It was really hard. I took it without studying, because really the only thing the cboe provided was an outline highlighting just about every regulation on the books that need be studied and learned. I really was only taking it so I could see what it was like and had my fingers crossed that it was like a continuing ed test that can't be failed...it most certainly can be failed. I'll admit that I passed it (got a 76), but I'd wager that 95% of others will fail. The only way I passed is because it dealt heavily with stuff I deal with every day: lots of rules and regs of market making for equities and options, lots of internal compliance rules, lots of manipulation stuff, etc...their outline isn't inaccurate, but it's just not good. This test is equivalent to the 55, which I also have. However, I studied for the 55 with material and sample tests and passed it with only about a year's experience in the industry. I now have nearly 13 years experience directly in trading, and NEVER would have broken a 50 on this thing without daily experience in most of the material, and I definitely guessed on at least 30 questions. This test is going to cause a lot of people to lose their livelihoods unless the August 12th deadline is moved back, study material is made available, and sample tests are provided...it's unbelievable that they think anyone can pass this thing without studying. Who's going to rack up the SEC/TAF fees trading SPY, GOOG, AAPL, SINA, etc. if they're all banned from the industry because they couldn't pass a very difficult test that was forced with no warning or preparation material?