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It specifies the exam structure of 50 multiple-choice scored items across core functions and includes 5 additional pretest items that are unscored and randomly distributed. Administration details cover computer-based delivery, tutorial availability, no penalty for guessing, time limits, equating for fair scoring, and restrictions against bringing reference materials, with penalties for cheating.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/securities-trader-qualification-examination-series-57-content-outline-exam-structure-and-administration/408075/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/securities-trader-qualification-examination-series-57-content-outline-exam-structure-and-administration/408075.png","ImageObject",300,407,{"name":92,"@type":93},"MrHarris58","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-09","2026-09-28",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",14,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What is the purpose of the Series 57 exam?","Question",{"text":113,"@type":114},"The Series 57 exam assesses whether candidates have the knowledge, skills, and abilities needed to perform critical functions of a Securities Trader.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How is the Series 57 exam structured and scored?",{"text":118,"@type":114},"The exam contains 50 multiple-choice scored items, plus 5 additional unscored pretest items randomly distributed. There is no penalty for guessing, and scores are equated to a common scale.",{"name":120,"@type":111,"acceptedAnswer":121},"What are key administration rules for candidates?",{"text":122,"@type":114},"The exam is administered by computer with a tutorial provided beforehand. Candidates are allowed 1 hour and 45 minutes, may not bring reference materials, and face severe penalties for cheating on FINRA-administered exams.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},408075,1790600327,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":145,"read_time":146,"preview_page_count":4},687212988360,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","Securities Trader Qualification Examination (Series 57)  \nCONTENT OUTLINE  \nPURPOSE OF THE EXAM  \nThe Series 57 exam is designed to assess the competency of entry-level Securities Traders. The Series 57 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a Securities Trader. In order to obtain registration as a Securities Trader, candidates must pass both the Series 57 exam and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam. For more information about the activities requiring registration as a Securities Trader, see FINRA Rule 1220(b)(4) .  \nSTRUCTURE OF THE EXAM  \nThe exam consists of 50 multiple-choice items, and each item consists of four answer choices. The allocation of exam items for each major function is as follows:  \nFunction  \nDescription  \nPercentage of Exam Items  \nNumber of Items  \n\n| 1 | Trading Activities | 82% | 41 |\n| --- | --- | --- | --- |\n| 2 | Maintaining Books and Records, Trade Reporting and Clearance and Settlement | 18% | 9 |\n\nTOTAL: 100% 50  \nADMINISTRATION OF THE EXAM  \nThe exam is administered via computer. A tutorial on how to take the exam is provided prior to taking the exam. Each candidate’s exam includes 5 additional, unidentified pretest items that do not contribute toward the candidate's score. Thepretest items are randomly distributed throughout the exam. Therefore, each candidate’s exam consists of a total of 55 items (50 scored and 5 unscored) . There is no penalty for guessing. Therefore, candidates should attempt to answer all items. Candidates will be allowed 1 hour and 45 minutes to complete the Series 57 exam.  \nAll candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.  \nCandidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.  \n[Please visit](Please visit www.finra.org)[ ](Please visit www.finra.org)[www.finra.org](Please visit www.finra.org) for additional details.  \nFunction 1: Trading Activities  \n1.1 Understanding General Trading Practices  \n1.1.1 Achieving Market Making Status  \nKnowledge of:  \n• The role of the floor broker  \n• The use of market participant identifiers (MPIDs)  \n• Responsibilities of a qualified block positioner  \n• Registration as a market maker  \n• Net capital requirements  \nFINRA Rules  \n6276 – Voluntary Termination of Registration  \n5250 – Payments for Market Making  \n6271 – Registration as an ADF Market Maker or ADF ECN  \n6275 – Withdrawal of Quotations  \n6480 – Multiple MPIDs for Quoting and Trading in OTC Equity Securities  \nSEC Rules and Regulations  \nSecurities Exchange Act of 1934  \nSection 3(a)(38)– Definition of a Market Maker  \n3b-8 – Definitions of “Qualified OTC Market Maker,”“Qualified Third Market Maker” and “Qualified Block Positioner”  \n1.1.2 Understanding Order Types  \nKnowledge of:  \n• Different order types and their use in the marketplace including:  \n􀁱 Market  \n􀁱 Limit  \n􀁱 Stop  \n􀁱 Stop limit  \n􀁱 Market-on-open (MOO), Market-on-close (MOC)  \n􀁱 Contingent/stipulation (e.g. , day, good-til-canceled (GTC))  \n􀁱 Reserve  \n􀁱 Peg  \nNYSE American Rules  \n900.3NY – Orders Defined  \nNYSE Arca Rules  \n6.62-O – Certain Types of Orders Defined  \n7.31-E – Orders and Modifiers  \n1.1.3 Market Access  \nKnowledge of:  \n• Requirements for direct market access (DMA)/sponsored access  \n• The purpose of credit and capital limits  \n• Identifying pre-trade risk controls  \nSEC Rules and Regulations  \nSecurities Exchange Act of 1934  \n","cbCaibIGx9qAFwgX","https://ap.wps.com/l/cbCaibIGx9qAFwgX","pdf",188605,11,"English","# Purpose of the Exam\n# Structure of the Exam\n# Administration of the Exam\n## Function 1: Trading Activities\n### 1.1.1 Achieving Market Making Status\n### 1.1.2 Understanding Order Types\n### 1.1.3 Market Access\n### 1.1.4 Identifying and Handling Clearly Erroneous Transactions\n### 1.1.5 Display, Execution and Trading Systems\n### 1.1.6 Identifying and Avoiding Prohibited Activities","[{\"question\":\"What is the purpose of the Series 57 exam?\",\"answer\":\"The Series 57 exam assesses whether candidates have the knowledge, skills, and abilities needed to perform critical functions of a Securities Trader.\"},{\"question\":\"How is the Series 57 exam structured and scored?\",\"answer\":\"The exam contains 50 multiple-choice scored items, plus 5 additional unscored pretest items randomly distributed. There is no penalty for guessing, and scores are equated to a common scale.\"},{\"question\":\"What are key administration rules for candidates?\",\"answer\":\"The exam is administered by computer with a tutorial provided beforehand. Candidates are allowed 1 hour and 45 minutes, may not bring reference materials, and face severe penalties for cheating on FINRA-administered exams.\"}]","Securities Trader Qualification Examination (Series 57) - Content Outline - Exam Structure and Administration | PDF",1790578205,28]