How to Study for the SIE Exam in 2024 - and Succeed!

This article provides an overview of some of the most important, yet often overlooked, study strategies and habits that make all the difference in passing or failing the Securities Industry Essentials (SIE) exam. Different content providers have pros and cons like anything else, but regardless of which SIE study resource you choose, it is paramount that you rely upon a proven a curriculum instead of attempting to utilize the internet (or a friend’s outdated SIE book) as your primary study guide. The best SIE self-study resources out there come from Kaplan Financial Education, providing a bank of exam practice questions and a physical or online textbook along with other additional materials. 

Building blocks for sie study success

1. Read the textbook in full on your own - Our SIE tutors have often guided students who give it their all in tutoring sessions and or solely on question bank quizzes. However, there have been countless times that we’ve also seen these same students avoid diving into the textbook on their own. To increase your chances of success, we recommend reading through the full textbook, focusing on one chapter per day as a general rule of thumb. As you read through the textbook, be sure to highlight important concepts. Most authors will not only make it obvious what the key points are in addition to having an executive summary of them at the beginning of each chapter, but they will typically expound on and/or repeat these key concepts throughout the chapter. After reading through each chapter, it’s highly suggested that you briefly review each of the highlighted concepts later that day (or the following day) in order to solidify your understanding. While not necessary for every student, re-reading key concepts and chapters towards the end of your studies can be highly effective as well.
2. Max out the question banks - The primary content providers of the SIE exam have anywhere from a few hundred to a couple thousand practice exam questions for the SIE. Regardless of the amount provided with the course, it is highly recommended that you answer and fully review the explanations of hundreds, if not thousands of practice exam questions to prepare for your test.
3. Review frequently tested subjects and areas of concern - While it’s ideal to learn each concept along the way, there will inevitably be some areas you are still struggling with in the days leading up to your exam. This happens with nearly every student. The final week of studying is when you will want to make additional effort to solidify your learning on these topics. While doing this, you will also want to keep in mind the weighting each concept or section has as it relates to the exam. Most study packages will have a breakdown of where you are struggling, and every textbook will have a breakdown of the exam content weighting. Try not to focus too much on any one topic during the final days leading up to your exam, especially if the topic is not highly testable. If the concept or topic is highly testable, then it may be worth consulting with a tutor or your employer about potentially pushing your exam date back. Losing out on a little money by re-scheduling your exam late in the game is worth far more than the psychological effects of not passing the test and having to wait another 30 days to retake the exam.

How to Maximize practice for the SIE

1. Answer a minimum of 7-10 questions after reading and reviewing each chapter. Stop and walk away, leaving at least a couple of hour gap before then fully self-reviewing every question, not simply ones you got wrong. Then, try to answer incorrect answers yourself before engaging any explanations. If the explanation is insufficient, utilize your textbook to gain clarity.
2. Every other day or two, answer 3-5 questions pertaining to your previously completed chapters and continue the process to build lesson retention. If you are reading a chapter a day and have just read chapter 3, for instance, then you would complete 7-10 questions on chapter 3 followed by 3-5 questions from each chapter 1 and 2. This can get daunting, especially towards the end of your studies, but it’s a game changer regarding exam success, and is imperative for building confidence to rely upon come your exam day. Repetition on this exam is key, and this strategy will also allow you to see various ways that each concept can be asked in a question. If there are questions that you see often and have virtually memorized from the question bank, then this would be a good time to purchase additional questions from another provider unless the question bank has an option to "show only unanswered questions".

We understand that life will happen, and you will have to make adjustments to your study plan accordingly. However, if you follow the above suggestions as closely as your responsibilities will allow, then you will have a higher probability of success. Of course, at any time, MyGuru SIE tutors are available to aid in your studies, and we do recommend at least considering having a one-on-one tutoring session a week before your exam. The value in solidifying concepts and having the additional "approval" that you're ready to take the exam can make a massive difference. Best of luck to each of you!