Securities Trader Exam (Series 57): Full Comparison
The Securities Trader Exam (Series 57) qualifies individuals to trade securities on behalf of a firm — it's the license for equity and convertible-debt traders. If you're mapping out your registration path, it helps to see where the Series 57 sits relative to the exams people most often confuse it with: the broad Series 7, the introductory SIE, the state-law Series 63, and the products-focused Series 6. Each covers a different slice of the securities world, and several are taken together rather than as alternatives.
This page compares the Series 57 against those four exams by scope, difficulty, intended audience, and prerequisites so you can decide which combination fits the role you're targeting.
At a glance: what each exam is for
- Series 57 — Securities Trader: Qualifies a registered representative to function as a securities trader, executing proprietary and agency trades in equity and convertible securities. Narrow and role-specific.
- Series 7 — General Securities Representative: The broad license covering nearly all securities products a retail representative sells or recommends — stocks, bonds, options, packaged products, and more. The widest scope of the group.
- SIE — Securities Industry Essentials: An introductory, co-requisite exam covering foundational industry knowledge (products, structure, regulation, prohibited practices). It is a corequisite for the Series 57, Series 7, and Series 6 rather than a competing credential.
- Series 63 — Uniform Securities Agent State Law: A state-law exam focused on the Uniform Securities Act, registration, and ethical conduct at the state level. It complements a representative-level exam rather than replacing one.
- Series 6 — Investment Company and Variable Contracts Products: A limited license for representatives who sell mutual funds and variable products (variable annuities, variable life) — narrower than the Series 7 and product-specific.
Scope and content
The Series 57 concentrates on trading activity: order handling, market-making concepts, trade reporting, and the regulations that govern traders. The Series 7 is far broader, spanning the full range of investment products and the suitability, regulatory, and customer-account rules around them. The Series 6 is deliberately limited to investment-company and variable-contract products. The SIE is foundational and product-agnostic, while the Series 63 is jurisdictional — it tests state-level law and agent conduct, not products.
Difficulty
Relative difficulty tracks scope. The Series 57 covers 50 scored questions and lasts 105 minutes, with a passing score of 70 — a focused, moderately sized exam. The Series 7 is generally regarded as the most demanding of this group because of its breadth. The SIE and Series 63 are typically considered more approachable entry-level exams, and the Series 6 sits between the introductory and general-representative levels in difficulty.
Prerequisites and how they combine
- SIE: No prerequisite and no firm association required to sit for it; it can be taken by the general public and pairs with a top-off exam.
- Series 57, Series 7, Series 6: These are representative-level ("top-off") exams that are taken together with the SIE — you generally need both the SIE and the corresponding top-off to be fully registered.
- Series 63: Commonly taken alongside a FINRA representative exam to satisfy state registration; it is a separate state-law requirement rather than a substitute for the SIE or a top-off exam.
Who each is for
- Series 57: Aspiring securities traders and market-makers at a broker-dealer.
- Series 7: General-purpose registered representatives who need to sell or recommend a wide range of products.
- SIE: Anyone entering the industry, including students and candidates without a sponsoring firm.
- Series 63: Representatives who need state-level registration to do business with clients.
- Series 6: Representatives focused specifically on mutual funds and variable insurance products.
Frequently asked questions
Is the Series 57 harder than the Series 7?
They test different things. The Series 57 is a focused trader exam of 50 scored questions in 105 minutes with a passing score of 70, concentrating on order handling, trade reporting, and trading regulation. The Series 7 is generally considered more difficult because it covers a much broader range of securities products and rules. If your role is trading, the Series 57 is the relevant exam; if you'll sell or recommend a wide product range, the Series 7 is the broader credential.
Do I need to take the SIE before or with the Series 57?
The SIE is a corequisite for representative-level exams like the Series 57. You typically need to pass both the SIE and the Series 57 to be fully registered as a securities trader. The SIE covers foundational industry knowledge and can be taken without a sponsoring firm, while the Series 57 is the trader-specific top-off exam.
Can the Series 63 replace the Series 57?
No. The Series 63 is a state-law exam covering the Uniform Securities Act and agent conduct, while the Series 57 qualifies you to trade securities for a firm. They serve different purposes and are often taken together — the Series 57 (plus the SIE) for the trading function and the Series 63 to satisfy state registration requirements.