Series 57 – Securities Trader Representative Exam
Effective January 19, 2027, the waiting periods for retaking FINRA qualification exams will be reduced as follows:
- 15 days (from 30 days) after the first and second unsuccessful attempts, and
- 60 days (from 180 days) after the third
The new waiting periods will automatically apply to new enrollments and any open enrollments without an appointment. Candidates who have a scheduled exam retake appointment after January 19, 2027, should review whether cancelling and rescheduling for an earlier date is beneficial as rescheduling fees may apply.
January 19, 2027, is the first date FINRA is able to reduce a candidate’s waiting period and requests prior to this date will not be processed.
For additional information, visit FINRA Regulatory Notice 26-18 and the FINRA Qualification Exam FAQ.
For information about NASAA exams, visit https://www.nasaa.org/exams/exam-faqs/.
For questions related to this communication, contact [email protected] for assistance.
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).
Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 57 exam 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.
Content Outline
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 major job functions of a securities trader representative. The table below lists the allocation of exam items for each major job function.
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Trading Activities | 41 |
| (F2) Maintaining Books and Records, Trade Reporting and Clearance and Settlement | 9 |
| TOTAL | 50 |
Download Series 57 Content Outline
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 representative-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.
The SIE exam is a corequisite to the Series 57 exam. Candidates must pass both the Series 57 exam and the SIE exam to obtain the Securities Trader registration.
For more information on the registration process, see Register a New Candidate.
Permitted Activities
Covered activities and products include the following:
- NASDAQ equity trading,
- OTC equity trading and
- proprietary trading.