The SIE content outline: FINRA’s official study guide

The four sections

• Knowledge of capital markets (12 questions): regulators and market participants, types of markets, the Federal Reserve and economic factors, and offerings.
• Products and their risks (33 questions): stocks, bonds, options, mutual funds and other packaged products, 529 plans, DPPs, REITs, hedge funds, ETFs and ETNs, and investment risks.
• Trading, customer accounts and prohibited activities (23 questions): orders, returns and dividends, settlement, corporate actions, account types, anti-money laundering, privacy, communications and best interest, plus manipulation and insider trading.
• Regulatory framework (7 questions): registration and continuing education, Forms U4 and U5, and reportable events like outside business activities and gifts.

How to use it

Print the outline and tick off each topic as you study it. If a prep book spends ten pages on something the outline doesn’t mention, don’t worry too much about it.

The outline also lists the rules behind each section, like the Securities Act of 1933 and FINRA conduct rules. You don’t need to memorize rule numbers. You need to know what the rules require.

Other free FINRA materials

• A 75-question practice test, untimed
• A quick reference guide and an exam tutorial
• Information pages for students, schools and the military community

Going on to the Series 63, 65 or 66?

NASAA writes those exams and publishes free content outlines and study guides for each. Some questions are being updated in early 2027 after changes to NASAA’s model rules on investment adviser advertising, so check NASAA’s exam page before you start.