The hardest SIE exam questions, according to real data

Across 19,986 real answers, candidates miss 22.4% of questions overall. But the misses are not evenly spread — the topics below are where scores actually go to die.

The hardest SIE topics, ranked by real miss rate

The 15 most-missed SIE questions right now

Each links to the full question with the answer and explanation — free, no signup. Minimum 10 real attempts to qualify.

1. 1. A client wants to minimize upfront sales charges and is willing to pay higher ongoing expenses. Which mutual fund class…

   90% missed
   Investment Companies & Packaged Products · 10 attempts
2. 2. A broker-dealer is required to maintain books and records, submit financial reports, and register with the SEC. Which…

   87.5% missed
   Capital Markets & Offerings · 16 attempts
3. 3. Regulation S-P requires broker-dealers to adopt written policies and procedures to protect customer information from…

   83.3% missed
   Capital Markets & Offerings · 12 attempts
4. 4. A bear call spread is created by:

   81.8% missed
   Options · 11 attempts
5. 5. Which of the following is a government-sponsored enterprise, and its securities are NOT fully backed by the U.S.…

   78.9% missed
   Debt Securities · 19 attempts
6. 6. A company has $100 million in assets, $40 million in liabilities, and 10 million common shares outstanding. Preferred…

   76.9% missed
   Equity Securities · 13 attempts
7. 7. Under the Bank Secrecy Act, broker-dealers must file a Suspicious Activity Report (SAR) when they detect transactions…

   76.5% missed
   Anti-Money Laundering & Reporting · 17 attempts
8. 8. Which security pays interest semiannually and matures in 2–10 years?

   76% missed
   Debt Securities · 25 attempts
9. 9. An investor writes (sells) 1 XYZ Dec 70 put at $5. What is the investor's maximum potential loss?

   75% missed
   Options · 12 attempts
10. 10. An investor in the 32% federal tax bracket is considering a municipal bond yielding 4%. What is the taxable equivalent…

    75% missed
    Debt Securities · 12 attempts
11. 11. If an option is out of the money, what does its premium consist of?

    75% missed
    Options · 12 attempts
12. 12. If ABC stock is trading at $42, which 40-strike option has intrinsic value?

    72.7% missed
    Options · 11 attempts
13. 13. To qualify as a REIT, a company must meet all of the following requirements EXCEPT:

    72.7% missed
    Investment Companies & Packaged Products · 11 attempts
14. 14. Under FINRA rules, the maximum sales charge for a mutual fund is:

    70% missed
    Investment Companies & Packaged Products · 10 attempts
15. 15. A put option with a strike price of $40 when the underlying stock is trading at $35 is:

    70% missed
    Options · 10 attempts

Turn this list into a study plan

Reading the hardest questions is diagnosis, not treatment. Drill your own weak areas — the app tracks which topics you personally miss and rebuilds your quiz mix around them.

Computed from anonymous, aggregate practice-answer records on Lucky the Banker joined to the public SIE question bank. Answers are counted per question; no names, emails, or per-user data are used or exposed. Questions need at least 10 real attempts to be ranked individually and topics need at least 30 attempts. The report refreshes daily. Full tables, per-topic attempt counts, and a JSON download live in the SIE difficulty report. Official exam format facts come from the FINRA SIE exam page.