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Securities Trader Representative Qualification Examination (Series 57)
600 questions
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About this exam
The Securities Trader Representative Qualification Examination, commonly called the Series 57, is FINRA’s qualification exam for professionals who trade securities or engage in market-making activities at a member firm. It assesses the knowledge needed to handle trades in compliance with securities rules and market procedures. The exam is relevant to trading-desk roles at broker-dealers, including firms affiliated with banks or insurance groups; it is a securities-trading qualification, not an insurance licensing exam. Candidates generally need the SIE and firm sponsorship for registration.
Series 57 topics include market structure and trading venues, equity and OTC market characteristics, Nasdaq systems, order types, execution, and order entry, routing, and handling. Candidates also need to understand trading regulations, prohibited practices, and applicable books-and-records responsibilities. The exam uses multiple-choice questions and is time-limited, so preparation should combine rule review with practice applying rules to trading scenarios. A few focused MCQs can help reveal gaps, but careful review of explanations and the current FINRA content outline should guide study.
How to prepare for the FINRA Series 57 exam
- Start with FINRA’s current Series 57 content outline and organize review around its functional areas, especially trading activities and books-and-records responsibilities.
- Study market structure, equity and OTC trading, Nasdaq systems, and order handling through realistic scenarios; pay close attention to how order type, routing, and execution rules affect a trade.
- Use timed question sets, then review every answer and explanation—including correct answers—to identify weak areas. Confirm exam and registration details through FINRA and your sponsoring firm.
FAQ
Who is eligible to take the Series 57 exam?
The Series 57 is intended for people seeking qualification as securities trader representatives. A FINRA member firm generally sponsors the candidate and submits the registration filing. Candidates also need to satisfy the SIE requirement; confirm current requirements and procedures with FINRA and the sponsoring firm.
How many questions are on the Series 57, and how long is the exam?
The Series 57 exam has 50 multiple-choice questions and a 105-minute time limit. Check FINRA’s current exam information before scheduling in case procedures change.
What subjects are covered on the Series 57?
The exam covers securities trading activities and related recordkeeping. Key areas include market structure and trading venues, equity and OTC markets, Nasdaq trading systems, order types and execution, order entry and routing, trading rules, and books-and-records responsibilities.