SIE Cheat Sheet.
The night-before summary, built like the exam.

SIE Exam At a Glance

• Questions: 75 scored questions
• Time limit: 105 minutes (1 hour 45 minutes)
• Passing score: 70%
• Exam fee: $80
• Pace: ~1.4 minutes per question — budget your time and flag hard ones to revisit
• Correct answers needed: roughly 53 of 75 to clear the 70% bar

Test-Day Rules of Thumb

• No prerequisites or sponsorship required — anyone can sit for the SIE.
• It tests foundational knowledge; the corequisite top-off exams (Series 7, 6, etc.) cover firm/product specifics.
• All questions are multiple choice with four answer choices; no penalty differs by question — answer every one.

Core Regulatory Bodies (Know the Roles)

• SEC — federal securities regulator; administers the '33 and '34 Acts.
• FINRA — self-regulatory organization (SRO) overseeing broker-dealers; administers the SIE.
• MSRB — writes rules for municipal securities (enforced by FINRA/SEC).
• SIPC — protects customer assets if a broker-dealer fails (not market losses).
• FDIC — insures bank deposits, not securities.

Landmark Securities Legislation

• Securities Act of 1933 — "Paper Act": registration & prospectus for new issues (primary market).
• Securities Exchange Act of 1934 — "People Act": created the SEC, regulates secondary market & broker-dealers.
• Investment Company Act of 1940 — governs mutual funds and other investment companies.
• Investment Advisers Act of 1940 — registration of investment advisers.

Products: Quick Contrasts

• Common stock — voting rights, last in liquidation, potential for dividends & growth.
• Preferred stock — fixed dividend, priority over common, usually no vote.
• Bonds — debt; price moves inversely to interest rates.
• Municipal bonds — interest generally federally tax-exempt.
• Mutual funds — priced once daily at NAV (forward pricing); ETFs trade intraday like stocks.

Must-Remember Formulas

• Current Yield = Annual Income ÷ Current Market Price
• NAV per share = (Total Assets − Total Liabilities) ÷ Shares Outstanding
• Total Return = (Income + Capital Gain) ÷ Cost Basis
• Bond prices and yields move in opposite directions.

Study Strategy

Prioritize regulators, the '33 vs. '34 Act distinction, product features, and account/anti-money-laundering rules — these recur heavily. Since you need 70%, aim in practice tests for 80%+ to give yourself a comfortable margin on exam day.