Free Series 99 Practice Exam
Series 99 Operations Professional practice exam covering trade settlement, customer accounts, regulatory compliance, and broker-dealer financial operations. No signup required.
Series 99 Exam Topics
Operations & Settlement
Trade processing, clearance and settlement (T+1, T+2), DTC, NSCC, fails to deliver, corporate actions, and margin operations. ~34% of Series 99 — largest section.
Customer Accounts & Compliance
Account opening, KYC, AML/BSA requirements, OFAC, customer statements, and account transfers (ACATS). ~28% of Series 99.
Regulatory Framework & Ethics
FINRA rules, SEC regulations, firm registration requirements, continuing education, and professional conduct standards. ~20% of Series 99.
Financial Reporting & Operations Controls
Net capital rule (Rule 15c3-1), customer protection rule (Rule 15c3-3), FOCUS reports, and internal controls. ~18% of Series 99.
Full Series 99 Practice Exam
All four sections mixed and weighted by the official FINRA Series 99 blueprint. 50 questions, 90 minutes.
About the Series 99 Exam
The Series 99 Operations Professional exam qualifies individuals to perform operational and back-office functions at FINRA-member broker-dealers that would otherwise require registration as a representative or principal. It was created to provide a targeted license for operations staff — including trade settlement, cashiering, margin, and compliance operations personnel — who handle securities but do not engage in sales activities and do not need the broader Series 7 or Series 6.
The exam contains 50 scored questions (60 total with 10 unscored) with a 105-minute time limit and a 70% passing score. The SIE is a prerequisite. The Series 99 covers broker-dealer financial operations, customer account operations, trade settlement mechanics, regulatory reporting, and the recordkeeping requirements specific to securities firms' operational functions.
Series 99 Exam Topic Breakdown
| Topic | Weight | Key Areas |
|---|---|---|
| Broker-Dealer Financial Operations | 30% | Net capital rule (Rule 15c3-1), customer protection rule (Rule 15c3-3), reserve formula, possession and control, SIPC coverage |
| Customer Account Operations | 28% | Account types, margin accounts (Regulation T, Reg U), account documentation, customer statements, cash vs. margin account rules |
| Trade Processing and Settlement | 24% | Standard settlement (T+1 for equities), DVP/RVP, fails, buy-ins, DTC/DTCC, clearing and custodial functions |
| Recordkeeping and Regulatory Reporting | 18% | FINRA/SEC books and records requirements, FOCUS reports, suspicious activity reports (SARs), order audit trail (OATS/CAT) |
Sample Series 99 Exam Questions
1. Under SEC Rule 15c3-3 (the Customer Protection Rule), a broker-dealer must maintain a "reserve account" at a bank for the benefit of customers. The amount deposited must be computed using the:
2. Standard settlement for equity securities executed in the U.S. markets is currently:
3. A broker-dealer's net capital falls below its required minimum under SEC Rule 15c3-1. The firm must:
Series 99 Study Tips
Broker-Dealer Financial Operations (30%) is the highest-weighted section — the customer protection rule (Rule 15c3-3) and net capital rule (Rule 15c3-1) are the two most critical topics. Know the reserve computation concept well enough to identify whether credits exceed debits and what must be deposited. SIPC coverage ($500,000 per account, $250,000 cash sublimit) is a specific fact tested regularly.
For Trade Settlement (24%), the shift to T+1 settlement for equities is a current exam topic — know T+1 for equities, T+1 for governments, and T+1 for options. DVP/RVP (delivery versus payment, receipt versus payment) is tested in the context of institutional settlement. For Recordkeeping (18%), know the SEC Rule 17a-3 and 17a-4 requirements for books and records — particularly the retention periods (3 years for most records, 6 years for certain core records) and the two-year easily accessible rule.
Frequently Asked Questions — Series 99
Who needs the Series 99 license?
The Series 99 is required for associated persons of FINRA member firms who engage in operations functions that would otherwise require registration — including cashiering, margin processing, stock loan, trade settlement, and compliance operations. It was designed for operations and back-office staff who are not sales-facing but handle securities and funds in ways that trigger FINRA registration requirements. Many operations professionals at broker-dealers hold the Series 99 rather than the Series 7.
What is the difference between the Series 99 and Series 7?
The Series 7 is a broad representative license authorizing solicitation and sale of securities to customers. The Series 99 is an operations-specific license that does not authorize securities sales. A Series 99 holder can process trades, manage settlement operations, and handle customer accounts from an operational standpoint but cannot recommend or sell securities. The Series 99 covers operational rules in depth that the Series 7 only touches on briefly.
What is the customer protection rule and why does it matter?
SEC Rule 15c3-3 requires broker-dealers to safeguard customer assets by maintaining a special reserve bank account and keeping physical possession or control of customer fully paid and excess margin securities. The rule prevents broker-dealers from using customer assets for their own purposes. The weekly reserve computation and the possession and control requirements are the operational mechanics that Series 99 holders typically work with directly — making it the most important rule on this exam.
What changed with T+1 settlement and when did it take effect?
The SEC shortened the standard settlement cycle for U.S. equities from T+2 to T+1 effective May 28, 2024. This means most stock trades now settle one business day after execution rather than two. The change was intended to reduce counterparty risk and free up collateral. For the Series 99 exam, T+1 is the current standard for equity securities. Government securities already settled at T+1 and options at T+1 — equities catching up has created consistency across most markets.
How long should I study for the Series 99?
Most candidates study 50–70 hours over 4–5 weeks. The Series 99 is considered a moderately difficult FINRA exam because it tests operational rules that are specific and detail-oriented. Candidates already working in broker-dealer operations often have a significant advantage. Focus on the customer protection rule, net capital rule, settlement mechanics, and books and records requirements — these four areas together account for nearly the entire exam.