Series 57

V

Victory5

Hi all.

Got accepted into a fairly reputable prop firm in Chicago out of undergrad and I was poking around online and saw that the Series 57 (previously 56?) seemed like it was mandatory for traders. The firm has told us there will be an introductory training program for the first few months we are at the firm, can I expect that we will be asked to get this certification as well or is it optional.

Pardon my ignorance, I was unable to find anything definite online.

Thanks
 
Victory5 said:
Hi all.

Got accepted into a fairly reputable prop firm in Chicago out of undergrad and I was poking around online and saw that the Series 57 (previously 56?) seemed like it was mandatory for traders. The firm has told us there will be an introductory training program for the first few months we are at the firm, can I expect that we will be asked to get this certification as well or is it optional.

Pardon my ignorance, I was unable to find anything definite online.

Thanks
More...

If your firm is not a Broker Dealer and you are a W2 employee with no capital contribution then you shouldn't need to take it.

If you do need to take it, it's about 2 days of studying so don't stress about it.
 
I have two friends that have been in the industry trading for over 15 years that just took and passed the test. It took them 4 weeks to study, take practice exams and feel confident that they will pass on the first try. Of course they were not putting in 8 hour days just studying. I would give yourself some time. As them for the study material now to do on the side a little everyday.
 
TradeCat said:
Typical elite response.
One guy says it takes 2 days of studying.
Another says it takes 4 weeks.
Nobody knows what the hell they're talking about on this very exclusive elite forum.
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And which one are you going to believe for a three hour test?
 
TradeCat said:
Typical elite response.
One guy says it takes 2 days of studying.
Another says it takes 4 weeks.
Nobody knows what the hell they're talking about on this very exclusive elite forum.
More...

You can always chose to study more but the goal is to pass. If you are swamped with family / work and you are older then sure, you might want to go slow. When I converted to a BD I had 2 weeks to take the 24 and everyone else had one weekend to study and pass the 7 which is pretty equivalent to the 57. 100% of about 20 employees passed with the weekend study. Quite doable for a reasonably smart, young kid recently out of college who has few external responsibilities.

Passing these tests has nothing to do with experience. In fact, experience might well hurt you because sometimes the questions and answers defy common sense.
 
TradeCat said:
Typical elite response.
One guy says it takes 2 days of studying.
Another says it takes 4 weeks.
Nobody knows what the hell they're talking about on this very exclusive elite forum.
More...

There is no right or wrong answer, everyone learns at a different speed....
 
dealmaker said:
There is no right or wrong answer, everyone learns at a different speed....
More...

That might be true, but I'm sure there are firms out there that would consider a failing score a reflection on how serious the test taker is with his responsibilities. At a JBO firm, they might not care, but at a traditional prop firm, you want to make sure you pass the 1st time. Why take any chances.
 
garachen said:
everyone else had one weekend to study and pass the 7....100% of about 20 employees passed with the weekend study. Quite doable for a reasonably smart, young kid recently out of college who has few external responsibilities.
More...
ROTFLMAO!
20 out of 20 guys passed the series 7 after studying for one weekend.
Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

Broker- "Hey new kid. I know it's 4:00pm on Friday, but before you go I wanted to give you the 400+ page Series 7 manual. Oh by the way, you have a test appointment on Monday at 9am. Good luck!"
 
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