Series 9 Exam: Everything You Need To Know

The Series 9 exam is the option portion of the General Securities Sales Supervisor Exam. The test is  administered by FINRA. It assesses understanding of the information needed to be a licensed securities sales supervisor. The Series 9 exam is taken in conjunction with the series 10 exam. 

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

A Series 9 licensed principal may supervise the sales activities of series 7 agents who transact option business.

The Series 9 Exam consists of 55 scored multiple-choice questions. You must answer every question. There is no “skip button”. The exam has a time limit of 1 hour and 30 minutes.  Each Series 9 exam will contain experimental questions. As a result, the total number of questions will be 60-65. These 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 exam is 70%. Test takers must answer at least 39 of the 55 questions correctly.

The test provides enough time for candidates to answer each question presented. The 90 minute  time limit translates into 1.64  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 55-question practice tests. Taking Series 9 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 Exam tests the candidates’ knowledge of critical functions.  These are the functions a general securities sales supervisor must perform. The questions 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 exam as follows:

Supervise the Opening and Maintenance of Customer Options Accounts – 18 questions

Supervise Sales Practices and General Options Trading Activities – 19 questions

Supervise Options Communications – 5 questions

Supervise Associated Persons and Personnel Management Activities -13 questions

You must make an investment in your professional development. Your Series 9 license qualifies you as securities sales supervisor. Many Series 9 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 exam include:

• Training materials
• Testing fees
• Registration fees.

Our most comprehensive training package for the Series 9 exam is $189. This comes with everything you need and includes free shipping. Other providers charge as much as $350 for similar packages.

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

Passing the Series 9 exams is a significant challenge. Obtaining a Series 9 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. This should ensure you pass your Series 9 exam and become a licensed  securities sales supervisor.

#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.  

All candidates must appear at an approved testing center to take the Series 9 exam. 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 exam 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 exam. 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.

The Series 9 exam is the option portion of the sales supervisor examination. In order to be fully qualified as a general securities sales supervisor, you must pass the Series 10 exam. The series 10 exam is the general supervision portion of the exam.

It is very important to choose your Series 9 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 textbook is the foundation of our learning system. This book has everything you need to be successful.  Our Series 9 textbook is comprehensive and easy to follow. We strongly recommend that every student read the book 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 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 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.

Our Series 9 training materials come with our greenlight money back guarantee. Review our Series 9 exam prep features here