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Series 56 Exam Meaning & Definition

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Definition of Series 56 Exam

Series 56 Exam was the Proprietary Trader’s Qualification Exam, or Series 56 exam, it was created to assess a candidate’s knowledge in the areas of securities markets, trading and reporting practices, applicable products, investment strategies and anti-fraud provisions. There were no prerequisites to this exam.

Topics for the Series 56 exam included:

Personnel, Business Conduct, Recordkeeping and Reporting Requirements – 9 Questions
Markets, Market Participants, Exchanges and Self Regulatory Organizations – 8 Questions
Types and Characteristics of Securities and Investments – 20 Questions
Trading Practices and Prohibited Acts – 50 Questions
Display, Execution and Trading Systems – 13 Questions

This was a 105 question, multiple-choice exam that had be completed within 2 hours. The passing score was a minimum of 70%.

The exam was replaced by the series 57 exam. In addition to passing the series 57 exam candidates must also pass the Securities Industry Essentials Exam. Once both exams are passed, Candidates are qualified to act as a Registered Equity Trader.

Applying "Series 56 Exam" to Securities Exams:

The series 56 Exam is no longer offered. It was merged with the FINRA’s series 55 exam. The new examination became known as the Series 57 Equity Trader Examination. Passing the series 57 exam allows individuals to trade equities and options on a proprietary basis. It also allows registered agents to trade on enhanced leverage. To be licensed the SIE exam must be completed to perform the activities of a registered trader. Prepare to pass the series 57 exam using our complete series 57 exam review course.

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