How to Pass FINRA SIE and Series 57

Starting Oct 2018, FINRA separated its exams into two parts, SIE and Top off exams. SIE covers overlapping concepts of the previous Series exams and Top off exams ask specific areas. In order to become an equity trader or quant trader, you must pass both exams. In details, you must pass SIE first to take Series 57 Top off. SIE can be taken without the firm’s sponsorship. So go ahead take the exam as soon as you can since once you fail a FINRA exam you must wait a month to retake it. Also, SIE can be taken outside of the States. On the other hand, for any FINRA exams that require U4 submission, you must take fingerprints through designated locations. Currently, all the locations are within the U.S. So, if you plan to travel outside of the States, please take the fingerprints as soon as you can after passing SIE. Once, your fingerprints go through, you can take Series exams outside of the States. Remember, most of the firms pay for S57TO, so you only have to pay for SIE.

Tips on studying SIE and Series 57 Top Off

The current passing rate of S57TO is much higher than that of old S57. The traders who studied both the previous S57 and S57TO found that S57TO much easier if traders had studied the right materials. Here, I am going to go through what you should go over and what you should NOT go over.

Recommendation:

1. SIE

For the concepts read Knopmans and Marks. For practice questions, go over the chapter review questions at the end of each chapter. However, Knopmans practice exams are not that good. Please, go over the official SIE practice exam, which can be found at FINRA website. You will be surprised how many similar questions pop up in the actual exam. About 3 to 5 questions were very similar to FINRA’s online practice questions.

2. S57TO

Please put more time to study S57TO. It is much harder than SIE. For study materials, the only book you really need is PassPerfect — Series 57 study manual. They are right on the concepts and the questions. On the other hand, Knopmans and Marks practices questions are way-off. It’s very interesting their S57TO practice questions actually come up on the actual SIE, but not on the actual S57TO exam. One of the traders went over 750/1000 Knopmans practice questions and did not see any of the questions on the actual exam. Even the topics were way off. Use Knopmans as an additional book that gives you more depth in the concepts, but please do not go over any of Knopmans’ practice exam questions. You will be wasting your valuable time.

0. Short Summary

Your aim is to pass the exam and not to ace it. Understanding the concepts is important, but what’s more important is getting comfortable with the questions.