Series 57

Maximize Your Score: Free Series 57 Practice Exams

Use our free Series 57 practice exams to prepare for the FINRA Securities Trader Representative licensing test. Each of our four online exams features challenging questions to assess your understanding of trading regulations, equity securities, options, and municipal bonds.

Comprehensive
Four online practice tests designed to support effective FINRA Series 57 exam prep.

Challenging
Rigorous questions crafted to reflect the difficulty of the actual Series 57 license exam.

Informative
Detailed explanations that clarify complex trading rules and build your understanding.

FINRA Series 57
Securities Trader
Representative Exam

The Securities Trader Representative Examination (Series 57) is a FINRA-administered licensing exam for individuals who execute equity and convertible debt securities trades.

50 Questions    
Multiple Choice    
105 Minutes

Learn More

Series 57 Exam Overview

The Securities Trader Representative Exam evaluates the competency of entry-level traders who execute trades and engage in proprietary trading of equities, preferred stocks, convertible debt, and OTC/Nasdaq securities. This FINRA exam requires candidates to also pass the SIE to obtain their Securities Trader registration.

What the Series 57 License Allows

License holders are qualified for activities including NASDAQ equity trading, OTC equity trading, and proprietary trading at broker-dealers. While the license focuses primarily on equity markets, the exam also covers options-related rules—such as order types, position limits, and OCC processes—because traders and supervisors need to understand how listed options interact with the equity markets they work in.

Exam Structure & Key Facts

  • Items: 50 scored, plus 5 unscored pilot questions (total 55).
  • Duration: 1 hour 45 minutes (105 minutes).
  • Format: Multiple choice.
  • Passing score: 70%.
  • Cost: $80.
  • Corequisite: SIE (must pass both SIE and Series 57).
  • Sponsorship: You must be associated with and sponsored by a FINRA member (or other SRO member) to enroll.

Series 57 Exam Topics

Domain % of Exam # of Items Key Topics
1. Trading Activities ~82% 41 • Market making status and MPIDs
• Order types and modifiers
• Direct Market Access (DMA) risk controls
• Clearly erroneous trades
• ADF/ATS and Regulation ATS
• Regulation NMS (order protection, sub-penny, display)
• Manipulative practices (Rule 10b-5, spoofing)
• IPO and secondary offering rules (Reg M, penalty bids, passive market making)
• Penny stock and OTC rules (Rule 15c2-11, quotation/display)
• Options trading (spreads, straddles, exercise/assignment, position/exercise limits)
• Short sale rules and Regulation SHO
2. Maintaining Books & Records; Trade Reporting; Clearance & Settlement ~18% 9 • TRF/ORF/ADF reporting
• Modifiers and timing
• CAT and COATS requirements
• Clock synchronization
• Trade confirmations
• OCC assignment process
• Settlement cycles

Day-of-Exam Basics

On test day, arrive early to allow time for check-in and security screening, and bring a valid government-issued photo ID. You’ll have 105 minutes to complete 55 scored questions, so keep an eye on the clock. Personal items aren’t allowed in the testing room, but you’ll be provided with a basic calculator, scratch paper, and pencils to use during the exam.

Series 57 Exam Prep Tips

  • Know the rules — Focus on key regulations like Reg NMS, Reg SHO, Reg M, and penny stock rules.
  • Study order types and execution rules — Work on questions about order types, best execution, and clearly erroneous trades.
  • Understand trade reporting — Learn TRF, ORF, and ADF reporting requirements and timing.
  • Review options basics — Be comfortable with spreads, straddles, and position/exercise limits.
  • Work on timing — You’ll have 105 minutes for 55 questions, so practice pacing.
  • Answer every question — There’s no penalty for guessing, so never leave a question blank.
  • Take practice tests — Simulate real exam conditions to build confidence and improve speed.