Welcome to Achievable’s Series 9 course! Get ready to become an options expert, as this exam primarily covers this derivative security. The Series 9 is a principal-level exam intended for future supervisors in the securities industry. If this is your first principal-level exam, this will likely be the most challenging licensing test you’ve prepared for. Good news - this program will prepare you thoroughly!
As stated above, the Series 9 exam primarily focuses on options and the relevant regulations imposed on the options market and its participants. Here’s a list of the most heavily tested topics on this test:
Options strategies
Customer accounts
Rules & regulations
The Series 9 is a timed multiple-choice exam. You’ll be provided a 60-question exam with 5 “experimental” test questions, resulting in 55 graded questions. You must score 70% in 90 minutes (one and a half hours) or less to pass.
In addition to the Series 9 and Series 10 exams, candidates must pass the Securities Industry Essentials (SIE) Exam and the General Securities Representative Exam (Series 7) to hold the General Securities Sales Supervisor registration.
You must be sponsored by a FINRA member firm or a self-regulatory organization (SRO) in order to take the Series 9 exam. Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4). Firms also commonly cover the exam fees.
The Financial Industry Regulatory Authority (FINRA) provides a detailed outline on their website. Here’s a quick summary of what to expect on the exam:
| Topic | # of test questions |
|---|---|
| Supervise the Opening and Maintenance of Customer Options Accounts | 18 (33%) |
| Supervise Sales Practices and General Options Trading Activities | 19 (34%) |
| Supervise Options Communications | 5 (9%) |
| Supervise Associated Persons and Personnel Management Activities | 13 (24%) |
| Total | 55 |
Each of these topics will be covered accordingly through the Achievable materials, and our practice exams are weighted to simulate the experience of the actual exam.
This exam focuses heavily on options strategies, and you’ll likely feel your head “spinning” when encountering complex questions. Much of this material will feel difficult to grasp at first, but you’ll get the hang of it if you stay diligent and composed with your studies. As always, the Achievable platform will learn your strengths and weaknesses while providing you with a customized review plan while you make your way through the reading.
Be sure to do your reviews consistently; they will provide you with practice questions that will test your knowledge of the test material. While reading is critical to your success, the practice questions are even more important with the Series 9. We expect you to encounter plenty of scenario-based questions requiring you to analyze options strategies and correctly determine potential outcomes. Most of our questions are dynamically based, so the numbers change constantly! For example, a practice question may present a scenario on a Jan 50 call at first, but the same question changes to a Sep 70 call the next time you encounter it. This system will prevent you from memorizing correct answers and inflating your scores.
If you’re a plan-oriented test taker, be sure to create a study plan on the home screen. The plan will guide you through our materials and keep you accountable along the way. If possible, get ahead of schedule! You never know the curveballs that life will throw your way.
The textbook’s wrapping-up portion contains more details about taking the Series 9 exam, including how to register, exam cost, and test-taking options.
This course is designed to guide you through every aspect of the Series 9 exam. Achievable exam prep includes our online textbook, review questions, full-length practice exams, and videos on key topics. We recommend that you work through the course as prompted, starting with the textbook and continuing to practice problems and exams. Remember that practice makes perfect!