2025 Series 9/10 Exam Guide: Costs, Content & Practice Questions

Julia Kagan is a financial and consumer journalist, formerly a senior editor specializing in personal finance at Investopedia.

What Is the Series 9/10 Exam in 2024?

The Series 9/10 exam is a two-part securities licensing test that authorizes the holder to oversee sales activities at branch offices focused on general securities. Candidates must hold a Series 7 license before attempting the Series 9/10, which is also known as the General Securities Sales Supervisor Qualification Exam.

Administered by the Financial Industry Regulatory Authority (FINRA), the Series 9/10 exam replaced the former Series 8 exam. The Series 9 section concentrates on options sales, trading, regulation, and administration, while Series 10 delves deeper into broader supervisory topics related to general securities sales and trading practices across primary and secondary markets.

Authorized Activities Under Series 9/10 License

The Series 9/10 license ensures that supervisors possess the expertise to protect investors by overseeing the sale of a wide range of securities, including corporate securities, rights, warrants, closed-end funds, money market funds, REITs, asset-backed and mortgage-backed securities, equity options, mutual funds, variable annuities, government securities, repos, certificates of accrual, and direct participation programs.

Eligibility Criteria for Series 9/10 Exam

To be eligible for the Series 9/10 exam, candidates must be registered with a FINRA member firm or another self-regulatory organization and have successfully passed the Series 7 General Securities Representative exam.

Exam Format and Content Breakdown

The Series 9/10 exam comprises 215 multiple-choice questions split into two parts: 60 questions for Series 9 and 145 questions for Series 10. Each part includes unscored pretest questions—five in Series 9 and ten in Series 10. Candidates have 90 minutes to complete Series 9 and four hours for Series 10. The exam is computer-based, and a minimum score of 70% is required to pass. Guessing is encouraged as there is no penalty for incorrect answers.

The exam assesses the following job functions:

• Series 10 (Part 1): Supervise personnel management (28 questions), customer account maintenance (49 questions), sales and trading activities (52 questions), and public communications.
• Series 9 (Part 2): Oversee customer options accounts (18 questions), options sales and trading (19 questions), options communications (5 questions), and personnel management (13 questions).

Sample Questions from the Series 9/10 Exam

Here are examples of the question types candidates can expect, with correct answers marked by an asterisk:

1. Which of the following qualifies as retail communication?
(A) Electronic communication to institutional investors daily
(B) Social media communication with institutional investors daily
(C) Written communication sent to 10 retail investors within 30 days
(D) Written communication sent to more than 25 retail investors within 30 days*

2. How often must a qualified person inspect an Office of Supervisory Jurisdiction (OSJ)?
(A) Quarterly
(B) Annually*
(C) Every two years
(D) Every three years

3. Which corporate action does NOT trigger an adjustment of listed equity options?
(A) 2-for-1 stock split
(B) 1-for-5 reverse stock split
(C) 5% stock dividend
(D) Cash dividend of $0.50*

Series 9/10 vs. Series 24: Key Differences

Both Series 9/10 and Series 24 exams qualify individuals to act as principals supervising sales activities. The Series 24 license covers supervision of corporate securities, rights, warrants, closed-end funds, money market funds, REITs, asset-backed securities, mortgage-backed securities, mutual funds, variable annuities, direct participation programs, securities traders, venture capital, mergers and acquisitions, and corporate financing. It also authorizes oversight of the overall investment banking and securities business.

In contrast, the Series 9/10 license focuses more intensively on supervising sales activities related to equity options, options on mortgage-backed securities, government securities, repos, municipal securities, and municipal fund securities, excluding supervision of securities traders and venture capital activities.

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