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Securities Industry Essentials Exam For Dummies with Online Practice Tests


Securities Industry Essentials Exam For Dummies with Online Practice Tests


2. Aufl.

von: Steven M. Rice

19,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 10.11.2020
ISBN/EAN: 9781119736547
Sprache: englisch
Anzahl Seiten: 384

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

<p><b>SLAY the </b><b>SIE—and score that top job! </b> </p> <p>That securities job of your dream looks pretty sweet, but one little thing stands in your way: the Securities Industry Essentials (SIE) exam. The high fail rate for first- and second-time test-takers can be intimidating, but you can avoid it! Pass the exam and get straight to work on the series level top-off exams—and your career. All you need is this handy guide and the practice that comes with it!  </p> <p><i>Securities Industry Essentials Exam </i><i>For Dummies</i> has you covered in every conceivable way so you can knock out the SIE with no trouble at all—the <i>first </i>time. This book takes you from basic security investments to options and customer care and includes chapter quizzes, in-text and online practice tests, and advice on starting out in the industry.   </p> <ul style="margin-bottom: 0in; font-size: medium; margin-top: 0in; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; cursor: text; overflow: visible;" type="disc"> <li style="margin: 0in 0in 0.0001pt 0.25in; font-size: 11pt; font-family: Calibri, sans-serif; vertical-align: baseline; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; cursor: text; overflow: visible;">Take 4 full-length practice tests in the book and online </li> <li style="margin: 0in 0in 0.0001pt 0.25in; font-size: 11pt; font-family: Calibri, sans-serif; vertical-align: baseline; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; cursor: text; overflow: visible;">Prep yourself to the max </li> <li style="margin: 0in 0in 0.0001pt 0.25in; font-size: 11pt; font-family: Calibri, sans-serif; vertical-align: baseline; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; cursor: text; overflow: visible;">Avoid common exam pitfalls </li> <li style="margin: 0in 0in 0.0001pt 0.25in; font-size: 11pt; font-family: Calibri, sans-serif; vertical-align: baseline; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; cursor: text; overflow: visible;">Kickstart your career </li> </ul> <p>In this field, results are what it’s all about, starting now. Passing with a high score vastly increases your chances of getting to the top. Why leave it to chance? Score this book now and score big in the future!  </p>
<p><b>Introduction</b><b> 1</b></p> <p>About This Book 1</p> <p>Foolish Assumptions 2</p> <p>Icons Used in This Book 2</p> <p>Beyond the Book 2</p> <p>Where to Go from Here 3</p> <p><b>Part 1: Getting Started with the SIE Exam 5</b></p> <p><b>Chapter 1: Introducing the SIE (Securities Industry Essentials) Exam</b><b> 7</b></p> <p>What is the SIE Exam, Anyway? 7</p> <p>Profiling the SIE Exam-Taker 8</p> <p>One’s Not Enough: Tackling the Co-Requisite Exams 8</p> <p>Series 6: Investment Company and Variable Products Representative Exam 9</p> <p>Series 7: General Securities Representative Exam 9</p> <p>Series 22: DPP Representative Exam 9</p> <p>Series 57: Securities Trader Exam 9</p> <p>Series 79: Investment Banking Representative Exam 9</p> <p>Series 82: Private Securities Offerings Representative Exam 9</p> <p>Series 7 + Series 86 + Series 87: Research Analyst Exam 10</p> <p>Series 99: Operations Professional Exam 10</p> <p>Signing Up 10</p> <p>Filling out an application to enroll 10</p> <p>It’s a date! Scheduling your exam 10</p> <p>Planning ahead for special accommodations 11</p> <p>Just in case: Cancelling as an option 13</p> <p>Taking a Peek at the Tested Topics 13</p> <p>Understanding the Exam Format and Other Exam Details 14</p> <p>Reviewing the exam basics 14</p> <p>Practicing on ten additional trial questions 14</p> <p>Mastering the computerized format and features 15</p> <p>Viewing exhibits 16</p> <p>Instant gratification: Receiving and evaluating your score 16</p> <p><b>Chapter 2: Preparing for the SIE Exam</b><b> 19</b></p> <p>Courses and Training Materials: Determining the Best Way to Study 19</p> <p>Back to school: Attending a prep course 19</p> <p>Selecting prep material to study on your own 21</p> <p>Managing Your Study Time Wisely 22</p> <p>Blocking out some time to study 23</p> <p>It’s a plan: Getting into a study routine 23</p> <p>Give it a rest: Taking short breaks 24</p> <p>Staying focused from day to day 24</p> <p>Devoting time to practice tests 25</p> <p>Avoiding study groups 25</p> <p>Staying in shape 26</p> <p>Exploring Study Strategies 26</p> <p>Developing Solid Test-Taking Skills 27</p> <p>Read the question carefully 27</p> <p>Look for phrases that lead to the topic tested 27</p> <p>Work with what you have 27</p> <p>Don’t obsess; mark for review 27</p> <p>Keep track of time 28</p> <p>Master the process of elimination 28</p> <p>Maintain your concentration 28</p> <p>Think carefully before changing your answers 29</p> <p>Use the scrap paper wisely 29</p> <p>Knowing When You’re Ready 30</p> <p><b>Chapter 3: Examining and Mastering Question Types</b><b> 31</b></p> <p>Familiarizing Yourself with Question Formats 31</p> <p>Working with the straight shooters: The straightforward types 32</p> <p>Encountering quirky questions with qualifiers 33</p> <p>Roman hell: Complex multiple choice 34</p> <p>Looking at exhibits: Diagram questions 36</p> <p>Shredding the Questions: Tips and Tricks 37</p> <p>Focusing on key information 38</p> <p>Answer me this: Picking the correct answer 38</p> <p>Don’t make the same mistake twice 41</p> <p><b>Chapter 4: Surviving Test Day</b><b> 43</b></p> <p>Composing Yourself the Day Before 43</p> <p>Making the Most of the Morning 45</p> <p>Arriving on the Scene 45</p> <p>Taking advantage of one last chance to cram 45</p> <p>Signing in 45</p> <p>Getting seated 46</p> <p>Tackling the SIE 46</p> <p>Getting the Results: Drum Roll, Please 47</p> <p><b>Part 2: Mastering Basic Security Investments 49</b></p> <p><b>Chapter 5: Underwriting Securities</b><b> 51</b></p> <p>Bringing New Issues to the Market 51</p> <p>Starting out: What the issuer does 51</p> <p>Role call: Introducing the team players 55</p> <p>Getting the skinny on the issue and issuer: The prospectus 56</p> <p>Counting the securities along the way 57</p> <p>Getting Up to Speed on the Types of Securities Offerings 57</p> <p>Reviewing Exemptions 58</p> <p>Exempt securities 58</p> <p>Exempt transactions 59</p> <p>Testing Your Knowledge 60</p> <p>Answers and Explanations 63</p> <p><b>Chapter 6: Corporate Ownership: Equity Securities</b><b> 65</b></p> <p>Beginning with the Basics: Common Stock 65</p> <p>Understanding a stockholder’s voting rights 66</p> <p>Categorizing shares corporations can sell 68</p> <p>Considering the par value of common stock 68</p> <p>Corporate actions 69</p> <p>Splitting common stock 69</p> <p>Sharing corporate profits through dividends 71</p> <p>Getting Preferential Treatment: Preferred Stock 73</p> <p>Considering characteristics of preferred stock 73</p> <p>Getting familiar with types of preferred stock 74</p> <p>Securities with a Twist 76</p> <p>Opening national borders: ADRs 76</p> <p>Rights: The right to buy new shares at a discount 76</p> <p>Warrants: The right to buy stock at a fixed price 77</p> <p>Testing Your Knowledge 77</p> <p>Answers and Explanations 80</p> <p><b>Chapter 7: Debt Securities: Corporate and U.S Government Loans</b><b> 83</b></p> <p>Tackling Bond Terms, Types, and Traits 83</p> <p>Remembering bond terminology 84</p> <p>Following bond issue and maturity schedules 85</p> <p>Comparing secured and unsecured bonds 86</p> <p>Making Basic Bond Price and Yield Calculations 87</p> <p>Nominal yield (coupon rate) 88</p> <p>Current yield 88</p> <p>Yield to maturity (basis) 88</p> <p>Yield to call 89</p> <p>Yield to worst 89</p> <p>Total return 89</p> <p>Basis point 89</p> <p>Determining the Best Investment: Comparing Bonds 90</p> <p>Considering bond credit ratings 90</p> <p>Contrasting callable and put bonds 91</p> <p>Popping the top on convertible bonds 92</p> <p>Exploring U.S Government Securities 93</p> <p>Understanding the types of U.S government securities 93</p> <p>Looking at agency securities 93</p> <p>Playing It Safe: Short-Term Loans or Money Market Instruments 95</p> <p>Testing Your Knowledge 96</p> <p>Answers and Explanations 99</p> <p><b>Chapter 8: Municipal Bonds: Local Government Securities</b><b> 101</b></p> <p>General Obligation Bonds: Backing Bonds with Taxes 101</p> <p>General characteristics of GOs 102</p> <p>Analyzing GO bonds 102</p> <p>Dealing with Revenue Bonds: Raising Money for Utilities and Such 103</p> <p>General characteristics of revenue bonds 104</p> <p>Analyzing revenue bonds 104</p> <p>The Primary Market: Bringing New Municipal Bonds to Market 105</p> <p>Allocation of orders 106</p> <p>Definitions for new issues 106</p> <p>Examining Other Types of Municipal Bonds on the Test 107</p> <p>Taxable Municipal Bonds 108</p> <p>Don’t Forget Municipal Notes! 108</p> <p>Municipal Fund Securities 109</p> <p>Section 529 plans 109</p> <p>ABLE accounts 110</p> <p>Local Government Investment Pools 110</p> <p>Understanding the Taxes on Municipal Bonds 111</p> <p>Comparing municipal and corporate bonds equally 111</p> <p>Scot-free! Taking a look at triple tax-free municipal bonds 112</p> <p>Following Municipal Bond Rules 112</p> <p>Confirmations 112</p> <p>Advertising and record keeping 113</p> <p>Gifts 113</p> <p>Commissions 113</p> <p>Gathering Municipal Bond Info 114</p> <p>The bond resolution (indenture) 114</p> <p>Legal opinion 114</p> <p>Official statement 114</p> <p>“G” That’s a Whole Lot of Rules 115</p> <p>Testing Your Knowledge 117</p> <p>Answers and Explanations 121</p> <p><b>Part 3: Delving Deeper: Security Investments with a Twist 123</b></p> <p><b>Chapter 9: Delivering Diversification with Packaged Securities</b><b> 125</b></p> <p>Looking at Investment Company Registration 125</p> <p>Diversifying through Management Investment Companies 126</p> <p>Comparing open- and closed-end funds 126</p> <p>Keeping your customer’s investment objectives in mind 128</p> <p>Dealing with discounts 130</p> <p>Figuring the sales charge and public offering price of open-end funds 132</p> <p>Considering Other Investment Company Options 134</p> <p>Face-amount certificate companies 134</p> <p>Unit investment trusts (UITs) 134</p> <p>Exchange-traded products (ETPs) 135</p> <p>Investment company rules 17a-6 and 17a-7 136</p> <p>Adding Annuities to a Portfolio 136</p> <p>Looking at fixed annuities 136</p> <p>Checking out variable annuities 137</p> <p>Putting money into (and receiving money from) annuities 137</p> <p>Exploring Variable Life and Variable Universal Life Insurance 139</p> <p>Testing Your Knowledge 139</p> <p>Answers and Explanations 143</p> <p><b>Chapter 10: Working with Direct Participation Programs and REITs</b><b> 145</b></p> <p>Searching for Identity: What DPPs Are (and Aren’t) 146</p> <p>The DPP Characters: General and Limited Partners 146</p> <p>Pushing through Partnership Paperwork 147</p> <p>Partnership agreement 147</p> <p>Certificate of limited partnership 148</p> <p>Subscription agreement 148</p> <p>Passive Income and Losses: Looking at Taxes on Partnerships 148</p> <p>Evaluating Direct Participation Programs 149</p> <p>Checking Out Types of Partnerships 149</p> <p>Building on real-estate partnership info 149</p> <p>Gearing up with equipment leasing 150</p> <p>Strengthening your grasp on oil and gas 151</p> <p>Reducing Real-Estate Risk with REITs 152</p> <p>Private (private placement) REITs 153</p> <p>Registered non-listed REITs 153</p> <p>Listed REITs 153</p> <p>Testing Your Knowledge 153</p> <p>Answers and Explanations 156</p> <p><b>Chapter 11: Options: The Right to Buy or Sell at a Fixed Price</b><b> 157</b></p> <p>Brushing Up on Option Basics 157</p> <p>Reading an option 158</p> <p>Looking at call options: The right to buy 159</p> <p>Checking out put options: The right to sell 159</p> <p>Getting your money back: Options in-, at-, or out-of-the-money 159</p> <p>Paying the premium: The cost of an option 161</p> <p>Incorporating Standard Option Math 162</p> <p>Calls same: Buying or selling call options 163</p> <p>Puts switch: Buying or selling put options 165</p> <p>Trading options: Opening and closing transactions 168</p> <p>Gaining Additional Option Info 170</p> <p>Clearing through the OCC 170</p> <p>That’s ODD: Options risk disclosure document 170</p> <p>Getting the go-ahead: Registered options principal 170</p> <p>Options account agreement 170</p> <p>Order ticket 171</p> <p>Last trade, last exercise, and expiration of an option 171</p> <p>Exercise and assignment 171</p> <p>Additional definitions 172</p> <p>Some additional option rules 173</p> <p>Testing Your Knowledge 174</p> <p>Answers and Explanations 178</p> <p><b>Part 4: Playing Nicely: Serving Your Customers and Following the Rules 181</b></p> <p><b>Chapter 12: Serving Your Customers: Customer Accounts</b><b> 183</b></p> <p>Following Protocol When Opening Accounts 183</p> <p>Filing the facts on the new account form 184</p> <p>Selecting the appropriate type of account 186</p> <p>Investment advisers 189</p> <p>Cash or margin? 189</p> <p>Getting Margin Paperwork Out of the Way 189</p> <p>Introducing Long and Short Margin Accounts 190</p> <p>Playing by the Federal Reserve Board’s Rules 191</p> <p>Regulation T 191</p> <p>Margin call 191</p> <p>Opening a Margin Account: The Initial Requirements 191</p> <p>Starting long accounts 192</p> <p>Opening short accounts 193</p> <p>Obeying the Telephone Act of 1991 193</p> <p>Testing Your Knowledge 193</p> <p>Answers and Explanations 196</p> <p><b>Chapter 13: Doing a Little Market Research: Securities Analysis</b><b> 199</b></p> <p>Knowing Your Securities and Markets: Securities Analysis 200</p> <p>Regarding risk 200</p> <p>Mitigation of risk 201</p> <p>Deciding what to buy: Fundamental analysis 203</p> <p>Deciding when to buy: Technical analysis 205</p> <p>Following the Green: Money Supply 207</p> <p>Influencing the money supply 208</p> <p>Opening the Federal Reserve Board’s toolbox 209</p> <p>Reading Economic Indicators 210</p> <p>Leading indicators 210</p> <p>Coincident (coincidental) indicators 211</p> <p>Lagging indicators 211</p> <p>GDP versus GNP 211</p> <p>How Economic Factors Affect Securities 212</p> <p>Cyclical 212</p> <p>Defensive 212</p> <p>Growth 212</p> <p>Principal Economic Theories 212</p> <p>Keynesian (demand side) 213</p> <p>Supply side (Reaganomics) 213</p> <p>Monetarist 213</p> <p>Testing Your Knowledge 213</p> <p>Answers and Explanations 216</p> <p><b>Chapter 14: Going to Market: Orders and Trades</b><b> 219</b></p> <p>Shopping at Primary and Secondary Markets 219</p> <p>Buying new in the primary market 220</p> <p>Buying used in the secondary market 220</p> <p>Making the Trade 220</p> <p>Auctioning securities at securities exchanges 221</p> <p>Negotiating trades over-the-counter 221</p> <p>Understanding the Role of a Broker-Dealer 222</p> <p>Introducing broker (IB) 222</p> <p>Clearing (carrying) broker 223</p> <p>Prime broker 223</p> <p>Receiving Orders from Customers 223</p> <p>Talking about order types 223</p> <p>Factoring in order features 225</p> <p>Looking at Market Participants 227</p> <p>Retail investors 227</p> <p>Accredited investors 227</p> <p>Institutional investors 228</p> <p>Testing Your Knowledge 229</p> <p>Answers and Explanations 231</p> <p><b>Chapter 15: Making Sure the IRS Gets Its Share</b><b> 233</b></p> <p>Everything in Its Place: Checking Out Tax and Income Categories 233</p> <p>Touring the tax categories 234</p> <p>Looking at types of income 234</p> <p>Noting Taxes on Investments 234</p> <p>Interest income 234</p> <p>Dividends 235</p> <p>At the sale: Capital gains and losses 236</p> <p>Exploring Retirement Plan Tax Advantages 238</p> <p>Qualified versus nonqualified plans 238</p> <p>IRA types and contribution limits 239</p> <p>401(k) and 403(b) 240</p> <p>Testing Your Knowledge 241</p> <p>Answers and Explanations 244</p> <p><b>Chapter 16: No Fooling Around: Rules and Regulations</b><b> 245</b></p> <p>The Market Watchdogs: Securities Regulatory Organizations 245</p> <p>The Securities and Exchange Commission 246</p> <p>Self-regulatory organizations 247</p> <p>Investor education and protection 247</p> <p>State regulators 248</p> <p>Department of the Treasury/IRS 248</p> <p>FINRA Registration and Reporting Requirements 248</p> <p>Disqualification 249</p> <p>Fingerprints 250</p> <p>Continuing education 250</p> <p>Resignation and termination 251</p> <p>Associated persons exempt from registration 251</p> <p>Reporting requirements 251</p> <p>Trading by the Book When the Account is Open 252</p> <p>Filling out an order ticket 253</p> <p>Checking your calendar: Payment and settlement dates 255</p> <p>Regulation S-P 256</p> <p>Confirming a trade 256</p> <p>Financial exploitation of specified adults 257</p> <p>Borrowing from or lending to 258</p> <p>Following up with account statements 258</p> <p>Keeping your dividend dates straight 259</p> <p>Handling complaints 261</p> <p>Retail communications 262</p> <p>Record keeping 262</p> <p>Committing Other Important Rules to Memory 263</p> <p>Sticking to the 5 percent markup policy 263</p> <p>Avoiding violations 265</p> <p>Following the money: Anti-money-laundering rules 267</p> <p>AML compliance program 268</p> <p>Insider trading rules 269</p> <p>The Investor’s Bankruptcy Shield: FDIC and SIPC 270</p> <p>Holding a customer’s mail 271</p> <p>Business continuity plans and emergency contact information 271</p> <p>Testing Your Knowledge 272</p> <p>Answers and Explanations 278</p> <p><b>Part 5: Putting Your Knowledge to Good Use: Practice Exams 281</b></p> <p><b>Chapter 17: Bring It On: Practice Exam 1 </b><b>283</b></p> <p>Practice Exam Answer Sheet 285</p> <p><b>Chapter 18: Answers & Explanations to Practice Exam 1</b><b> 297</b></p> <p>Making the Grade 305</p> <p>Answer Key for Practice Exam 1 306</p> <p><b>Chapter 19: Nothing But Net: Practice Exam 2</b><b> 307</b></p> <p>Practice Exam Part 2 Answer Sheet 309</p> <p><b>Chapter 20: Answers & Explanations to Practice Exam 2</b><b> 323</b></p> <p>Knowing the Score 332</p> <p>Answer Key for Practice Exam 2 333</p> <p><b>Part 6: The Part of Tens 335</b></p> <p><b>Chapter 21: Ten SIE Exam Traps to Avoid</b><b> 337</b></p> <p>Easing Up on the Studying 337</p> <p>Assuming the Question’s Intent 338</p> <p>Reading into the Question 338</p> <p>Becoming Distracted When Others Finish 338</p> <p>Not Dressing for Comfort 338</p> <p>Forgetting to Breathe 339</p> <p>Trying to Work Out Equations in Your Head Instead of Writing Them Down 339</p> <p>Spending Too Much Time on One Question 339</p> <p>Changing Your Answers for the Wrong Reasons 339</p> <p>Calculating Your Final Score Prematurely 340</p> <p><b>Chapter 22: Ten Ways to Start Your Career Off Right</b><b> 341</b></p> <p>Win at the Numbers Game 341</p> <p>Be an Apprentice 342</p> <p>Do Your Homework 342</p> <p>Treat the Minnow like a Whale 342</p> <p>Smile When You Dial 342</p> <p>When a Security Falls, Don’t Be a Stranger 342</p> <p>Put In the Hours 343</p> <p>Broaden Your Horizons 343</p> <p>Pay Yourself First 343</p> <p>Set Some Goals: The Brass Ring 344</p> <p>Index 345</p>
<p><b>Steven M. Rice</b> is founding parter and educator at Empire Stockbroker Training Institute, a leading school for securities industry training. Renowned for his upbeat and engaging training style and extensive knowledge of the securities. Rice has co-developed a complete library of training manuals for various Series exams. He is the author of <i>Series 7 Exam For Dummies.</i>
<p><b>FEATURES</b> <ul> <li>4 Practice Tests Online</li> <li>Expert Strategies</li> <li>Study Tips</li> </ul> <p><b>Ace the SIE Exam the first time</b> <p>Want to join the exciting world of finance and investment? Your first stop is the Securities Industry Essentials Exam. This guide, with online practice tests, can help you get the score you need to get the position you want. You'll get access to hundreds of practice questions, both online and in the book, as well as quizzes for each chapter. This book gives you everything you need to perform your best on test day! <p><b>Inside...</b> <ul> <li>Get acquainted with the SIE exam</li> <li>Review key topics covered on the test</li> <li>Study hundreds of practice questions</li> <li>Create a plan to attack the test</li> <li>Take end-of-chapter quizzes</li> <li>Improve your first try pass rate</li> <li>Get bonus practice tests online</li> <li>Launch your new career</li> </ul>

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