What better place to start than the beginning? The SIE Exam for beginners in the financial industry is an excellent introduction to many things: industry jargon, industry products, and industry rules and regulations. In today’s post, we explain why this exam does not require a four year degree in finance. Nor, does it require prior work experience in the field (although both help).
Here’s the deal…
SIE Exam for Beginners…A Whole New (Confusing) World
Newcomers to the world of finance quickly discover two things: 1) It is much less complicated than it appears from the outside, and; 2) It’s like learning a new language.
First, let’s start with #1.
Less Complicated than Meets the Eye
The world of finance is replete with fractions, decimals, percentages rates, interest rates, and plenty more. That said, you’ll notice that you can get by (and be extremely successful) without knowing complex math. There is no need for calculus or high-level mathematics (and often it is used to the detriment of some). Most of the math that you were taught by ninth grade is all that you need.
Now, as a nationwide SIE Exam tutor, we at Professional Exam Tutoring know first hand that many of you haven’t used these math skills since high school but that’s totally fine!
Fortunately, many of these skills come back pretty fast and with a little practice. You can ramp up to the necessary proficiency pretty quickly. Jobs ranging from advisors, to brokers, to traders, and even financial analysts need very little math expertise. That is the good news.
Learn the Language…Without a Rosetta Stone
The bad news is that the non-math stuff can be just as hard. The hardest part for most people is the jargon. There are a lot of new words and terms that you will be exposed to through the SIE Exam. Many you’ll have never seen before, and some you may never see again. Unfortunately, the only way to get through it is with repetition.
That said, it’s important to familiarize yourself with as much as possible. Some people use a SIE video course, others use podcasts, and others just read (and re-read) the textbook. All approaches work fine, but it’s repetition that is key. Just like learning another language, the more that you’re exposed to it, the easier it will become.
If you get really stuck and need a tutor, we know a good place to look 🙂
Good luck!