Free SIE Practice Exam: 380 Questions, Full 75-Question Timed Test
In short: A free SIE practice exam with 380 original questions written to the FINRA Securities Industry Essentials content outline. Take a full 75-question, 105-minute timed test drawn by FINRA's section weights, see your score by section, and read a worked explanation for every answer. Practice mode and flashcards included. No subscription, no auto-renew, no account.
Loading SIE questions…
SIE practice test: the facts
| Price | Free. No payment step on this page. |
|---|---|
| Subscription | No subscription, no auto-renew, no card needed. |
| Question bank | 380 original questions, every one with an explanation and the outline section it tests. |
| Timed mock test | 75 questions in 105 minutes, drawn across topics in proportion to the bank; the same length, time and passing score (70) as the real SIE. |
| Weak-topic stats | Score by topic after every mock, plus a running weak-topic list from practice mode. |
| Modes | Timed mock, practice mode (instant answer and explanation), flashcards, one-topic drills. |
| Account | Not required. Nothing to sign up for. |
| Access | No time limit and no expiry. |
| Privacy | Your answers and stats stay in your browser (local storage). Nothing is sent to us. |
| Based on | Original questions written to the FINRA Securities Industry Essentials (SIE) Exam content outline (four sections: Knowledge of Capital Markets, Understanding Products and Their Risks, Understanding Trading, Customer Accounts and Prohibited Activities, Overview of the Regulatory Framework). |
| Checked | November 2026 |
The real SIE at a glance
| Format | 75 scored multiple-choice questions (FINRA also includes some unscored questions). |
|---|---|
| Time | 1 hour 45 minutes. |
| Passing score | 70. |
| Content | Knowledge of Capital Markets 12 questions (16%); Understanding Products and Their Risks 33 (44%); Understanding Trading, Customer Accounts and Prohibited Activities 23 (31%); Overview of the Regulatory Framework 7 (9%). |
| Fee | $100. |
Sources: FINRA: SIE exam. Rules change; confirm with the official source before test day.
The FINRA SIE exam has 75 scored questions in 1 hour 45 minutes and you need 70 to pass. Products and their risks is the biggest section (44%), followed by trading, customer accounts and prohibited activities (31%). Our 380 original questions follow the same four sections and weights, with worked answers for options, margin and bond math.
Questions by topic
Knowledge of Capital Markets
60 questionsRegulators, market structure, economic factors and offerings.
Understanding Products and Their Risks
165 questionsEquities, debt, funds, options, municipal securities and investment risks.
Understanding Trading, Customer Accounts and Prohibited Activities
117 questionsOrders, settlement, account types, KYC, AML and prohibited practices.
Overview of the Regulatory Framework
38 questionsFINRA registration, continuing education, reporting and employee conduct.
10 sample SIE questions with answers
Taken from the bank above. Open each one for the answer and the explanation.
- 1. Knowledge of Capital Markets
Which phase of the business cycle immediately follows the peak?
- A. Contraction
- B. Expansion
- C. Recovery
- D. Trough
Show answer
Answer: A. Contraction
After output and employment top out at the peak, the economy enters contraction. The trough marks the bottom, and recovery follows it.
Source: SIE Section 1: Knowledge of Capital Markets – Business cycle
- 2. Understanding Products and Their Risks
Which right is typically held by common stockholders?
- A. The right to vote on directors and certain corporate matters
- B. A guaranteed fixed dividend
- C. Priority over bondholders in liquidation
- D. The right to redeem shares at par on demand
Show answer
Answer: A. The right to vote on directors and certain corporate matters
Common shareholders vote on directors and major proposals. Dividends are not guaranteed, and creditors are paid before stockholders in liquidation.
Source: SIE Section 2: Understanding Products and Their Risks – Equity securities
- 3. Understanding Trading, Customer Accounts and Prohibited Activities
Which order guarantees execution but not price?
- A. Limit order
- B. Stop-limit order
- C. Fill-or-kill order
- D. Market order
Show answer
Answer: D. Market order
A market order executes at the best available price right away, so the fill is nearly certain, but the price is not known. A limit order controls price at the cost of execution certainty.
Source: SIE Section 3: Understanding Trading, Customer Accounts and Prohibited Activities – Order types
- 4. Overview of the Regulatory Framework
How many commissioners serve on the Securities and Exchange Commission?
- A. Five
- B. Three
- C. Seven
- D. Nine
Show answer
Answer: A. Five
The SEC has five commissioners, appointed by the President and confirmed by the Senate. No more than three can belong to the same political party.
Source: SIE Section 4: Overview of the Regulatory Framework – SEC
- 5. Knowledge of Capital Markets
When the Federal Reserve buys Treasury securities in the open market, the expected effect is to:
- A. Reduce bank reserves and push interest rates higher
- B. Raise the reserve requirement for member banks
- C. Increase the federal budget deficit directly
- D. Increase bank reserves and put downward pressure on interest rates
Show answer
Answer: D. Increase bank reserves and put downward pressure on interest rates
Open market purchases add reserves to the banking system and ease credit. Selling securities does the opposite and tightens credit.
Source: SIE Section 1: Knowledge of Capital Markets – Monetary policy
- 6. Understanding Products and Their Risks
After a 2-for-1 stock split, a stock priced at $80 would be expected to trade at about:
- A. $160
- B. $20
- C. $80
- D. $40
Show answer
Answer: D. $40
A 2-for-1 split doubles the shares and halves the price, leaving total market value unchanged.
Source: SIE Section 2: Understanding Products and Their Risks – Equity securities
- 7. Understanding Trading, Customer Accounts and Prohibited Activities
A good-till-canceled order:
- A. Expires at the end of the trading day
- B. Executes only at the open
- C. Stays open until filled or canceled by the customer or firm policy
- D. Cannot have a limit price
Show answer
Answer: C. Stays open until filled or canceled by the customer or firm policy
GTC orders remain open across sessions. Firms usually cancel them after a set period, often 60 to 90 days.
Source: SIE Section 3: Understanding Trading, Customer Accounts and Prohibited Activities – Order types
- 8. Overview of the Regulatory Framework
SIPC protects customers of a failed brokerage firm against:
- A. Declines in market value
- B. Losses from bad investment advice
- C. Fraud by the issuer
- D. Loss of cash and securities held at the firm up to $500,000 including $250,000 in cash
Show answer
Answer: D. Loss of cash and securities held at the firm up to $500,000 including $250,000 in cash
SIPC covers missing assets when a member firm fails, not investment losses. The limits are $500,000 per customer with a $250,000 cash sublimit.
Source: SIE Section 4: Overview of the Regulatory Framework – SIPC
- 9. Knowledge of Capital Markets
An inverted yield curve means that:
- A. Long-term yields are higher than short-term yields
- B. All maturities yield the same rate
- C. Short-term yields are higher than long-term yields
- D. Corporate yields are below Treasury yields
Show answer
Answer: C. Short-term yields are higher than long-term yields
An inverted curve slopes downward. It has often preceded recessions because it reflects expectations of lower future rates.
Source: SIE Section 1: Knowledge of Capital Markets – Yield curve
- 10. Understanding Products and Their Risks
A right is best described as:
- A. A long-term option to buy shares above market
- B. A security that pays fixed interest
- C. A short-term privilege to buy new shares at a set price, usually below market
- D. A certificate of ownership in a foreign company
Show answer
Answer: C. A short-term privilege to buy new shares at a set price, usually below market
Rights let existing shareholders maintain proportionate ownership and typically expire in 30 to 45 days. Warrants last much longer.
Source: SIE Section 2: Understanding Products and Their Risks – Rights and warrants
How to use this SIE practice test
- 1Take the full 75-question timed test once to get a baseline by section.
- 2Products and Their Risks is 44% of the exam: drill it first.
- 3Do the options, margin and bond math on paper and check each worked explanation.
- 4Use flashcards for definitions and rules you keep mixing up.
- 5Retake a timed test every few days; aim for 75% or more before you book.
Questions people ask
Is this SIE practice exam really free?
Yes. All 380 questions, the full timed test, practice mode and flashcards are free, with no subscription, no auto-renew and no account.
How many questions are on the SIE and what score do I need?
75 scored questions in 1 hour 45 minutes, and the passing score is 70. Our timed test uses the same 75 questions, 105 minutes and a 70% pass line, drawn by FINRA's section weights.
Is the SIE exam hard?
Most people find the products section the hardest because it is the largest (44%) and has the most terms. Take a timed test and check your section stats to see where you stand.
Are these real SIE questions?
No. These are original questions written to FINRA's public SIE content outline. Real exam questions are confidential.
How long is an SIE pass valid?
An SIE pass is valid for four years, so you can take it before you are hired and add a top-off exam like the Series 7 later.
More free practice
Want cards from your own notes or textbook instead? Turn your SIE study notes into flashcards.