SIE, Series 7 and Series 65: Exam Sections by Weight
The official outlines weight exam sections unevenly. On the SIE the products and risks section is 33 of 75 questions, on the Series 7 one function is 91 of 125 items, and on the Series 65 two sections are 39 of 130 questions each. These counts show how each exam is built, not how any person will do on it.
| Exam | Section | Share of the exam |
|---|---|---|
| SIE | Understanding Products and Their Risks | 44% |
| Series 7 | Function 3 | about 73% |
| Series 65 | Client Investment Recommendations and Strategies and Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices | 30% each |
How the SIE is weighted
| Section | Questions | Share of the exam |
|---|---|---|
| Knowledge of Capital MarketsCapital Markets practice questions | 12 | 16% |
| Understanding Products and Their RisksProducts and Their Risks practice questions | 33 | 44% |
| Understanding Trading, Customer Accounts and Prohibited ActivitiesTrading and Customer Accounts practice questions | 23 | 31% |
| Overview of the Regulatory FrameworkRegulatory Framework practice questions | 7 | 9% |
The FINRA SIE page lists 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).
How the Series 7 is weighted
| Section | Items | Share of the exam |
|---|---|---|
| Function 1seeking business from customers and potential customers | 9 | about 7% |
| Function 2opening accounts | 11 | about 9% |
| Function 3providing customers with information about investments, making recommendations, transferring assets and maintaining records | 91 | about 73% |
| Function 4obtaining and verifying purchase and sales instructions and processing transactions | 14 | about 11% |
The FINRA Series 7 page lists the number of exam items per function: Function 1, seeking business from customers and potential customers, has 9; Function 2, opening accounts, has 11; Function 3, providing customers with information about investments, making recommendations, transferring assets and maintaining records, has 91; and Function 4, obtaining and verifying purchase and sales instructions and processing transactions, has 14. The page gives counts, not percentages; 91 of 125 is about 73%.
How the Series 65 is weighted
| Section | Questions | Share of the exam |
|---|---|---|
| Economic Factors and Business Information | 20 | 15% |
| Investment Vehicle Characteristics | 32 | 25% |
| Client Investment Recommendations and Strategies | 39 | 30% |
| Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices | 39 | 30% |
NASAA's Series 65 test specifications, effective June 12, 2023, weight the sections as follows: Economic Factors and Business Information, 15% (20 questions); Investment Vehicle Characteristics, 25% (32); Client Investment Recommendations and Strategies, 30% (39); and Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices, 30% (39).
Using the weights
A section's weight is its share of the exam's questions. It says nothing about how any one person will find that section. Outlines change, so check the current outline with FINRA or NASAA when you enroll.
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Sources
General information only. Rules and fees change, so confirm with the linked sources and your state securities regulator before you act.