If you failed the first time, and have to retake FINRA SIE Exam then I recommend that you do it as soon as possible. In today’s post I will explain why it’s a good idea to retake the SIE Exam quickly.
Retake FINRA SIE Exam
So you didn’t make it over hump? Fortunately (if you’re employer allows it), you can retake the exam in 30 days. To retake FINRA SIE Exam, FINRA has a 30/30/180 rule. This means that you must wait 30 days after each of your first two failed attempts. If you fail a third time then you must wait six months (or 180 days).
Even though you have at least 30 days to worry about studying before you retake the exam, I highly encourage you to start studying ASAP. As an SIE Exam tutor, I see much more success among those who hit the books right away than those who wait. There are a few reasons for this.
1. The Material is Fresh
As you’d expect the material is fresh in your mind. There is plenty of evidence that shows that it doesn’t take long to forget something freshly learned. The less time the material has had to sink into your long term memory, the more likely you are to forget it. Especially the hard stuff (like Options!). You might be surprised at how fast students quickly forget how to do Options. I have some students ask me for tutoring just a few weeks after I last saw them, and it’s like they are starting all over again.
2. You’ve Already Incorporated Studying as a Habit
Life is busy enough. If you already managed to carve out some time to study the first time around, be sure to keep that time slot open for more studying. The sooner you fall back into leisure time, or the hectic demands of life, the less likely you will find time to get back to studying. Hit the books quickly if you have to retake the exam. It will keep you focused, and you will stay in your study groove.
3. Time is Money
Employers want you to pass your exams as soon as possible. Typically, one needs to pass all their exams to be a productive member at a brokerage, or investment firm. Your employer will likely prefer if you take your exam as soon as possible so you can start contributing to the team. Additionally, your financial prospects are also likely to improve the sooner you pass your exam. Without passing FINRA SIE exam, you won’t have a knowledge base to move on to the more advanced Top-Off exams such as the Series 6, or Series 7.
Overall, there are plenty of good reasons to get your SIE Exam over with if you have to retake it. Don’t delay, and get back to the books as soon as you can. The sooner you get to studying, the sooner you won’t have to anymore 🙂
Good luck!