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Chicago, Il, USA
Posts: 1 since Oct 2012
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I will start off by apologizing should this post be in the improper thread; as a beginner, and as this is a basic question, I felt it would be most suitable in the beginning area.
To start off, I currently work for a proprietary trading firm that specializes in trader training and recruitment; while at work, the topic of the Series 56 license came up, to which we debated its existence.
"The Proprietary Traders Qualification Examination (Series 56) 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." (From the CBOE website)
My questions are as follows:- 1. Is the license necessary?
- 2. Would you recommend novice proprietary traders to test for the license? (Should this license be promoted?)
- 3. Of those who have taken the test, what were your experiences?
Of the research I've conducted, it seems that the CBOE heavily marketed and pushed the license last year when it was first offered, but has tapered off the stress of the exam since then. Granted there are still courses and materials being offered to tackle the exam material, but I couldn't name anyone who boasted of having a Series 56 license. Any and all opinions on the subject will be welcomed.
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