Series 9/10 (the General Securities Sales Supervisor qualification) is a FINRA-administered, two-part exam and license that qualifies an individual to supervise sales activities at a general securities–oriented branch office. It is aimed at “general securities sales supervisors” whose responsibilities include oversight of options and a wide range of securities products and sales practices. Candidates must already hold a Series 7 (General Securities Representative) license and must be associated with a FINRA member firm (or other sponsoring self‑regulatory organization) to take the exam.
Series 9/10 Permitted Activities
Holders of the Series 9/10 qualification are authorized to supervise the sale of a broad set of securities and related activities, including (but not limited to):
– Corporate securities (stocks, rights, warrants)
– Closed-end funds, money market funds, REITs
– Asset‑backed and corporate mortgage‑backed securities
– Equity options and options on certain debt securities
– Mutual funds, variable annuities, variable life insurance
– Government securities, repurchase agreements, and CARDS (certificates of accrual on government securities)
– Municipal securities and municipal fund securities
– Direct participation programs
Series 9/10 is broader than some other principal exams in that it explicitly includes options and government/municipal securities supervision in its scope. For a complete list and official descriptions, consult FINRA’s permitted-activities documentation and the Series 9/10 content outline. (See sources.)
Series 9/10 Eligibility
– Prerequisite license: Series 7 (General Securities Representative) — you must hold this before sitting for Series 9/10.
– Sponsorship: You must be registered with and sponsored by a FINRA member firm (or another sponsoring SRO) — firms typically file the registration paperwork (Form U4) on your behalf.
– Association: You must be associated with the sponsoring firm at the time of registration and testing.
Check with your employer’s compliance or SRO registration team early — they will file or guide you through any required forms and scheduling.
Series 9/10 Test Content (format and logistics)
– Structure: Two parts administered together as one exam experience:
• Series 9 (options supervision) — 60 questions (includes 5 unscored pretest items)
• Series 10 (broader sales supervision) — 145 questions (includes 10 unscored pretest items)
• Total questions shown: 215 multiple-choice items (15 of these are unscored pretest questions)
– Time allowed:
• Series 9: 90 minutes
• Series 10: 4 hours
– Passing score: 70% (as reported by FINRA)
– Scoring: There is no penalty for guessing — answer every question.
– Administration: Computer-based testing at FINRA/Prometric testing centers; confirm scheduling and testing procedures through your firm and FINRA’s exam registration resources.
– Content areas: The exam tests job functions and supervisory responsibilities across multiple domains—supervisory requirements, recordkeeping, customer accounts, communications, options rules and adjustments, trading practices, municipal and government securities supervision, and more. See FINRA’s official Series 9/10 Content Outline for the full breakdown of topics and the number of scored questions per function.
Series 9/10 Exam — Sample Questions (FINRA examples and answers)
Below are representative sample questions FINRA has published. Correct answers marked with a brief note.
1) Which of the following items is considered retail communication?
(A) Electronic communication distributed to institutional investors on a daily basis
(B) Social media communication with institutional investors on a daily basis
(C) Written communication distributed to 10 retail investors within a 30-day period
(D) Written communication distributed to more than 25 retail investors within a 30-day period*
Explanation: Retail communication is generally written or electronic communications distributed to more than 25 retail investors in any 30-day period.
2) A qualified person must inspect an office of supervisory jurisdiction (OSJ) at least:
(A) Quarterly
(B) Annually*
(C) Every two years
(D) Every three years
Explanation: FINRA requires at least an annual inspection of OSJs by a designated qualified person.
3) Listed equity options would not be adjusted for which of the following actions in the underlying security?
(A) A 2‑for‑1 stock split
(B) A 1‑for‑5 reverse stock split
(C) A stock dividend of 5%
(D) A cash dividend of $0.50*
Explanation: Cash dividends do not trigger option contract adjustments; certain stock splits, reverse splits, and large stock dividends do.
The Difference Between Series 9/10 and Series 24
– Series 24 (General Securities Principal) permits a principal to supervise broad sales activities and the overall securities business of a member (including investment banking and corporate financing in many cases). It covers corporate securities, mutual funds, variable contracts, and many sales supervision functions.
– Series 9/10 (General Securities Sales Supervisor) provides supervision authority over everything in Series 24 plus additional territory in fixed income, options, government/municipal securities and certain other instruments. Series 9/10 explicitly covers options supervision in depth (Series 9 being the options-focused part) and municipal and government securities that Series 24 does not cover.
– In short: Series 24 = broad sales and business supervision (including investment banking supervision). Series 9/10 = broad sales supervision with deeper coverage of options, municipal, and government securities. Which exam a firm requires depends on the specific supervisory duties the principal will perform.
Practical steps — how to become Series 9/10 licensed (step‑by‑step)
1. Confirm the need and sponsor
• Verify with your employer or prospective employer that the Series 9/10 license is required for your supervisory role.
• Obtain firm sponsorship. Your employer must be a FINRA member (or appropriate SRO) and will file the registration (Form U4) for you.
2. Verify prerequisites
• Ensure you already have (or will obtain before the exam) the Series 7 license. FINRA requires Series 7 before Series 9/10.
3. Obtain the official study outline and materials
• Download FINRA’s Series 9/10 Content Outline (official test blueprint). This lists the job functions, number of scored questions per function, and detailed topic lists.
• Acquire up-to-date study guides, textbooks, online courses, and question banks from reputable providers. Use materials that reflect the current FINRA rules and recent market-product changes.
4. Make a study plan (example timeline)
• Typical study time: 6–8 weeks for a motivated candidate, though this varies by experience and background.
• Weekly plan: 8–15 hours/week if you’re studying while working. If you have prior supervisory experience with options and municipal/govt securities, you may need less.
• Breakout by topic: Spend extra time on options adjustments and rules (Series 9), municipal/government securities, supervision and compliance procedures, and communications/recordkeeping rules.
5. Practice and assess
• Use timed practice exams that mimic the computer test environment.
• Focus on weak areas revealed by practice tests.
• Because there is no guessing penalty, review questions you answered incorrectly and learn why the distractors are wrong.
6. Schedule the exam
• Your firm (sponsor) will handle registration; testing is administered through Prometric/FINRA testing centers. Confirm available dates and testing center policies (IDs, check‑in time, prohibited items).
• Confirm any exam fees and payment procedure with your employer.
7. Exam‑day strategy
• Arrive early with required identification as directed by the testing center.
• Time management: allot time proportionally (Series 9: 90 minutes for 60 questions; Series 10: 4 hours for 145 questions). Pace yourself; flag difficult questions and return later.
• Answer every question (no penalty for guessing).
• Use process of elimination on uncertain items.
8. After passing
• Your firm’s registration team files updates with FINRA to show you are qualified to act in the supervisory capacity.
• Confirm that your registration record reflects the Series 9/10 qualification.
• Complete any firm‑required training and begin carrying out supervisory responsibilities only as authorized by your employer.
Maintaining the license — continuing education and compliance
– Registered principals are subject to FINRA continuing education requirements:
• Regulatory Element: a FINRA-mandated computer-based program required at specified intervals for registered persons.
• Firm Element: ongoing training required by your employer to keep you current with firm-specific procedures and compliance policies.
– Keep up with rule changes and new products. The exam questions and supervisory requirements are updated over time as rules change.
Study tips, common pitfalls, and resources
– Use the official FINRA Series 9/10 Content Outline as your study map.
– Prioritize options rules and margin/adjustment mechanics (Series 9), and supervisory rules, municipal/govt securities, and communications/OSJ rules (Series 10).
– Take many timed practice exams and review explanations carefully.
– Don’t underestimate recordkeeping, communication, and supervisory procedure questions — they are a large portion of the exam.
– Confirm any ambiguous firm policies with your compliance officer before applying them in supervisory decisions (the exam tests FINRA rules, not individual firm interpretations).
– Common pitfalls: underpreparing on options adjustments, misclassifying types of communications (retail vs. institutional), and missing recordkeeping or reporting requirements.
Where to get authoritative information and study materials
– FINRA: Series 9/10 page and Series 9/10 Content Outline (official rules and exam blueprint).
– FINRA: Permitted Activities of Registered Principals (to compare Series 24, 9/10 etc.).
– FINRA: Continuing Education requirements.
– Reputable test-prep providers: textbooks, online courses, and question banks tailored to the current Series 9/10 Content Outline.
– Employer compliance or registration department (for sponsorship, Form U4, and firm‑specific requirements).
References
– FINRA. “Series 9 and 10 – General Securities Sales Supervisor Exams.” FINRA registration/exams pages. Accessed [check FINRA site for current links and details].
– FINRA. “Permitted Activities of Registered Principals.” FINRA resources. Accessed [check FINRA site].
– FINRA. “General Securities Sales Supervisor Qualification Examination (Series 9/10): Content Outline.” FINRA content outline. Accessed [check FINRA site].
– Investopedia. “Series 9/10.” . Accessed Dec. 7, 2020.
(Always confirm current exam format, timing, and requirements with FINRA and your sponsoring firm prior to registering — FINRA periodically updates content, rules, and procedures.)
(Continuing from the prior overview and comparison to Series 24)
Practical steps to become a Series 9/10-qualified supervisor
– Confirm prerequisites
• Be associated with a FINRA member firm or other qualifying SRO; individual firms sponsor testing.
• Already hold and maintain a Series 7 (General Securities Representative) registration before sitting for Series 9/10.
• Verify any firm-specific requirements (years of experience, in‑house training).
• Register for the exam
• Your sponsoring firm will file Form U4 and schedule the exam via FINRA’s testing vendor.
• Review the current FINRA test center/remote proctoring options and book a seat.
• Establish a study timeline (sample 8–12 week plan)
• Weeks 1–2: Read FINRA’s Series 9/10 Content Outline to identify exam topics and weighting; build a list of weak areas.
• Weeks 3–6: Core study — options supervision (Series 9 focus), general securities supervision (Series 10 focus), communications/advertising rules, compliance obligations, municipal and government securities supervision, OSJ responsibilities, recordkeeping and supervision of sales practices.
• Weeks 7–8: Practice exams — timed sets for Part 1 (Series 10) and Part 2 (Series 9). Review missed questions and underlying rules.
• Week 9–10: Targeted review of trouble topics, flashcards for key rules and definitions, mock exam day(s).
• Final week: Light review, logistics check (ID, test center directions or remote-proctoring setup), sleep and stress management.
• Study resources
• FINRA Series 9/10 Content Outline and any FINRA-provided sample questions (primary authority for exam topics) [FINRA Series 9/10 Content Outline].
• Commercial prep providers (question banks, timed exams, topical drills).
• Firm training materials, policies and written supervisory procedures (WSPs) — many exam questions concern practical supervisory duties that mirror firm practice.
• Regulatory texts and interpretive letters for frequently-tested areas: options adjustments, supervisory reviews, advertising/retail communications, suitability and complaint handling.
• Test registration and day
• Confirm required identification for the test center or remote-proctoring requirements.
• Arrive early or log in early; bring permitted materials only (no personal notes, electronics except approved testing device).
• Time management: Series 9 = 60 scored questions (plus unscored), 90 minutes; Series 10 = 145 scored questions (plus unscored), 4 hours. (Total exam content per FINRA; verify current timing and question counts with FINRA before scheduling.)
• Answer every question (no penalty for guessing).
What the exam emphasizes (practical supervisory responsibilities)
– Supervision of options business (primarily Series 9)
• Proper handling of option account approvals, options disclosures, margin and strategy suitability, position limits and option adjustments for corporate actions.
– Supervision of general securities sales (Series 10)
• Branch supervision (OSJ duties), review and approval of retail communications and correspondence, trade supervision and trade reporting, suitability and best execution oversight.
– Regulatory and firm compliance requirements
• Book and recordkeeping, anti‑money‑laundering (AML) obligations, supervisory escalation for exceptions and complaints, supervisory inspections and audits.
– Municipal and government securities, repos and related products (areas Series 9/10 covers beyond Series 24)
• Oversight of municipal fund securities and government securities sales practices.
Sample exam questions with explanations
– Example A (communications)
• Question: Which of the following is considered retail communication?
• A: Electronic communication sent to institutional investors daily
• B: Social media posts directed only to institutional contacts
• C: Written communication distributed to 10 retail investors within a 30-day period
• D: Written communication distributed to more than 25 retail investors within a 30-day period
• Correct: D. Retail communication generally includes written communications distributed to more than a specific number of retail investors within a set timeframe (rules differ by category; FINRA guidance defines thresholds). Materials sent to 10 retail investors typically fall into “correspondence” rather than “retail communication.” (See FINRA communications rules.)
• Example B (OSJ inspection)
• Question: A qualified person must inspect an Office of Supervisory Jurisdiction (OSJ) at least:
• A: Quarterly
• B: Annually
• C: Every two years
• D: Every three years
• Correct: B. Firms must conduct periodic reviews of OSJs; the frequency in FINRA guidance is generally annual for qualified person inspections, though firms’ WSPs may impose more frequent reviews.
• Example C (options adjustments)
• Question: Listed equity options would not be adjusted for which of the following actions in the underlying security?
• A: A 2-for-1 stock split
• B: A 1-for-5 reverse split
• C: A stock dividend of 5%
• D: A cash dividend of $0.50
• Correct: D. Cash dividends typically do not prompt contract adjustments. Stock splits, reverse splits and significant stock dividends do.
Study and exam-taking tips (practical)
– Focus on rules that drive supervisory decisions (what a principal must do when they see an exception: document, escalate, fix).
– Learn definitions (retail vs. institutional communications, OSJ vs. branch office, qualified person duties).
– Memorize key numbers and thresholds where applicable (timing windows, distribution cutoffs). Use flashcards.
– Use timed practice exams to build stamina; Series 10 is long (4 hours).
– When answering, eliminate clearly wrong choices first; there is no guessing penalty.
– Review FINRA notices and rule changes close to your exam date; questions are updated when rules change.
Typical retake, registration and fee considerations (check FINRA for updates)
– FINRA policies (fee amounts, retake waiting periods and scheduling rules) change periodically. Always confirm:
• Current exam registration and scheduling procedures via your firm’s testing coordinator or FINRA’s candidate resources.
• Any applicable fees charged to the candidate or firm.
• Current retake waiting periods and limits; many FINRA exams have structured waiting periods after failed attempts.
Maintaining qualification and continuing education
– Once registered, principals are subject to continuing education (CE) requirements:
• FINRA’s Regulatory Element (computer-based training modules) typically becomes due within a set period after initial registration and at regular intervals thereafter.
• Firms often impose Firm Element CE requirements each year for registered personnel, focusing on firm-specific policies and new regulatory changes.
– Stay current with rule changes impacting supervisory responsibilities (options market structure, municipal securities rules, advertising standards).
Practical supervisory scenarios and how a Series 9/10 principal should act
– Scenario 1: A registered rep sends a promotional email to 35 retail clients touting a high-yield municipal fund without prior approval.
• Steps: Remove the communication from circulation, determine whether the content meets the firm’s advertising standards, document the incident, require a remedial conversation or training for the rep, and escalate for review if the communication contained inaccurate or misleading statements. Update WSPs if a gap is found.
• Scenario 2: Trading desk reports a pattern of late trade reports for municipal securities.
• Steps: Investigate the scope — which traders/accounts are affected, root cause (system, process, or human error), remediate reporting process, notify compliance/legal if required, document corrective actions and reportable events.
• Scenario 3: Option positions exceed typical limits after corporate action
• Steps: Review adjustment rules for options in response to corporate actions, confirm correct contract adjustments were applied, notify affected customers, ensure margining and suitability reviews were updated.
Career implications and where Series 9/10 leads
– Roles for holders of Series 9/10:
• General securities sales supervisor at branch or OSJ (supervising reps who sell general securities and options).
• Branch manager in firms with general securities operations.
• Compliance or supervisory roles focusing on retail communications, advertising review, and branch-level compliance.
– Advancement: Combining Series 9/10 with other principal registrations or specialty licenses may broaden supervisory scope or move you into firm-wide compliance or executive roles.
Additional resources and authoritative references
– FINRA — Series 9 and 10 General Securities Sales Supervisor Exams (content outlines and sample questions):
– FINRA — Permitted Activities of Registered Principals:
– FINRA — Regulatory Notices and Rule Filings (monitor for changes that affect exam content)
– Your firm’s Compliance/WSP documents and internal training materials (often the most practical preparation).
Concluding summary
The Series 9/10 qualification is targeted at professionals who will supervise sales of general securities and options at branch-level and OSJ environments. It builds on the general representative knowledge tested in the Series 7 and emphasizes supervisory duties: monitoring sales practices, approving communications, conducting inspections, handling exceptions/complaints, and ensuring compliance across products that include options, municipal and government securities, and a wide range of packaged products. Preparation should combine careful study of the FINRA content outline, focused practice on supervisory scenarios, timed practice tests to manage exam length, and continuous attention to rule updates and firm procedures. For up-to-date registration rules, fees, retake policies and exact exam structure, always consult FINRA’s candidate resources and your firm’s testing coordinator.
Sources
– FINRA. “Series 9 and 10 – General Securities Sales Supervisor Exams” (Content Outline and sample questions). Access FINRA’s candidate pages for the most current materials.
– FINRA. “Permitted Activities of Registered Principals.” (Review for scope comparisons with Series 24 and other principal qualifications.)