Series 9 Practice Exam
Series 9 practice exam for options sales supervisors. 55 questions, 90 minutes, 70% to pass.
Series 9 Exam
General Securities Sales Supervisor — Options. Requires SIE + Series 7. 55 scored questions, 90 minutes, 70% to pass.
Practice by Series 9 Domain
Target a specific area, or launch the full exam below
Supervise Options Accounts
Opening and maintenance of customer options accounts. ~33% of Series 9.
Sales Practices & Trading
Supervise options sales practices and general options trading activities. ~34% of Series 9.
Options Communications
Supervise communications with the public regarding options. ~16% of Series 9.
Options Compliance
Supervise options compliance activities, recordkeeping, and regulatory requirements. ~16% of Series 9.
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Full Series 9 Practice Exam
All four domains mixed and weighted by the official FINRA Series 9 blueprint.
About the Series 9 Exam
The Series 9 General Securities Sales Supervisor — Options exam qualifies you to supervise options sales and trading in a branch office. It is taken together with the Series 10 (General Securities Sales Supervisor — General) to obtain the full General Securities Sales Supervisor (GSSS) qualification. The Series 7 is required as a prerequisite, along with the SIE.
The exam contains 55 scored questions (65 total with 10 unscored pretest questions) with a 90-minute time limit and a 70% passing score. The Series 9 focuses specifically on options supervision in a branch context, while the Series 10 covers all other supervisory activities. Both must be passed to obtain the GSSS qualification.
Series 9 Exam Topic Breakdown
| Topic | Weight | Key Areas |
|---|---|---|
| Sales Supervision — Options | 60% | Options account supervision, suitability review, approval levels, documentation |
| Options Knowledge | 25% | Options strategies, Greeks basics, index options, LEAPS, options on ETFs |
| Regulatory Framework — Options | 15% | FINRA Rule 2360, OCC rules, CBOE rules, margin for options positions |
Sample Series 9 Exam Questions
1. A branch manager reviewing options accounts notices a customer has been approved for Level 3 (spreads) but has been placing naked call writes, which require Level 4 approval. The branch manager should:
2. An options customer with a Level 2 approval calls to place a bull call spread. A registered representative should:
3. Under FINRA rules, options communications with the public that include specific options strategies must be approved by:
Study Tips for the Series 9 Exam
The Series 9 is primarily a supervisory exam, not an options strategy exam. The key is understanding the branch manager's obligations: reviewing options account applications, ensuring customers are approved for the appropriate level before trading, reviewing options advertising before use, and maintaining supervisory procedures under FINRA Rule 3110. Know the options account approval framework cold — what each level permits and the documentation requirements.
Since the Series 9 is taken alongside the Series 10, study them together as a unified supervisory qualification. The Series 9 covers options supervision specifically; the Series 10 covers general sales supervision. Together they represent the branch-level supervisory qualification for FINRA member firms. Options product knowledge (strategies, Greeks, margin) is secondary to supervisory knowledge on the Series 9 — don't over-study options math at the expense of regulatory procedures.
Dedicated options supervision at the firm level is covered by the Series 4 Registered Options Principal exam.
Frequently Asked Questions — Series 9 Exam
What does the Series 9/10 qualification allow you to do?
The combined Series 9 and Series 10 provides the General Securities Sales Supervisor (GSSS) qualification — authorizing you to act as a branch office manager supervising registered representatives engaged in general securities sales. The Series 9 covers options supervision; the Series 10 covers all other supervisory activities.
Do I need to take the Series 9 and Series 10 together?
Both exams must be passed to obtain the GSSS qualification, but they can be taken in either order or on different days. There is no requirement to sit for both simultaneously. However, each exam result is valid for 4 years — if you pass Series 9 but don't pass Series 10 within 4 years, you must retake Series 9.
What is the difference between the Series 9/10 and the Series 24?
The Series 9/10 is the General Securities Sales Supervisor qualification — covering branch-level supervision of sales activities. The Series 24 is the General Securities Principal qualification — broader authority covering all broker-dealer activities including trading, market making, investment banking, and research. The Series 24 is required for principals of the firm, while the Series 9/10 is for branch-level supervisors.
What series exams are prerequisites for the Series 9?
The SIE and Series 7 are both required before taking the Series 9. These provide the foundational securities knowledge that the Series 9 builds upon from a supervisory perspective.
What options activities can a Series 9 supervisor oversee?
A Series 9 holder can supervise: options account opening and approval, options order taking and execution, options advertising and sales literature review, and options suitability review. The Series 9 does not permit acting as a General Securities Principal — broader supervisory authority requires the Series 24.
What is the options account approval framework that the Series 9 tests?
Most firms use a tiered system: Level 1 (covered writing), Level 2 (buying options and covered writing), Level 3 (spreads), Level 4 (uncovered writing). The Series 9 tests the supervisor's responsibility to ensure customers are approved at the appropriate level before trading, to review account approval documentation, and to escalate situations where customers trade beyond their approved level.
How hard is the Series 9 exam?
The Series 9 is considered moderately difficult — harder than the Series 6 but easier than the Series 7. With a solid Series 7 background, most candidates need 40–60 hours of additional study focused on options supervision procedures and FINRA options rules. The 55-question format means each question matters significantly.