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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
New FINRA Exam, ‘A Foot in the Door’
FINRA has the SEC's blessings to revamp its competency examinations – starting with the introduction of a new exam - the Securities Industry Essentials (“SIE”) exam. The SIE exam - scheduled to begin October 2018 - will cover the essentials, while other exams, like the Series 6 and Series 7 representative exams, will test more business-specific knowledge.
With the rollout of the SIE exam, FINRA has restructured its exam program to eliminate duplicative testing of general securities knowledge by moving such content to the SIE exam.
"SIE" EXAM SPECIFICS. The new exam will be open to anyone over the age of 18, including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. The biggest change: you don't have to be associated with a financial firm to take the exam. That means a college student hoping to land an internship, or a mid-career professional looking for a change, can use this exam to demonstrate interest in the securities industry and basic industry knowledge to potential employers before they even apply for a job.
The exam will test concepts fundamental to working in the securities industry, such as:
- types of investment products and their risks;
- the structure of the securities markets, regulatory agencies and their functions; and,
- prohibited practices.
Passing the SIE exam alone does not qualify an individual for registration with FINRA or to engage in the securities business. The SIE exam is just your first foot in the door. The next steps toward becoming, say, a registered broker, include getting hired by a FINRA-regulated firm and being sponsored by that firm to take a job-specific qualification exam – e.g., the Series 7 Exam (for General Securities Reps) or the Series 6 Exam (Investment Company and Variable Contracts Products Reps).
A passing result will be valid for 4 years.