Well, it’s almost official. SIE Online testing has (almost) finally arrived. In today’s post we are going to walk you through what we know so far, and what online testing might look like. There are some important rules you need to know.
On May 1, FINRA provided an update on its website with regards to this issue. Today we follow up to our earlier Groundhog Day blog post on the subject. Let’s take a look at what’s new, and what you should expect from these online tests.
SIE Online Testing: What to Expect
A little over a week ago, FINRA announced that they are working with NASAA (North American Securities Administrators Association) on an online test delivery service. At the moment there is still little that we know. First we will share what FINRA has announced and the related rules to administering such an exam. Then we will share what we know from students that have actually taken a trial run at the online testing. The SIE exam difficulty level is high enough. It’s good to know what you’re getting into before you begin with things constantly changing.
Timing of the FINRA Exam – What They’ve Communicated
FINRA indicated on their May 1 update that the online test delivery service will be available for May 24, 2020. They also announced that the tests that will be available via their online test delivery service will be Securities Industry Essentials (SIE), Series 6, Series 7, Series 63, Series 65, and Series 66 exams. These exams cover a large population of financial professionals – namely advisors, brokers, their supervisors, among many others.
Although there is no immediate indication that the exams will expand beyond these, we would anticipate that is highly likely to keep the industry moving. Scheduling an exam will be possible this coming Monday (May 11, 2020). You should expect a flood of people trying to book their exams. Since the testing centers have been on hiatus for weeks, there is going to be a large backlog. During out tutoring sessions, students indicate that in-person testing at Prometric centers are booked through August.
In a recent Series 63 tutor session, one of our students at one of the largest broker-dealers in the country indicated that coworkers have already started taking trial tests. There have yet to be a publicly transmitted set of a rules and regulations for the online testing. But, here is a short list of what we have heard so far. When taking the test online at work or at home:
- No pets or kids can enter the room in which you are testing under any circumstances (or the test results will be void)
- The test must be done in a chair (not on a bed, on the floor, etc.)
- Some sort of online proctor may be involved
- A quick tour of the room for the camera or online proctor may be required
- No scratch paper allowed
While there are sure to be more, or some that may change, this is what we have been told as of now.
Overall, we encourage all of our students to continue studying while they have the time. As the economy slowly starts to open up again, employers are going to want to get people up to speed quickly. Be prepared to take your exams. If you need an SIE Exam tutor, feel free to reach out. For a Series 7 tutor, or many others, we are here to help. Good luck and stay healthy!