Series 9 & 10 Exams: Everything you need to know

The Series 9 & 10 Exams are the option and general sections of  the General Securities Sales Supervisor Exam. The exams are administered by FINRA. They each assess understanding of the information needed to be a licensed securities sales supervisor. The Series 9 & 10 Exams are both required to be passed within 2 years of each other.

Anyone who is acting as a branch office manager of a broker dealer should become a licensed  general securities sales supervisor.

A Series 9 & 10 licensed principal may supervise the sales activities of series 7 agents who transact business in any of the following securities products:

• Equity & Debt Securities
• Open & Closed End Investment Company Shares
• Mortgage Backed Securities 
• Direct Participation Programs  
• Real Estate Investment Trusts (REITS)
• Municipal Securities
• Municipal Fund Securities
• Government Securities 
• Options  (When passed in connection with the series 9 Exam) 

The Series 9 Exam consists of 55 scored multiple-choice questions. The exam has a time limit of 1 hour and 30 minutes.

The Series 10 Exam consists of 145 scored multiple-choice questions. The exam has a time limit of 4 hours.

Each Series 9 & 10 exam will contain experimental questions. As a result, the total number of questions will be 60–65 on the Series 9 Exam. There will be 155-160 questions on the Series 10 Exam. The experimental questions are not identified during the test. Nor do they count towards the candidate’s final score. Each exam provides more time for test takers to answer these questions.

The passing grade for the Series 9 & 10 exams is 70%. Test takers must answer at least  39 of 55 questions correctly on the Series 9 Exam. And at least 102 of the 145 questions correctly on the Series 10 Exam.

Each test provides enough time for candidates to answer every question presented. The time limit on the series 9 exam is 90 minutes. This translates into 1.64  minutes per question. The time limit on the Series 10 exam is 4 hours. This is 1.65  minutes per question. Test takers who have challenges interpreting questions, may find themselves pressed for time. Rushing to answer every question has a negative impact on performance. Ensure you have the ability to complete the test in the time allotted. To do this you must take full simulated exams for the series 9 & 10. Taking practice exams is a big part of any candidate’s exam preparation. The questions presented are challenging. Students must have a deep understanding of the critical information required to pass.

The Series 9 & 10 Exams tests the candidates’ knowledge of critical functions.  These are the functions a general securities sales supervisor must perform. The questions will on the series 9 will cover:

• Option disclosure requirements
• Option agreements
• Approving customer accounts 
• Large option position reporting 
• The role of the Options Clearing Corporation
• Option strategies 
• Spreads & Straddles 
• Using options to hedge

The FINRA official outline breaks down the Series 9 Exam as follows:

1. Supervise the Opening and Maintenance of Customer Options Accounts – 18 questions
2. Supervise Sales Practices and General Options Trading Activities – 19 questions
3. Supervise Options Communications – 5 questions
4. Supervise Associated Persons and Personnel Management Activities -13 questions

The Series 10 questions will cover:

• Hiring Employes 
• Form U4, U5 & U6
• Registration Requirements
• Continuing Education Requirements
• Outside Business Activities
• Private Securities Transactions 
• Political Contributions
• Annual Compliance Meetings 
• Anti-money Laundering (AML)
• New Product Training 
• MSRB Rules and Regulations
• MSRB Confirmation Requirements 
• Underwriting Municipal Securities

The FINRA official outline breaks down the Series 10 Exam as follows:

1. Supervise Associated Persons and Personnel Management Activities – 28 questions
2. Supervise the Opening and Maintenance of Customer Accounts – 49 questions
3. Supervise Sales Practices and General Trading Activities – 52 questions
4. Supervise Communications with the Public – 16 questions

You must make an investment in your professional development. Your Series 9 & 10 license qualifies you as securities sales supervisor. Many Series 9 & 10 licensed principals enjoy lucrative and successful careers. If you have to pay out of pocket, the costs are relatively low. This is true compared to other certifications and college expenses. Some employers pick up or reimburse the costs.  The cost to take the Series 9 & 10 Exams include:

• Training materials
• Testing fees
• Registration fees.

Our most comprehensive training package for the Series 9 & 10 Exams is $449. This comes with everything you need and includes free shipping. Other providers charge as much as $800 for similar packages.

The testing fee for the Series 9 exam is $130. 

The testing fee for the Series 10 exam is $175. 

Passing the Series 9 & 10 Exams is a significant challenge. Obtaining a Series 9 & 10 license takes focus and dedication.  Students should not take this test lightly. You must prepare to take the exam and should make it a top priority. Prepare for the exam by reading a textbook completely with a highlighter. You must read the book, there are no shortcuts and students need to understand this. Watch each video class that corresponds to the chapters in the book. This will provide you with more information on the concepts covered in each chapter. You must clear your schedule, shut off your phone and focus. In addition to the knowledge required,  you must master the application. Do this by taking thousands of practice questions. We recommend at least 40 hours of study time for the series 9 exam And at least  70 hours for the series 10 exam. This should ensure you pass your Series 9 & 10 Exams and become a licensed securities securities sales supervisor.

For the Series 9 exam

#1 Option Calculations

This section of the Series 9 exam seems to present a lot of challenges for test takers. Many industry professionals do not engage in advanced options trading. As a result, calculating the gains and losses for any particular option strategy can cause issues. Our course contains more than 3 hours of video training on these important concepts . After reading our textbook and watching the videos, most students become option masters. In fact, our option secrets make it, so students never need to remember any option formulas.

#2 Supervision of Option Accounts 

Opening and servicing options accounts is a large focus on the series 9 exam.  Knowing the rules and regulations is critical to success on exam day. You must learn everything from the option agreement and risk disclosure documents to the exercise and assignment process.  

For the Series 10 Exam’

#1 MSRB Confirmation Requirements 

This section of the Series 10 exam seems to present a lot of challenges for test takers. Many industry professionals do not engage in municipal securities business. As a result, the required disclosures can be incredibly difficult. This is especially true when dealing with non-standard municipal securities. Variable rate securities, Zero coupon securities and municipal fund securities all have their unique requirements. Mastering this information will help make sure you pass your exam. Our Series 10 textbook and video class lectures show you how to answers these challenging questions 

#2 MSRB Rules & Regulations

The MSRB is a unique organization. The MSRB does two things. It writes rules and writes test questions. That’s it. The rules of the MSRB focus solely on municipal securities. A product many test takers do not do business in. FINRA and the banking regulators are responsible for  enforcing the rules of the MSRB. You can expect to see a large number ofMSRB  questions on the series 10 exam.   Knowing the MSRB rules and regulations is critical to success on exam day.  

#3 Supervision

General supervision questions tend to be an area students find challenging. These questions are also the area where many students use too much time. These questions require an understanding of rules. And the ability to subjectively apply the rules. A number of scenario based questions require a mastery of the regulations. Oftentimes test takers are stuck with two answer choices that seem correct. Being able to select the most correct choice is absolutely   critical. The concepts must be committed to memory. To answer these questions quickly, we have designed a course that makes this easy. Our course contains feedback from thousands of series 10 students. We show you how to answer these challenging questions. 

We get asked this question a lot. The exams test very different material. The series 9 focuses on options. The series 10 covers all securities products. It also contains a substantial amount of questions dealing with municipal securities. Candidates who have strong options backgrounds find the series 9 to be easier. Students who are more familiar with general supervision and other investment products, find the 10 to be easier.

It does not matter which exam you take first. Some students opt to take the series 9 first because it is a smaller exam. Others, take the series 10 first because they do not like to deal with options. The choice is entirely up to each individual. Just remember that both exams must be passed within 2 years of each other.

All candidates must appear at an approved testing center to take the Series 9 & 10 Exams. Prometric test centers are available throughout the US. In fact, Prometric has more than 3,000 test centers.  Many exam centers are open 7 days a week. Students may schedule the exam at any location on any day that the center is open. To schedule an exam appointment, visit the prometric website.

You will receive your result of the exam immediately upon completion. Your results are displayed on the screen. You will get a certified copy of the results from the exam center. The passing score for the Series 9 & 10 Exams is 70%. Candidates who pass will not receive a numerical score. The exam report only states that the student achieved a passing grade. This is evidence that the student passed the Series 9 & 10 Exams. Students who do not achieve a passing score receive a numeric score for the exam. A range of the performance in each scored section is included in the report.

Students who do not pass the exam must wait 30 days before retaking the exam. During this time it is crucial to maintain the current level of proficiency. Make a detailed account of the exam. Make notes on the entire experience, especially areas of difficulty. A second unsuccessful attempt will result in another 30 day waiting period. A third unsuccessful attempt results in a 6 month waiting period.

It is very important to choose your Series 9 &10 study material carefully. Quality study material produced by a professional level publisher is key. At a minimum your training materials should contain:

• A comprehensive textbook

• Well produced video training classes

• Challenging test banks

Always start with the textbook. Our Series 9 & 10 textbooks are the foundation of our learning system. This book has everything you need to be successful.  Our textbooks are comprehensive and easy to follow. We strongly recommend that every student read the books completely. Take notes on key points. This will ensure you know more than the basics, it will ensure you know the facts. 

Our Series 9 & 10 video lectures follow our textbooks chapter by chapter. Each lecture provides more details on the content contained in the reading. Different examples show you how the concepts are tested. Best of all, we include feedback from thousands of actual Series 9 & 10 test takers. This will help you master the material. Make sure you watch each video lecture to ensure complete understanding. Every video lecture is followed by a quiz. This tests your immediate comprehension of the material.

From there move to the practice tests. Take topic focused custom quizzes. Go back to the videos and chapters in the textbook to firm up areas of weakness.  Now you are ready to take simulated final exams.  Take as many as you can and keep track of your results. Take as many as you can and keep track of your results. The more you take, the more prepared you will be.

Our Series 9 & 10 training materials will ensure your success on exam day. Complete with comprehensive physical textbooks, video lectures and challenging test banks. We are so confident in our Series 9 & 10 training course we offer you a money back greenlight pass guarantee.  Review our Series 9 & 10 Exam prep features here