200+ Free Series 57 Practice Questions
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Key Facts: Series 57 Exam
75-80%
Pass Rate
Industry estimate
70%
Passing Score
35/50 questions
40-60 hrs
Study Time
Recommended
82%
Trading Activities
Largest section
$105
Exam Fee
FINRA
1h 45m
Exam Duration
FINRA
The Series 57 exam has an estimated 75-80% pass rate for prepared candidates. It requires 70% (35/50 questions) to pass in 1 hour 45 minutes. The exam covers two major areas: Trading Activities (82%) and Books/Records/Trade Reporting (18%). Prerequisites: SIE + firm sponsorship. Plan for 40-60 hours of study focusing on order types, market making, Regulation SHO, and trade reporting.
About the Series 57 Exam
The Series 57 qualifies individuals to perform trading activities at broker-dealers, including order entry, execution, market making, and trade reporting. It covers trading practices, order types, market access, trading systems, prohibited activities, Regulation NMS, short sales, options trading, and trade reporting requirements.
Questions
50 scored questions
Time Limit
1 hour 45 minutes
Passing Score
70%
Exam Fee
$105 (FINRA)
Series 57 Exam Content Outline
Trading Activities
Market making, order types, market access, trading systems, prohibited activities, quotations, IPOs, penny stocks, options trading, short sales, and customer orders
Books/Records and Trade Reporting
Trade reporting facilities, Consolidated Audit Trail, confirmations, and clearance and settlement procedures
How to Pass the Series 57 Exam
What You Need to Know
- Passing score: 70%
- Exam length: 50 questions
- Time limit: 1 hour 45 minutes
- Exam fee: $105
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
Series 57 Study Tips from Top Performers
Frequently Asked Questions
What is the Series 57 exam?
The Series 57 is the Securities Trader Qualification Examination administered by FINRA. It qualifies individuals to perform trading activities at broker-dealers, including order entry, execution, market making, trade reporting, and handling customer orders. The exam tests knowledge of trading practices, order types, market access rules, prohibited activities, short sales, options trading, and trade reporting requirements.
What is the Series 57 pass rate?
The Series 57 exam has an estimated pass rate of 75-80% for prepared test-takers with trading experience. The exam has 50 scored questions plus 5 unscored pretest questions with a 70% passing score (35 correct answers), taken over 1 hour 45 minutes. Those with strong understanding of trading practices, order types, and regulatory requirements tend to perform well.
What are the prerequisites for the Series 57?
The Series 57 requires the SIE (Securities Industry Essentials) exam and firm sponsorship. You must be associated with a FINRA member firm that files a Form U4 on your behalf. Unlike representative-level exams, the Series 57 specifically qualifies you for trading activities rather than general sales activities.
How long should I study for Series 57?
Plan for 40-60 hours of study over 4-6 weeks. Focus on: order types and their uses (market, limit, stop, stop limit, MOO, MOC, GTC, reserve, peg); Regulation SHO short sale rules; Regulation NMS order protection; FINRA Rule 11890 for clearly erroneous transactions; penny stock rules; options position limits; and trade reporting requirements. Complete at least 200 practice questions and score 80%+ consistently before scheduling.
What are the main topics on the Series 57?
The main topics are: Trading Activities (82%) including market making, order types, market access, trading systems (ADF/ATS), prohibited activities (front running, spoofing), quotations, IPOs/secondary offerings, penny stocks, options trading, short sales, customer orders, and Regulation NMS; and Books/Records/Trade Reporting (18%) including trade reporting facilities, Consolidated Audit Trail (CAT), confirmations, and settlement procedures.
What is Regulation SHO and why is it important for Series 57?
Regulation SHO is the SEC rule governing short sales. For the Series 57, you must understand: the locate requirement (must locate securities before executing short sales); the close-out requirement (failure-to-deliver positions must be closed out); and the circuit breaker rule (Rule 201) which restricts short selling when a stock drops 10% or more from the previous day's close. This is a heavily tested topic.
What is the Consolidated Audit Trail (CAT)?
The Consolidated Audit Trail (CAT) is a comprehensive audit trail system that tracks orders and trades throughout their entire lifecycle. For the Series 57, you need to understand CAT reporting obligations, including timing requirements, required data fields, and the role of Industry Members in reporting to CAT. This is part of the Books and Records section (18% of exam).