Is the SIE worth spending time on.

Not sure what that is. There are better ways to strengthen your profile for MFE program instead of taking unnecessary exams.
 
For Financial Engineering, not that useful. Much more relevant to traditional finance - might be somewhat meaningful if you're targeting QT, but it's an easy enough exam to finish once you get a job so shouldn't be a priority (basically, if you have nothing else to do, it can't hurt - but it's not worth going out of your way for).
 
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