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The Series 57: FINRA’s New Securities Trader Qualification Examination

In FINRA News, Series 57, Series 7Tags Howard Kaplan

FINRA’s new Securities Trader Qualification Examination – the Series 57 – is on the way.

Equity TraderFINRA has filed a proposed examination outline (the content outline begins on Page 24 of 65) with the Securities and Exchange Commission for the new Securities Trader Qualification Examination. The new examination would be known as the Series 57 and will replace the current Series 55 Exam (the Equity Trader Qualification Examination). This qualification exam permits an individual to engage in proprietary trading of equity securities.

FINRA is proposing to launch the new Series 57 Exam on January 4, 2016.

Eligible Candidates for the Series 57 Examination

The new Series 57 will not have any prerequisites, but individuals who wish to engage in any sales activities with the public are still required to hold an appropriate securities registration to cover that function, such as the Series 7 or Series 62.  The Series 57 Examination will consist of 125 multiple-choice questions, and candidates will have three hours and forty–five minutes to complete the examination.

The passing score on the Series 57 Exam will be 70%.

The Series 57 Examination’s Content Areas

Function 1:   Market Overview and Products, 22 Questions.

Function 2:   Engaging in Professional Conduct and Adhering to Regulatory Requirements, 12 Questions.

Function 3:   Trading Activities, 79 Questions.

Function 4:   Maintaining Books and Records and Trade Reporting, 12 Questions.

Connecting the Series 57 Exam with the Series 7, Series 55, and Series 56 Exams

The Series 57 Examination will consist of substantial portions of the Series 55 Examination, plus some general securities content from the Series 7 Examination. It will also include a small portion of the Series 56 Proprietary Trader Examination.

Series 55 Grandfather Provisions

Anyone holding a Series 55 or Series 56 registration will be grandfathered into the new Series 57 registration category. Individuals who have scheduled their Series 55 exam by January 4, 2016 will be permitted to take the Series 55 exam on their scheduled test date (even if after January 4). Candidates who do not schedule their Series 55 exam date by January 4, 2016 will be required to take the Series 57 Examination.

Knopman Note

Knopman Marks Financial Training will have study materials available to assist our clients in preparing for the new Series 57 Examination. Please check back with us for further updates.