SIE practice test: free SIE exam questions with explanations

Practise for the FINRA Securities Industry Essentials (SIE) exam with original questions on the four official sections: capital markets, products and their risks, trading and customer accounts, and the regulatory framework. Start with 5 free questions, then take two timed tests of 75 questions in 93 minutes, split like the official content outline, with an explanation for every answer (bond yields, options breakevens and splits worked out) and your score per section.

• 5 free questions
• 2 timed tests, 150 questions
• Real pace: 74 s per question
• Score per SIE section
• Practice certificate PDF

SIE exam format, passing score and fee

Source: FINRA SIE exam page and SIE Content Outline, finra.org, checked 25 October 2026. Passing the SIE alone does not let you work as a registered representative: you also need a qualification exam such as the Series 6 or Series 7, taken through a sponsoring member firm.

What is on the SIE: the four sections

The official content outline splits the 75 scored questions over four sections:

• Capital markets: regulators and market participants, market structure, economic factors and offerings.
• Products and risks: stocks, bonds, options, mutual funds and ETFs, annuities, 529 plans, DPPs, REITs, hedge funds and investment risks.
• Trading and accounts: orders, returns, settlement, corporate actions, account types, anti-money laundering, privacy, communications, suitability and prohibited activities.
• Regulatory framework: registration and continuing education, employee conduct and reportable events.

Source: FINRA SIE Content Outline, finra.org, checked 25 October 2026.

What you practise on MyLevel

Every MyLevel question is an original question written on the topics of the official outline, with one correct answer, three wrong ones and a short explanation. Every calculation (current yield, taxable equivalent yield, bond prices from quotes, options breakevens and maximum gain or loss, sales charges, splits and total return) was re-solved by script. The two full tests have 75 questions in 93 minutes each: the 75 scored questions at the real exam's pace (105 minutes for 85 items = about 74 seconds per question), split like the outline: 12, 33, 23 and 7 questions. After each test you see your score per section, so you know where to spend your study time.

FINRA offers a free SIE practice test on finra.org. MyLevel is a different, independent product: 2 timed SIE practice tests for $9.99, a one-time payment with no subscription and no time limit, which also unlocks every other MyLevel job test, including the Series 7 practice test you may need next.

Retake rules and how to study for the SIE

If you fail: under FINRA Rule 1210 you now wait 30 days after a first or second failed attempt and 180 days after a third or later failure within two years. From 19 January 2027 these waits become 15 and 60 days (FINRA SIE page and Regulatory Notice 26-18, checked 25 October 2026).

• Start with products: they are 44% of the scored questions. Learn each product's features, taxes and main risks until you can tell them apart at once.
• Practise the math by hand: current yield = annual interest / price, taxable equivalent yield = muni yield / (1 - tax rate), long call breakeven = strike + premium, long put breakeven = strike - premium, Reg T 50%.
• Know the rules by purpose: the 1933 and 1934 Acts, Rule 2210 communications, Reg BI, AML reports ($10,000 CTR, $5,000 SAR), Rules 3210, 3270 and 3280, and T+1 settlement.
• Train under time: take a full MyLevel test, read the explanation of every miss, study your weakest section and retake. Aim for 70% or more in every section, and 80% for a margin.

MyLevel is independent and not affiliated with, or endorsed by, the Financial Industry Regulatory Authority (FINRA). SIE and Securities Industry Essentials are FINRA trademarks. All questions are original practice questions written by MyLevel on the topics of the published content outline, not real SIE exam questions, and a practice score is not an SIE score, registration or license.

Sample question with explanation

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