About the Series 9

About the Series 9 Exam

Quick Answer: The Series 9 is a 55-scored-question (plus 5 unscored pretest items, 60 total), 90-minute FINRA exam costing $175, with a 70% passing score (39 of 55 correct). It qualifies you, when paired with the Series 10, to supervise options sales activity at a broker-dealer. You must already hold the SIE (Securities Industry Essentials) and Series 7 (General Securities Representative) and be sponsored by a FINRA (Financial Industry Regulatory Authority) member firm.

The Series 9 exam, officially the General Securities Sales Supervisor - Options Qualification Examination, sits in the supervisory tier of FINRA licensing. A representative sells; a principal or supervisor approves accounts, reviews trades and communications, and answers for what subordinates do. The Series 9 carves out the options-specific slice of that supervisory role.

Exam Logistics

What the License Allows

The Series 9 plus Series 10 together produce the General Securities Sales Supervisor (GSSS) registration. As a GSSS you may supervise sales activity across corporate securities, investment company and variable products, municipal securities, options, government securities, and direct participation programs. The Series 9 portion specifically authorizes you to oversee:

• Opening and maintenance of customer options accounts, including options approval levels
• Sales practices and options trading, such as suitability, position limits, and exercise/assignment
• Options communications (advertising, sales literature, correspondence) and ODD delivery
• Associated persons doing options business: hiring, registration, training, and discipline

Note: The Series 9 alone does not grant supervisory authority. Because Series 9 and 10 are corequisites, you must pass both. Many candidates take the Series 9 first because it is shorter.

Series 9 vs Series 10

Exam Structure by Function

FINRA organizes the Series 9 around four supervisory job functions. Memorize that F1 and F2 together are 37 of 55 questions (about 67%) — they dominate the exam.

Sponsorship Requirement

Like the Series 7, the Series 9 is not open to the public. You must be associated with and sponsored by a FINRA member firm, which files a Form U4 and opens an enrollment window in CRD. A common trap: candidates assume passing the SIE on their own qualifies them — it does not lift the sponsorship requirement for the Series 9.

Where the Series 9 Fits in the Licensing Map

FINRA exams come in two tiers. Representative-level exams (the Series 7 you already hold) let you transact business with the public. Principal/supervisor-level exams let you oversee representatives. The Series 9/10 GSSS pathway is the sales-supervision branch of the principal tier, while the Series 24 (General Securities Principal) is a broader, separate principal license covering investment-banking and trading supervision. Do not conflate them — the exam will offer the Series 24 as a distractor.

Booking and Sitting the Exam

Once your firm opens an enrollment window in CRD (Central Registration Depository), you have a 120-day window to schedule and sit the exam. Bring two forms of valid ID (one government-issued photo ID). The test is closed-book; FINRA supplies an on-screen basic calculator and scratch material — personal calculators and notes are prohibited. If you fail, FINRA imposes a waiting period: 30 days after the first and second failures, and 180 days after a third or subsequent failure in a 24-month span.

Worked example: Maria passed her SIE in January and her Series 7 in March, and her firm sponsors her. She schedules the Series 9 for May. She must still pass the Series 10 to be registered as a sales supervisor; clearing the Series 9 in May simply removes one of the two corequisite hurdles. If she fails the Series 9 twice, she waits 30 days before each retake — pacing matters.

Common Misconceptions

• "The Series 9 replaces the Series 24." No — the Series 24 is a different, broader principal license. The Series 9/10 GSSS path is sales-supervision focused.
• "You can supervise options with only the Series 9." No — the Series 10 corequisite is required too.
• "The fee is the same as the Series 7." No — the Series 9 fee is $175, distinct from other exams.
• "There are 60 scored questions." No — 55 are scored; the remaining unidentified pretest items do not count toward your score.
• "I can self-enroll once I pass the SIE." No — the Series 9 always requires firm sponsorship through CRD.