FINRA Series 4 FAQ

Answers to the most common questions about the Series 4.

How do you get your Series 4 license?

To take the Series 4 exam, candidates need to be affiliated with and sponsored by a FINRA member firm or another relevant self-regulatory organization (SRO). To hold registration as an options principal, they must also pass the FINRA Securities Industry Essentials (SIE) and Series 7 exams. Candidates must score at least 72% to pass the Series 4 exam and satisfy the examination requirement for Registered Options Principal registration.

What's covered on the Series 4?

The Series 4 exams focus on supervision of options trading and personnel. It primarily focuses on critical functions, rules, statutory provisions, and regulations governing the trading of options contracts. While it contains technical questions on options trading and customer accounts, the exam evaluates compliance, market rules, and risk management across multiple option product categories, rather than general sales skills. Topics include supervision of options accounts, account activity, options trading, communications, regulatory requirements, and associated persons and personnel management.

What is the difference between the Registered Options Principal Exam (Series 4) and the General Securities Sales Supervisor Exams (Series 9 and 10)?

The FINRA Series 4 qualifies professionals to supervise specific options activities and personnel, while the General Securities Sales Supervisor license (Series 9 and 10 exams) covers broader retail sales, options, and municipal securities. Both qualifications are principal-level registrations that also call for a representative-level qualification. While the Series 9/10 exams also cover options, they cover a broader scope of investment products.

FINRA classifies the Series 9/10 as “limited principal” exams. This means they qualify you to supervise a broker-dealer's sales activities across various products, including corporate securities (both equity and debt), investment company products, variable contracts, municipal securities, options, government securities, and direct participation programs (DPPs). However, this authorization only covers sales-related activities. The Series 9 and 10 licenses do not allow supervision of other securities business areas, such as underwriting, trading, or compliance.

How hard is the Series 4 exam?

The Series 4 is generally considered a challenging principal-level exam because it requires detailed knowledge of options as well as the rules and supervisory responsibilities governing options accounts, trading, communications, and personnel. It's considered difficult due to its focus on dense statutory and regulatory information, and differs from similar FINRA exams that cover more technical financial and sales knowledge. Many financial professionals can pass this test on an expedited timeline by targeting unfamiliar areas, reviewing efficiently, and using full-length practice exams.

How many times can you take the Series 4?

You can take the Series 4 exam an unlimited number of times, though you will need to wait a certain number of days between each attempt. Through January 18, 2027, FINRA requires candidates to wait 30 calendar days after their first and second failed attempts and 180 calendar days after their third and subsequent failed attempts within a two-year period.

Starting January 19, 2027, those waits shorten to 15 and 60 calendar days. The shorter waits apply to any retake enrollment requested on or after January 19, 2027, even if the failed attempt happened before then. Failed attempts more than two years old do not count toward determining the applicable waiting period.

If you requested a retake enrollment before January 19, 2027 and are still in your waiting period on that date, FINRA will adjust your testing window that day to reflect the shorter wait, as long as you haven't scheduled an appointment. If you have, FINRA can't adjust the window without canceling your appointment, and will contact you to review your options.

While FINRA does not limit the number of times you can take the Series 4, passing FINRA qualification exams is generally required for many registered securities and principal positions. Some firms also impose their own policies limiting the number of exam attempts employees may have before affecting promotion eligibility or continued employment. Also note that for each attempt, you will need to re-register for the exam and pay the fee.