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SERIES 56 News
- Thread starter EvOTrAdEr
- Start date
Quote from Jack Buser:
Guys, there is not much as far as help is concerned for the new Series 56 Exam. I am a prop trader and need to take the exam. The only thing I could find is theseries56.com. They seem to have decent study materials, the test questions were definitely helpful, but I'm still waiting on the study manual I ordered to come. Hopefully it comes in a few days. Anyway, hope this helps anyone, and if anyone has any more information, please pass it along. I heard the exam was very challenging and the passing rate was low. More help the better.
-Jack
I just have to say again, since I'm on ET today, LOL. Since the S7 has much better study materials, and since S7 over-rides the 56, and the S7 can be used for other positions within trading firms, brokerages, jobs, etc., why fret over the 56?
I smile when I say "do you know any retail brokers? - You know they all passed the S7, how hard can it really be?" LOL of course.
Really, why not take serious certification in lieu of the 56 which is only good for one exchange essentially. The 7 will give you more control over your future, and open other doors for you.
Am I missing something here? Has something changed?
Don
Quote from hitnrun:
Hi Don.
Remember this was pending since the summer
What is the status with chx getting approval to accept 56 licensed traders ?
Haven't heard anything, and really no reason to turn back time as it were.
I understand that I was "out of service" for a while last year, but I thought I was keeping up with all this. Why would anyone not just take the 7 vs. the 56? At one point, the answer was "it's much easier" - but judging by what I see on ET, and even some discussions, maybe not. Take the darn S7, have a real FINRA license valid in other aspects of the business.
If I missed something, let me know, PM me.
Thanks,
Don
don. just a reminder
The chx & philex are waiting for approval to accept the 56 license by the sec which i still pending i believe ?
The idea was to have multiple exchanges to be able to accept 7 or 56 licensed traders
It seems like cbsx is 56 only with a possible waiver for someone with a 7 license at this point
And the other exchanges accepting only the 7 . status quo with them
unless someone knows something different ?
The chx & philex are waiting for approval to accept the 56 license by the sec which i still pending i believe ?
The idea was to have multiple exchanges to be able to accept 7 or 56 licensed traders
It seems like cbsx is 56 only with a possible waiver for someone with a 7 license at this point
And the other exchanges accepting only the 7 . status quo with them
unless someone knows something different ?
Quote from hitnrun:
don. just a reminder
The chx & philex are waiting for approval to accept the 56 license by the sec which i still pending i believe ?
The idea was to have multiple exchanges to be able to accept 7 or 56 licensed traders
It seems like cbsx is 56 only with a possible waiver for someone with a 7 license at this point
And the other exchanges accepting only the 7 . status quo with them
unless someone knows something different ?
OK, we're on the same page then. I guess I want my current exchange (CHX) to accept 56 for those who want to migrate from the CBSX firms, new people mostly from the last year or so. But, I still think that new traders should go ahead and take the 7. What do you think about that for new people?
Don
most people would say that taking the 7 is overkill but is has more value to the trader vs the 56 currently
Most people hate taking the 56 because of the subpar study material it's choosing the lesser of two evils
the cbsx does not charge a annual exchange membership dues like the other exchanges at this point so that saves traders about $ 500.00 per year
Any new or experience traders taking any exam the only benefit you get is access to leverage
nothing but a waste of time & money for the trader
if the sec would finally make this a univeral test where all exchanges accepted it as they originally planned then it would make sense why they made the rule changes to begin with
It would offer everyone more choices where somene can trade & make life easier for all
Most people hate taking the 56 because of the subpar study material it's choosing the lesser of two evils
the cbsx does not charge a annual exchange membership dues like the other exchanges at this point so that saves traders about $ 500.00 per year
Any new or experience traders taking any exam the only benefit you get is access to leverage
nothing but a waste of time & money for the trader
if the sec would finally make this a univeral test where all exchanges accepted it as they originally planned then it would make sense why they made the rule changes to begin with
It would offer everyone more choices where somene can trade & make life easier for all