Mastering the Series 9/10: The Ultimate Guide to the General Securities Sales Supervisor Exam
For financial professionals looking to transition from a production-based role into a leadership or supervisory position, the Series 9/10 exam is the gold standard. Often referred to as the “Sales Supervisor” exam, this dual-part qualification is a rigorous test of a candidate’s ability to oversee sales activities in corporate securities and options. Navigating the complexities of FINRA regulations requires more than just industry experience; it demands a structured approach to learning. Our team at Fraser Exam has compiled this comprehensive guide to help you understand the requirements, the content, and the strategies necessary to pass these exams on your first attempt.
The Series 9/10 is technically two separate examinations that, when combined, allow an individual to supervise sales activities in a branch office. While the Series 9 focuses specifically on the supervision of options sales, the Series 10 covers general securities, including municipal bonds, corporate stocks, and investment company products. Successfully passing these exams signals to employers and regulators alike that you possess the technical knowledge and ethical grounding required to protect both the firm and its clients.
Section 1: The Basics & Eligibility
The General Securities Sales Supervisor Qualification Examination (Series 9/10) is designed to ensure that those in management roles are competent to supervise the sales activities of a broker-dealer. It is not an entry-level certification; rather, it is a “top-off” qualification for experienced professionals who are ready to take on compliance and managerial responsibilities.
Who Is It For?
The exam is intended for individuals who will supervise the sales activities of registered representatives. This includes roles such as branch office managers, regional managers, and sales supervisors. If your career path involves overseeing customer accounts, approving new accounts, or monitoring the correspondence of other brokers, this certification is likely a requirement for your position.
Prerequisites and Eligibility
You cannot take the Series 9/10 in a vacuum. To be eligible, you must first pass the Securities Industry Essentials (SIE) exam and the Series 7 (General Securities Representative) exam. These serve as the foundation upon which the supervisory knowledge of the 9/10 is built. Additionally, you must be associated with and sponsored by a FINRA member firm to register for the exam.
| Feature | Details |
|---|---|
| Administering Body | Financial Industry Regulatory Authority (FINRA) |
| Prerequisites | SIE and Series 7 Exam |
| Series 9 Cost | $130 |
| Series 10 Cost | $175 |
| Passing Score | 70% for both exams |
Age Limits and Retake Policy
There is no specific age limit beyond the requirement to be of legal age to work in the financial services industry. However, FINRA does enforce a strict retake policy. If you fail the exam, you must wait 30 days before your second attempt. If you fail a second time, another 30-day wait applies. After a third failure, you must wait 180 days before you are eligible to sit for the exam again.
International Validity
The Series 9/10 is a U.S.-based certification governed by FINRA and the SEC. While the knowledge of options and general securities is universally applicable, the legal and regulatory framework is specific to the United States. Many international firms with U.S. operations require this certification for their American branch managers, but it does not automatically grant supervisory rights in other jurisdictions like the UK or Hong Kong.
Section 2: Exam Format & Style
The Series 9 and Series 10 are separate exams, and while they are often taken close together, they have different structures and focuses. Both are computer-based and consist of multiple-choice questions. They are closed-book exams, meaning no outside materials are allowed in the testing room.
Exam Breakdown
- Series 9: This is the shorter of the two. It consists of 55 scored questions (plus 5 unscored pre-test questions) and focuses exclusively on the supervision of options sales and trading. Candidates are given 90 minutes to complete it.
- Series 10: This is a much broader exam. It consists of 145 scored questions (plus 10 unscored pre-test questions) and covers general securities, municipal securities, and investment company products. Candidates are given 240 minutes (4 hours) to complete it.
Scoring and Negative Marking
The exams are scored based on the number of correct answers. There is no negative marking, so it is in your best interest to answer every question, even if you have to make an educated guess. The passing score for both the Series 9 and the Series 10 is 70%. This score is calculated instantly, and you will receive your results before you leave the testing center.
| Exam Part | Number of Questions | Time Allotted | Focus Area |
|---|---|---|---|
| Series 9 | 60 (55 scored) | 90 Minutes | Options Supervision |
| Series 10 | 155 (145 scored) | 240 Minutes | General Securities Supervision |
Section 3: Difficulty & Passing Rates
The Series 9/10 is widely considered one of the more challenging FINRA exams. While the Series 7 is often described as a “mile wide and an inch deep,” the Series 9/10 is both wide and deep, focusing heavily on the nuances of rules, timeframes, and ethical scenarios. You are no longer just learning what a product is; you are learning the legal requirements for how that product can be sold and how to discipline those who sell it incorrectly.
Historical Passing Rates
FINRA does not officially publish passing rates for its exams. However, industry estimates suggest that the first-time pass rate for the Series 9/10 hovers around 65% to 75%. The Series 10 is generally cited as the more difficult of the two simply due to the sheer volume of material and the length of the testing session.
Commonly Challenging Sections
Candidates often struggle with the following areas:
- Options Rules (Series 9): Memorizing the specific days for filing, exercising, and expiring options contracts.
- Municipal Securities (Series 10): MSRB rules are distinct from FINRA rules, and keeping the two straight can be difficult.
- Communications with the Public: Distinguishing between “correspondence,” “retail communications,” and “institutional communications,” and knowing the filing requirements for each.
- Supervisory Procedures: Applying the rules to hypothetical scenarios where multiple regulations might overlap.
Section 4: Preparation Strategy
Success on the Series 9/10 requires a disciplined study plan. Unlike the SIE, which some candidates can “cram” for, the Series 9/10 demands a deep understanding of regulatory logic. According to feedback from Fraser Exam users, the most successful candidates are those who treat their study time like a second job.
Recommended Study Hours
Most experts recommend dedicating 30 to 40 hours for the Series 9 and 60 to 80 hours for the Series 10. If you are taking them back-to-back, plan for a total of roughly 100 to 120 hours of focused study. This should be spread out over 6 to 10 weeks to ensure maximum retention.
Self-Study vs. Prep Courses
While self-study is possible, the vast majority of candidates utilize a prep course. The language used in the actual exam is notoriously tricky, often using double negatives or “except for” phrasing. A high-quality prep course will provide practice questions that mimic this style. Fraser Exam offers comprehensive study materials tailored for this exam, including practice banks that reflect the most recent regulatory changes.
| Study Phase | Focus Area | Goal |
|---|---|---|
| Weeks 1-3 | Reading & Video Lectures | Understand core concepts and rules. |
| Weeks 4-6 | Topic-Specific Quizzes | Identify weak areas and master timing. |
| Weeks 7-8 | Full-Length Practice Exams | Build stamina for the 4-hour Series 10. |
| Final 3 Days | Reviewing “Cheat Sheets” | Finalize memorization of dates and limits. |
Scheduling Your Exam
You should schedule your exam at least 3 to 4 weeks in advance through the Prometric website. Testing centers can fill up quickly, especially in major financial hubs. Ensure you have your FINRA ID number ready, which is provided once your firm files your Form U4.
Section 5: Career & ROI
Passing the Series 9/10 is a major milestone in a financial career. It shifts your role from “doing” to “leading,” which typically comes with increased compensation and job security. It is one of the most respected certifications for middle-management in the brokerage industry.
Job Roles and Salary
Common job titles for Series 9/10 holders include:
- Branch Manager
- Sales Supervisor
- Compliance Officer
- Regional Sales Manager
- Operations Manager
While salaries vary by firm and location, moving into a supervisory role often results in a base salary increase of 20% to 40%, plus the potential for overrides or bonuses based on the performance of the branch or team you supervise.
Certification Maintenance
The Series 9/10 certification does not “expire” as long as you remain employed by a FINRA member firm. However, you must complete Continuing Education (CE) requirements. This includes the Regulatory Element, which is an annual training requirement administered by FINRA, and the Firm Element, which is internal training provided by your employer.
Recognition
Top-tier firms like Goldman Sachs, Morgan Stanley, and Charles Schwab recognize the Series 9/10 as a prerequisite for management. It is often a “non-negotiable” for anyone looking to run a retail or institutional sales desk.
Section 6: Exam Day Logistics
Knowing what to expect on exam day can significantly reduce anxiety. The exams are administered at Prometric testing centers, which maintain high-security standards.
What to Bring
You must bring a valid, government-issued photo ID (such as a driver’s license or passport). The name on your ID must match the name on your exam registration exactly. You are not allowed to bring personal items into the testing room. Lockers are provided for your phone, watch, and wallet.
Permitted Items
- Calculators: You are not allowed to bring your own. The testing center will provide a basic four-function calculator or an on-screen digital version.
- Scratch Paper: Most centers provide a small whiteboard or scratch paper and a pencil. These must be returned at the end of the session.
- Breaks: You are allowed to take breaks, but the exam timer does not stop. For the long Series 10 exam, plan your hydration and nutrition carefully beforehand.
Receiving Your Results
The moment you submit your exam, the computer will process your score. You will see a “Pass” or “Fail” screen immediately. You will also receive a printed score report before you leave. If you pass, you will not see your exact percentage; if you fail, you will receive a detailed breakdown of your performance in each section to help you study for a retake.
Comprehensive FAQ Section
Is online/remote proctoring available for this exam?
Currently, FINRA offers limited remote proctoring for certain exams under specific circumstances, but most candidates take the Series 9/10 at a physical Prometric testing center to ensure a secure environment. Check the official FINRA website for the most up-to-date remote testing policies.
What is the cost of the exam, and are there hidden fees?
The Series 9 costs $130 and the Series 10 costs $175. These are the standard registration fees. However, your firm may charge additional processing fees for filing your Form U4, and Prometric may charge a fee if you reschedule your appointment within a certain window.
How do I schedule my exam date?
Once your firm has opened an “enrollment window” for you in the FINRA CRD system, you can visit the Prometric website to select a date, time, and location that works for you.
What is the cancellation or rescheduling policy?
If you reschedule or cancel your appointment within 10 business days of the test date, you will likely face a fee. If you cancel within 2 business days or fail to show up, you will forfeit the entire exam fee.
Am I allowed to bring a calculator?
No. You must use the calculator provided by the testing center. For the Series 9/10, the math is generally straightforward (calculating options break-even points or margin requirements), so a basic calculator is sufficient.
Are bathroom breaks allowed during the exam?
Yes, you can take a break at any time, but the clock continues to run. You will also have to go through security screening (like a metal detector wand) every time you re-enter the testing room.
What items are strictly prohibited in the testing room?
Prohibited items include cell phones, smartwatches, hats, bags, study notes, and even certain types of jewelry. It is best to leave everything in the provided locker.
How early should I arrive at the testing center?
You should arrive at least 30 minutes before your scheduled start time. This allows enough time for the check-in process, which includes ID verification and digital fingerprinting.
What is the current pass rate for this exam?
While not officially published, the industry-standard estimate for the pass rate is between 65% and 75%. Preparation is the key factor in determining success.
How many hours should I study?
We recommend a total of 100 to 120 hours for the combined Series 9/10. This ensures you have time to read the material, take practice quizzes, and complete at least 3-5 full-length mock exams.
Do I get my results immediately?
Yes. The screen will display your result as soon as you finish the exam. You will also receive a physical printout of your results at the front desk.
If I fail, how soon can I retake the exam?
There is a mandatory 30-day waiting period after your first and second failed attempts. After a third failure, the waiting period increases to 180 days.
Are accommodations available for candidates with disabilities?
Yes, FINRA provides accommodations under the Americans with Disabilities Act (ADA). You must submit a formal request and provide medical documentation well in advance of scheduling your exam.
Is the exam available in languages other than English?
The Series 9/10 is primarily administered in English. Candidates for whom English is a second language may be eligible for additional testing time, but the request must be made through FINRA before scheduling.
Can I use scratch paper or a whiteboard?
Prometric centers will provide either scratch paper or a small dry-erase board. You cannot bring your own, and you must return whatever is provided to you before you leave.
Conclusion
The Series 9/10 is more than just a regulatory hurdle; it is a professional rite of passage that prepares you for the complexities of financial leadership. While the volume of material can seem overwhelming, a systematic approach to studying will help you master the content and build the confidence needed to succeed. By focusing on the logic behind the rules rather than just rote memorization, you will be better prepared for the nuances of the actual exam.
Remember that consistency is the most important part of your preparation. Fraser Exam offers comprehensive study materials and practice exams designed to help you cross the finish line with confidence. Stay focused on your goal, utilize the resources available to you, and you will soon find yourself ready to step into your new role as a General Securities Sales Supervisor. Good luck!