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It includes a clear breakdown of the exam format, question distribution, and passing requirements, then organizes content into chapters covering market participants, market structure, types of issuers and investors, primary versus secondary markets, clearing and settlement, and the roles of broker-dealers and investment advisers. It also introduces market makers, quotes, bid-ask spread concepts, and key regulatory and trading concepts with guided activities.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/securities-industry-essentials-sie-learning-guide-workbook-v14/389792/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/securities-industry-essentials-sie-learning-guide-workbook-v14/389792.png","ImageObject",300,407,{"name":92,"@type":93},"EvelynWrites","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-09-25",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",12,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What is the overall exam format for the SIE Examination in this guide?","Question",{"text":113,"@type":114},"The SIE exam consists of 75 multiple-choice questions plus 10 unscored items for 85 total questions, with 1 hour and 45 minutes to complete the exam.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How does the guide describe the main knowledge areas and their question weights?",{"text":118,"@type":114},"It groups the exam into four functions: capital markets (12 questions, 16%), products and risks (33 questions, 44%), trading/customer accounts/prohibited activities (23 questions, 31%), and the regulatory framework overview (7 questions, 9%).",{"name":120,"@type":111,"acceptedAnswer":121},"What are the roles of broker-dealers, and how are broker and dealer functions distinguished?",{"text":122,"@type":114},"A broker acts as an agent/conduit that finds the counterparty and earns commission with no risk to the firm, while a dealer acts as a principal taking the other side of the trade and earning markup/markdown with inventory and risk.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},389792,1790531711,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":145,"read_time":146,"preview_page_count":4},687212989558,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","Securities Industry Essentials (SIE)  \nLearning Guide / Workbook  \nv14  \nHow to Use This Learning Guide  \nAs the instructor presents the material through the On-Demand lecture, use this Learning Guide to take notes, answer questions, and complete activities. Once the On-Demand program is complete, this Learning Guide can be used as an ongoing resource.  \nBreakdown of the SIE Exam  \n􀂃 75 multiple choice questions plus 10 unscored items (85 total)  \n􀂃 1 hour and 45 minutes to complete the SIE Examination  \n􀂃 Minimum required passing score is 70%  \n\n| Function | \\# of Questions |\n| --- | --- |\n| 1. Knowledge of Capital Markets\u003Cbr>(Covered in Chapters 1, 2, 11, and 19) | 12\u003Cbr>(16% of exam) |\n| 2. Understanding Products and their Risks\u003Cbr>(Covered in Chapters 3, 4, 5, 7, 8, 9, 10, and 20) | 33\u003Cbr>(44% of exam) |\n| 3. Understanding Trading, Customer Accounts and Prohibited Activities (Covered in Chapters 6, 12, 13, 14, 15, and 16) | 23\u003Cbr>(31% of exam) |\n| 4. Overview of the Regulatory Framework\u003Cbr>(Covered in Chapters 17 and 18) | 7\u003Cbr>(9% of exam) |\n\n© Copyright 2022. All Rights Reserved. v14  \nThe following presentation is owned by Securities Training Corporation and is protected by the United States Copyright Law and applicable international, federal, state, and local laws and treaties. The presentation is made available to you for your personal, non-commercial use as a study tool to assist you in preparing for the related examination and no other purpose. ALL OTHER RIGHTS ARE EXPRESSLY RESERVED.  \nAny other use by you, including but not limited to, the reproduction, distribution, transmission or sharing of all or any portion of the presentation, without the prior written permission of Securities Training Corporation in each instance.  \nChapter 1 – Overview of Market Participants and Market Structure  \nKey Topics  \n1  \nTYPES OF ISSUERS  \nLearn about the different types of issuers and the securities  \nthey issue  \n2  \nHOW FIRMS FUNCTION  \nLearn the differences in how brokers, dealers, and investment advisers function.  \n3  \nTYPES OF INVESTORS  \nLearn about the differences in retail, accredited, and institutional investors.  \n4  \nPRIMARY VS.  \nSECONDARY MARKETS  \nLearn what differentiates the primary vs. the secondary market.  \n5  \nCLEARING AND SETTLEMENT  \nLearn how trades clear and settle between firms.  \nTypes of Issuers  \nIssuers are legal entities that raise capital by issuing securities. These include:  \n􀂃 Corporations  \n􀂃 U.S. Treasury and government agencies  \n􀂃 State and local governments  \n􀂃 Banks  \n􀂃 Foreign governments  \nTypes of securities that may be issued:  \n􀂃 Equity – used by corporations  \n• Represents ownership  \n􀂃 Debt (i.e. , notes and bonds)  \n• Represents an issuer’s promise to pay  \nHow Broker-Dealers Function  \nBroker  \n􀂃 Firm acts as a conduit or agent  \n􀂃 Finds another party willing to take the other side of the trade  \n􀂃 Collects commission for the service  \n􀂃 No risk to the firm  \nHow Broker-Dealers Function  \nDealer  \n􀂃 Firm acts as a principal  \n􀂃 Firm takes the other side of the trade  \n􀂃 Entitled to markup/markdown  \n􀂃 Inventory/risk  \nAgency  \nBroker  \nCommission  \nPrincipal  \nDealer  \nMarkup/markdown  \nThe Structure of a Securities Firm  \nINFORMATION BARRIERS  \nRESEARCH  \nINVESTMENT BANKING  \n‒ Issuance  \n‒ M&A  \n‒ Private Equity  \n‒ Debt and Equity Capital Markets  \nPRIVATE CLIENT  \n-Retail Brokerage  \nSALES & TRADING  \n-Fixed Income  \n-Equity  \nINVESTMENT MANAGEMENT  \nISSUER  \nINVESTORS  \nINFORMATION BARRIERS  \nMarket Maker and Its Quote  \nA market maker is a broker-dealer that chooses to display quotes to buy or sell a specific amount of securities at specific prices  \n􀂃 Quotes are firm for at least 100 shares  \n\n| Bid | Ask (Offer) |\n| --- | --- |\n| 17.05 | 17.15 |\n\nThe difference of $0.10 is the Spread  \n\n| Bid represents a client’s selling (liquidation) price\u003Cbr>􀂃 This is the price at which the MM will buy | Ask or offer represents a client’s purchase price\u003Cbr>􀂃 This is the price at which ","cbCaip1dpJsCd3nW","https://ap.wps.com/l/cbCaip1dpJsCd3nW","pdf",2913661,153,"English","# How to Use This Learning Guide\n# Breakdown of the SIE Exam\n# Types of Issuers\n# How Firms Function\n# Types of Investors\n# Primary vs. Secondary Markets\n# Clearing and Settlement\n# Market Maker and Its Quote\n# Investment Adviser (IA) and Municipal Advisor (MA)\n# Activity: Match Each Description to the Appropriate Term\n# Institutional and Retail Investors\n## Institutional Investors\n## Retail Investors\n# Accredited Investors and QIBs\n## Accredited Investors\n## Qualified Institutional Buyers (QIBs)\n# The Primary Market\n# Secondary Markets","[{\"question\":\"What is the overall exam format for the SIE Examination in this guide?\",\"answer\":\"The SIE exam consists of 75 multiple-choice questions plus 10 unscored items for 85 total questions, with 1 hour and 45 minutes to complete the exam.\"},{\"question\":\"How does the guide describe the main knowledge areas and their question weights?\",\"answer\":\"It groups the exam into four functions: capital markets (12 questions, 16%), products and risks (33 questions, 44%), trading/customer accounts/prohibited activities (23 questions, 31%), and the regulatory framework overview (7 questions, 9%).\"},{\"question\":\"What are the roles of broker-dealers, and how are broker and dealer functions distinguished?\",\"answer\":\"A broker acts as an agent/conduit that finds the counterparty and earns commission with no risk to the firm, while a dealer acts as a principal taking the other side of the trade and earning markup/markdown with inventory and risk.\"}]","Securities Industry Essentials (SIE) Learning Guide / Workbook - v14 | PDF",1790327671,386]