Key Takeaways
- Study in order: options fundamentals first, then supervision-specific content.
- Functions 1 and 2 drive most questions—focus on account and trading supervision.
- Use quizzes actively: attempt first, then review explanations.
- Prioritize suitability rules, margin requirements, and compliance procedures.
- Recommended study time: 30-50 hours over 3-5 weeks.
How to Use This Study Guide
This comprehensive guide is designed to help you prepare for and pass the Series 9 exam on your first attempt.
Study Approach
Recommended Study Order
We recommend studying the chapters in order, as concepts build upon each other:
- Start with options account supervision - Foundation for all supervision
- Move to sales practices oversight - Apply supervision to trading activities
- Cover communications review - Understand compliance for options marketing
- Finish with personnel management - Tie everything together
Time Investment
| Experience Level | Recommended Study Hours |
|---|---|
| Series 7 passed recently | 30-40 hours |
| Some supervisory experience | 40-50 hours |
| New to supervision | 50-60 hours |
Focus on Functions 1 & 2 (67% of Exam)
The majority of the exam tests your ability to:
- Evaluate options account opening and maintenance
- Assess suitability of options trading for customers
- Monitor trading activities for compliance
- Identify and address supervisory issues
Study Tip: Spend the majority of your study time on account supervision and sales practices. Understanding when and how to intervene in options activities is crucial.
Using Quiz Questions
Each section includes quiz questions to test your understanding. For best results:
- Don't peek at answers - Try to answer before checking
- Read explanations - Even for questions you got right
- Note weak areas - Return to topics you struggle with
- Simulate exam conditions - Time yourself on practice tests
Key Areas to Master
Based on exam weighting and difficulty, prioritize these topics:
High Priority (Most Tested)
- Options account approval process
- Customer suitability for options
- Margin requirements for options
- Supervisory procedures for options trading
- OCC rules and CBOE regulations
Moderate Priority
- Options communications review
- Advertising and sales literature requirements
- Trade error handling
- Customer complaint procedures
Lower Priority (Fewer Questions)
- Personnel registration requirements
- Continuing education oversight
- Disciplinary procedures
Key Regulations to Know
The Series 9 tests knowledge of multiple regulatory frameworks:
| Regulation | Focus Area |
|---|---|
| FINRA Rule 2360 | Options account supervision |
| CBOE Rules | Exchange-specific options rules |
| OCC Rules | Options Clearing Corporation |
| Reg T | Margin requirements |
| FINRA Rule 3110 | Supervision requirements |
Good luck with your Series 9 preparation!
Which two functions of the Series 9 exam account for approximately 67% of the questions?
What are the prerequisites for taking the Series 9 exam?