I am about to start a new job equity trading and originally thought I would need to take the Series 55. 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.

Any help is much appreciated. Thank you!

Comments (43)


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

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

Financial Modeling


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.


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.

Best Response

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.


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 for Knopman Marks

Brian Marks
Knopman Marks Financial Training
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Office: 212.626.6899


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!!


Did you purchase Basic package only? (for $300) or with video lectures (additional $150)

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


I got the basic package with all the practice test and flashcards, no video. Got a 68%. Just 2 points away from becoming a securities traders. It hurts.


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!


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


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.


Hey man. Thanks for reply. I took it 3 weeks ago and miserably failed with 45%.
I did online exam so many times that I memorized answers and started getting 90s. I thought I was ready but was so wrong.

I kinda felt like the Knopman textbook doesn't cover everything. I'm gonna retake it in 3 weeks.
Do you have any advice to study? Just read and take notes?
Most of the questions were about MM and reporting. Very confusing questions. I must pass it this time

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


Bill, Yes no one really has the complete material that covers the '57'. As I stated previously I studied very hard and just passed it. 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.


Jesus! I took the exam 2nd time and failed. I'm getting so frustrated. I read the textbook and did all chapters one by one. Lowest chapter (any) score was 73 with average 80. On the actual I got just under 50%.
From what I counted it was supposed to be 70ish.

Now BD is giving me the last chance to take it. I really don't know if I should look for other materials or attend preparation classes.

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


FFS, it's such a pain in the ass. Given the lack of a trustworthy, centralized source of prep material, I'd just bite the bullet and do a rigorous prep course (assuming there is one).

Probably diminishing returns on self-prep.

Any way you can take the S 7 in lieu? It's MUCH easier.


I wish I could take S7 instead. My BD said only S57.

Which materials did you use? And how did you study for it?

I literally finished knopman textbook and did 1700 practice tests... Most answers I memorized after doing it over.

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


Bill, It may be best to wait a year and then retry. If your self-confidence is really hurt it's going to effect your testing performance before you sit down and take it again. Maybe call Knopman and ask when their next version will be coming out etc. I think they have the best success rate of passers from any one single source here but I will also tell you they aren't even close to what's on 50% of the test.

  • Cory...

Financial Modeling



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.


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!


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!


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


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


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.


How did it go!


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.


:( I am with T3 Also, Exam in 2 Days I will let you guys know how it goes very nervous


man how did your exam go? We want feedback

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


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."


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. :)


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


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


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.


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


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


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


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


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!!


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!


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

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