To work as an Investment Banker in New York, one needs to pass the following three exams:
- SIE (Security Industry Essentials)
- Series 63
- Series 79
Comparison of the SIE, Series 63, and Series 79:
| Exam | Securities Industry Essentials (SIE) | Series 63 | Series 79 |
|---|---|---|---|
| Purpose | Tests basic knowledge of securities industry concepts | State law exam for securities agents | Required for investment banking professionals |
| Administered by | FINRA | NASAA (North American Securities Administrators Association) | FINRA |
| Prerequisite | None | Sponsorship from a FINRA member firm | SIE + Sponsorship from a FINRA member firm |
| Exam Duration | 1 hour 45 minutes | 1 hour 15 minutes | 2 hours 30 minutes |
| Number of Questions | 85 (75 scored, 10 unscored) | 60 (scored) | 85 (75 scored, 10 unscored) |
| Passing Score | 70% | 72% | 73% |
| Topics Covered | Capital markets, products & risks, trading, customer accounts, regulatory framework | State securities laws, ethical practices, registration requirements | M&A, debt and equity offerings, financial modeling, valuation methods |
| Validity | 4 years | Typically does not expire unless required to retake by employer or state | 2 years |
| Registration Fee | $80 | $147 | $300 |
| Sponsorship Required? | No | Yes | Yes |