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Series 57 – Securities Trader Representative Exam

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

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
  • Proprietary trading