Securities Trader Exam (Series 57) Study Guide
The Securities Trader Exam (Series 57) qualifies you to trade equity and convertible debt securities on behalf of a broker-dealer. Passing it earns the Securities Trader registration through FINRA. This guide breaks down exactly what to expect on exam day and how to prepare efficiently.
Exam at a Glance
- Questions: 50 scored questions.
- Time limit: 105 minutes (1 hour and 45 minutes).
- Passing score: 70 percent.
- Fee: $105.
Because you have 105 minutes for 50 scored questions, you can budget just over two minutes per question on average. That leaves room to flag tougher items and return to them, so pace yourself rather than getting stuck early.
Note that the Series 57 is a co-requisite exam: you must also pass the Securities Industry Essentials (SIE) exam to obtain the full registration. Plan your study calendar so both are cleared in a reasonable window.
The Series 57 is scored on a straightforward percentage basis: you need 70 percent to pass. With 50 scored questions, that means you must answer at least 35 correctly. Framing your goal as a concrete number of correct answers rather than an abstract percentage makes it easier to gauge readiness on practice exams.
How the Numbers Translate
- Target correct answers: 70 percent of 50 questions is 35 questions.
- Cushion: You can miss up to 15 questions and still pass.
- Time per question: 105 minutes divided across 50 questions is about 2.1 minutes each.
Pacing Tips
Aim to complete a first pass through every question, answering the ones you know quickly and flagging the rest. A strong strategy is to reach the halfway point (question 25) at roughly the 50-minute mark, leaving buffer to revisit flagged items. Never leave a question blank on the final submission — there is no penalty for guessing, so an educated guess is always better than a blank.
A focused, structured study plan is the surest path to clearing the 70 percent threshold. Because the exam is relatively compact at 50 questions, quality of preparation matters more than sheer volume of study hours.
A Practical Timeline
- Weeks 1–2: Read the full body of exam material once, taking notes on high-yield topics such as trade reporting, order handling, market-maker obligations, and regulatory conduct rules.
- Weeks 3–4: Work practice questions in blocks and review every wrong answer until you understand the underlying rule, not just the correct letter.
- Final week: Take full-length, timed 50-question practice exams under the 105-minute limit to build stamina and pacing.
Readiness Benchmark
Before scheduling the real exam, aim to consistently score comfortably above 70 percent on timed practice tests — ideally in the 80s — so that exam-day nerves and unfamiliar phrasing still leave you above the passing line. Simulating the real 105-minute window during practice conditions your pacing so the actual exam feels familiar.
Understanding the administrative side of the Series 57 prevents last-minute surprises. The exam fee is $105, which is billed through your sponsoring firm as part of the registration process.
What to Know Before You Sit
- Cost: The exam fee is $105.
- Sponsorship: The Series 57 generally requires association with and sponsorship by a FINRA member firm, which files your exam enrollment.
- Format: Expect a computer-based, multiple-choice test delivered at an approved testing center or via online proctoring.
On Exam Day
Arrive early with valid identification, and expect security procedures typical of professional testing centers. You will have the full 105 minutes to complete the 50 scored questions. Once you understand the fixed logistics — the fee, the time limit, and the question count — you can direct all remaining energy toward mastering the content itself.
Frequently asked questions
How many questions are on the Series 57 exam and how long do I have?
The Series 57 (Securities Trader Exam) has 50 scored questions, and you're given 105 minutes (1 hour and 45 minutes) to complete them. That works out to a little over two minutes per question, so pacing is comfortable if you've studied — flag anything you're unsure of and return to it rather than stalling.
What score do I need to pass the Series 57?
You need a 70 percent to pass the Series 57. With 50 scored questions, that means you must answer at least 35 of them correctly, so you can miss up to 15 and still pass. Aim well above the line on practice exams to leave a buffer for exam-day nerves.
How much does the Series 57 exam cost?
The Series 57 exam fee is $105. Budget for this as a per-attempt cost — if you don't pass, you'll pay the fee again to retake it, which is one more reason to sit only when your practice scores are consistently above the 70 percent passing mark.
How should I pace myself during the Series 57 exam?
With 50 questions in 105 minutes, you have about 2.1 minutes per question on average. A practical strategy is to make a first pass answering everything you know quickly, marking harder items for review, then use your remaining time on the flagged questions. Since a 70 percent (35 of 50) passing score means you can afford to miss up to 15, don't let one tough question drain time you'll need elsewhere.