With the new Securities Industry Essentials Exam beginning October 1st, I thought I would mention a few crucial facts. Remember, which exam you take essentially depends on the date in which your test window is opened.

1. If your exam window is opened prior to October 1, 2018 -

If your exam window is open before October 1, 2018 then you will sit for the current version of the registration series exam and you will not have to sit for the SIE.

2. If you fail the current version of the exam and, after the 30-day waiting period, your next enrollment window starts on or after October 1, 2018?

You would have to take the SIE and the revised representative-level series exams.

Note: You would be eligible to take the SIE and qualifications exams on October 1, 2018, regardless of the waiting period because they are different exams.

3. If you want to take the Series 7 exam for the first time in its current 250-question format, the last date I can request the exam via the Form U4 process?

The last date you can request the Series 7 exam in its current format is September 29, 2018. If you make a request on this date, you will be taking the exam on or after October 1, 2018. However, you will still be taking the Series 7 exam in its 250-question format. If you pass the exam, you will receive credit for the SIE. If you fail the exam and want to retest, you will be taking the SIE and the revised Series 7 exam.

Also, though FINRA has posted a content outline for the new SIE, the actual testable content is difficult to determine until there is good, reliable feedback. We will be creating a new video course for the SIE but I'm sure it will have to be revised until we can feel confident that the content relates well to the exam.

Brian