Series 9 vs. Series 10: What’s the difference?

You’re likely here because you’re preparing to tackle the Series 9 and Series 10 exams, and you want to understand the differences between the two. Passing both the Series 9 and 10 is an important step toward advancing your career in securities supervision. Together, they constitute the legal qualifications required to become a securities sales supervisor or a branch manager at a broker-dealer.

The content for both the Series 9 and Series 10 exams has been carefully crafted by analyzing the real-world functions of General Securities Sales Supervisors, ensuring the exams are relevant and closely aligned with your future responsibilities. If you’re engaged and interested in navigating the path to earning your Series 9/10 credentials, let’s dive into the core information you need to succeed on both exams.

Here’s how the two exams compare at a glance:

If you’re already familiar with how the Series 9 and Series 10 exams differ and want to dive directly into Series 9 or Series 10 study material or a comprehensive preparation strategy, visit our Series 9 and 10 exam preparation guide.

Eligibility for the Series 9/10

First things first: to take this exam and obtain supervisor registration, you must:

1. Be sponsored by a Financial Industry Regulatory Authority (FINRA) member firm or other applicable self-regulatory organization (SRO) member firm.
2. Plan to take (or have already passed) the Series 7 and the Securities Industry Essentials (SIE) exam. These are corequisites: you need them to hold the General Securities Sales Supervisor registration, but not to sit the Series 9 or 10.

Once you’ve met these requirements, your firm files a Form U4 to register you for the exam, and it will arrange for your fingerprints to be taken and submitted.

When scheduling your exams, you can take the Series 9 and Series 10 in either order, on the same day or on different days. Each enrollment gives you a 120-day window to take the exam, and you must pass both exams within two years of each other, or the one you passed is invalidated. Passing only one exam won’t get you the registration: you need both to be approved as a General Securities Sales Supervisor.

Series 9 basics: Supervising options sales

The Series 9 is a comprehensive 55-question, multiple-choice exam. Candidates have 90 minutes to complete the Series 9 exam, and the examination fee is $175. The primary objective of the Series 9 is to test the ability to competently supervise sales of options accounts. While Series 9 focuses on oversight of options-related activities, Series 10 assesses supervision of broader securities sales activities.

The FINRA Series 9 exam covers these core topics:

• (F1) Supervise the Opening and Maintenance of Customer Options Accounts
• (F2) Supervise Sales Practices and General Options Trading Activities
• (F3) Supervise Options Communications
• (F4) Supervise Associated Persons and Personnel Management Activities

A significant portion of Series 9 questions revolves around F1 and F2, with an emphasis placed on mastering the supervisory elements outlined in F2. F4 makes up the next most critical segment, while topics under F3 feature fewer questions. To prepare for the Series 9, staying current with the latest updates and rule amendments is crucial: these are frequently published on SRO websites. Leveraging the most current Series 9 study material or reputable online content is recommended over older textbooks, which may not reflect recent rule changes.

The Series 9 exam does not penalize for guessing, so it’s wise to answer every question. During the test, you can use the calculator provided at the test center for your convenience.

A passing score for the Series 9 exam requires achieving a score of at least 70%.

Series 10 basics: Supervising general securities sales

The FINRA Series 10 is a longer, 145-question, multiple-choice exam that takes four hours to complete and has a $235 registration fee. Compared to the Series 9 exam, the Series 10 exam is longer and places greater emphasis on the supervision of general securities sales. While Series 9 evaluates candidates on supervising options account sales, the Series 10 exam assesses broader supervisory skills across the general securities sector. This distinction is vital when comparing the two exams (see the Series 10 FAQ).

Series 10 focuses on the following key subject areas:

• (F1) Supervise Associated Persons and Personnel Management Activities
• (F2) Supervise the Opening and Maintenance of Customer Accounts
• (F3) Supervise Sales Practices and General Trading Activities
• (F4) Supervise Communications with the Public

A significant portion of the Series 10 exam questions fall within sections F2 and F3, highlighting the importance of customer account management and oversight of trading practices for candidates seeking the General Securities Sales Supervisor registration. As with studying for the Series 9, reviewing official online resources is often more reliable than consulting older book content; printed materials may not always reflect the latest information relevant to the Series 10 exam.

Like the Series 9, there is no penalty for incorrect answers on the Series 10; candidates are encouraged to answer all questions, even if guessing. A calculator approved and provided by the test center is also permitted during the Series 10 exam.

A passing score on the Series 10 exam is at least 70%.

Main similarities and differences

The Series 9 and 10 have a lot of crossover. Together, they qualify you to supervise sales of corporate securities (equity and debt); investment company products and variable contracts; municipal securities; options; government securities; and direct participation programs (DPPs).

The main differences between the two tests are:

• The Series 9 focuses greatly on options, a financial instrument whose value is tied to an underlying security
• The Series 10 goes further into the competencies supervisors need to perform their roles
• The Series 10 explores financial instruments and investment vehicles in more detail
• The Series 10 is two and a half hours longer than the Series 9 and has a much larger scope

This registration lets you supervise sales activities, but not other areas of a member firm’s securities business, such as:

• Underwriting
• Trading
• Overall compliance with financial responsibility rules

In terms of compliance, General Securities Sales Supervisors work to ensure that sales and other financial activities are conducted in accordance with FINRA's established rules and standards. However, they are not responsible for the broader oversight responsibilities granted to holders of the Series 24 (General Securities Principal) registration, another principal-level credential.

Should you take the Series 9 or 10 first?

FINRA leaves the order up to you: you can take the Series 9 or the Series 10 first, on the same day or on different days. Its content outline calls the Series 10 “Part 1” and the Series 9 “Part 2,” but that numbering doesn’t set the order. Some candidates take the Series 10 first because its scope is broader, then focus on the more specialized content of the 9.

Whichever you start with, each enrollment gives you a 120-day window to take that exam, and you must pass both within two years of each other, or the one you passed is invalidated.

Takeaways

The Series 9/10 exams are a major requirement for individuals seeking to supervise the sale of securities at their firms. Typically, branch managers pursue these credentials to demonstrate their proficiency and advance in their careers. The key distinction between the two exams lies in their focus: the Series 9 exam concentrates on supervising options sales, whereas the Series 10 exam covers a broader range of general securities sales. Notably, the Series 10 exam has more than two and a half times as many questions as the Series 9 exam (145 versus 55), and candidates have more than twice as much time (four hours versus 90 minutes).

You can take the Series 9 and Series 10 exams in any order, and you do not need to schedule both on the same day. Many candidates spread them out to ease the burden of studying, but remember that you must pass both within two years of each other. The testing process for these exams can be intense, but they represent an important career achievement for securities sales professionals. Whether you’re focusing on one test at a time or tackling both together, be sure to create a rigorous but attainable study schedule that allocates enough time for each topic. If you’re also weighing a broader principal registration, see how the Series 24 compares to the Series 9/10.