190+ Free Series 4 Practice Questions
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Key Facts: Series 4 Exam
60-70%
First-Time Pass Rate
Industry estimate
72%
Passing Score
90/125 questions
60-80 hrs
Study Time
Recommended
24%
Options Trading
Largest section
$200
Exam Fee
FINRA
3h 15m
Exam Duration
FINRA
The Series 4 exam has an estimated 60-70% first-time pass rate. It requires 72% (90/125 questions) to pass in 3 hours 15 minutes. The exam covers six major areas: Supervise Opening Accounts (17%), Account Activities (20%), General Options Trading (24%), Communications (7%), Regulatory Requirements (10%), and Personnel Management (22%). Prerequisites: SIE + Series 7 + firm sponsorship. Plan for 60-80 hours of study.
About the Series 4 Exam
The Series 4 qualifies principals to supervise options sales and trading activities at broker-dealers. It covers options account supervision, trading strategies, communications, compliance procedures, and personnel management. This exam is required for anyone who supervises options-related activities.
Questions
125 scored questions
Time Limit
3 hours 15 minutes
Passing Score
72%
Exam Fee
$200 (FINRA)
Series 4 Exam Content Outline
Supervise Opening of New Options Accounts
Account documentation, customer profiles, KYC, AML, suitability, and approval levels
Supervise Options Account Activities
Account reviews, margin requirements, exercise/assignment, position limits, and account maintenance
Supervise General Options Trading
Options strategies, spreads, combinations, index options, OTC options, and order handling
Supervise Options Communications
Advertising, correspondence, sales literature, educational materials, and options disclosure
Implement Practices and Regulatory Requirements
Compliance procedures, recordkeeping, reporting, Cboe and FINRA rules
Supervise Associated Persons and Personnel Management
Registration, training, conduct, disciplinary actions, and CE requirements
How to Pass the Series 4 Exam
What You Need to Know
- Passing score: 72%
- Exam length: 125 questions
- Time limit: 3 hours 15 minutes
- Exam fee: $200
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
Series 4 Study Tips from Top Performers
Frequently Asked Questions
What is the Series 4 exam?
The Series 4 is FINRA's Registered Options Principal Qualification Examination. It qualifies individuals to supervise options sales and trading activities at broker-dealers. The exam covers options account supervision, complex trading strategies, communications compliance, regulatory requirements, and personnel management. It is required for anyone who will supervise options-related activities.
What is the Series 4 pass rate?
The Series 4 exam has an estimated pass rate of 60-70% for first-time test-takers. The exam has 125 multiple-choice questions with a 72% passing score (90 correct answers), taken over 3 hours 15 minutes. The complexity of options strategies and supervisory scenarios contributes to the difficulty.
What are the prerequisites for the Series 4?
You must pass the SIE exam and Series 7 (General Securities Representative) before taking the Series 4. Firm sponsorship is also required. The Series 4 builds on the options knowledge from the Series 7 at a supervisory level, testing your ability to oversee options operations.
How long should I study for Series 4?
Plan for 60-80 hours of study over 6-10 weeks. Focus on complex options strategies including spreads and combinations (24% of exam), account supervision and margin requirements (20%), and personnel management (22%). Complete at least 200 practice questions and score 80%+ consistently before scheduling your exam.
What are the main topics on the Series 4?
The main topics are: Supervise General Options Trading (24%), Supervise Associated Persons (22%), Supervise Account Activities (20%), Supervise Opening Accounts (17%), Regulatory Requirements (10%), and Supervise Communications (7%). The exam focuses heavily on supervisory scenarios involving options strategies, margin, and compliance.
How is the Series 4 different from the Series 7?
The Series 7 tests your ability to sell securities including options, while the Series 4 tests your ability to supervise options-related activities. The Series 4 covers supervisory responsibilities like account approval, margin oversight, compliance procedures, and personnel management that are not covered on the Series 7. You must pass the Series 7 before taking the Series 4.