Series 57 at a glance (FINRA)
- Items: 50 scored + 5 unscored pretest items (55 total)
- Time: 1 hour 45 minutes (105 minutes)
- Format: Multiple choice
- Passing score: 70 (scaled)
- Cost: $80
- Corequisite: SIE
What Series 57 tests (job functions)
Series 57 is organized by two major job functions:
- F1 — Trading Activities — 82% (41 items)
- F2 — Maintaining Books and Records, Trade Reporting and Clearance and Settlement — 18% (9 items)
Eligibility (important)
Series 57 requires firm sponsorship. You must be associated with a FINRA member firm (or other applicable SRO member firm) to enroll and test.
What to expect on this exam
Series 57 reads like a trader’s job description. Expect heavy emphasis on:
- market making concepts (roles, MPIDs, quoting status)
- order types and order handling (including extended-hours risks and best execution)
- market access controls (SEC Rule 15c3-5) and “don’t bypass controls”
- prohibited trading practices (spoofing, MNPI/insider risk, manipulative devices)
- IPO/secondary offering trading constraints and Regulation M themes
- OTC equity and penny stock quoting basics (Rule 15c2-11 and Form 211 concepts)
- short sale rules (Reg SHO: locate, marking, price test, close-outs)
- Reg NMS concepts (order protection, limit order display, sub-penny)
- trade reporting, audit trails, CAT/COATS basics, and settlement/confirmations
Next: work through the Series 57 syllabus » and then start timed drills in Practice ».