Series 56 - LOL Thread

Hey Jjchoi I am studying for my third attempt on the exam. Good luck and keep us posted with your results. I used an in-house material for the first exam having a 56% on the real test and memorizing nearly 600 questions , then used the in -house material plus cboe practice questions (Memorized around another 200 hundred) for a 64%, and now studying on the pass perfect manual. I will be preparing myself for the next 4 weeks and I am almost done reading the book and I am going to start practicing all the finals questions.

An advise for all of you taking the exam, is very important to read the book, for the first two exams I memorized questions getting scores over 90% on the practice and then ended up failing the real test.

When you read the material, you get a so much better understanding of all the concepts, therefore if they asked you the same info in a different way you will be able to perform better answering the questions.

Good luck on your exam ... and for all of you keep writing postings for good ideas.
 
don't get to concerned, i think the highest i got on one of those practice tests was about 75% or so ( i do not remember exactly, but i was thinking the same thing)
 
Quote from drayton sawyer:

don't get to concerned, i think the highest i got on one of those practice tests was about 75% or so ( i do not remember exactly, but i was thinking the same thing)
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Ugh. Failed for the 3rd time today with a 66. I'm utterly shocked because I felt pretty good when I finished the exam. Pass perfect definitely did help. No idea what went wrong. Now I have to wait 6 f*cking months to re-take it.
 
I used pass perfect material, studied for two weeks and passed it on the first attempt, material is very helpful, it is impossible to memorize the questions, all you need to do is understand the material itself.....good luck to everybody on the exam.
 
Quote from ksmetana:

ummm I have my BA from UC Irvine.

I have 2 full time jobs, I work on weekends as well.

I don't have time for this crap.

Deadline should be Jan 1 2012, not a month after the study guides are released.
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I really don't see what the big deal is?

Lawyers have to pass the Bar Exam. The best part of series 7, or any of the series, to me was the fact it doesn't discriminate whether or not you had a post grad degree; like the bar exam. That's something to be said. I took the bar exam for kicks, when I was interested in going into the law profession from Kaplan or other. I suspect I would've passed the bar exam too with enough time and effort, as well. That said, at the time, while trying to weigh in the cost/benefits of the profession; the costs and luxury of time associated with attending law school were simply not in the cards for me. It was frustrating actually, since, I could pass the Bar, but not ever be able to practice.

Kind of how I ended up in finance anyway. Ha. Don't cry. Just study the stupid book and know what you're doing! Too much to ask from a prospective future employee or potential (*god-forbid) financial advisor?

= Trading your own money? Don't want to take the test?
Be a retail trader. Am I wrong about this?
 
Quote from MikeEC:

I really don't see what the big deal is?

Lawyers have to pass the Bar Exam. The best part of series 7, or any of the series, to me was the fact it doesn't discriminate whether or not you had a post grad degree; like the bar exam. That's something to be said. I took the bar exam for kicks, when I was interested in going into the law profession from Kaplan or other. I suspect I would've passed the bar exam too with enough time and effort, as well. That said, at the time, while trying to weigh in the cost/benefits of the profession; the costs and luxury of time associated with attending law school were simply not in the cards for me. It was frustrating actually, since, I could pass the Bar, but not ever be able to practice.

Kind of how I ended up in finance anyway. Ha. Don't cry. Just study the stupid book and know what you're doing! Too much to ask from a prospective future employee or potential (*god-forbid) financial advisor?

= Trading your own money? Don't want to take the test?
Be a retail trader. Am I wrong about this?
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Another option is to find prop firms that does not require either 56 or 7.
 
I took the Series 56 Tuesday, 2-21-11. I was able to pass with a 79. I studied for probably a good 75 hours for it. I thought it was very difficult actually. I've never been so happy to get the equivalent of a "C".

The pass-perfect material is very, very useful, however I thought it was almost too in-depth. I spent a lot of time studying on superflous stuff, like knowing butterfly ratios, and specific rule numbers. Don't underestimate the CBOE material. There is a lot of it on there. While it won't pass you alone it is a very useful supplement to the pass-perfect.

I had webinars to watch too from Capital Trader's Group my prop firm. They were VERY helpful! I felt like I had a ton of study material and support, studied my tail off for 2 weeks and still only got a 79. Granted I am new to all of this, but I think EVERYONE will have to put in some serious study time.

The math is very simplistic, I only used the provided scratch paper twice. There is a ton of stuff about routing and general market principles.

So for anyone taking this test, study! Unless you have been in the business for many years AND have a very extensive knowledge of the markets you won't pass without studying.

Good Luck.
 
Just passed the 56 today and scored an 89. Initially I bought the material from theseries56.com. Do not make that mistake. The material on theseries56.com is often inaccurate and makes no sense. Total waste of time and money.

After realizing this, I bought the Pass Perfect material and I found the material extremely useful. I studied a lot for the exam, but in retrospect, I would have just done the section exams in the pass perfect material, read about what I did not know, and then done the practice exams and read the answers and explanations for all of the questions.

The actual exam had a few questions that were seemingly out of left field. Some of the questions were not at all covered in the Pass Perfect material.

I think these multiple choice exams really come down to game theory and how you process the questions. If somebody approaches the test with the knowledge that you have to focus on the "best answer," not necessarily what you think is the correct answer, they will do just fine.

I think I was probably "over prepared," but I'm glad that I was.
 
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