Series 57 Exam Guide: Securities Trader Format, Passing Score & Cost
The Series 57 qualifies traders in NASDAQ and over-the-counter equities and proprietary trading. Here is what FINRA lists for its format, content outline, passing score, fee and retake rules, plus a practice question from our video.
The FINRA Series 57 has 50 scored multiple-choice questions (plus 5 unscored pretest items), a 1 hour 45 minute limit, and a passing score of 70. The fee is $105. You need a sponsoring FINRA member firm, and the SIE is a corequisite: pass both to register as a Securities Trader.
Series 57 facts at a glance
| Scored questions | 50: plus 5 unidentified, unscored pretest items (55 in all), multiple choice |
|---|---|
| Time limit | 1 hr 45 min: about 1 minute 55 seconds per item across all 55 |
| Passing score | 70: a scaled score, not a raw count of correct answers |
| Exam fee | $105: per FINRA; fees can change |
| Corequisite | SIE: pass both the SIE and the Series 57 to register |
| Sponsorship | Required: by a FINRA member firm or other applicable SRO member |
| Guessing penalty | None: unanswered questions are simply wrong, so answer every item |
Checked against the official FINRA page and the sources listed at the end of this page on 2026-10-26.
Watch: Series 57 videos
Series 57 Exam Explained: Securities Trader, 50 Questions, Passing Score 70
82% of the Series 57 is one topic #shorts
What is on the Series 57: two job functions
FINRA's content outline splits the 50 scored questions into two functions. Trading itself is more than four fifths of the exam.
| Function | Weight | Scored questions |
|---|---|---|
| F1: Trading Activities | 82% | 41 |
| F2: Maintaining Books and Records, Trade Reporting, and Clearance and Settlement | 18% | 9 |
Source: FINRA: Series 57 – Securities Trader Representative Exam
What the Series 57 registration covers
FINRA says the Securities Trader registration covers trading in NASDAQ equities, over-the-counter equities, and proprietary trading. In plain terms it is for people on a trading desk who buy and sell stocks, whether working customer orders or trading for the firm's own account.
That makes it much narrower than the Series 7. Where the Series 7 covers a long menu of products for registered representatives, the Series 57 is about the mechanics and rules of trading equities: order handling, quotes, market making, trade reporting, and settlement.
Series 57 passing score
The passing score is 70. FINRA equates each candidate's result to a common scale so that different exam forms are held to the same standard, which means 70 is not a fixed number of correct answers out of 50.
FINRA does not publish a Series 57 pass rate. The practical target is timed practice scores comfortably above 70%, with extra attention to Function 1, since 41 of the 50 scored questions come from it.
Cost, sponsorship and signing up
FINRA lists the Series 57 fee at $105. Because the exam requires sponsorship, your firm files the registration that opens your enrollment window, and many firms pay the fee, so ask before you pay anything yourself.
The SIE is separate and does not need a sponsor: anyone 18 or older can take it before being hired, and a passing SIE result stays valid for four years.
If you don't pass: retake waiting periods
Until January 18, 2027, FINRA's waiting period is 30 days after a first or second failed attempt, and 180 days after a third or later failed attempt within a two-year period.
FINRA Regulatory Notice 26-18 (October 14, 2026) shortens these to 15 days after a first or second failed attempt and 60 days after a third or later one, effective January 19, 2027.
How to study for the Series 57
Start from FINRA's content outline and treat it as a checklist. Because trading activities are 82% of the exam, most of your time belongs there: order types and handling, quotation and display rules, market-making obligations, and the difference between acting as principal and as agent.
Do not skip Function 2. Nine questions on books and records, trade reporting, and clearance and settlement can decide a close result. Finish with timed practice so you learn to use the 105 minutes on scenario questions with quotes and timestamps.
Try a Series 57 practice question
This is the original practice question from our Series 57 video. It is not from a FINRA exam.
A firm buys stock for its own account and later sells that stock to a customer from its inventory. In that sale, the firm is acting as:
- An agent
- A principal
- A broker
- A transfer agent
Show answer
B. A principal
When a firm trades for its own account it acts as a dealer, or principal. When it only arranges a trade between a customer and someone else, it acts as an agent, or broker. That principal-versus-agent distinction runs through the whole exam.
Series 57 FAQ
How many questions are on the Series 57?
FINRA's outline has 50 scored multiple-choice questions plus 5 unscored pretest items that are not identified, for 55 in total. You have 1 hour 45 minutes.
What is the Series 57 passing score?
The passing score is 70, on FINRA's scaled score. It is equated across exam forms, so it is not a fixed number of correct answers.
How much does the Series 57 cost?
FINRA lists the fee at $105. FINRA sets the fee and can change it, and many sponsoring firms pay it for their traders.
Do I need the SIE for the Series 57?
Yes. The SIE is a corequisite: you must pass both the SIE and the Series 57 to register as a Securities Trader. The SIE itself needs no sponsor, but the Series 57 does.
What does the Series 57 qualify you to do?
FINRA says the Securities Trader registration covers trading in NASDAQ equities, over-the-counter equities, and proprietary trading.
How long do I wait to retake the Series 57?
Until January 18, 2027: 30 days after a first or second failure and 180 days after a third or later failure within two years. From January 19, 2027, FINRA Regulatory Notice 26-18 cuts these to 15 days and 60 days.
Related practice and guides
Sources
Exam facts on this page were checked against these official pages on 2026-10-26.
- FINRA: Series 57 – Securities Trader Representative Exam
- FINRA: Series 57 Content Outline (PDF)
- FINRA Regulatory Notice 26-18 (qualification exam retake waiting periods)
- FINRA: Securities Industry Essentials (SIE) Exam
OpenExamHub is an independent study resource and is not affiliated with FINRA. The practice question is original, not from a real exam. Formats, fees, and passing scores are set by FINRA and can change; confirm them on FINRA's current pages before you enroll.