Series 56 - LOL Thread

Just bumping this thread for those traders who found this thread on Google search like I did.

I took the 56 today for the 1st time and got a 77. The test took me something like 65 minutes to answer all 105 questions. I spent about 70+ hours studying the Pass Perfect book over the last 2 months. I was getting 50's and 60's the first time I took the practice exams; probably averaging around mid-70s the 2nd time around. For those who have said the PP exams are harder than the actual exam, I would probably tend to agree although they are very similar.

I didn't even bother with anything other than PP just based on what I was told and researched. The book proves more than adequate. The vast majority of the test was general exchange and clearing stuff (ch. 3-4 in PP). Considering how big the options chapter of the PP book is, there were maybe 8-10 questions on the actual exam; none of which was calculating max gain or anything like that, just general hedging strategies. I never once had to use my calculator/do any mental math. There were definitely more questions than I would've cared for that came completely out of left field, but the majority of the test was actually fairly similar to the PP practice exams. I'm hoping the 5 questions they throw out came from the random questions that were absolutely not in the PP book, and not the easier stuff.

I was definitely a little stressed about the test given all that I had read about the test being different from the PP book, but the truth is if you can learn the PP book then you should do fine. I'm just glad it's over with, and now I can forget about all that useless crap forever!
 
Kovan,

How different was the exam the second time around from the first? Where there any of the same questions or was it all completely new? How similar was it the second time?

I failed the 56 this past Wed. by one point.... So, like you I am now scrambling to acquire the missing material I will need for round two. Thanks.

Quote from Kovan:

Okay, after all my ranting, I managed to pass at the second attempt (67% on the first attempt, 80% on the second). I used the CBOE manual the first time around (two months agao) and found it to be unreadable and inadequate. I then used an in-house manual that was produced over the last few weeks and that made a tremendous difference.

From what I can gather, Passperfect questions are a good foundation for getting through this exam.

I kept track of the answers I was sure of - a total of 62/105. I had to guess the rest, and a number of guesses were completely blind. A couple of questions on facilitation crosses, and like the first time, questions on what happens subsequent to failure to deliver. There were a lot of questions on illegal trading practices - which I had studied pretty carefully, so that worked out well.

I still consider this exam to be tougher than Series 7 (which I got 93% on back in 2004) - I'm just glad it's over. My firm had warned me of losing trading access on October 30 if I didn't pass by October 29, so I cut it pretty close.

Good luck to all of you out there.
More...
 
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!
 
You want my advice and opinion? Those Prop Firms registered with the CBOE that require to take the 56 will not survive in this always changing industry.

I give it a couple of years
 
Quote from bulllives:

You want my advice and opinion? Those Prop Firms registered with the CBOE that require to take the 56 will not survive in this always changing industry.

I give it a couple of years
More...

Why?

Many of these firms aren't looking to make money via commissions, they're real firms with real PnL...
 
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!
More...
If you are getting over 90 on the practice tests then you should be fine. No need for rule numbers.
 
Quote from sung1contrarian:

If you are getting over 90 on the practice tests then you should be fine. No need for rule numbers.
More...

Thanks.

I passed the last practice test wtih a 77 the first time a took it. I would've liked to have gotten 80 or better, but that's alright. After reviewing the material, I was able to get a 99 on it the second time I took it.

As long as the real test isn't very different than the Practice Perfect stuff then I think I will be fine. I'm taking the test tomorrow. I'm just going to go through my notes a couple more times and then I think I'll be good to go.
 
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