Failed SIE exam? Don’t be too hard on yourself; the securities licensing exams aren’t designed to be too easy. Approximately a quarter of SIE exam takers fail in their first attempt. There are many hangs just behind the borderline, but the proper guidance will help them pass in the next attempt.
This guide will teach some actionable steps to increase your chances of passing the securities industry’s essential exam in your next attempt. Read on for practical tips to ace the FINRA’s SIE exam.
Failed SIE Exam? Here’s What’s Next!
FINRA’s securities licensing exams aren’t designed to be too easy. According to a report, only 73% of candidates pass the securities industry essential exam on their first attempt. So, you’re not alone who couldn’t pass the SIE exam. Don’t be too harsh on yourself.
Financial Industry Regulatory Authority allows you to retake the SIE exam as many times as it takes to pass. However, there is a 30-day waiting period for the first and second attempts. After the third attempt onwards, you must wait 180 days (six months) to retake the exam.
Suppose you appeared in the securities industry essential exam for the first time on March 5, 2024, and failed, then you can re-apply for a second attempt after April 5, 2024. If you also failed in the second attempt, you can schedule your third attempt again after May 5, 2024.
If you unfortunately failed on the third attempt also, then you need to wait for 180 days for the next attempt, and you can schedule your fourth attempt after November 5, 2024.
What To Do After Failing SIE Exam?
If you failed the SIE exam, first of all – relax! It’s just a matter of 30 days in a 20-year career. FINRA allows you to retake the SIE exam after a 30-day waiting period. I see it as an opportunity because FINRA gives you 30 days to revise your study course for the second attempt.
You have 30 days, which is adequate time to revise the entire study resources. The whole syllabus of the SIE exam takes 55 to 60 hours of study time. Only 2 hours of study time daily are needed to complete the course if you study everything from the beginning.
I hope you are ready to ace the SIE exam in your next attempt. Follow these actionable tips before retaking your SIE exam:
1. Relax Your Mind
In the very beginning, I told you to relax and take a deep breath. Failing an exam can be tough, but letting emotions take over can cloud your judgment and hinder your ability to bounce back.
It’s important to give yourself a moment to process and then start planning your next steps with a clear mind. Remember, failure is not the end of your journey—it’s an opportunity to learn and improve.
2. Analyze Your Performance
Take some time to analyze your previous attempt. Identify the sections where you struggled the most and the types of questions that were challenging for you. This self-assessment will help you understand where you need to focus your efforts.
Review your score report, if available, and pinpoint the areas where you scored low. This will provide a clear roadmap of the topics that require more attention and better preparation.
3. Focus on Weak Areas
Once you’ve identified your weak areas, concentrate on these topics. Use additional resources such as textbooks, online courses, and video tutorials to strengthen your understanding.
If your score was above 65% in the previous attempt, then revise the important topics from Section 3, i.e., Products and their Risks (which holds 31% weightage in the exam), and focus on practice exams and then fill in the gaps with the textbook and chapter quizzes.
4. Take More Practice Tests
Practice tests are crucial in preparing for the SIE exam. They help you familiarize yourself with the exam format and timing and highlight areas that need more work. Aim to take several full-length practice exams under timed conditions.
Analyze your results from these practice tests to track your progress. Pay attention to the questions you get wrong and revisit those topics in your study materials.
5. Retake Your Exam
You should feel more confident and prepared after revising your study materials and taking numerous practice tests. Schedule your retake and ensure you get plenty of rest before the exam day.
On the day of the exam, stay calm and focused. Trust in the preparation you’ve done and approach each question methodically. Remember, this is your chance to showcase the hard work and dedication you’ve put in over the last 30 days.
Conclusion
Failing the SIE exam isn’t the end; it’s a chance to improve. Use the 30-day waiting period to analyze your performance, focus on weak areas, and take more practice tests. Stay calm and study with dedication to succeed in your next attempt.