The Options Institute - Series 56 Exam Preparation
The Options Institute is committed to aiding professional traders in preparation for the Series 56 Exam. We offer a 200-page study manual that includes a complete outline of key points and access to online practice exams. In addition, we have an archived webcast of a live study session that is available for on-demand viewing.
The Series 56 examination qualifies an individual to conduct business as a proprietary trader with certain exchanges. These exchanges include the Chicago Board Options Exchange (CBOE), C2 Options Exchange (C2), the International Stock Exchange (ISE), and the National Stock Exchange (NSX).
The Series 56 exam is comprised of 100 multiple-choice questions and the testing time is 2 ½ hours. It is designed to test a candidate's knowledge of applicable products, securities markets, trading and reporting practices, investment strategies, and anti-fraud provisions as applicable to the role of a proprietary trader. The complete outline of rules covered on the exam can be downloaded by clicking here.
A candidate's employing firm must file a Uniform Application for Securities Industry Registration or Transfer ("Form U-4") in the Central Registration Depository (Web CRD), and request the Series 56 examination on the Form U-4. In addition, there may also be SRO specific registration requirements that would need to be met before an individual may become fully registered as a proprietary trader.
The Series 56 examination is administered by FINRA. To find a test center location or to schedule an exam, click here.