What is a 'Series 9/10'

Series 9/10 refers to a two-part securities exam and license entitling the holder to supervise sales activities at a general securities-oriented branch office. Before taking the Series 9/10 Exam, also known as the General Securities Sales Supervisor Qualification Examination, a candidate must have a Series 7 license.

Breaking Down 'Series 9/10'

The Series 9/10 covers topics such as the supervision of options and general securities sales and trading practices in primary and secondary markets. The Series 9/10 exams are administered by the Financial Industry Regulatory Authority (FINRA) and was formerly known as the Series 8 Exam. As the name would suggest, the exam is broken into two parts; the Series 9 is the shorter and covers options sales and trading, as well as regulation and administration. The Series 10 represents a deeper dive into a similar but broader range of topics and requirements.

Series 9/10 Permitted Activities

The Series 9/10 is designed to protect the investing public by measuring the competency of General Securities Sales Supervisors and ensuring their expertise in the following areas:

Sale of corporate securities; Rights; Warrants; Closed-end funds; Money market funds; REITs; Asset-backed securities; Mortgage-backed securities (corporate); Equity options; Options on (corporate) backed securities; Mutual funds; Variable annuities and variable life insurance; Government securities; Repos and certificates of accrual on government securities; Direct participation programs.

Series 9/10 Eligibility

Series 9/10 candidates must be registered with a FINRA member firm or other self-regulatory organization, and must already have passed the Series 7 General Securities Representative test. 

Series 9/10 Test Content

The Series 9/10 Exam consists of 215 multiple-choice questions in four major content areas, 60 questions for the Series 9 and 145 questions for the Series 10. This total includes 15 unscored questions randomly placed in each part (five in the Series 9 and 10 in the Series 10). Candidates are allocated 90 minutes to finish the Series 9 and four hours to complete the Series 10. There is no penalty for guessing so candidates should endeavor to answer every question. The test is administered via computer and a score of 70% is required to pass. For more on the exam, see FINRA's Content Outline for the Series 9/10.

Questions are frequently changed or updated based on the introduction of new rules and amendments. Below are the job functions the exam tests for, as well as the number of scored questions covering that function:

Series 10 (Part 1):

  • Function 1: Supervise associated persons and personnel management activities (28 questions)
  • Function 2: Supervise the opening and maintenance of customer accounts (49 questions)
  • Function 3: Supervise sales practices and general trading activities (52 questions)
  • Function 4: Supervise communications with the public

Series 9 (Part 2):

  • Function 1: Supervise the opening and maintenance of customer options accounts (18 questions)
  • Function 2: Supervise sales practices and general options trading activities (19 questions)
  • Function 3: Supervise options communications (5 questions)
  • Function 4: Supervise associated persons and personnel management activities (13 questions)

Series 9/10 Exam Sample Questions

Below are samples FINRA has provided of the questions types/formats, and the subject matter a Series 9/10 test-taker is likely to encounter. The correct answers are noted with an asterisk:

Example 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*

Example 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

Example 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*





  1. Series 26

    The Series 26 is a securities exam and license entitling the ...
  2. Series 7

    A general securities registered representative license administered ...
  3. Series 63

    A securities license entitling the holder to solicit orders for ...
  4. Registered Principal

    A registered principal is a licensed securities dealer who is ...
  5. Series 72

    The Series 72 is a FINRA licensing exam for individuals who want ...
  6. Series 28

    The Series 28 is an exam for professionals seeking become licensed ...
Related Articles
  1. Financial Advisor

    Tips For Passing The Series 6 Exam

    Find out what you can do during the test to make sure you get a passing score.
  2. Financial Advisor

    Series 6 Exam Prep: What Is A Security?

    Before you take the series 6, you need to understand what a security is as defined by the exam.
  3. Financial Advisor

    Sell-Side Analysts Need Series 86/87 Exams

    Though these tests are not particularly difficult or comprehensive, passing them is mandatory to work as a sell-side analyst.
  4. Personal Finance

    CFA Vs. Series 7: Which is Easier

    Find out which is exam is easier: The Chartered Financial Analyst (CFA) exam, or the Series 7 securities exam for registered representatives.
  5. Financial Advisor

    Series 24 Exam Prep: Stock Exchanges

    Before you take the series 24, you need to understand exchanges, listing requirements and much more.
  6. Financial Advisor

    6 Proven Tips For Series 6 Success

    These techniques can help you pass this test without the added stress.
  7. Financial Advisor

    Succeeding At The Series 63 Exam

    Your career as a securities agent begins with this test. We'll show you how to score high.
  8. Financial Advisor

    Series 66 Exam Prep: The Broker-Dealer

    Before you take the series 66, you need to understand civil liabilities.
  9. Insights

    FINRA: How It Protects Investors

    Find out the history of FINRA, and how it's organized to monitor the markets and protect investors.
  10. Personal Finance

    Prepare For Your CFA Exams

    Find out how to get yourself ready for these lengthy and often daunting exams.
  1. Do financial advisors have to be licensed?

    Understand why all financial advisors have to be licensed, and identify the specific licenses you must obtain to carry out ... Read Answer >>
  2. What major is required to take the Series 7 examination?

    Find out what educational requirements are needed for the Series 7 exam. Learn about the new Securities Industry Essentials ... Read Answer >>
  3. How many attempts at the Series 7 exam are permitted?

    The National Association of Securities Dealers (NASD) has not placed any limits on the number of times you can attempt to ... Read Answer >>
  4. Which States do not require a Representative to write the Series 63 exam?

    FINRA indicates on their SRO/state fee schedule the states that do not require a licensed the Series 63 exam. Read Answer >>
Hot Definitions
  1. Price-Earnings Ratio - P/E Ratio

    The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative ...
  2. Internal Rate of Return - IRR

    Internal Rate of Return (IRR) is a metric used in capital budgeting to estimate the profitability of potential investments.
  3. Limit Order

    An order placed with a brokerage to buy or sell a set number of shares at a specified price or better.
  4. Current Ratio

    The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long-term obligations.
  5. Return on Investment (ROI)

    Return on Investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency ...
  6. Interest Coverage Ratio

    The interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a company can pay interest ...
Trading Center