Will I be required to take the series 56 exam?

Ask your boss, but you want to take it. It will give you a basic understanding of many parts of the business that you would look stupid not knowing about. I've seen really dumb people pass these exams (they have parties afterwards and everything), so they are not an intellectual challenge. There is nothing on the exam that a person with a college degree shouldn't be able to understand quickly and easily, but you need to learn it for basic competency.