Key Takeaways
- The Series 9 is the General Securities Sales Supervisor - Options qualification exam.
- Exam format: 55 scored + 5 unscored questions in 1 hour 30 minutes.
- Passing score is 70% and requires SIE + Series 7 as prerequisites.
- Series 9 focuses specifically on supervising options trading activities.
- Must be combined with Series 10 for full General Securities Sales Supervisor registration.
About the Series 9 Exam
Quick Answer: The Series 9 is a 55-question, 90-minute FINRA exam with a 70% passing score and $175 fee. It qualifies you to supervise options sales activities at a broker-dealer. You must pass the SIE and Series 7 first and be sponsored by a FINRA member firm.
The Series 9 exam, officially known as the General Securities Sales Supervisor - Options Qualification Examination, is part of the supervisory licensing pathway for securities professionals who want to oversee options trading activities.
Exam Overview
| Detail | Information |
|---|---|
| Full Name | General Securities Sales Supervisor - Options |
| Administered By | FINRA (via Prometric) |
| Questions | 55 scored + 5 unscored (pretest) |
| Time Limit | 1 hour 30 minutes (90 minutes) |
| Passing Score | 70% (39 out of 55) |
| Cost | $175 |
| Prerequisites | Must pass SIE + Series 7 |
What Does the Series 9 License Allow?
Passing the Series 9 exam (combined with Series 10) qualifies you to supervise:
- Options sales personnel and their trading activities
- Opening and maintenance of customer options accounts
- Options communications to customers and the public
- Personnel management for options-related staff
- Compliance monitoring for options trading
Note: The Series 9 is paired with the Series 10 exam. Together, they make up the General Securities Sales Supervisor qualification, which allows you to supervise sales activities in corporate securities, investment company products, variable contracts, municipal securities, options, government securities, and direct participation programs.
Series 9 vs Series 10
| Exam | Focus | Questions | Time |
|---|---|---|---|
| Series 9 | Options supervision | 55 | 90 min |
| Series 10 | General securities supervision | 145 | 4 hours |
The Series 9 focuses specifically on options-related supervisory responsibilities, while the Series 10 covers broader general securities supervision.
Exam Structure by Function
The Series 9 is organized around four major job functions of a General Securities Sales Supervisor related to options:
| Function | Description | Questions | Weight |
|---|---|---|---|
| F1 | Supervise opening/maintenance of customer options accounts | 18 | 32.73% |
| F2 | Supervise sales practices and general options trading | 19 | 34.55% |
| F3 | Supervise options communications | 5 | 9.09% |
| F4 | Supervise associated persons and personnel management | 13 | 23.64% |
Sponsorship Requirement
Like the Series 7, you must be sponsored by a FINRA member firm to take the Series 9. This means you need to be employed by or associated with a broker-dealer before registering for the exam.
Key Topics Covered
This study guide covers all major topics tested on the Series 9 exam:
- Options Account Supervision - Opening accounts, suitability, margin requirements
- Sales Practices Oversight - Trading activities, compliance monitoring, order supervision
- Options Communications - Advertising, sales literature, correspondence review
- Personnel Management - Hiring, registration, training, disciplinary procedures
The Series 9 exam focuses primarily on which area of securities supervision?
What is the passing score for the Series 9 exam?