Welcome to Achievable’s Series 9 course. This exam is heavily focused on options, so you’ll spend most of your time learning option contracts, option strategies, and the rules that govern options activity.
The Series 9 is a principal-level exam designed for future supervisors in the securities industry. If this is your first principal-level exam, expect it to feel more challenging than representative-level licensing tests. This course is built to prepare you for the exam content and the way it’s tested.
The Series 9 exam primarily focuses on options and the regulations that apply to the options market and its participants. Here are the most heavily tested topics:
Options strategies
Customer accounts
Rules & regulations
The Series 9 is a timed, multiple-choice exam. You’ll see 60 questions total, including 5 “experimental” questions that don’t count toward your score. That leaves 55 graded questions.
To pass, you must score 70% within 90 minutes (one and a half hours).
To hold the General Securities Sales Supervisor registration, candidates must pass the Series 9 and Series 10 exams. You’ll also need the Securities Industry Essentials (SIE) Exam and the General Securities Representative Exam (Series 7).
You must be sponsored by a FINRA member firm or a self-regulatory organization (SRO) to take the Series 9 exam. Firms apply for candidates by filing the Uniform Application for Securities 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:
| 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 is covered throughout the Achievable materials, and the practice exams are weighted to mirror the real exam.
Because the Series 9 emphasizes options strategies, many questions will ask you to analyze a scenario and determine the correct outcome. It’s common for the material to feel complex at first - especially when you’re working through multi-leg strategies and payoff logic - so the goal is steady repetition and careful review.
Use reviews consistently. They reinforce what you’ve read and give you targeted practice on the topics most likely to appear on the exam. For the Series 9 in particular, practice questions matter as much as (and often more than) reading, because they train you to apply rules and strategy mechanics under time pressure.
Many Achievable questions are dynamically generated, meaning the numbers and contract details can change each time you see the question. For example, a scenario might use a Jan 50 call the first time and a Sep 70 call the next time. This helps you focus on the process instead of memorizing an answer.
If you prefer a structured approach, create a study plan from the home screen. The plan organizes the material into manageable steps and helps you stay on schedule. Building in extra time is useful, since unexpected interruptions can happen.
The textbook’s wrap-up section includes additional 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 part of the Series 9 exam. Achievable exam prep includes an online textbook, review questions, full-length practice exams, and videos on key topics. Work through the course in order - start with the textbook, then reinforce with practice questions and full-length exams - so you’re comfortable both with the content and with how it’s tested.