The Series 9 exam, also known as the General Security Sales Supervisor Exam, is a limited principal exam that qualifies an individual to be a principal supervising general security sales of options at a broker-dealer. The primary duties of a person with a Series 9 license include approving customer options accounts, training sales and sales supervisory personnel, and maintaining records related to options transactions.
To be eligible to take the Series 9 exam, an individual must be employed by a FINRA member firm or an associated SRO (Self-Regulatory Organization) that sponsors the person for the exam. Additionally, they must have passed the SIE (Securities Industry Essentials) exam and the Series 7 General Securities Registered exam.
The Series 9 exam consists of 55 questions, and you have 1 hour and 30 minutes to complete it. In order to pass, you must score 70%, answering 39 of the 55 questions correctly.
The exam’s four major subject areas and the number of questions in each are:
– Options strategies (10 questions)
– Options contract specifications (15 questions)
– Customer accounts (20 questions)
– Business conduct (10 questions)
It’s essential to note that there will be five additional questions for a total of 60 on each test. These questions are being pre-trialed for possible inclusion in the exam’s pool of questions in the future. These five questions will not be identified separately when you take the test, and your answers to them will not count towards your passing or failing the Series 9 exam.
Often people mistakenly assume that the Series 9 exam focuses primarily on investment strategies using options. It does not, in fact, less than 20% of the questions do. The majority of the questions, approximately 45%, are about options accounts procedures and compliance.
Using past perfect, you can fully prepare to take the Series 9 exam over a long four-day weekend, for example, starting on a Thursday. It should take you 20 to 25 hours of study time, including doing all of the final exams.
First, read the Series 9 study materials to get a fundamental understanding of the subjects covered on the exam. You should be able to complete the reading in two days, for example, on Thursday and Friday of a long weekend. You can also take a live virtual class with an instructor once you have finished reading the materials or have completed a class.
Start taking the Series 9 final examinations after finishing reading the materials. We strongly recommend that you take these online via the past perfect website. You will be given the choice to take the exams in either practice mode or timed mode. Use practice mode; it gives you the ability to review the explanation of each answer immediately after you choose A, B, C, or D. Pay special attention to the explanation of each of the questions you answered incorrectly or answered by guessing. This review is your best way to gain an understanding of the specific details you must know for the exam. Take notes as you review these explanations; this strategy will reinforce the information.
Completing all of the final exams is essential. You should be able to do this in two full days, for example, all day Saturday and all day Sunday. Your scores on these exams should be consistently above the mid-60s.
By Monday of a long weekend, you should be ready to take the exam confidently that you will pass it the first time. The Series 9 is in printed form, consisting of a study manual, a book of final exams, and a quick nine guide that summarizes and highlights key test information in bullet form.
Past Perfect’s entire pool of Series 9 final exams can be purchased alone as a product called Databank. Live virtual classes are also available, taught by experienced instructors with in-depth knowledge about the exam and its subtleties. All of Past Perfect’s Series 9 delivery methods – the printed study manuals, Databank, and the live virtual classes can be combined in different ways that work for your needs.
All study materials are written in clear, easy-to-understand language, not legalese. They all use proven methodologies that enable you to study efficiently for and pass your Series 9 exam the first time.
As you study for your Series 9, remember practice makes perfect. At Past Perfect, you can prepare effectively to pass the Series 9 exam.