Series 55 No Longer Required

New rule has no effect on us since we've never had to take the Seriess 55 because we're not Nasdaq members. Series 7 is still required. To be honest, I was caught a bit off-guard myself. I thought only NYSE member firms needed the 55, but my Compliance Officer says that NASD Firms need it to. Glad I don't have to take it, I hear it makes the Series 7 seem like a cake walk.

All the best,

Don
 
Quote from Don Bright:

New rule has no effect on us since we've never had to take the Seriess 55 because we're not Nasdaq members. Series 7 is still required. To be honest, I was caught a bit off-guard myself. I thought only NYSE member firms needed the 55, but my Compliance Officer says that NASD Firms need it to. Glad I don't have to take it, I hear it makes the Series 7 seem like a cake walk.

All the best,

Don
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I took it back when it first came out (I was a NASDAQ Market Maker) and it was very easy compared to the Series 7.

Unless they made it a lot harder in recent years, if you can pass the 7, it is a cakewalk.

If for no other reason, the amount of information is so much less to retain..
 
I have series 63, 7, 55 and 24 licenses. For me the series 55 was by far the hardest test. There was less information, but I had to actually spend time learning and memorizing that material, and on the practice tests all the multiple choice questions seemed to be good answers or close enough, I could not use common sense to easily eliminate most of them. When I took the test back in 2001, in order to just barely pass, a person needed to really know the material.
 
Quote from Trader7793:

I have series 63, 7, 55 and 24 licenses. For me the series 55 was by far the hardest test. There was less information, but I had to actually spend time learning and memorizing that material, and on the practice tests all the multiple choice questions seemed to be good answers or close enough, I could not use common sense to easily eliminate most of them. When I took the test back in 2001, in order to just barely pass, a person needed to really know the material.
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This is more along the lines of what I have heard as well. In any event, the 7 is enough IMO.

Don
 
Quote from Trader7793:

I have series 63, 7, 55 and 24 licenses. For me the series 55 was by far the hardest test. There was less information, but I had to actually spend time learning and memorizing that material, and on the practice tests all the multiple choice questions seemed to be good answers or close enough, I could not use common sense to easily eliminate most of them. When I took the test back in 2001, in order to just barely pass, a person needed to really know the material.
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Thats actually a good point. When the test first came out, the study guides didnt include all the material on the test.. I remember co workers talking about test questions that werent even mentioned on the study material..

I figured overtime they woudl fix this..
 
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