How to prepare for the Series 9 and 10 exams

The advanced FINRA Series 9 and Series 10 are officially known as the General Securities Sales Supervisor Exams. These FINRA qualification exams are required for financial professionals seeking to supervise Series 7-licensed general securities representatives in transacting a range of financial instruments. A Series 9 and 10 are the core stepping stones to being promoted to a managerial position at a securities or brokerage firm.

The Series 9 exam and Series 10 exam are distinct tests, but they are almost always completed together within a two-year window to obtain a principal-level General Securities Sales Supervisor license. Below, we provide a comprehensive overview of both exams, followed by a Series 9 and 10 study guide to help direct your preparation strategy.

How hard are the Series 9/10 exams?

The Series 9 and Series 10 exams are both challenging, upper-level tests that play a key role in qualifying individuals as limited securities principals. Success requires a solid grasp of all material covered in the FINRA Series 7 exam, along with advanced concepts needed for managing various securities transactions and supervising associated persons.

When comparing Series 9 vs. Series 10, significant differences emerge in exam structure and focus areas. The Series 10 exam lasts four hours and consists of 145 questions, making it substantially longer than the Series 9 exam, which allows 90 minutes for 55 questions. While the Series 10 covers a broader range of general securities trading activities and supervision, the Series 9 delves deeper into specific options trading activities and their associated supervisory processes. Candidates must tackle options questions as difficult or even more challenging than those found on the Series 7 exam.

Although FINRA does not publish an official pass rate for either the Series 9 or Series 10 exams, industry sources estimate a pass rate of approximately 70% for both exams. Thorough preparation using a targeted Series 9 study plan is recommended for this notoriously tricky test. Plan to dedicate around 50 - 60 hours of focused study to pass the Series 9 exam, while conquering the comprehensive material found in the Series 10 may take closer to 100 hours.

The Series 9/10 exams: Key stats

The Series 9 and Series 10 exams are distinct FINRA licensing exams, each with its own specific format, cost, and focus areas. To earn Series 9 and 10 licenses, candidates must successfully complete both exams. Interestingly, the Series 10 exam is officially designated as “Part 1” of the licensing process for the Series 10 license, while the Series 9 exam is “Part 2,” though you may take these exams in any order.

Series 10 exam (Part 1): Key Information for the Series 10 license

The Series 10 exam emphasizes supervisory responsibilities such as personnel management, oversight of customer accounts, sales practices, trading activities, and public communications. Passing the Securities Industry Essentials (SIE) and Series 7 exams is required to sit for this test. Below are the essential details for the Series 10 exam (Part 1):

Series 9 Exam (Part 2): Key Details for the Series 9 10 License

The Series 9 exam, which forms Part 2 of the Series 9/10 license requirements, focuses on supervising options sales activities. The content covers customer options accounts, options sales practices and trading, options communications, and related supervisory responsibilities. Like the Series 10, the Series 9 requires candidates to have passed the SIE and Series 7. Below are the main stats for the Series 9 exam (Part 2):

The combined exams total 5 hours and 30 minutes, with 200 multiple-choice questions plus 15 additional experimental questions, and an overall cost of $305. You have the flexibility to schedule both exams on the same day or to take them separately based on your preference.

Scores are first calculated by dividing the number of correct answers by the total number of questions. Each question has four answer choices, and only selecting the right answer will grant you a point. Each candidate’s exam includes additional, unidentified pretest items that do not contribute toward the candidate’s score. You do not know which of the questions are experimental, so it is recommended that you answer all of the questions and do not attempt to determine which questions are experimental. There is no penalty for guessing, so candidates should make sure to answer every question by the end of the test period, even if they do not know the answer.

Raw test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received.

What subjects are covered on the Series 9/10 exams?

Official FINRA Series 10 (Part 1) outline

The official FINRA content outline for the Series 9/10 exams breaks down the exam content into eight sections, four for the Series 10 and four for the Series 9. Let’s start by reviewing the Series 10 topics, essential for your Series 10 study guide preparation:

Below, we’ll go into each section as outlined in the official FINRA guide in detail:

Supervise Associated Persons and Personnel Management Activities

28 questions: 19% of the exam

A core focus of this section is supervising personnel and managing associated persons. Topics include verifying new hires, maintaining current registrations and disclosures, enforcing disciplinary actions with employees, ensuring ongoing product and market knowledge (including compliance and continuing education requirements), and conducting branch office inspections while delegating supervisory duties.

Supervise the Opening and Maintenance of Customer Accounts

49 questions: 34% of the exam

This section covers reviewing new account documentation to determine client suitability, overseeing customer account transactions for appropriateness, evaluating margin accounts and margin requirements, and ensuring ongoing administrative maintenance of customer accounts.

Supervise Sales Practices and General Trading Activities

52 questions: 36% of the exam

This section focuses on supervising sales practices and trading activities. Key content includes identifying customer complaints and taking corrective action, overseeing trade error corrections, daily monitoring of trade activity for accuracy and compliance, supervising employee trading activity, and ensuring that all product sales by employees comply with regulatory standards.

Supervise Communications with the Public

16 questions: 11% of the exam

This section addresses oversight of communications with the public. Topics include telemarketing regulations, retail communications such as social media, adherence to content standards, reviewing both incoming and outgoing correspondence (with approvals as needed), and monitoring institutional communications.

Official FINRA Series 9 (Part 2) outline

And now, let’s revisit the official FINRA Series 9/10 exam outline as a key resource for your Series 9 study guide. Understanding this breakdown is essential for anyone preparing with a comprehensive Series 9 study guide, as it highlights the specific content areas covered on the Series 9 exam:

Let’s break down each section of the Series 9 exam as outlined:

Supervise the Opening and Maintenance of Customer Options Accounts

18 questions: 33% of the exam

This section covers reviewing new account documentation and approvals, monitoring client options trading activities to ensure compliance with regulatory standards, and assessing margin accounts for proper handling and adherence to margin requirements.

Supervise Sales Practices and General Options Trading Activities

19 questions: 35% of the exam

This critical section focuses on handling customer complaints and taking appropriate actions, correcting options trade errors, reviewing daily options trade activity for accuracy and exceptions, and overseeing the overall options trading process within your branch or department.

Supervise Options Communications

5 questions: 9% of the exam

This section helps prepare you to review options, retail communications, and related approvals; examine both incoming and outgoing options correspondence for compliance; and evaluate institutional communications pertaining to options.

Supervise Associated Persons and Personnel Management Activities

13 questions, 24% of the exam

This portion of the Series 9 covers maintaining up-to-date market, product, and regulatory knowledge related to options and overseeing personnel management activities.

As you can see from this overview, the Series 9 exam is essentially a focused version of the Series 10 exam, concentrating exclusively on options trading supervision. That’s why FINRA designates Series 10 as the first part of this exam pair and Series 9 as the second part: the assessments begin with broader content areas and then hone in on more specific topics.

What is the difference between the Series 9 and 10 and the Series 24?

Passing your Series 9 and 10 exams qualifies you for the Series 9 license, which designates you as a limited securities principal. Earning the Series 9 license enables you to supervise sales activities within a broker-dealer, specifically in key areas of the securities business. With this designation, a branch manager can oversee sales related to corporate securities, including:

• Equity and debt
• Investment company products and variable contracts
• Municipal securities
• Options
• Government securities
• Direct participation programs (DPPs)

However, the General Securities Sales Supervisor license obtained through the Series 9 and 10 exams does not authorize you to supervise other facets of a broker-dealer’s operations, such as underwriting, trading, or compliance functions.

On the other hand, passing the Series 24 exam qualifies you for the general securities principal designation rather than the limited scope of the Series 9 license. The Series 24 license allows you to oversee all areas of your firm’s investment banking and securities business, including underwriting, trading, market making, advertising, and compliance. Despite its broader scope, it’s important to note that the Series 24 license does not grant authority over municipal securities or options. As a result, professionals seeking to manage supervision of municipal securities or options activities must specifically obtain and maintain an active Series 9 license.

How to study for the Series 9/10

Review exam requirements.

To sit for the Series 9 and 10, there are certain requirements and prerequisites you must fulfill:

1. Age: You must be at least 18 years old.
2. SIE Exam and Series 7: A valid Series 7 license is required to take the Series 9/10 exams. Before you pursue a Series 7 license, you must pass the foundational Securities Industry Essentials (SIE) exam.
3. Sponsorship: The Series 9 and 10 require sponsorship by a FINRA-member firm or a self-regulatory organization (SRO). Employment by a FINRA-regulated company or organization is necessary for sponsorship.
4. Form U4: The Uniform Application for Security Industry Registration or Transfer (Form U4) is filed by the sponsor on your behalf. After you’re officially registered with FINRA, a background check and fingerprinting will be conducted.
5. Exam fee: Once you’ve completed the prerequisites, you must schedule your exam at a Prometric test center near you and pay all associated fees. You will have 120 days from the U4 filing date to register for and take the Series 10 or 9.

To find out if your firm is FINRA-affiliated, check the Central Registration Depository (CRD). A compliance team member at your company will help you throughout the process and submit the U4 through the CRD. You may register for the test yourself, or have your firm do it for you. Exam fees are processed with your form filings through the CRD, and your FINRA-member firm is responsible for submitting payment on your behalf. In many cases, firms will cover the cost of exams or reimburse you if you pass. For in-depth details on Series 9 license and Series 10 license exam registration requirements, consult FINRA Rule 1210.

Please note that while the enrollment window for taking the Series 9 or 10 exams is 120 days, you have two years from the completion of one exam to take the other. If you take the second of the two exams after your first enrollment window expires, you will need to open a new enrollment window. Speak to your compliance officer at your firm for their recommendation on how to approach this process. For complete details, please visit FINRA’s Registering a New Candidate page.

Analyze the content and rate your knowledge

When preparing for either exam, make sure to review each section using reliable Series 9 and 10 study materials. Work through a few practice questions from every section to identify your strengths and areas needing improvement. You’ll likely notice which topics on both exams require additional focus. Track your confidence level for each section as you go. Taking a diagnostic followed by regular Series 10 and Series 9 practice exams is an excellent way to assess your current readiness and adjust your prep strategy.

Prepare a study schedule

Give yourself a time budget for how many hours you plan to dedicate to your Series 9 and 10 exam prep between today and test day. Setting an achievable schedule is key to thorough and effective preparation, so be pragmatic. As a guideline, most Series 9 and 10 study materials and prep courses recommend allocating around 150 hours to thoroughly master the content on both exams. If you’ve already reviewed much of the material and are now focusing on your final review, 30 - 50 hours of targeted prep may be sufficient.

Once you have determined your total study hours, divide your time based on two important factors: your confidence level with each exam section, and the weight of each section on the exam. Spend more time on high-value topics where you have the greatest opportunity to improve and maximize your score. Achievable makes it easy to plan a study schedule with our interactive study planner, no matter what your schedule or time constraints look like.

What if I have no time for a study schedule?

But what if you’re way behind and the test is only a few days away? The good news is that you can usually cover more material than you think. Research shows that most people hit a wall after about three hours of straight studying, but with just a one-hour break, they can dive back in for another three hours with nearly the same effectiveness. It’s not the most efficient long-term strategy, but in a pinch, it can help you push through. The study planner can be modified to fit truncated study plans, but try your best to plan ahead and avoid cramming.

Use quality study materials

Because the Series 9 and 10 exams are complex and challenging, using high-quality prep materials is highly recommended for effective preparation. Self-guided preparation courses and programs with virtual or live instruction are available at a variety of price points. Make sure you’re using a Series 9 and 10 textbook and course plan complete with review questions and guided instruction. Use flash cards, Series 9 and 10 “cheat sheets,” and videos to review and reinforce key exam topics. Choose a study program with comprehensive resources and a pass guarantee, so you can trust your platform to fully prepare you. Get a head start on your prep by exploring Achievable’s library of Series 9 resources, built to fit any learning style.

Many firms offer a list of approved or recommended study vendors for Series 9 and 10 materials, or may provide access to courses and resources directly. However, some firms may expect you to pay for exam prep out of pocket, with the possibility of reimbursement upon passing.

Practice under real conditions

One of the best test preparation strategies is using realistic practice exams and questions under timed conditions. This crucial studying practice will help you become familiar with the format of the test and find out if you’re able to answer all the required questions in the allotted time.

The pace of the Series 9 and 10 set them apart from other FINRA licensing exams: for both exams, you’ll only have about 40 seconds to answer each question. You’ll need a complete grasp of the material on the test and the ability to access knowledge quickly to get through everything. As you study, keep an error log of your mistakes and revisit key topics at the end of each week to address any weak points.

Prepare for exam day

On exam day, be sure to bring a valid government-issued ID, such as a driver’s license or passport. Plan to arrive at the test center at least 30 minutes early to allow plenty of time for check-in. Skip any last-minute cramming: just give your notes a quick review, get a full night’s rest, and focus on staying calm and clear-headed during the test. Bringing reference materials, including notes, textbooks, or study aids, is strictly prohibited in the testing environment.

The Series 9 and Series 10 exams are computer-based assessments administered exclusively at Prometric Test Centers nationwide. You must take the Series 9 exam and Series 10 exam in person at an official testing site, as online testing is not available for these exams. Before you begin, the test center will provide a tutorial on navigating the exam interface to help you prepare for the Series 10 and Series 9 exam experience.

Series 9/10 retake policy

If you don’t pass the Series 9 or 10 your first time, you’ll have to wait 30 days before you can retake the exam. After the first three attempts, the waiting period between retakes extends to 180 days. However, there is no limit to how many times you can retake the test. If your first attempt doesn’t go as planned, use that opportunity to refine your study strategy and practice before you try again.

Final thoughts

Passing the Series 9 and 10 exams is a crucial milestone in advancing a career in securities sales and advising. Taken together, both exams prepare you for the heightened responsibility and technical knowledge expected of general securities sales supervisors. Preparing for the exams may feel challenging given the scope of both tests, but with a structured plan, you can build an effective study routine that covers all the required material. With the right approach, you’ll be well-positioned to pass your Series 9 and 10 on the first attempt and elevate yourself to a management position in finance.

Achievable offers an extensive prep course for the FINRA Series 9, designed to make your preparation clear and efficient. Try it for free today and see how our expert textbook, interactive study tools, and technology-driven platform can support your success.