I don't remember exactly which rules were tested, but there were lots of questions on them. I would say just learn all the ones that pop up in the Pass Perfect tests. I'd say the hardest thing about the test is they way they present and phrase the questions. They made up scenarios and presented concepts much differently than the questions in the pass perfect exams. It is very similar material, but tweaked in a different way. That is why it is so important to really understand the regulations and not just memorize answers to the practice tests. For example, let's say there is a question about insider trading. We know it is illegal to try to profit by using non-public material information. The question won't be: Bob gets non-public material information and buys the stock. Is that insider trading? It will be more like: Bob is a junior officer at a stock brokerage where he is licensed. His wife's brother's cousin is an accountant at a publicly traded company. They meet at a company conference and are having dinner with the CFO. The CFO mentions they have a new product in the pipeline. A week later, after the earnings announcement, Bob advises his friend to purchase calls on the company's stock, but to do it in his non-taxable Roth IRA. Is the CFO liable for insider trading? Many questions won't be straight forward. They will be some sort of whacked story. By the way, I just made up that question and it is so jacked up, I don't even know the answer. I'm just trying to give an example of how they can twist around what seemed to be a simple concept. So be sure you really understand how the regulations work. I hope that helps.
The last time I took it, I remember there were roughly a dozen questions that were quite tricky, and they all involved rules and regulations. The questions on securities, options, market participants, registration, and trading systems were pretty straightforward. Of course, doing poorly on these tricky questions could make the difference between pass and fail, so read the question VERY carefully. You have plenty of time so no need to rush. Mark the ones you're not sure about and revisit.
Passed the exam. Studied for about 1.5 months using passperfect only, 1 hour every day after work and 2-4 hours on Saturdays and Sundays. I read through the book 2 times. Retook the 5 practice exams on the back along with the practice questions at the end of each section until I was able to get 90% average. I saw at least 3 questions that were word for word from the passperfect practice questions. There were about 2 questions where I had to use basic math skills to calculate max profit on options. I wouldn't worry too much on what a butterfly option or ratio spread is. There were questions where you need to know the difference between spread, strangle, and straddle. There were some questions that were not on the passperfect but you can guess the answer by eliminating the choiecs that did not make any sense. There weren't any specific questions asking what each NMS rule was. You just have to understand what market makers can/cannot do. If anyone has any specific questions with the exam you can send me a pm.
Congratulations!! How many times did you take the test? what was your score? did you have to guess many of the answers?
I got a 85. Luckily I only took it one time. When I was at about question #20, I already had marked 3 to review so I was worried. In total I marked about 15 questions to review and took an educated guess on them by crossing out the answers that obviously made no sense. I wish I can get a print out of those questions to find out the correct answer. The passperfect did not have all the material that's tested. For example, exchange employees can receive $50 per year as a gift, while registered reps can receive $100. (I don't think the $50 was in the material, if it was then maybe it was in the answer explanations in the questions). However, I think passperfect covered about 80% - 90% of the exam. Are you planning taking it soon?
Some firms allow you to take the series 7 and, when you pass, you get a waiver that automatically gives you the series 56 as well, without having to take it. Of course, the 7 is a much longer exam but it's still good to have that license.
Unfortunately, I took it and received a 69% using CBOE study guide. I don't know what I will do at this point. Test was very frustrating, felt like there were more than one answers to many of the questions.
You did pretty well considering you only used CBOE. You're almost there. If trading is something you really want to do then I wouldn't give up now. Instead, for the next 30 days I would read the passperfect material and take the practice exams. I'm sure you know now what questions they are asking. I would highlight them in the materials go review them over and over again. Don't give up and keep at it!
Finally passed with a 95%! what a waste of time.. I used CBOE study guild, pass-perfect questions only and Exam Facts series 56. If anyone need help let me know