Series 56 - LOL Thread

jd7419 · Oct 9, 2011

Quote from DLP198:

I wonder if the CBOE is aware that its test blows. How about something that is at least relevant?

I think they're aware that they are a public company now and are making money selling material and courses that are not adequate. Think its a coincidence that they keep pushing the test back?

Don Bright · Oct 9, 2011

Quote from miamihorror:

I agree, I wanted to, but what I was told is that the firm is not able to sponsor for the series 7. Also, the traders I have spoken with who have had their series 7 elapse were not waived and needed to take the 56, even those with some serious experience.

Of course they're only going to waive those who are legal, not those who have lapsed. But if you passed it once, no big deal to do it again.

IMO,

Don

EPrado · Oct 9, 2011

Quote from Don Bright:

Of course they're only going to waive those who are legal, not those who have lapsed. But if you passed it once, no big deal to do it again.

IMO,

Don

Actually Don, they are waiving a lot of traders who have had series 7's lapse. It's just that the lapse must be somewhat recent and and you must have a decent amount of experience in the biz.

EPrado · Oct 9, 2011

Quote from miamihorror:

I agree, I wanted to, but what I was told is that the firm is not able to sponsor for the series 7. Also, the traders I have spoken with who have had their series 7 elapse were not waived and needed to take the 56, even those with some serious experience.

Not sure who you are speaking to, but a majority of people I know who have had their 7 lapse recently and have good experience are getting waived.....including myself.

Don Bright · Oct 10, 2011

Quote from EPrado:

Actually Don, they are waiving a lot of traders who have had series 7's lapse. It's just that the lapse must be somewhat recent and and you must have a decent amount of experience in the biz.

I called, and they may waive if only Cont Ed has not been done (as we do in most cases).. the do the Con't ed, all is good. I'm still not 100% on this, as I don't think they are, LOL.

Don

DLP198 · Oct 11, 2011

So what's the likelihood of a deadline extension?

coolhand harry · Oct 13, 2011

Quote from miamihorror:

So-

This test. I absolutely POURED through the study material from the PassPerfect book and the CBOE material, making sure to take every passperfect practice test until I remembered every answer and read the book or 5 times taking meticulous notes over the course of the past 3 months or so. I was intimately familiar with every detail of outlined in the book and the cboe material. I went into this test feeling like I could not have prepared more.

About 5 questions had anything to do with what I had studied, and the other 100 needed to be answered by taking some serious guesses. The material I studied built a 'foundation' but really was not directly linked to anything asked much at all. By the time I was 90% through with the test I felt like I would be doing just as well if I clicked answers without reading any questions.

My advice: Study A LOT. Seriously. This test has barely anything to do with the study material, but it's the best you're going to be able to do. IMO this test is absolutely outrageous and designed to be a prohibitive barrier and nothing more, quizzing people on extraneous knowledge that does not parallel with the daily rigors of their career and highly insufficient preparation material. It might take a few tries to pass, no matter how well prepared you are. A big part of passing, for most, will definitely be sheer luck.

Oh by the way, if I come off as sounding bitter because I failed, I did not. I passed !

Is there a question or two that you remember from the exam, or a strategy you could recommend for helping with the "sheer luck" part of the test?
By the sound of it, every little bit could help, and possible mean the difference between passing or having to close out a trading account. Thanks very much!

BIDUbandit · Oct 14, 2011

Nothing "common sense" on this exam.

Harder than the Series 7

1zach4 · Oct 14, 2011

I passed this morning on my 2nd try :-)

coolhand harry · Oct 15, 2011

Quote from 1zach4:

I passed this morning on my 2nd try

CONGRATULATIONS 1Zach4 !!

Would you mind sharing please?

1) What do you think made the difference for you?
For instance, was there a particular section of the study material that you worked on, that you felt paid off? Or maybe a different test taking strategy that you used?
Or something else all together?

2) What percentage of the 2nd exam was the same as the first exam? Were the questions "easier" the 2nd time? ( On my first try, I felt that many questions had more than one possible acceptable answer. )

3) any other tidbit(s) of information would be GREATLY appreciated.

many thanks!