Definition of Series 56 Exam

Series 56 Exam is 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 are no prerequisites to this exam. However, individuals who have successfully passed the Series 7 exam may file a wavier and possibly be exempt from this test.

Topics for the Series 56 exam include:

  • 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 is a 105 question, multiple-choice exam that must be completed within 2_ hours. To be successful candidates must score a minimum of 70% of their Series 56 exam. The cost for this test is $195.00. Keep in mind this price only reflects the cost of the test its self and does not include any additional registration or testing fees.

Applying "Series 56 Exam" to Securities Exams:

The Series 56 examination qualifies an individual to conduct business as a proprietary trader with the Chicago Board Options Exchange (CBOE), CBSX, the International Stock Exchange (ISE), and the National Stock Exchange (NSX).

The Series 56 exam can be taken year round at Pearson Vue testing centers. While this test is available year round, it cannot be taken on Sundays. Candidates should be aware of this fact and keep it in mind when they are scheduling their exam and choosing their testing center.

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