What Is 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 Exams, also known as the General Securities Sales Supervisor Qualification Exams, a candidate must have a Series 7 license.

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 澳洲幸运5开奖号码历史查询:Financia♌l Industry R🍌egulatory Authority (FINRA) and were 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. 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 Superv🐈isors 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 澳洲幸运5开奖号码历史查询: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 int✅roduction of new rules and amendments. Below are the job functions the exam tests for, as well as the number of scored questions c💟overing 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 retai♏l communication?

(A) El♈ectronic communication distributed to institutional investors on a daily basis

(B) Social media communication w🎉ith ins𒉰titutional investors on a daily basis

(C) Written communication distributed to 10 rꦦetail 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 leas𝄹t:

(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*

The Difference Between Series 9/10 and ♔Series 24

Both Series 9/10 and 24 are the exams that must be completed by a 澳洲幸运5开奖号码历史查询:principal before they ca๊n undertake certain sales activities.

According to the Financial Industry Regulatory Authority (FINRA), a principal who has completed the 澳洲幸运5开奖号码历史查询:Series 24 exam⛦ination is qualified to supervise the following sales activities:

"Corporate securities; rights; warrants; closed-end funds; money market funds; REITS; asset-backed securities; (corporate) mortgage-backed securities; mutual funds; variable annuities and variable life insurance; direct participation programs; securities traders; venture capital; mergers and acquisitions; and corporate financing."

FINRA indicates that a principal who has completed th𒈔e Series 24 exam is also qualified to supervise, in addition to sales, the overall investment banking and securities business of a member firm.

Completion of the Series 9/10 examination, which covers more terrain, qualifies a principal (excluding securities traders and those involved in venture capital; 澳洲幸运5开奖号码历史查询:mergers and acquisitions and corporate financing) to supervise sales in all of the above, as well as the following: 澳洲幸运5开奖号码历史查询:equity options; options on [corporate] 澳洲幸运5开奖号码历史查询:mortgage-backed securities; government securities; repos and certificates of accrual on government securities; municipal securities, and municipal fund securities.