If you need help studying for the Series 9 and 10 exams or just want some more information about what the exam is like, you’ve come to the right place.
Click below to take a free Series 9 and 10 practice exam!
What’s on the Series 9/10 Exam?
How to Register
Exam Scores
Retaking the Test
FAQs
What are the Series 9 and 10 Exams?
The Series 9 and 10 exams are FINRA qualification exams that test your ability to become a general securities sales supervisor. Since both exams collectively assess your knowledge and skills for the same role, they’re often thought of as one big combined exam. However, each exam is taken separately and covers a different set of topics.
What’s on the Series 9/10 Exam?
First, let’s talk about the questions on the exams. There are 215 multiple-choice questions total, but only 200 of the questions will count toward your score. Why is that?
The 15 unscored questions on the Series 9 and 10 exams are called “experimental” questions. These are added to the tests to determine if they’re good enough questions to add to future versions of the tests.
The trick is that you won’t have any way of knowing which questions are scored and which ones are experimental. They will appear just like the scored questions throughout each exam.
Let’s take a closer look at the two exams in more detail:
SERIES 9
60 questions | 1.5 hours
18 scored questions
- Reviewing new account documentation to determine if approval is appropriate
- Reviewing recommended customer options trading activities to determine if strategies meet applicable standards
- Reviewing margin accounts
2. Supervise Sales Practices and General Options Trading Activities
19 scored questions
- Identifying and reviewing customer complaints
- Overseeing the correction of options trade errors
- Reviewing daily trade activity for completeness of records or exceptions
- Monitoring the general operational process of options trades
3. Supervise Options Communications
5 scored questions
- Reviewing options retail communications
- Reviewing incoming and outgoing options correspondence
- Reviewing options institutional communication
4. Supervise Associated Persons and Personnel Management Activities
13 scored questions
- Terms and definitions of sophisticated options products and strategies
- Trading rotation and fast markets
- Trading practices
- Roles of market participants
- Trading halts
- Different order types
- Calculations of profit, loss, breakeven points, and economics of positions
- Tax implications of options transactions
SERIES 10
155 questions | 4 hours
28 scored questions
- Verifying the qualifications of newly hired associates
- Reviewing and maintaining registrations and disclosures
- Supervising and taking corrective actions as appropriate
- Maintaining marketplace and associated product and regulatory knowledge
- Conducting branch office inspections
- Managing the delegation of duties
2. Supervise the Opening and Maintenance of Customer Accounts
49 scored questions
- Determining if approval meets applicable standards
- Reviewing account transactions, distributions and account transfers
- Confirming proper handling of and timely adherence to margin requirements
- Overseeing administrative maintenance of accounts
3. Supervise Sales Practices and General Trading Activities
52 scored questions
- Identifying and reviewing customer complaints
- Overseeing the correction of trade errors
- Reviewing daily trade activity for completeness of records or exceptions
- Reviewing trading activity in employees’ internal and external accounts
- Supervising sales practices of products
4. Supervise Communications with the Public
16 scored questions
- Overseeing telemarketing practices
- Reviewing retail communications and determining appropriate approval
- Reviewing incoming and outgoing correspondence
- Reviewing institutional communication
How to Register
If you work for a FINRA member firm, they can register you for the exams using a U4 form. Otherwise, you can register yourself through FINRA’s Test Enrollment Services System (TESS).
The exam fee is $130 for the Series 9 and $175 for the Series 10, regardless of how you register.
Series 9/10 Exam Study Guide and Flashcards
Get practice questions, detailed study lessons, and complex subjects broken down into easily understandable concepts.
Exam Scores
The exams are scored using a the Angoff method. Here’s how it works:
The Angoff method involves a group of subject-matter experts taking an educated guess at the percentage of candidates who would correctly answer each question on the tests. These estimates are then averaged to set a cut-off score, which test-takers must meet or exceed to pass.
This method aims to ensure the pass threshold reflects the level of knowledge or skill that is deemed minimally acceptable for a particular profession or field.
To pass, you’ll need to answer at least 70 scored questions correctly on each exam.
Retaking the Exam
If you didn’t get a passing score on your first try, that’s okay! You can retake one or both exams after a 30-day waiting period.
Keep in mind that you will have to pay the full testing fee every time you retake each test.
FAQs
How many questions are on the exam?
The Series 9 exam contains 60 questions, and the Series 10 exam contains 155 questions.
What is the time limit for the exam?
The Series 9 exam is timed at 1.5 hours, while the Series 10 exam is timed at 4 hours.
What is the passing score for the exam?
You’ll need to get a final score of 70 on each exam to pass.
How much does the exam cost?
The Series 9 testing fee is $130, and the Series 10 testing fee is $175.