Custom Programs - Series 56 Exam Preparation

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.

What We Offer

Self-Study Program which includes:

  • Study manual* and supplemental materials
  • Online practice exam
  • On-Demand study sessions - available online

Live Group-Study Sessions:

In order to access the Series 56 Practice exam and the on-demand study sessions, you must first be registered for and logged into a free MyCBOE account.

How to Register:
Step 1: Log into your MyCBOE account.

Step 2: Enter Registration Code

Please click here and enter OISerP5614 if prompted.

If you are not prompted for a code and taken directly to your Course Status Page (CSP), please scroll to the bottom and click on Change Registration code to enter OISerP5614.

Step 3: Complete a Student Profile

Complete the student profile page and click on the submit button.

Step 4: Register and Submit Payment

You should now be on your personalized Course Status Page which will list the Series 56 Self-Study Program. To register, click on Register now! and follow the prompts for payment.

Once you are returned to the CSP, the Series Self-Study Program will move up and will be under Courses Currently Enrolled In. Please click on the link for access.

Click "I Accept" to terms on the resulting page and next will appear the page with links either to the practice exam and supplemental materials and the archived study session.

Your study manual will be shipped* to the address provided upon registration for your MyCBOE account. If you did not enter your address, or if you wish to update your address, please visit your MyCBOE profile.

Our Instructor

Russell Rhoads - InstructorRussell Rhoads:

Russell Rhoads, CFA is an instructor with The Options Institute at the Chicago Board Options Exchange. He joined the Institute in 2008 after a career as an investment analyst and trader with a variety of firms including Highland Capital Management in Memphis, Caldwell & Orkin Investment Counsel, TradeLink Securities and Millenium Management. He is a financial author and editor having contributed to multiple magazines and edited several books for Wiley publishing. Also, in 2008 he wrote Candlestick Charting For Dummies and is the author of Option Spread Trading: A Comprehensive Guide to Strategies and Tactics that was released in January 2011. In addition to his duties for the CBOE, he instructs a graduate level options course at the University of Illinois - Chicago and acts as an instructor for the Options Industry Council. He is a double graduate of the University of Memphis with a BBA ('92) and an MS ('94) in Finance and also received a Master's Certificate in Financial Engineering from the Illinois Institute of Technology in 2003.

Contact Us

For information regarding customized, group study session, please contact the Options Institute at CBOE: 1-877-THE-CBOE, option 2.

You can also send us an e-mail.

*Study manuals are shipped second-day delivery in continental US ONLY, Monday through Friday. There is an additional charge for express or international shipping, please send an email for special delivery requests.