Free Series 99 Practice Exam
Free Series 99 Operations Professional practice exam covering trade settlement, customer accounts, regulatory compliance, and broker-dealer financial operations. No signup required.
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 is a FINRA-administered qualification required for individuals who are engaged in or supervising operational functions at FINRA-member broker-dealers. Operations professionals handle the back-office functions that keep markets functioning: trade settlement, clearance, margin processing, corporate actions, customer account maintenance, and financial reporting. The Series 99 is one of the few FINRA exams that targets the operations side of broker-dealers rather than the sales or trading side, and there are very few quality free prep resources available — making TakeZeroHQ a particularly valuable resource for this exam.
The exam contains 50 scored questions (60 total including 10 unscored) across four content areas: Operations and Settlement (34%), Customer Account and General Compliance (28%), Regulatory Framework and Ethics (20%), and Financial Reporting and Operations Controls (18%). You have 90 minutes to complete the exam and must score at least 68% to pass — one of the lower passing thresholds among FINRA exams. The SIE is required as a co-requisite and firm sponsorship is required to register.
Study Tips
Operations and Settlement is the largest section — deeply understand the clearance and settlement cycle including the current T+1 settlement requirement for equities, the roles of DTC (Depository Trust Company) and NSCC (National Securities Clearing Corporation), and the procedures for handling fails to deliver. For Customer Accounts, master the Bank Secrecy Act (BSA) and AML requirements including suspicious activity reporting (SARs), customer identification program (CIP) requirements, and OFAC screening obligations. The Financial Reporting section tests the SEC Net Capital Rule (15c3-1) and the Customer Protection Rule (15c3-3) which requires segregation of customer funds — these are heavily tested and require careful study.