online.
What the SIE can't do
This is the big one. Passing the SIE does not let you sell anything. FINRA says so clearly. You still need a firm to hire you and sponsor you. Then you take more tests, like the Series 7 and a state test.
So be careful with any course that says "Pass the SIE and start earning." That is not how it works.
Reasons to take the SIE now
- It shows you're serious. A pass on your resume tells a hiring manager you did the work on your own.
- It's cheap compared with later tests. The SIE is $100. The Series 7 is $395, and a state test is $147 to $177.
- Your pass lasts 4 years. That gives you time to find the right job.
- You'll learn if you like it. Studying will show you if markets and money rules interest you.
Reasons to wait
- It won't bring in money. If you need income now, the SIE alone won't help. Look for a paying job first.
- No one has shown it gets you hired. FINRA doesn't publish data that says the SIE helps you land a job.
- Many firms want a degree. The U.S. Bureau of Labor Statistics says a bachelor's degree is typical for this job. The tests don't require one, but many firms do. Without a degree, you may need to start in a support role.
A smart, cheap way to decide
Start for free. FINRA has a free outline of what's on the test. Read it. If it bores you, you just saved $100 and months of study.
Next, look at real job ads near you. Search for trainee roles at banks, credit unions and brokerages. Note if they ask for a degree, and if they pay for your tests.
If the outline excites you and the job ads look like a fit, take the SIE. A study course can help, but it's optional. Some cost around $100.
If you fail the first time
You can try again. Right now you must wait 30 days after a first or second fail, and 180 days after a third. Those waits get shorter on January 19, 2027. They drop to 15 days and 60 days.
What the job pays
The Bureau of Labor Statistics says the median pay is $78,660 a year. The lowest-paid 10% earn about $48,040 or less. Pay is mostly commissions and bonuses, sometimes with a base salary. It also depends on where you work. The median is about $61,720 at banks and about $103,030 at firms that trade investments.
Before you take a job offer
Look up the firm and the person hiring you on BrokerCheck. It's a free FINRA tool that shows their history. And never pay a company to hire you. The Federal Trade Commission warns about jobs that charge you up front.
Want every step in order? Read our financial services representative guide. If you'd like a money job with a shorter path, look at tax preparation. Or take our career quiz.
Quick answers
Can you take the SIE exam without a sponsor?
Yes. Anyone 18 or older can take it, with no firm and no job. You don't need to be a U.S. citizen.
How much does the SIE exam cost?
$100. FINRA's outline of what's on the test is free.
Does passing the SIE get you a job?
Not by itself. It can show you're serious, but you still need a firm to hire and sponsor you before you can sell anything.
Where these facts come from
We checked these sources when we wrote this post. Rules and fees change, so check them before you pay for anything.