So what was on the test that wasn't in the CBOE manual? What areas did most questions come from? thanks.
Did your firm attempt a waiver for you? My 7,63,55 were also lapsed a few years ago, but my firm requested a waiver and it was approved.
I don't think my firm even tried to get me a waiver - they were focused on getting waivers for those traders whose licenses hadn't lapsed. Off the top of my head, the following were unfamiliar to me: detailed knowledge of the procedure upon failure to deliver, margin requirements for OTC stocks, very specific information about the automatic exercise of options. One question that threw me was "what if you accidentally trade a stock on the do not trade list?". A lot of emphasis on back office stuff (what is printed out on the order ticket, for example). There's much more, but that's all that comes to mind right now. My view of a study manual is that it should be self-contained and should not assume, for example, perfect knowledge of Series 7 material. I would argue that the questions on the Series 56 were far harder than those on Series 7 and I had to resort to guessing on an uncomfortable number of questions. The practice questions from CBOE mostly test knowledge of the bold-type terms in the manual; the S56 exam itself requires you to know the manual inside out and then some. Perhaps other study manuals are more complete.
Kovan I replied to the other thread you were on. Did you use the options institute guide? Also anyone who has taken and passed this test please let us know what you used to study.
Rumor has it that the deadline has been extended to late Oct....guess I'll put the book down, and go watch some TV (lol)
Oct 29 new deadline, maybe they will keep pushing it back. They probably saw the number of people failing.
Thanks for the info, good to know. Can you guys saying the deadline has been extended provide some sources for that info please?
My firm confirmed today that the new deadline will be October 29 and that there will be a new study guide with new prep tests. This is sounding much more feasible now. No need to liquidate my portfolio on September 19