Official exam: FINRA Securities Industry Essentials (SIE)
Take a free SIE practice exam online: a full 75-question paper with every answer explained, no sign-up, scored by topic. The full 300-question bank and the timed simulator are $14.99 for 30 days.
FINRA Securities Industry Essentials (SIE): a 300-question bank of original practice questions written to the published exam content outline, 4 full papers of 75 questions each with no repeats. These are not questions from the real exam.
Where these questions come from
Every question in this bank cites a source -- primarily FINRA SIE content outline, 2026 (90%) and SEC, market participants (7%) of this exam's citations.
SIE exam facts
Exam fee
$100
Questions
75 multiple-choice questions
Time allowed
1 hour 45 minutes
Passing score
70
Who can sit it
No firm sponsor needed to enroll yourself
How to schedule
You can enroll yourself with a FINRA account (credit card, ACH or voucher), then book a Prometric test center or online testing. You get a 120-day window after enrolling. Results stay valid for four years.
. Source: FINRA SIE exam page. Fees and rules change, so confirm on the official page before you book. No official pass rate is published for this exam, so we do not print one. All securities exams
Take a full practice test free. 75 original practice questions built to the exam's domain weights, every answer explained, no sign-up required, with a domain-by-domain score at the end.
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Many securities exam prep courses cost $99 to $375. CertQuestUSA is a practice question bank, not a video course.
Understanding Trading, Customer Accounts, and Prohibited Activities31%
Overview of the Regulatory Framework9%
5 original practice questions
A corporation sells newly issued common shares to investors in an underwritten offering. In which market does this transaction occur?
A. Secondary market
B. Primary market
C. Third market
D. Auction market
Show answer and reasoning
Correct answer: B. Primary market
The issuer is raising capital by selling newly created securities, so the transaction occurs in the primary market. Secondary-market transactions involve existing securities changing hands among investors.
A: A secondary transaction does not provide sale proceeds from a new issue to the issuer.
C: The third market describes certain exchange-listed securities traded over the counter, not an issuer's new offering.
D: Auction describes a trading method and does not change a new issuance into a different capital-raising market.
Source: SEC Primary Secondary: Primary Market glossary entry, sentence defining issuer sales of new stocks and bonds
A securities firm executes a customer's order as agent and receives a commission. In what capacity is the firm acting?
A. Broker
B. Issuer
C. Transfer agent
D. Clearing corporation
Show answer and reasoning
Correct answer: A. Broker
A broker acts as an agent for a customer in effecting a securities transaction and is commonly compensated through a commission. A dealer instead trades for its own account as principal.
B: An issuer creates or sells its own securities; it is not defined by executing a customer's agency order.
C: A transfer agent maintains issuer security-holder records and processes transfers rather than soliciting and executing this trade.
D: A clearing corporation supports comparison, clearance, and settlement rather than acting as the customer's commissioned execution agent.
Source: SEC, market participants: Market Participants heading, Broker-dealers subsection describing broker agency and dealer principal functions
A firm sells municipal bonds from its own inventory to a customer and includes a markup. How is the firm acting?
A. As an investment adviser charging an advisory fee
B. As a broker earning an agency commission
C. As a dealer acting as principal
D. As a transfer agent recording ownership
Show answer and reasoning
Correct answer: C. As a dealer acting as principal
Selling securities from the firm's inventory means the firm is a principal to the trade and therefore acts as a dealer. A markup or markdown is associated with a principal transaction rather than an agency commission.
A: Advice may accompany a relationship, but selling inventory identifies principal dealer capacity.
B: A broker acts as the customer's agent; the firm here is the customer's counterparty.
D: Transfer agents maintain ownership records and process changes but do not sell a broker-dealer's inventory to customers.
Source: SEC, market participants: Market Participants heading, Broker-dealers subsection distinguishing dealer principal trades from broker agency trades
After a shareholder sells certificated stock, which market participant normally updates the issuer's ownership records and cancels and issues certificates when required?
A. Transfer agent
B. Market maker
C. Investment adviser
D. Underwriter
Show answer and reasoning
Correct answer: A. Transfer agent
A transfer agent maintains the issuer's security-holder records and handles ownership changes, including certificate cancellation and issuance where certificates are used.
B: A market maker quotes prices and stands ready to trade; it does not maintain the issuer's shareholder register.
C: An investment adviser provides securities advice for compensation rather than maintaining issuer ownership records.
D: An underwriter distributes a securities offering and does not perform routine post-trade shareholder recordkeeping.
Source: SEC, market participants: Market Participants heading, Transfer agents subsection describing recordkeeping and certificate functions
Which activity most directly characterizes an investment adviser?
A. Maintaining the official shareholder list for an issuer
B. Giving securities advice to others for compensation
C. Guaranteeing customer investment results
D. Setting monetary policy for the United States
Show answer and reasoning
Correct answer: B. Giving securities advice to others for compensation
An investment adviser is principally in the business of providing advice about securities for compensation. The role does not include guaranteeing results, maintaining issuer records as a transfer agent, or conducting monetary policy.
A: Official shareholder recordkeeping is ordinarily a transfer-agent function.
C: Investment performance cannot properly be guaranteed merely because advice is compensated.
D: The Federal Reserve conducts monetary policy; an investment adviser serves clients.
Right here. CertQuestUSA's free SIE practice exam online is a full 75-question practice paper built to the published content outline's domain weights, with every answer explained, with no sign-up and no credit card, and shows your score by topic at the end. The full 300-question bank, with every answer explained and cited to the exam sponsor's published content outline, is $14.99 for a 30-day pass that never renews.
How many questions are on the CertQuestUSA FINRA Securities Industry Essentials (SIE) practice test?
300 questions total, split into 4 full papers of 75 each with no repeats across papers.
What topics does the FINRA Securities Industry Essentials (SIE) test cover?
4 domains, with the heaviest weight on Understanding Products and Their Risks (44%), Understanding Trading, Customer Accounts, and Prohibited Activities (31%), and Knowledge of Capital Markets (16%).
Where do CertQuestUSA's FINRA Securities Industry Essentials (SIE) questions come from?
Primarily FINRA SIE content outline, 2026 (90%) and SEC, market participants (7%) of this bank's citations -- computed directly from this exam's own question sources, not a generic description.
Is there a free FINRA Securities Industry Essentials (SIE) practice test?
Yes -- one full 75-question practice paper built to the exam's domain weights, free with no sign-up, with every answer explained and a domain-by-domain score at the end.
