How To Pass The Series 57 Exam

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As of January 2016, the Series 55 is no longer the Securities Trader Exam, it is now called the Series 57. Have any of you taken the exam and if so, which service did you use for exam prep/practice tests and how difficult was the test? There is really not a lot out there due to the fact that the test is so new... I received STC materials from my firm and bought Pass Perfect materials on my own because that is what I used to prepare for the 7 and 63.

What is the Series 57 Exam?

The Series 57 exam proceeds the earlier Series 55 exam. It is the Securities Trader Representative Exam and it assesses the competency of entry-level representatives to fulfill their role as a securities trader representative. It is a requirement for anyone wanting a role in:

  • NASDAQ equity trading
  • OTC equity trading
  • Proprietary trading

How To Study For The Series 57 Exam

The minimum grade to pass the Series 57 exam is 70 percent. It is an extremely difficult exam that few people pass on their first attempt. As it is fairly new, there isn't as much information or material as its predecessors, however, there is more than enough to get you by. By far the most valuable resource you can invest in is the Knopman preparatory materials. When using the Knopman resources, it's worth the extra investment to get the video access. While some feel it doesn't cover as much of the material as they would like, there is sufficient material to get you to superficial knowledge level. It's up to you to master the nuances required to pass the exam.

At a minimum, do the following when preparing for the Series 57 exam:

  • Read and watch all the resources at least twice.
  • Do all the end of chapter questions and review the ones you get incorrect.
  • Write several practice exams multiple times.
  • After each practice review the chapters you didn't perform well in.
  • Take extensive notes on course material.
  • Use the provided flash cards.
  • If possible, attend a Knopman two-day training event.
coryrr1 - Sales & Equity Trader:

Take your time, let everything marinate and study daily so it stays fresh all the way until test time. I studied 2-3hrs daily for about 6 weeks and went thru each chapter multiple times reading and taking notes. Once I got into it I realized I had to step up my study game due to the quantity of information in the book. Don't forget to take all the BOOK chapter tests multiple times. Don't skip anything.

How To Pass The Series 57 Exam

There are several things to bear in mind when preparing for your Series 57 exam:

  • The exam is curved. Some questions are worth more than one point if they have proven to be difficult.
  • The questions are meant to trick you so read everything very carefully and take the full allotted time to write your exam.
  • gbnronner:

    It is not sufficient to know the basic concepts and regulations; they ask a bunch of questions about the specific trade reporting identifiers, market hours, obscure variants of limit order handling rules, etc. You have to memorize the specific numbers of the regulations. Also, there's no logical way to eliminate a lot of the wrong answers. On the plus side, if you can get 70 answers solid and guess on the rest, you've got a 99% chance of passing, so you really only need to know a little more than half the stuff.

  • This is not the sort of exam you can cram for; it takes many hours and lots of practice and notes to be successful.
  • jeanruide:

    This test really requires you to understand, rather than memorize- and you'll find that a lot of what they ask isn't even directly involved with equities trading (retirement, margin accounts, etc) so be prepared. There are questions that will try to tempt you into picking a wrong answer, or at least make you decide between two very plausible choices- or, they'll ask you a question and it'll be your responsibility to recognize that there is a violation or exception at hand. With that being said, know the different forms of manipulation that can occur in the industry, know the exceptions that are involved with disclosures, various rules...don't BS when you study off of the textbook.

    To sum it all up- know your stuff, and don't get tricked.

  • When writing the exam, take detailed notes for each scenario to ensure your thoughts are clear and that you understand what's being asked of you.

Need to write the Series 57 exam? Watch the below video for tips on passing!

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Comments (57)

Mar 15, 2016

Maybe call up STC and ask a class instructor more about the exam?

********"Babies don't cost money, they MAKE money." - Jerri Blank********

Mar 19, 2016

I took it and failed. Its much harder than the 56. Out of 7 of us only 2 passed. We used STC and passperfect. The practice tests were no use. Better to read the material and understand the concepts than cram. I was getting 90 on the practice tests but got a 68 on the actual exam. Delay and go prepared if you can.

Jan 9, 2017

How is it any different from 56? I took the 56 and passed it on my 2nd try... Of course, this was a long time ago.

Mar 22, 2016

I took it yesterday and passed it. I used STC (only valuable part was the 'crunch time study guide') and took 3 practice tests, getting 60,68,78; I got 82% on the test. Note that the test is actually curved -- some questions count for more than 1 full point if they have been proven to be difficult. So thank you to the ppl above me who set the bar lower :)

It was much harder than 7, and about as difficult as the old 55. I put a solid 10 hours in of studying (including 3 practice tests), but I passed 55 many years ago, and have worked extensively in this field.

It is not sufficient to know the basic concepts and regulations; they ask a bunch of questions about the specific trade reporting identifiers , market hours, obscure variants of limit order handling rules, etc. You have to memorize the specific numbers of the regulations. Also, there's no logical way to eliminate a lot of the wrong answers. On the plus side, if you can get 70 answers solid and guess on the rest, you've got a 99% chance of passing, so you really only need to know a little more than half the stuff.

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Jul 10, 2016

thank you for the collor, very good. I am using the Knopman study material, it seems to be more complete than the actual STC. tks,

    • 1
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Jul 12, 2016

+1 for Knopman Marks

Brian Marks
Knopman Marks Financial Training
1120 Avenue of the Americas
4th Floor
New York, NY 10036
www.knopman.com
Office: 212.626.6899

    • 1
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Aug 14, 2016

I have taken my exam today an I got an 84. It is a very tricky exam, you really need to understand the concepts, not a "cram and memorize" type of exam. Like I previously said, I used Knopman, I've read the book and went straight to the practice exams. After each practice exam, I reviewed the chapters I didn't do so well (basically wen't thru the book one more time)... If you are @ 75% on their practice exams, and get at least an 75 on their BENCHMARK exam, you are good to go....

Good Luck!!

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Apr 19, 2018

Hi do you have any knopman series 57 material for salme?

Jan 13, 2017

Hey All,

I took the exam 4 days ago. This exam is no joke. I barely passed with a 72 and I read the book cover to cover and took over 120 pages of notes. I also took all the online exams 3 times getting 85% averages in every chapter plus took the benchmark exam twice passing both times. If you have passed similar exams or have been in the finance world you will definitely have an advantage. There are simply lots of scenarios that are never addressed in any text I would guess due to the newness of the exam. So my recommendation is learn the stuff forwards and backwards and use your best logic and intuition on the many questions that aren't covered.

(Used the Knopman-Marks book and online exams $300.)

P.S. Someone above stated certain questions have more value than others. I got a confirmation from Knopman that that is not the case. All 125 questions are equally valued.
Study your ass off folks!

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Jan 24, 2017

Thanks for your input buddy.
I'm planning to take on mid February. Got knopman text with online tests. Currently getting 70%s on every chapter tests.
Can you post what kind of questions were the most hardest?
I really need to know what to expect

When the rich wage war, it's the poor who die

Apr 18, 2017

Bill, It's April 18th so I don't know if you have already taken the Series 57. How did it go..?

I don't remember specific questions but I will tell you even doing well on the Knopman online exams is not enough. I just remembered the test was more about what Market Makers are doing then a prop trader. As stated above the materials available to study with really don't cover half of the questions. So just study like a dog and TAKE DETAILED NOTES on every single chapter. That's the only reason I passed. 70% on the online exams WON'T CUT IT.

Apr 19, 2018

Hi do you have any knopman series 57 material for salme?

Best Response
Mar 23, 2017

DON'T USE STC INTERACTIVE.

The correlation between the STC practice tests and the actual exam is near zero. I was getting 90s on all of my practice exams after studying for over 100 hrs...barely passed the actual test with a 74.

My recommendation would be to read the prep book thoroughly and use Knopman for practice exams.

They are still in the discovery phase for this exam. Therefore it's massively curved (I felt like I got way less than 50% before hitting "submit").

The exam consists of mostly new issuance and trade reporting...with a large swath dedicated to customer management. With the 57 completed, guess what, you CAN'T even deal with customers...you'll need the Series 7 for that.

It's called OVER-REGULATION. One day, us citizens will have enough of this nonsense.

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Jun 8, 2017

Congrats on passing! Any last minute advice to lock down the material? I am also getting a 90 average on my past 10 practice tests and have put in about 100 hours so far. Im thinking of just making many flashcards of the trading part of the book (second half) to make sure i have the rules locked down. Anythign you can offer would help, im using STC as it was paid for my by firm. Thank You!

Jun 12, 2017

Flashcards may not help. This is not a memorization test, it's highly qualitative and asks some varietal of a generic concept. Only questions regarding options are more obvious. You literally have to take the entire 4+ hours and read every question very thoroughly before answering, after eliminating possible choices. It's meant to throw you off. I really felt like I studied for the wrong exam.

I bet that soothes you.

Good luck!

May 16, 2017

lol, it's just a re-branded series 55, what a bunch of babies.

May 25, 2017

Ever looked in the mirror...? You're a child.

Jun 2, 2017

I took and failed the S57 twice and going for my third on Monday. First try I got a 44, second I got a 66, just 4 point away from passing. Believe me I was mad. But I had seen the improvement from the first time I had taken the Exam.

First time around I was given study materials from my BD of PDFs of old practice exams and a STC text book. I read the first half and a little more of the text book and started taking the practice exams on the PDFs. There was 8 practice exams and I took them each 4 times getting up to the low 90s. Took the test a failed. So i decided to invest in study material because of how bad I wanted it.

I bought the STC Interactive w/ flashcards and practice test and a paper version of the book which is much easier to read then the PDF, just having the paper in your hand is better. Took the practice exams to see which areas I was lacking and focused on those. Took the 8 practice exams each twice and did some flashcards, there are about 1,300 flash cards which are helpful. About 40 days later took the exam again and got a 66%.
This was a huge improvement from my last exam take and actually felt the progress from investing in the exam material.

What was different from the actual exam and the practice exams was the actual exam would ask slightly more detailed questions on the topics than but the practice exam gave you enough information where you can at least attempt to make an educated guess. The practice test gave you solid knowledge on what topics are going to be introduced but as far as exact knowledge, you can never know.

All I saw from the failure of not passing the exam was the SUCCESS of getting and improved score which I try to hold in my mind that I am learning the material. And now statistically if I keep up my study habits I will get a 88% but I am aiming for 100.

Just keep studying, get the right material, create a mental map in your mind to help you remember the information with mental pictures and funny names and acronyms. This is probably what helped me the most. Creating a system of information that I can easily remember and refer to when the question asked. I use DERP, DORM, Customer is always first, Relationships first, TRF vs OTC, 10/5/3-20/10/6.

Make studying fun and make your own rules.

Jun 8, 2017

How did it go!

Jun 13, 2017

I got a 68%, I believe the STC material will be barley enough to pass. Its a bummer the amount of work I invested into becoming a trader and now the porp firm T3 Trading Group is ignoring my emails after I had been registered with them. It feels like they took my money and time and now turn their back on me. I still email them everyday until I get a response.

Jun 8, 2017

man how did your exam go? We want feedback

When the rich wage war, it's the poor who die

Jun 5, 2017

Just took it, and thought I would give some feedback.

I used knoppman. The written material was pretty good, but you realize practice tests are pretty much softball questions once you acclimate yourself to the format.

Closest thing to the real exam is the benchmark exam, but it covers a lot of unnecessary material. In addition, those questions are still a bit less rigoress than the FINRA questions.

My best advice, crush practice tests to get a basis of understanding, then focus heavily on the nuance and exceptions of a particular topic within the text. For example: I would be extremely surprised if you got a question as simple as "broker receives a market order at x price, what price will the customer expect to get."

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Jun 8, 2017

Any last minute advice? Im using STC getting 90% on the practice exams, just reading as much as possible and trying to lock down all the concepts. Anything would be helpeful my exam is in 6 days. :)

Jun 8, 2017

Please let us know how it goes. I failed twice already. Miserably failed!
I used Knopman, now using Knopman and Securities Institute published by Wiley. It was cheaper not sure if it's good.
BD gave me last chance so I have to pass it somehow. Taking my time to study right now

When the rich wage war, it's the poor who die

Jun 8, 2017

I used Knopman material too. Book is solid, questions are kinda easy. Didn't help much.
Did you pass the exam? I kinda felt like knopman alone is not enough.

When the rich wage war, it's the poor who die

Apr 19, 2018

Hi do you have any knopman series 57 material for sale?

Jun 9, 2017

I have taken the Series 57 twice as well. First time I got a 43% and the second time I got a 61%. I have been hitting the books pretty hard since early May and I'm getting 80-88% on Pass Perfect tests at this point. I was very surprised at how difficult it was. I am going to take it again next week and will let you know how it goes.

Jun 14, 2017

Did you pass the exam? Are you using STC? Any ideas? Appreciate...

Jun 15, 2017

Has anyone used Wiley? Would appreciate feedbacks from those who used Wiley

Jun 15, 2017

SIA is okay with the practice test structure but has a lot more information than necessary, I was definitely not satisfied with Wiley but that's just me. I am taking the exam tomorrow morning having prepare with STC provided by my firm. Will keep all of you posted on my results

Jun 16, 2017

do you think STC is good enough to pass through the exam?

Jun 17, 2017

Got an 80% yall!!! Used STC prep including live and on-demand videos. DM me or reply here if you have any questions, in total I spent about 2 weeks, 7-8 hours a day of solid studying staying up until 2/3 am doing practice exams just trying to retain the info. Went very slow during the exam and kept note of every question on a scratch piece of paper, took 3 hours total very weird wording, as usual, don't let them trick you!!

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Jun 17, 2017

Hi, Dhruv, I'm going to take exam on Monday. Do you think STC and it's closed book practice would be really helpful? I got average 81% percent on 7 exams, and hit the book pretty hard. Any suggestion considering I have one more day left? Do I need to hit the book again or just read the crunch time notes and review the wrong answers in my practice exam?

Thanks a lot!

Jun 20, 2017

Hey congrats! I'm bound to receive the STC study material from T3 in the mail soon. Would you say that is enough or do you suggest buying additional material? Thanks

Jun 20, 2017

Congrats. I'm thinking of taking it in the next month. is there anything else that one should focus on when taking the test?

Sep 3, 2017

Hey I'm taking the exam next week, also for T3. What do you recommend I really need to pass I've been studying a lot but I'm very worried .

Dec 20, 2017

test

Dec 27, 2017

Just signed up here and saw your posting. Congrats on the exam! Was there a particular topic that you found more heavily tested? Any advice in general? I'm using Knopman.

Oct 16, 2017

Just passed recently, got a 73 even though I felt pretty confident while taking the test. This was my second attempt at the Series 57.

For my first attempt I had studied off of the STC textbook, but I highly, highly recommend those who are committed to taking the exam purchase the Knopman textbook to study the material, and take their online tests for each chapter to drill down concepts. Make sure you try to answers at least all of the questions available in the bank. At the end, take their benchmark exam- it was quite similar to the real deal.

If you have the opportunity to participate in their 2-day live classroom training in Manhattan, do it. I found it extremely helpful, but I would suggest that you read the textbook at least once before enrolling in the class- it is rather fast paced but the information they give you is GOOD.

This test really requires you to understand, rather than memorize- and you'll find that a lot of what they ask isn't even directly involved with equities trading (retirement, margin accounts, etc) so be prepared. There are questions that will try to tempt you into picking a wrong answer, or at least make you decide between two very plausible choices- or, they'll ask you a question and it'll be your responsibility to recognize that there is a violation or exception at hand. With that being said, know the different forms of manipulation that can occur in the industry, know the exceptions that are involved with disclosures, various rules...don't BS when you study off of the textbook.

To sum it all up- know your stuff, and don't get tricked.

Cheers

Dec 18, 2017

Hi,

I'm taking the exam next week. I've used Knopman, took the class, read the text, and done all the practice questions. The problem is that I've memorized most of the questions since I've done them so many times.

Anyone have further suggestions?

Anything I should concentrate on more than others for he last week?

Thanks.

Dec 24, 2017

I passed the exam last week (score of 75) on the first try and wanted to give some input. I used the STC program: watched all the videos, at least twice, and thought that I was ready to go. Then I took one of the (open book) exams by subject and instantly realized that I didn't know anything! I then printed the full set of slides (70+ pages) and proceeded to take every exam from chapter 1 to 14 - I made copious notes on the slides after every question I missed. I took the exams twice and only used my notes and the slides to study (virtually didn't used the book). I didn't take ANY of the 7 closed book exams. The exam itself was not as hard as the open book studying exams but they were way trickier. There were a few (about 5) questions that I didn't even have a clue of what they were about and I guessed the answers. On the tricky side there were several questions that offered two very obvious wrong answers but then the other 2 were so similar that it was very difficult to decide which one to pick.. The main advise that I can give is to be very careful in fully reading and understanding the questions before attempting to answer. And then when answering make sure you read every answer because many times the first answer looks like the obvious one but then you find out that the third or fourth is a better answer. Take your time - you are not getting points for being fast - I used up to the last minute to review the answers I was not sure about. Good luck!

Dec 25, 2017

Thanks for the input and congratulations on passing.

Would you say that some materials were tested more than others? If so, can you recall which?

Thanks.

Dec 28, 2017

Hi friends....Please be assured this exam is a beast to tame... If Series 7 is an endurance test in military training Series 57 is a close range assault, Knopman is your friend...

Here are some steps I followed to get 88 in my first attempt.

  • Complete Knopman LEM First Pass NOT more than 6 pages at one session.
  • Only after completing all 400 pages appear the mock exam TOPIC by TOPIC with explanation on, If made more than 5 mistakes in first 10 STOP there go back to manual and repeat that chapter.
  • After completing the Topic by Topic and scoring 70% go back to LEM Second Pass take as many pages you can cover 10-12 is good without skipping facts.
  • Now take full 135 Question test try to score High 80's.
  • Appear Benchmark exam just before 2 days, whatever score you get in benchmark your actual test score will be very very close to that.

Best of Luck..

Dec 30, 2017

So, I passed today on the first try with an 86! That was better than I did on the 7, even though the 57 is arguably a harder exam. 86 was also better than I could have expected. Even though I was scoring 90s on the practice exams towards the end, by that point I had pretty much memorized all the questions. I then got an 80 on the benchmark exam.

I took Knopman and thought they were very helpful. Years ago, I was going to take the old 55 and found the STC text for it to be very dense and unwieldy (in fairness, their text may have changed for the better in recent years). I ended up never taking the 55.

I thought the Knopman text presented the material pretty clearly.

While everyone studies and learns differently, the following is what worked for me and may work for you:

  • Read the text cover to cover and do all the end of chapter questions - twice (at least).
  • Complete every question in the test bank. Once again, at least twice. Alternate between
    full length exams and shorter quizzes.
  • If possible, take the two day live class. Reviewing the notes and class workbook provided
    in the class during the last few days before the exam was especially helpful, in my
    opinion.

In any event, while certainly a challenge, the test is doable with a lot of effort.

Good luck!

Jan 27, 2018

Hello. I took the exam and passed it with 73. This exam was a grueling and tiresome exam but with the right mindset and test taking strategy you can overcome it. I admit its not the best score but after months of studying with a hectic schedule, but a pass is a pass! Used Knopman's textbook because it was easier to read and digest but used STC practice questions because they are a little harder in difficulty. The STC practice exams are close to the difficulty of the actual exam.

The Knopman test material is great. The Q-Bank is structured to help you drill the concepts into your mind and help with recall. The bank also helps to keep overall track of how well your performance is improving in the test topics as you learn the material. The STC prep material videos were very helpful breaking down the actual application of the material in the trading environment. If you need help with deciding between which program to buy, I suggest buying both.

Tips for passing: First read the book cover to cover 3 times along with answering the end of chapter questions. Do 5 to 10 thousand practice questions. Try to fully understand the questions you answer wrong during your practice sessions. In addition to the textbook material read and live on the FINRA website FAQ sections (for TRF/ORF/Private Placements, etc) to help understand concepts that are not fully expanded upon in the book. Much success to everyone that will taking this test.

Jan 27, 2018
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Feb 7, 2018
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