It's laughable compares to level 1 of the CFA exam. I know a bunch of guys that couldn't figure out how to open a CFA book that passed the 56 their first time around. Consensus seems Passperfect is the way to go.
So I have to take the series 56 at my new prop trading firm. This is super embarrassing, but I failed it 3 times at my previous firm (no idea how that happened) and now i'm freaking out since if I don't pass, i'm going to lose my job. The HR guy said that the firm, unlike my previous one, offers a lot of resources and support and that EVERY trader there has passed on their first attempt. So I guess that gives me some comfort. Right now i'm going through passperfect as well as the notes that the firm provided and will be teamed up with a trader who recently passed, so I can get advice from him. Question on options. Passperfect devotes a lot of the content to options, but from my memory there weren't that many options questions on the exam aside from basic call/put strategies, payoffs, etc. Could I skip most of the options section on passperfect?
The first 3 times you have taken the series 56 exam what study material did you use? If it is your first time using pass perfect I think it would be better to highlight important stuff and focus in. So when you pass through again it will be like very fast skimming review. I'm still studying for my first attempt on July 25 probably. What firm are you going to be with now Torque?
I skipped the whole Pass Perfect options section. As long as you know how to calculate break even points, profit and loss, and know the names of basic options strategies then you will be fine on options. If you don't know that stuff, then unfortunately you do need to learn it. Of course, there aren't that many options questions, so dedicate most of your time to regulations.
I heard at some firms in New York City, that you can take the series 7 (pass it) and then get waived for the series 56. Pretty good deal; two licenses for the price of one.
The first 2 times I used the CBOE study guide, which is not very helpful. The third time I used passperfect, but by then I was burned out and frustrated with the exam, so I think a lot of the information just sort of didn't get absorbed. And during the exam I made a lot of careless errors. I'm pretty confident that I will pass this time.
Hey Chuck, Did you encounter many questions on the actual series 56 that asked Rule 605 is ... and Rule 10b-5? Also, what type of questions do you think were the hardest you encountered on the actual test? Any feedback from other people also would be greatly appreciated. Thanks.