Every Number and Formula on the SIE Exam (One-Page Reference)

Two things go wrong with SIE formula sheets.

The first is staleness. Settlement moved to T+1 in May 2024, which quietly changed the Regulation T payment deadline from T+4 to T+3 — and most sheets still print the old number. The gift limit moved to $300 in March 2026, and most still say $100.

The second is padding. Sheets get bulked out with Series 7 material — Rule 144 volume formulas, complex options break-evens, accrued interest calculations to the day — that isn’t tested at SIE level. It makes the sheet look thorough and wastes your time.

This is the current, scoped version. Everything below is on the SIE. Nothing below is stale as of August 2026.

The short answer

If you memorise nothing else, memorise these:

Settlement	T+1
Reg T payment deadline	T+3 (settlement + 2 business days)
Reg T initial margin	50%
Minimum equity to open a margin account	$2,000
Maintenance margin, long	25%
SIPC coverage	$500,000, including $250,000 cash
FDIC coverage	$250,000
CTR filing threshold	$10,000
Gift limit, FINRA Rule 3220	$300 per person per year
Cooling-off period	20 days
Commercial paper maximum maturity	270 days

And the three formulas that actually show up:

• Current yield = annual interest ÷ current market price
• NAV = (total assets − liabilities) ÷ shares outstanding
• Public offering price = NAV ÷ (1 − sales charge as a decimal)

The full answer

The exam itself

Total questions	80
Scored questions	75
Unscored pretest questions	5
Time limit	105 minutes
Average time per question	~1 min 19 sec
Passing score	70
FINRA fee	$100
Minimum age	18
Enrollment window	120 calendar days
Result validity	4 years
Result posts in TESS within	72 hours

Section weighting:

Section	Weight	Questions
Products and Their Risks	44%	33
Trading, Customer Accounts and Prohibited Activities	31%	23
Knowledge of Capital Markets	16%	12
Regulatory Framework	9%	7

Retake waiting periods: 30 days after the first fail, 30 days after the second, 180 days after the third and any subsequent fail.

A rule filing (SR-FINRA-2026-014, filed June 2026) would shorten these to 15 and 60 days, but it is not yet operationally in effect. The 30/30/180 figures remain current until FINRA publishes an implementation date.

Settlement and trading

Regular way settlement	T+1 (since May 28, 2024)
Options settlement	T+1
Reg T payment deadline	T+3
Cash account violation freeze	90 days
Shares per option contract	100
Bond point	$10
Standard bond par value	$1,000

The T+3 detail matters. Regulation T defines the payment period as the standard settlement cycle plus two business days. Under T+2 that produced T+4, which is the number most study material still carries. Under T+1 it produces T+3.

Sequence to remember: trade date → settle at T+1 → Reg T payment due T+3.

Margin

Reg T initial margin	50%
Minimum equity to open	$2,000
Maintenance margin, long	25%
Maintenance margin, short	30%
Pattern day trader minimum equity	$25,000

Equity in a long margin account = market value − debit balance

If a customer buys $10,000 of stock in a margin account, Reg T requires a $5,000 deposit and the broker lends $5,000. Equity is $5,000, or 50%. If the position falls to $6,000, equity is $1,000 — about 17%, below the 25% maintenance floor, so a margin call follows.

The formulas

These are the calculations the SIE genuinely asks about. Most questions test whether you know which formula applies, not whether you can do arithmetic under pressure.

Current yield = annual interest ÷ current market price

A $1,000 par bond with a 6% coupon pays $60 a year. Trading at $800, its current yield is 7.5%.

Dividend yield = annual dividend per share ÷ market price per share

Net asset value (NAV) = (total assets − total liabilities) ÷ shares outstanding

Public offering price (POP) = NAV ÷ (1 − sales charge as a decimal)

A fund with a $9.50 NAV and a 5% sales charge: 9.50 ÷ 0.95 = $10.00.

Sales charge percentage = (POP − NAV) ÷ POP

Note the denominator. It’s the offering price, not the NAV — a common trap.

Taxable equivalent yield = tax-free yield ÷ (1 − tax bracket)

A 4% municipal bond for someone in the 32% bracket: 4 ÷ 0.68 = 5.88%. That’s what a taxable bond would need to yield to match it.

Expense ratio = annual fund operating expenses ÷ average net assets

Inverse relationship to remember: when interest rates rise, existing bond prices fall. No formula, but it’s tested constantly and in both directions.

Bond price relationships

Bond price	Coupon vs current rates	Yield ordering
Discount (below par)	Coupon is lower	Nominal < Current yield < YTM
Par	Coupon matches	Nominal = Current yield = YTM
Premium (above par)	Coupon is higher	Nominal > Current yield > YTM

Discount bonds ascend, premium bonds descend. That single sentence answers a surprising number of questions.

Investment companies

Diversified fund test	75-5-10
Maximum 12b-1 distribution fee	0.75%
Maximum 12b-1 service fee	0.25%
Maximum combined 12b-1	1.00%
“No-load” ceiling for 12b-1	0.25%
Redemption payment deadline	7 days
Letter of intent duration	13 months
Letter of intent backdating	90 days

The 75-5-10 rule: to call itself diversified, a fund must have at least 75% of assets where no more than 5% sits in any single issuer and it holds no more than 10% of any issuer’s voting securities.

Regulatory thresholds

SIPC coverage per customer	$500,000 total, of which $250,000 cash
FDIC coverage per depositor	$250,000
CTR filing threshold	More than $10,000 in cash in one day
FINRA Rule 3220 gift limit	$300 per person per year
Cooling-off period	20 days minimum
Commercial paper maximum maturity	270 days
Reg A+ Tier 1 ceiling	$20 million
Reg A+ Tier 2 ceiling	$75 million
Rule 144 holding, reporting issuer	6 months
Rule 144 holding, non-reporting issuer	1 year
Accredited investor income	$200,000 individual / $300,000 joint
Accredited investor net worth	$1 million, excluding primary residence

Prospectus delivery periods for the aftermarket:

Situation	Days
IPO, non-listed	90
Additional offering, non-listed	40
Listed on an exchange or NASDAQ	25

Records retention:

Record type	Retention
Most books and records	3 years
Blotters, general ledgers, customer account records	6 years
Articles of incorporation, partnership agreements	Lifetime of the firm

Accounts and retirement

Early withdrawal penalty, before age 59½	10%
RMD beginning age	73
Wash sale period	30 days before and after
Backup withholding rate	24%
529 five-year gift election	5 years of gifts in one year

On contribution limits: the SIE tests the structure of retirement accounts — who’s eligible, how contributions and withdrawals are taxed, Traditional versus Roth — not the specific dollar caps, which change annually. Don’t spend memory on them.

Day-count conventions

Security	Convention
Corporate and municipal bonds	30/360
Government bonds	Actual/actual

The SIE wants you to know which convention applies to which security. It does not ask you to calculate accrued interest to the day — that’s Series 7 territory.

Common misconceptions

“Reg T payment is due T+4.” It was, under T+2. Reg T defines the payment period as the settlement cycle plus two business days, so under T+1 it’s T+3.

“The gift limit is $100.” It moved to $300 per person per year, effective March 30, 2026.

“Settlement is T+2.” T+1 since May 28, 2024.

“Sales charge is calculated off the NAV.” It’s off the public offering price. (POP − NAV) ÷ POP.

“SIPC insures me against losses.” SIPC covers the failure of the brokerage firm, not bad investments. $500,000 per customer, of which $250,000 for cash.

“I need to memorise IRA contribution limits.” No. The SIE tests account structure and taxation, not annual dollar caps.

“Retake waits are now 15 and 60 days.” The rule filing exists but isn’t operationally in effect. Current waits are 30, 30, and 180 days.

“Maintenance margin is 50%.” 50% is the initial Reg T requirement. Maintenance is 25% long, 30% short.

What to do with this info

1. Learn the short-answer block cold. Those eleven numbers plus three formulas cover the majority of number-based questions on the exam.
2. Rewrite each formula in your own words — “the offering price is the NAV grossed up for the sales charge” — rather than memorising symbols. Questions describe scenarios, not equations.
3. Check any other sheet you’re using against T+1, T+3, and $300. Those three flag whether the material was updated after 2024. If it fails, assume other numbers are stale too.
4. Practise the direction of relationships, not just the values. Rates up means bond prices down; discount bonds run nominal < current < YTM.
5. Skip what isn’t tested. No accrued interest to the day, no Rule 144 volume formulas, no annual contribution caps.
6. Take a domain-scored diagnostic to find whether numbers are actually your weak point. For many candidates the problem is product definitions, not arithmetic.

Related resources

• The SIE exam glossary — 170 terms in plain English, organised by exam section
• T+1 settlement explained — why the change matters and what it affected
• SIE exam explained: format, scoring, subjects — how the four sections are weighted
• How to read SIE exam questions — spotting which formula a scenario is asking for
• How to use an SIE cheat sheet — using a reference like this without fooling yourself
• Systematic vs unsystematic risk — the one test that classifies any risk type
• Suitability, KYC and Reg BI — which standard governs a recommendation, and to whom each applies
• Free SIE practice exam — a domain-scored diagnostic