Hello all, I know there is a content outline on the CBOE website that lists the subjects on the Series 56 exam. The Pass Perfect book is based on this content outline. First how accurate is the CBOE's own content outline since they cant even make a good study guide for their own frigin test? Is it safe to say that Pass Perfect covers everything that is on the exam? I dont have a problem investing the time to study for a test. I do have a problem with studying the wrong or incomplete material. I dont want to study for a math test if I am being asked history questions if you get my drift... It is also interesting to hear peoples responses like "pass perfect is harder than the real test" or "pass perfect sucks"...the wide range of responses makes me wonder if there are some serious differences in terms of difficulty out of the pool of 2000 possible test questions. Thanks, Matt
I just recently passed the Series 56 on the first try. I studied about a week 3 hours a day. I used the Pass Perfect text. I found the pass perfect to be sufficient for the regulatory aspect of the exam. However thats about as far as it goes... I will say this, if I didn't have other knowledge going into the test the Pass perfect book would not have delivered a passing grade. The options section of Pass Perfect is completely misrepresentative of the test. The text stresses to much on BEP's. The text also seems to be geared to heavily towards market making. All around there was a lot of questions that were absolutely not covered in Pass Perfect. All in All I would say that it wouldn't hurt to study the Pass Perfect guide but in the end it will likely only get you 60% of the way. I know it is frustrating not having a definitive study guide... but it is what it is. Wished I had better news for you.
Thanks for the response. Congrats on passing the test. Knowing what you know now can you give me any advice beyond what pass perfect covers? Any areas that I should spend extra time studying? How did you do on the practice exams on your first try? Thanks, Matt
Hey Matthew, I think it depends on your learning style & experience. If you are a complete n00b, stick with pass perfect. If you're familiar with market structure and regulatory bodies, The CBOE guide is sufficient enough as it talks about the topics shortly. The pass perfect is much more detailed and probably better thorough preparation; however, I prefer the CBOE guide. I generally like more vague material that I can interpret how I choose. Sometimes it helps, sometimes it hurts. If you're the type that benefits from practice exams and things of that nature, stick with passperfect. If you are time strapped and juggling studying for the exam with work, school or what not, the CBOE guy will get you a passing grade if you spend the time to read it. I don't think you need the passperfect guide.
As I said the Pass Perfect text over emphasizes the importance of BEP's. If you have no experience in options then you need to study the overall strategies that they list. It wouldn't hurt to look through the OIC study course on options as well.... The regulatory aspects need to be studied and restudied and then studied again. I would say that the Pass Perfect approach on the testing of regulatory issues may be tougher, but the point of the tests are tp re-enforce what you have read based on different questions. The way I studied the pass perfect book was I read the whole book taking the chapter tests then took the first practice exam. I think I failed the first one by a couple of points. I went back a re-read sections that I missed on the test and read the explanations of the answers. I passed the second test and just read the explanations of the questions that I missed. Then I took the last tests scoring in the 90's on all the rest. Don't read the text then take all the practice exams at once... you just end up memorizing the answers.
Thanks for the responses guys. Anyone who says EliteTrader is just a place for traders to argue is wrong. I'm getting useful feedback here.I would argue against these people all day! lol j/k I've traded out of a retail account in futures and stocks for over 5 years. The truth is that I am a noob when it comes to regulatory compliance and advanced options strategies. When it comes to the Series 56 I really am starting from the beginning. Based on what Evo said I'm going to get the CBOE guide to leave no stone unturned.
MoneyMatthew, Read the CBOE guide intently, and that includes EVERY LINE on every page, especially the bolded sections. I noticed you posted on the following thread, you may wish to review it again as it has many posts which you may find helpful. http://www.elitetrader.com/vb/showthread.php?s=&threadid=225634&perpage=6&highlight=series
EXACTLY!!! I used passed perfect and failed the test. Your pretty damn close, I got 58%. The shit on the test isnt even in the pass perfect book. Is there anything better? Anyone try the one from this site: http://theseries56.com/store
I feel compelled again, to ask "why take the 56 instead of the Series 7?" The 7 has great study materials, is good at all firms, including the CBOE firms, and retail like Meriill Lynch etc. And, is an actual license. The 56 is only good at a handful of Cboe firms (nothing wrong with that, just limiting IMO). Don
I'm sorry to hear that you failed the test. I'm going to take the test myself here in a few weeks. I have both the passperfect and CBOE guide. Is there any insight or tips that you can share with us since you have taken the test already? How did you do on the passperfect practice exams before taking the real test? Here is CBOE's own content outline. CBOE made the test btw not FINRA. https://www.cboe.org/examwaiver/series56contentoutline.pdf