FINRA getting ready to launch a new series 57 license for traders

T

Trader7793

The other day at work I received a message from FINRA alerting me to the fact that since I hold a series 55 license, they want me to participate in an upcoming survey that will gather input from the industry regarding the current roles, responsibilities and job functions of Equity Traders and Proprietary Traders in order to create the new Securities Trader (Series 57) exam.

Apparently this new license will not require associated persons to get a series 7 license first, as with the series 55. Since FINRA does not recognize the Series 56 examination as an acceptable qualification standard for associated persons engaged in securities trading (unlike the exchanges, most of which do not recognize the series 55 examination) the new 57 exam is meant to replace both the 56 and 55 exams and licenses.

It looks like there will be a lot of traders having to take this new exam in the coming years.

http://www.finra.org/sites/default/files/notice_doc_file_ref/Notice_Information-03.31.15.pdf
 
yes, US Series xx exams, Japanese JSDA I & II, FSA, and SFA exams in the UK and Asian jurisdictions are the most ridiculous inventions since mankind. Not only are the questions worded by retards, the translations (where applicable) into English horribly bad (Japan) but the whole content does nothing good to anyone. The material learned is 90% useless and it does not prevent any wrong doing or abuse whatsoever. It is a pure fee earner on one hand and an excuse for apes and people with low intellect (most of whom could not garner a job in the industry) to excuse their existence at such regulators.

ScalperJoe said:
Yes, and a lot more revenues for exam fees shared by the regulators and testing centers.
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