SIE Exam Mighty Ninety - 90 Minutes for the Night Before and/or Morning of Your Exam

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00:00 Pass? Fail? This 90 Minutes could be the difference!

Corporations always issue common stock and may issue preferred stock, rights, and warrants.

Difference between rights and warrants, stating that rights are short-term and exercisable below the current market price, while warrants are long-term and exercisable above the current market price.

American depository receipts (ADRs), which are foreign securities traded in the US market and have foreign currency risk.

Importance of understanding the conversion ratio for convertible preferred stock.

Rule 144 for control stock and volume restrictions.

Bonds are issued by corporations, municipalities, and the US Treasury.

Treasury debt includes T-bills, T-notes, and Treasury bonds.
Treasury receipts, which are a type of Zero- coupon bond.

Ginnie Mae (GNMA), which has the full faith and credit of the United States Government and is fully taxable.

Corporate bonds, distinguishing between secured and unsecured bonds.

The difference between General Obligation (GO) and Revenue bonds

Bankers acceptances, negotiable Jumbo CDs, and commercial paper.

Understanding Bonds and Their Risks
Various aspects of bonds, including their semi-annual payments, fixed or stated rate of return, and the importance of understanding the relationship between nominal yield and coupon.

Current yield, which is the annual interest or dividend divided by the market price.

Different types of yields, such as yield to maturity and yield to call, and how they are affected by interest rates.

Risks associated with bonds, including interest rate risk, credit risk, and call risk.

Differences between negotiated and competitive underwritings.

In a competitive underwriting, the issuer selects the underwriter who provides the lowest net interest cost.

Only two types of contracts: calls and puts, which can be bought or sold. This results in four basic option positions: long call, short call, long put, and short put.

Differences between equity and index options, noting that equity options require delivery of the stock, while index options settle in cash.

Importance of understanding contract specifications, such as the type of contract, stock, strike, and expiration.

The role of the Options Clearing Corporation (OCC)

Importance of understanding the relationship between market price and strike price, and the risks associated with uncovered or naked options.

Differences between closed-end and open-end funds, the role of professional management, diversification, and ease of ownership.

A share. B shares C shares

Understanding the management fee, breakpoints, and the maximum sales charge allowed for mutual funds.

529 plans, which are similar to mutual funds but are specifically designed for financing college education.

Differences between ETFs and ETNs.

Difference between market and limit orders, and the use of stop orders for loss management.

Discretionary authority in making decisions about buying or selling securities.

Difference between a broker agency capacity and a dealer principal capacity, emphasizing that these roles are mutually exclusive.

Locate requirement for selling borrowed securities.

Tax implications of dividends, stating that cash dividends are taxable while stock dividends are not.

Process of dividend declaration and the importance of the shareholder list.

cash and margin accounts, and the documentation required for opening an option account.

Differences between discretionary and non-discretionary accounts, and the distinction between joint tenants with rights of survivorship and tenants in common.

Three stages, and how it can be prevented. The importance of anti-money laundering (AML) procedures and the need for firms to have a section on AML in their written supervisory procedures (WSPs).

Bank Secrecy Act, the authority it gives to financial institutions, and the importance of maintaining business continuity plans.

Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC), and the Federal Reserve Board.

Accredited investors and qualified institutional buyers (QIBs), and the distinction between primary and secondary market transactions.

3rd and 4th markets, which involve over-the-counter trading and direct trading between institutions, respectively.

Monetary and fiscal policy.

Federal Reserve Board in controlling the money supply and the importance of price stability and full employment.

Demand-side economics, the balance of payments, and the trade deficit. He touched on the concept of GDP, the business cycle, and the definition of a recession. Types of economic theories, including those based on demand-side economics.