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Exemption is not automatic, and I was informed by my firm that my case for exemption was weak compared to other traders in the firm. They advised me to take the 56.

Okay, after all my ranting, I managed to pass at the second attempt (67% on the first attempt, 80% on the second). I used the CBOE manual the first time around (two months agao) and found it to be unreadable and inadequate. I then used an in-house manual that was produced over the last few weeks...

I believe the test is set by the CBOE, so it is even more incredible that their own manual doesn't prepare test takers adequately for the test. I've heard that PassPerfect is better, but I am using an in-house training manual to cover these topics again and I'll take the test next Thursday -...

I used the Options Institute manual. I scored 67% on the exam. Probably got around 45 from studying the manual, 15 from working in the industry and vague recollections of s7 material and the rest from guesswork. Fortunately, the deadline has been pushed back to October 29 and new study...

My firm confirmed today that the new deadline will be October 29 and that there will be a new study guide with new prep tests. This is sounding much more feasible now. No need to liquidate my portfolio on September 19 :)

Yes, I used the Options Institute Guide

I don't think my firm even tried to get me a waiver - they were focused on getting waivers for those traders whose licenses hadn't lapsed. Off the top of my head, the following were unfamiliar to me: detailed knowledge of the procedure upon failure to deliver, margin requirements for OTC...

Mike: in answer to your points, I should mention that I took Series 7 in 2004 and since I am a quant trader, I don't deal with many of the issues in these kinds of exams on a daily basis - I rely on study material to pass them. I've forgotten much of what I studied in Series 7, but I'm sure...

I'm afraid I can't give any constructive advice. I only missed passing by 3% and I hadn't memorized everything in the study guide, so my approach would be to study every little detail in that book and then make reasonable guesses for everything else. Forget the practice tests - they use a small...

I took Series 7 in 2004 and I left the business in 2006, only to come back in 2009. My Series 7 lapsed so my firm informs me that I am not exempt from taking the Series 56. I am a quant, so I don't deal with a lot of the administrative issues, so I've forgotten a lot from my Series 7 days (e.g...

The CBOE material was easy to study and the practice tests were an effective way of learning what was in the study guide BUT the actual series 56 exam had many questions unrelated to the material in the study guide. I regularly got over 95% in the practice tests but failed the actual exam...

Well I failed the test today. If the study materials from the CBOE had been comprehensive (far from it, unfortunately), then it would have been a simple matter to sit down and study hard for a few weeks to pass the exam. I studied hard, took their practice exams - getting over 90% on a regular...

I just took the exam today and failed with 67%. I was regularly getting 96% or so on the practice tests issued by the CBOE. Only about 50-60% of the questions in the exam were covered by the Options Institute Study Guide (I had never even seen a number of the terms mentioned in the exam). The...