The Securities Industry Essentials (SIE) exam is the first step in becoming a licensed professional in the securities industry. It provides experience and training for individuals who are not currently in the industry, as well as an introduction to the industry for those looking to get their foot in the door. The SIE exam is administered by FINRA and tests individuals on topics such as investments, ethics, risk management, and more.

If you’re interested in a career on Wall Street, the Securities Industry Essentials (SIE) exam is a must-pass. This "big daddy" of securities exams is tough and not to be taken lightly. Passing the SIE will open up a host of opportunities for jobs in the industry. But what jobs are available?

The SIE is a stepping stone, not a job qualification.

First off, you should know that passing the SIE exam alone does not immediately qualify you for a job on Wall Street. The SIE exam is just one of many steps you’ll need to take to get hired.

Passing the SIE exam before applying to firms shows recruiters that you're motivated and serious about the financial industry, and that you’ve taken education into your hands. It will persuade firms to sponsor you for the additional FINRA exams you’ll need for a position within a firm.

Using technology to ace the SIE exam on your own.

If you're a university student, preparing for the SIE exam on your own will give you a headstart. You can get started with the SIE test Prep Course and start studying for the exam. One of the best options is taking a digital prep course, because you can learn and study the contents at your pace.

There are numerous prep courses available from different companies online. You should consider your learning style, and whether you'd do best with lessons led by an instructor, or lessons that are self-paced with video tutorials and quizzes.

There are in fact many advantages to online learning, and while at first it may feel different than traditional classroom lectures, the lack of social distractions and learning at your own pace is highly beneficial to the self-motivated individual.

The Series 6 and 7 Exams

If you want to work in a broker-dealer firm, passing either the Series 6 or 7 exams will be required. The one you're required to take largely depends on the firm, but some firms allow you to determine on your own which exam to take.

The Series 6 exam, officially called the Investment Company and Variable Contracts Products Representative Qualification Examination, will allow you to sell products that are packaged, such as mutual funds, and variable annuities.

The Series 7 exam, officially known as the General Securities Representative Qualification Examination, will allow you to sell everything that is already covered in the Series 6, with the addition of stocks, bonds, options, and ETFs (exchange-traded funds).

The Series 6 is the easier of the two, as a multiple-choice exam of 50 questions, with a required score of 70 to pass. The Series 7, on the other hand, has 125 multiple-choice questions, and lasts up to 3 hours and 45 minutes. A score of 72 is required to pass.

What sort of jobs become available after a Series 6 or 7 exam?

If you successfully pass the Series 6 or 7 exam, you'll be qualified to work in a broker-dealer firm. This is where you’ll be selling investment products to customers.

Here are a few examples of positions that are available after passing the Series 6 or 7 exam:

• Financial Advisor
• Investment Strategist
• Financial Analyst
• Investment Sales Representative
• Financial Marketing Specialist
• Financial Market Specialist

There are also positions that require a higher level of knowledge of the financial industry, and can require additional exams.