SIE content outline for 2026
The SIE has 4 sections and 75 scored questions. This page breaks down what each section covers, how it's weighted, and what kinds of topics appear under each subtopic. Use it as a planning tool before you start studying or as a checklist when you're a week out.
The SIE pulls 75 scored questions from four sections. Two of them (Products and Risks at 44%, Trading and Accounts at 31%) account for three-quarters of the exam. Capital Markets is 16% and the Regulatory Framework is 9%. Match your study time to those weights and you'll cover the surface area in roughly the right order.
Who regulates the market, who participates in it, and what economic conditions move it. The shortest content section but a frequent source of vocabulary questions.
Regulatory Entities, Agencies, and Market Participants
- SEC, FINRA, MSRB, FRB, FDIC, SIPC
- Broker-dealers vs investment advisers
- Issuers, underwriters, market makers
- Self-regulatory organizations (SROs)
Markets, Investment Securities, and Economic Factors
- Primary vs secondary markets
- Exchange-listed vs OTC
- Business cycle stages and indicators
- Monetary policy, fiscal policy, interest rates
Offerings
- IPOs, follow-on, private placements
- Securities Act of 1933 vs 1934
- Reg A, Reg D, Rule 144
- Prospectus and tombstone ads
By far the largest section. Covers every product the SIE tests on (equities, debt, options, packaged products, alternatives, insurance products) plus the risk types that apply to each. If you only have time to study one section deeply, this is it.
Equity Securities
- Common vs preferred stock
- Voting rights, dividends, splits
- ADRs and foreign equities
- REITs and BDCs
Debt Instruments
- Treasury bills, notes, bonds, TIPS
- Municipal bonds (GO vs revenue)
- Corporate bonds, secured vs unsecured
- Money market instruments
Options
- Calls and puts, long and short
- Intrinsic value vs time value
- Covered vs uncovered positions
- Basic strategies and assignment
Investment Companies and Packaged Products
- Open-end mutual funds (A, B, C shares)
- Closed-end funds and ETFs
- Unit investment trusts
- NAV, POP, sales charges, 12b-1 fees
Alternative Pooled Investments
- Hedge funds and private equity
- Direct participation programs (DPPs)
- Accredited investor rules
- Liquidity and lock-up periods
Insurance-Based Products
- Fixed vs variable annuities
- Surrender charges and 1035 exchanges
- Suitability for variable products
- Life insurance variants tested on the SIE
Investment Risks
- Market, credit, liquidity, inflation
- Interest-rate risk and duration
- Currency, political, regulatory risk
- Systematic vs unsystematic risk
How orders get filled, what kinds of accounts customers open, and what conduct will get a registered rep barred from the industry. The second-largest section and a heavy source of scenario questions.
Trading, Settlement, and Corporate Actions
- Order types (market, limit, stop)
- T+1 settlement (effective May 2024)
- Stock splits, dividends, tender offers
- Mergers, spin-offs, and rights offerings
Customer Accounts and Compliance Considerations
- Cash vs margin accounts
- Joint, custodial (UGMA/UTMA), trust, retirement
- New-account opening (Reg BI, KYC, CIP)
- Suitability and Reg BI Care Obligation
Prohibited Activities
- Insider trading and material non-public info
- Front-running, churning, marking the close
- Manipulation and unauthorized trading
- AML, SAR filing, and the Bank Secrecy Act
The smallest section. Covers what associated persons can and cannot do off the desk: outside business activities, gifts and entertainment, communications with the public, and reportable events.
SRO Regulatory Requirements for Associated Persons
- Form U4 / U5 and CRD
- Registration categories
- Continuing education (regulatory and firm element)
- Statutory disqualification
Employee Conduct and Reportable Events
- Outside business activities
- Private securities transactions
- Gifts and entertainment ($100 limit)
- Customer complaints and disciplinary disclosures
Communications and Ethical Conduct
- Retail, institutional, correspondence
- Approval and recordkeeping requirements
- Misrepresentation and omission rules
- Code of conduct expectations
Two practical uses. First, as a planning tool before you start: skim every subtopic, mark the ones that already feel familiar, and the rest is your real syllabus. Second, as a gap-check during your final review: if you can describe what each subtopic tests in one or two sentences from memory, you're probably ready.
The biggest mistake we see is over-studying Section 4. It's 9% of the exam and the topics are narrow enough to learn in a single sitting. Reinvest that time in Section 2 question volume, which pays off disproportionately.
How many sections are on the SIE exam?
The SIE has four sections: Knowledge of Capital Markets (16%, 12 questions), Understanding Products and Their Risks (44%, 33 questions), Understanding Trading, Customer Accounts, and Prohibited Activities (31%, 23 questions), and Overview of the Regulatory Framework (9%, 7 questions). The four sections total 75 scored questions plus 10 unscored pretest questions for 85 total.
What is the most heavily weighted section on the SIE?
Section 2 (Understanding Products and Their Risks) at 44% of the exam, with 33 of the 75 scored questions. It covers equities, debt, options, mutual funds and other packaged products, alternatives, insurance products, and the risks that apply to each. Most candidates spend roughly half their total study time here.
What is the least weighted section on the SIE?
Section 4 (Overview of the Regulatory Framework) at 9%, just 7 questions. It covers registration paperwork, outside business activities, communications with the public, and reportable events. Worth knowing well because the topics are narrow and predictable, but not worth burning 25% of your study time on.
Where can I find the official FINRA SIE content outline?
FINRA publishes the SIE Content Outline as a free PDF at finra.org/sites/default/files/SIE_Content_Outline.pdf. The document runs about 30 pages and lists every topic that can appear on the exam, organized into the four sections above. This page summarizes the outline at the section and subtopic level; the official PDF is the authoritative source.
How should I weight my SIE study time across the four sections?
Match the exam weighting roughly, but underweight Section 4 a little. A good split for most candidates: 20% on Capital Markets, 45% on Products and Risks, 30% on Trading and Accounts, 5% on Regulatory Framework. Section 2 is where practice questions pay off the most because the product universe is wide; Section 4 is small enough that focused review beats deep study.
Do all SIE prep providers cover the same content outline?
Yes. Every credible SIE prep provider (CertFuel, Achievable, Kaplan, STC, Knopman Marks) teaches from the same FINRA outline. The differences are in delivery: how the material is broken up, whether the question engine adapts to your weaknesses, how much practice volume you get, and how recently the content was updated for new rules (T+1 settlement, Reg BI, current AML standards).
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