Series 9 Exam in 2026: Your Complete Study & Career Guide
The Series 9 (General Securities Sales Supervisor — Options) exam from FINRA is the supervisory licensing exam for securities professionals who want to manage registered representatives and oversee options trading activities. Combined with the Series 10, it qualifies you as a General Securities Sales Supervisor.
If you're reading this, you've likely already passed the SIE and Series 7 — congratulations. The Series 9 is a different challenge: it tests your ability to supervise and manage compliance, not just trade. Here's how to pass it efficiently.
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Series 9 Exam Format & Structure
| Component | Details |
|---|---|
| Questions | 55 scored + 5 pretest (60 total) |
| Time Limit | 1 hour 30 minutes (90 minutes) |
| Passing Score | 70% (39 out of 55 scored questions) |
| Prerequisites | Must be associated with a FINRA member firm + SIE + Series 7 (or equivalent) |
| Cost | $130 enrollment fee |
| Testing Vendor | Prometric testing centers |
| Combined With | Series 10 (completes the General Securities Sales Supervisor qualification) |
| Pace | ~90 seconds per question |
Important: The Series 9 only covers options supervision. You must also pass the Series 10 (general securities supervision) to hold the full General Securities Sales Supervisor license. Most firms require you to complete both within a specified timeframe.
Series 9 vs. Series 24: Which Do You Need?
This is the most common question. Here's the comparison:
| Feature | Series 9/10 | Series 24 |
|---|---|---|
| Full Name | General Securities Sales Supervisor | General Securities Principal |
| Scope | Supervise registered reps + options activity | Broader: supervise all aspects of a branch office |
| Exams Required | Series 9 (options) + Series 10 (general) | Single exam |
| Questions | 55 scored (Series 9) + 145 scored (Series 10) = 200 scored total | 150 scored questions |
| Time | 90 min + 4 hrs = 5 hrs 30 min total | 3 hours 45 minutes |
| Cost | $130 + $175 = $305 total | $235 |
| Options Supervision | Deep coverage | Limited coverage |
| Best For | Firms with significant options business | General branch management |
Choose Series 9/10 if your firm handles significant options volume and needs supervisors with deep options expertise.
Choose Series 24 if your firm primarily does general securities business and you need broader supervisory authority with one exam.
Note: Some large firms require BOTH — the Series 9/10 for options supervision AND the Series 24 for general principal authority.
Series 9 Content Areas
1. Options Supervision & Compliance (40–45% of exam)
This is the largest section. You need to understand:
Account Approval:
- Suitability assessment for options accounts
- Customer disclosure requirements (ODD — Options Disclosure Document)
- Options account agreement and approval levels
- Covered vs. uncovered options approval tiers
Supervision of Options Activity:
- Reviewing customer options trades for suitability
- Identifying unauthorized trading
- Monitoring position limits and exercise limits
- Supervising options correspondence and communications
Regulatory Framework:
- FINRA rules for options supervision
- CBOE (Cboe) rules and procedures
- OCC (Options Clearing Corporation) requirements
- SEC regulations affecting options
2. Options Strategies & Valuation (25–30% of exam)
You must understand complex options strategies to supervise them:
Basic Strategies:
- Long/short calls and puts
- Covered calls and protective puts
- Cash-secured puts
Complex Strategies:
- Spreads: Bull call, bear put, bull put, bear call
- Straddles and strangles
- Collars
- Butterflies and condors
Valuation & Risk:
- Intrinsic value vs. time value
- Greeks: Delta, gamma, theta, vega
- Breakeven calculations for each strategy
- Maximum gain, maximum loss, and breakeven for all strategies
High-Yield Tip: For every strategy, you MUST be able to calculate: (1) maximum gain, (2) maximum loss, (3) breakeven point. The exam tests these calculations heavily.
3. Sales Practice & Customer Suitability (15–20% of exam)
- Know Your Customer (KYC) requirements
- Suitability obligations for options recommendations
- Regulation Best Interest (Reg BI) as applied to options
- Handling customer complaints
- Supervision of advertising and communications
- Books and records retention requirements
4. Branch Office Management (10–15% of exam)
- Written supervisory procedures (WSPs)
- Delegation of supervisory responsibilities
- Annual compliance review requirements
- Exception reports and surveillance systems
- Handling of discretionary accounts
- Associated person registration and continuing education
Free Series 9 Practice Questions
Our practice questions cover options strategies, supervisory scenarios, and regulatory compliance matching the actual Series 9 format.
The 5 Hardest Series 9 Topics (And How to Master Them)
1. Complex Options Strategy Calculations
Why it's hard: You need to calculate max gain, max loss, and breakeven for multi-leg strategies (spreads, straddles, butterflies) under time pressure.
How to master it: Build a cheat sheet of formulas during your study and practice until the calculations are automatic:
- Bull Call Spread: Max loss = net debit; Max gain = difference in strikes – net debit; Breakeven = lower strike + net debit
- Bear Put Spread: Max loss = net debit; Max gain = difference in strikes – net debit; Breakeven = higher strike – net debit
- Straddle: Max loss = total premium paid; Max gain = unlimited (calls) or strike – premium (puts); Breakeven = strike ± total premium
2. Supervisory Responsibilities vs. Regulatory Requirements
Why it's hard: You must distinguish between what FINRA requires, what the CBOE requires, and what SEC rules mandate. The questions present realistic scenarios where the answer depends on which regulatory body's rules apply.
How to master it: Create a comparison chart of FINRA vs. CBOE vs. SEC requirements for options supervision. Focus on where they differ.
3. Options Account Approval Levels
Why it's hard: Different approval levels (Level 1–4 or 1–5 depending on the firm) allow different strategies, and the supervisor must determine appropriate levels based on customer profiles.
How to master it: Memorize a typical approval tier structure and practice matching customer profiles to appropriate levels.
4. Suitability in Context of Reg BI
Why it's hard: Regulation Best Interest changed the standard from "suitability" to "best interest," and the exam tests nuanced scenarios where these standards affect supervisory decisions.
How to master it: Study Reg BI's four obligations (Disclosure, Care, Conflict of Interest, Compliance) as they apply specifically to options supervision.
5. Position Limits and Exercise Limits
Why it's hard: The rules for position limits vary by underlying security and option class. You need to know what counts toward position limits and what happens when limits are exceeded.
How to master it: Focus on the concept (why limits exist) and the general rules, not memorizing specific numeric limits.
5-Week Series 9 Study Schedule
| Week | Focus Area | Daily Study | Activities |
|---|---|---|---|
| Week 1 | Options Fundamentals & Strategies | 60–90 min | Review all basic and complex options strategies, practice max gain/loss/breakeven calculations |
| Week 2 | Options Supervision & Compliance | 60–90 min | Account approval, trade review, FINRA/CBOE rules, supervisory procedures |
| Week 3 | Sales Practice & Suitability | 60–90 min | KYC requirements, Reg BI obligations, complaint handling, advertising rules |
| Week 4 | Branch Management + Integration | 60–90 min | WSPs, delegation, record-keeping, scenario-based questions combining all topics |
| Week 5 | Practice Exams & Review | 90–120 min | Full timed practice exams, review weak areas, exam logistics |
Total study time: 40–60 hours over 5 weeks
Study priority by domain weight:
- Options Supervision & Compliance — 40% of study time
- Options Strategies & Valuation — 30%
- Sales Practice & Suitability — 15%
- Branch Office Management — 15%
Exam Day Tips
Before the Exam
- Schedule at Prometric (your firm may handle scheduling)
- Bring two forms of ID
- Arrive 30 minutes early
- No study materials, phones, or personal items in testing room
During the Exam
- 60 questions in 90 minutes = about 90 seconds per question
- Flag calculation-heavy questions and return to them after easier questions
- For options strategy questions: draw out the position (mentally or on scratch paper) to visualize max gain/loss
- When in doubt on supervisory questions: choose the answer that provides the most protection for the customer
- Read every word carefully — "except," "not," and "all of the following" change the question entirely
After the Exam
- Pass/fail result displayed immediately on screen
- If you pass, begin preparing for the Series 10 (general securities supervision)
- If you fail, you must wait 30 days before retaking
Career Path & Salary for Securities Supervisors
| Position | Experience | Salary Range | Typical Requirements |
|---|---|---|---|
| Registered Representative | 0–3 years | $55,000–$85,000 | SIE + Series 7 |
| Senior Registered Rep | 3–5 years | $75,000–$120,000 | SIE + Series 7 + Series 66 |
| Options Supervisor | 5+ years | $90,000–$140,000 | Series 9/10 |
| Branch Manager | 7+ years | $110,000–$170,000 | Series 9/10 + Series 24 |
| Regional Director | 10+ years | $150,000–$250,000+ | Series 9/10 + Series 24 + experience |
| Chief Compliance Officer | 10+ years | $130,000–$200,000+ | Series 9/10 + Series 24 + Series 14 |
Why the Series 9 Matters for Your Career
- Mandatory for promotion: Most firms require supervisory licenses before promoting to management
- Higher earning potential: Supervisors earn 30–60% more than non-supervisory reps
- Career stability: Supervisory roles are less dependent on sales production
- Pathway to leadership: Series 9/10 → Series 24 → Branch Manager → Regional Director
What to Do After Passing the Series 9
- Register for the Series 10 — Complete it within your firm's required timeframe (often 1 year)
- Update your CRD record — Your firm's compliance department handles this
- Begin supervisory duties — You can now supervise options-related activities
- Consider the Series 24 — For broader supervisory authority
- Maintain CE requirements — FINRA Regulatory Element (computer-based training) annually + Firm Element
Pass the Series 9 — Start FREE Today
Our comprehensive Series 9 study course includes:
- All content areas with detailed explanations and regulatory references
- Options strategy breakdowns with calculation practice
- AI-powered study help — get instant answers to any options or compliance question
- Updated for 2026 FINRA rules and regulations
No credit card required. Your path to securities management starts here.
Official Resources
- FINRA Series 9/10 Exam Information — Official exam details
- FINRA Rules — Regulatory framework
- CBOE (Cboe Global Markets) — Options exchange rules
- OCC (Options Clearing Corporation) — Options clearing information
- Prometric Testing Centers — Schedule your exam