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Note: All FINRA (NASD) exams are continually being updated.
You should take your exam within 120 days of ordering your study materials!

Series 56 Exam | Proprietary Traders

The Series 56 Proprietary Traders Qualification Examination is designed to test a candidate’s knowledge of applicable products, securities markets, trading and reporting practices, investment strategies, and anti-fraud provisions as applicable to the role of a proprietary trader.

2 1/2 hours -- U-4 Form test application -- $195.00 Test Fee

Test Topics in the Study Manual Points
Equity Strategies
Trading Markets
Trading Practices
Trading Systems
Total Points

The five Chapters are divided into Key Sections followed with a Section Quiz. In addition there are Five 100 point final exams400+ pages with 600+ questions in all.   Each question has a detailed explanation.

There may be, in addition, SRO specific registration requirements that would need to be met before an individual may become fully registered as a proprietary trader.

An individual may request a waiver from the qualification examination. A waiver request must be submitted using CBOE's on-line Exam Waiver Request form which is available at

Series 56 Study Text

Series 56
Study Text

Series Exam Study Text


The exam is weighted heavily towards options trading rules, but also includes equity trading rules.

The Pass Perfect Series #56 Study Program is designed to cover all items tested on the examination while making the most effective use of a candidates time.

The course is divided into 5 chapters:

  • Equity Securities
  • Options Strategies
  • Trading Markets
  • Trading Practices
  • Trading Systems

Each chapter is divided into Sections, followed by Section Examinations. In addition, there are five (5) 100 question simulated #56 Final Exams.

Series 56
Windows CD



Windows Only!

The Series 56 CD contains the same FIVE final exams as in the book -- with complete explanations. For those that like taking practice tests on the computer it's a convenient addition -- and for those who have another study book it's a great supplement!!

On this single-user system you can take the quizzes as many times as you like, but the CD expires after a certain time-period from the date of purchase -- you should take the #56 exam within 120 days of buying the CD.

Windows format only.

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Series 56 Exam Study Text & CD


CD is Windows Only!



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