Aside from helping students learn how to study for the SIE Exam, we also offer our advice on the best time to take the SIE Exam (and other FINRA and CFA Exams!). Most people have different circumstances so different advice applies.
That said, the best time to take the exam usually boils down to three time periods:
- Before You Start Your Job
- When You’re Ready
- When There’s No Choice
Let’s explore…
The #1 Best Time to Take the SIE Exam: Before You Start Your Job
To make sure to impress your new boss right from the get-go, consider taking the SIE Exam before you start your job. The SIE Exam is the only exam that you’ll have to take for which you don’t need an employer sponsor. Therefore, you can do it on your own time. There are a couple reasons why this is important.
First, if you pass then you save your employer some time when you would normally be stuck studying (or unable to progress on to the next exam). They won’t need to pay you while you study for the SIE Exam, which is a bonus for them. But, more importantly for you, if you fail then you won’t need to walk in the office the next day and share that with your boss (and the rest of the office!). Taking the exam before you start your job also buys you some more time to study in case you do in fact fail.
Ideally, of course, you only want to take the test once! Which brings us to the next best time to take the SIE Exam…
When You’re Ready
The SIE Exam difficulty level is quite high for some. If you are scoring below 70% on your practice exams (we highly recommend STC for your practice material!), then consider putting off the exam. The best time to take the exam is when you’re absolutely ready to take it. There’s no sense in taking the exam if your gut is telling you that you’ll probably have to take it again.
Most people have a good idea when their ready. If you need some help figuring that out, feel free to reach out. While we don’t revel in telling people that their not quite there, we also value straight up honesty, and believe that our students do too. A simple rule of thumb if you are using the STC study material is that if you are in the high 70s (or better yet, cracking the low 80s) then you are ready to go!
When There’s No Choice
Typically, the worst time to take the SIE Exam is when you have to! We see this a lot with students.
A standard scenario is when a student has been studying for a month, and scoring in the low-to-mid 70% range, and their employer demands they take their test regardless. If we are working with such a student we recommend that they ask for an extra week to study. If they are denied then the end result is sometimes heartbreaking (loss of job). However, in some cases the students prevail.
If you can go into the exam when you’re absolutely ready then that’s the best case scenario. If you have to go in at a time specified by your employer then try to be sure you have all of the resources you need. Try a SIE Video Course if you need help learning the basics. If you’ve come to the end of your studying, and just need to fill in a few gaps, then try a fabulous tutor! We know a great site 🙂
All in all, if you study hard, and take your time then you have a great shot at success. For more timeline ideas give us a holler! Good luck!