If you need help studying for the Series 99 exam 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 99 practice exam!
What’s on the Series 99 Exam?
First, let’s talk about the questions on the test. There are 55 multiple-choice questions total, but only 50 of the questions will count toward your score. Why is that?
The 5 unscored questions on the Series 99 exam are called “pretest” questions. These are added to the tests to determine if they’re good enough questions to add to future versions of the test.
The trick is that you won’t have any way of knowing which questions are scored and which ones are pretest. They will appear just like the scored questions throughout the test.
The time limit for the exam is 1.5 hours. There aren’t any scheduled breaks, but you’re free to take restroom breaks as needed.
Let’s take a closer look at the different sections of the Series 99 exam.
1. KNOWLEDGE ASSOCIATED WITH THE SECURITIES INDUSTRY AND BROKER-DEALER OPERATIONS
35 scored questions
- Account opening
- Account maintenance
- Cashiering
- Account transfers
- Custody and control of securities
- Trade reporting
- Trader corrections
- Margin and stock loan/securities lending
- Settlement
- Account statements/confirmations
- Regulatory financial requirements of broker-dealers
- Books and records
2. PROFESSIONAL CONDUCT AND ETHICAL CONSIDERATIONS
15 scored questions
- Relationships and dealings with customers, vendors, and individuals associated with the firm
- Customer privacy
- Escalating complaints and potential red flags
- Broker-dealer supervision
- Broker-dealer control
How to Register
If you work for a FINRA member firm, they can register you for the exam using a U4 form. Otherwise, you can register yourself through FINRA’s Test Enrollment Services System (TESS).
The exam fee is $60 regardless of how you register.
Series 99 Study Guide and Flashcards
Get practice questions, detailed study lessons, and complex subjects broken down into easily understandable concepts.
Exam Scores
The test is 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 test. 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 68 scored questions correctly.
Retaking the Exam
If you didn’t get a passing score on your first try, that’s okay! You can retake the test after a 30-day waiting period.
Keep in mind that you will have to pay the full testing fee every time you retake the test.
FAQs
How many questions are on the Series 99 exam?
The exam contains 55 questions.
What is the time limit for the Series 99 exam?
The exam is timed at 1.5 hours.
What is the passing score for the Series 99 exam?
You’ll need to answer at least 68 questions correctly to pass.
How much does the Series 99 exam cost?
The testing fee is $60.