Series 57 - Securities Trader Representative Exam (TD)

Exam Restructuring

The Series 57 exam — the Securities Trader Representative Exam — assesses the competency of an entry-level registered representative to perform their job as a securities trader representative.

The Series 57 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a securities trader, including executing transactions in equity, preferred or convertible debt securities effected otherwise than on a securities exchange (proprietary trading).

Please see NASD rule 1032(f) Securities Trader for more information.

Effective October 1, 2018, candidates must pass the Securities Industry Essentials (SIE) exam and a revised Series 57 to obtain the Securities Trader Representative registration. For more information about the SIE and Series 57 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(4).

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Series 57 at a Glance


Before October 1, 2018

Number of Items 125
Format Multiple Choice
Duration 225 minutes
Passing Score 70%
Corequisite None
Cost $120

On or After October 1, 2018

Number of Items 50
Format Multiple Choice
Duration 105 minutes
Passing Score TBD
Corequisite SIE exam
Cost TBD

Content Outline


Before October 1, 2018

The Series 57 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four main job functions of a securities trader representative. The table below lists the allocation of exam questions for each main job function.

Major Job Functions Percentage of Exam Questions Number of Questions
(F1) Market Overview and Products 17% 22
(F2) Engaging in Professional Conduct and Adhering to Regulatory Requirements 10% 12
(F3) Trading Activities 63% 79
(F4) Maintaining Books and Records and Trade Reporting 10% 12
TOTAL 100% 125

On or After October 1, 2018

The Series 57 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the two main job functions of a securities trader representative. The table below lists the allocation of exam questions for each main job function.

Major Job Functions Percentage of Exam Questions Number of Questions
(F1) Trading Activities 82% 41
(F2) Maintaining Books and Records, Trade Reporting and Clearance and Settlement 18% 9
TOTAL 100% 50

Eligibility


Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA qualifications exams. For more information on eligibility requirements before October 1, 2018, refer to NASD Rule 1032(f). On or after October 1, 2018, refer to FINRA Rule 1220(b)(4).

Please see Register a New Candidate for more information on the registration process.

Before October 1, 2018

The Series 57 does not have a corequisite exam.

On or After October 1, 2018

The SIE exam is a corequisite to the revised Series 57 exam. Candidates must pass both the Series 57 exam and the SIE exam to obtain the securities trader registration.

Permitted Activities


Covered activities and products include the following.

  • NASDAQ equity trading
  • OTC equity trading
  • Proprietary trading

Key Questions


1. My firm opened my Series 57 exam window on August 1, 2018. I scheduled my exam for November 1, 2018. Which exam will I take?

Your exam window opened prior to October 1, 2018. Therefore, you must pass the 125-question Series 57 exam to receive a Securities Trader Representative (Series 57) registration.

2. My firm opened my Series 57 exam window on August 1, 2018. I took my Series 57 exam on September 1, 2018, but failed. If I retake the exam, which exam will I take?

In order to retake your exam, a new exam window must be opened. Your new exam window will open on or after October 1, 2018. Therefore, you must pass the SIE and revised 50-question Series 57 exam to receive a Securities Trader Representative (Series 57) registration.

3. My firm opened my Series 57 exam window on October 2, 2018. I scheduled my exam for November 1. Which exam will I take?

Your exam window opened after October 1, 2018. Therefore, you must pass the SIE and revised 50-question Series 57 exam to receive a Securities Trader Representative (Series 57) registration.