Series 55 No Longer Required

Discussion in 'Prop Firms' started by Cre8UrF8, Dec 13, 2007.

  1. What about any other licenses? I thought only (exchange) member firms were required to have series 7-licensed traders.
  2. New rule has no effect on us since we've never had to take the Seriess 55 because we're not Nasdaq members. Series 7 is still required. To be honest, I was caught a bit off-guard myself. I thought only NYSE member firms needed the 55, but my Compliance Officer says that NASD Firms need it to. Glad I don't have to take it, I hear it makes the Series 7 seem like a cake walk.

    All the best,

  3. I took it back when it first came out (I was a NASDAQ Market Maker) and it was very easy compared to the Series 7.

    Unless they made it a lot harder in recent years, if you can pass the 7, it is a cakewalk.

    If for no other reason, the amount of information is so much less to retain..
  4. I have series 63, 7, 55 and 24 licenses. For me the series 55 was by far the hardest test. There was less information, but I had to actually spend time learning and memorizing that material, and on the practice tests all the multiple choice questions seemed to be good answers or close enough, I could not use common sense to easily eliminate most of them. When I took the test back in 2001, in order to just barely pass, a person needed to really know the material.
  5. This is more along the lines of what I have heard as well. In any event, the 7 is enough IMO.

  6. Thats actually a good point. When the test first came out, the study guides didnt include all the material on the test.. I remember co workers talking about test questions that werent even mentioned on the study material..

    I figured overtime they woudl fix this..
  7. Shoot - I was hoping this meant you didn't need the series 55 to trade prop with assent but I guess thats not the case:(

  8. NJ1000


    I took both, series 55 is way harder not even comparable
  9. #10     Apr 1, 2008