Financial professionals who wish to become licensed options representatives for a broker or principal must first pass the Series 42, or Registered Options Representative Exam. However, candidates who are interested in taking the exam must first pass both the Series 62 and Series 72 exams. Once a candidate has successfully passed the two prerequisite exams, they can register to take the Series 42. This exam features four distinct sections that test a professional's knowledge and ability in relevant topics. This includes things like knowledge of options terminology, the proper handling of customer accounts, record keeping, and general trading strategies. In order to pass the Series 42 and become qualified for work in the industry, a test-taker must answer at least 70% of the test's 50 questions correctly within the 90-minute time limit.
Because the Series 42 covers a wide range of topics, it's important to begin preparing for the exam well before the day of your test. However, professionals who are just beginning their test preparation process may not know where to start. If this situation applies to you, it may be time to consider working with a private Series 42 tutor. Varsity Tutors can help you find a qualified tutor who can give you the guidance you need to reach for your potential.