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Series 55 Test BreakdownThe Equity Trader Limited Representative Exam from the Financial Industry Regulatory Authority is commonly referred to as the Series 55 exam. FINRAAQ requires this test of anyone trading in FINRAAQ stocks or convertible securities, including market makers and principals. Many stock brokerage firms require all their traders to pass the Series 55 as well as the Series 7, whether they'll be trading FINRAAQ stocks or not. These days, anyone who hopes to work on Wall Street in any capacity will have to sit for the exam. Here's what you need to know about it. It costs $80 to take the test, and it's given at Prometric testing centers all over the country. You'll need to contact them to schedule your test, which can usually be taken any day of the week except Sunday. Don't worry about bringing scratch paper or a calculator; you're not allowed to. You'll probably need them, though, and the testing center will provide them.
You'll have 3 hours to complete the Series 55 exam, which consists of 100 multiple choice questions. A passing score is 70%. Although not as time consuming or difficult as the Series 7, the Series 55 is still quite challenging, and you'll need to have mastered information in many different areas related to stocks, bonds, and markets before attempting it. Many of the questions will deal with the differences between FINRAAQ and the New York Stock Exchange, and you'll also be tested on your knowledge of the Over The Counter and Bulletin Board Markets. Questions about laws governing market makers, penny stocks, quotation systems, how trades are transacted, trader ethics, appropriate investments for customers, and much more will be on the Series 55 exam. Don't underestimate the test-it will take serious study and preparation to pass it. Click Here for
Series Test Breakdown
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