What firm doesn't look to make money by coms....Even working true prop ur paying an override to the firm, I think if you know it or not. Actually...I am asking what firms?
Peace
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Series 56 - LOL Thread
- Thread starter ksmetana
- Start date
What firm doesn't look to make money by coms....Even working true prop ur paying an override to the firm, I think if you know it or not. Actually...I am asking what firms?
Peace
Quote from Chuck Noblet:
It's been a while since anyone has posted here and I was wondering if anybody had any updates or advice.
I'll be taking my Series 56 test next week. I've been mainly studying the Pass Perfect material that I got from a friend. The Pass Perfect stuff I got is about two years old. Have they changed the test or the study material since then? Do you think the manuals and tests I'm studying are still good?
Here's what I've done so far:
1. Skimmed the book and gone through all the quizzes in the manual
2. I've taken 3 practice tests at least two times each. After the first time, I read through all of the answer explanations. After the second time, I read through all of the answer explanations for questions that I marked for review while taking the test and any I got wrong.
Here are my scores for the practice tests:
Test 1: 48, 76, 96
Test 2: 68, 96
Test 3: 72, 97
Now I plan on reviewing the book, taking each of the 3 exams again, reviewing the exams, and then taking the one final exam left that I've never taken before. I feel that if I can get an 80 or higher my first try on the last exam then I will be prepared.
One interesting thing is that I feel each of the exams are so different. There is some overlap, but after I did the first two and reviewed I thought the 3rd exam would be easy. It turned out the 3rd one had tons of stuff that wasn't on the other two exams.
Does anyone know if you have to memorize the numbers of each rule? The 3rd Pass Perfect exam had questions like: NMS Rule 605 is..., Rule 606 is..., Rule 10b-5 is... That seems a little ridiculous to me. Is that on the real test?
Thanks!
did you pass the exam?
sigh. I've had more licenses expire than I can recall. Lost count of how many times I've passed the 7. The 55 was by far the worst, but I hear the 56 is a b-eye-tee-see-ache.
Anyway, I think it's important that you know how markets are supposed to be organized. Even if they aren't that way now, they were once, and it was what made them so strong. This is something the US perfected.
It would be a pity to forget it.
Anyway, I think it's important that you know how markets are supposed to be organized. Even if they aren't that way now, they were once, and it was what made them so strong. This is something the US perfected.
It would be a pity to forget it.
Quote from cmb:
did you pass the exam?
Yes. I got an 85!! Wahooo!!
It was a difficult exam. When I was done I was calculating what score I might get based on the number or questions I wasn't sure I got right. I was thinking I got closer to a 70, so I was sweating it before I got the results. Then I got the 85 and I was stoked. I must have done some good educated guessing on a number of the questions.
I'm so glad that crap is done. It was such a pain in the ass.
Quote from Chuck Noblet:
Yes. I got an 85!! Wahooo!!
It was a difficult exam. When I was done I was calculating what score I might get based on the number or questions I wasn't sure I got right. I was thinking I got closer to a 70, so I was sweating it before I got the results. Then I got the 85 and I was stoked. I must have done some good educated guessing on a number of the questions.
I'm so glad that crap is done. It was such a pain in the ass.
Congrats. What study materials did you use?
I have to take it again with my new firm. Ugh.
I used the Pass Perfect material and mainly concentrated on the practice tests.
Hi guys.
I will be taking the Series 56 exam mid July or 2nd to last week. What is the average breakdown of the test you guys encountered? I read some only encounter 10 options questions while PassPerfect stated 25%. Pass Perfect has the test structured as: equity 5%, options 25%, trading markets 15%, trading practices 40%, trading systems 15%. Any advice would be helpful. I have gone through this thread and it seems to be regulation heavy on the question. Can anybody confirm this who has recently taken it in 2013? Thanks.
I will be taking the Series 56 exam mid July or 2nd to last week. What is the average breakdown of the test you guys encountered? I read some only encounter 10 options questions while PassPerfect stated 25%. Pass Perfect has the test structured as: equity 5%, options 25%, trading markets 15%, trading practices 40%, trading systems 15%. Any advice would be helpful. I have gone through this thread and it seems to be regulation heavy on the question. Can anybody confirm this who has recently taken it in 2013? Thanks.
Quote from jly004:
Hi guys.
I will be taking the Series 56 exam mid July or 2nd to last week. What is the average breakdown of the test you guys encountered? I read some only encounter 10 options questions while PassPerfect stated 25%. Pass Perfect has the test structured as: equity 5%, options 25%, trading markets 15%, trading practices 40%, trading systems 15%. Any advice would be helpful. I have gone through this thread and it seems to be regulation heavy on the question. Can anybody confirm this who has recently taken it in 2013? Thanks.
Here is what my printout at the end of the test said:
1. Personnel, Business Conduct and Recordkeeping and Reporting Requirements. 9 Questions
2. Markets, Market Participants, Exchanges, and Self Regulatory Organizations. 8 Questions
3. Types and Characteristics of Securities and Investments. 20 Questions
4. Trading Practices and Prohibited Acts. 50 Questions
5. Display, Execution, and Trading Systems. 13 Questions
I guess they name their categories a little differently, but the bulk of the test is regulations. I found the Practice Perfect tests to be the most helpful thing. I took the practice tests over and over and never moved onto the next test until I could get 90% or higher on the last one. Just make sure you LEARN the answers on the practice tests so you UNDERSTAND the questions and answers. Don't just memorize the answers because the real test will most likely have concepts worded in different manners and set in different scenarios.
Study, study, study. Take it seriously because the test is not easy. If you fail you have to wait 30 days to take it again and I believe you have to pay to take it each time.