General Securities Sales Supervisor Exam
The Series 9/10 exam qualifies individuals to supervise general securities sales activities at a FINRA member firm. It is a two-part exam: the Series 9 covers options supervision, while the Series 10 covers general sales supervision, regulatory compliance, and trading operations oversight. This is the broadest principal-level supervisory qualification, required for sales managers and supervisors who oversee registered representatives. Candidates must have passed the SIE and Series 7 exams and be sponsored by a FINRA member firm.
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Practice Questions
Test your knowledge with these Series 9/10-style questions. Click an answer to check if you are correct.
1. Which of the following communications categories requires principal approval BEFORE first use?
Correct: B. Retail communications (distributed to more than 25 retail investors within 30 days) require principal approval before first use. Correspondence and institutional communications require supervision but may use post-use review methods.
2. Under Regulation Best Interest, which of the following is NOT one of the four component obligations?
Correct: C. Reg BI's four component obligations are the Disclosure Obligation, Care Obligation, Conflict of Interest Obligation, and Compliance Obligation. While Reg BI raises the standard above traditional suitability, it does not impose a fiduciary duty -- that applies to investment advisers under the Investment Advisers Act of 1940.
3. How often must a firm conduct branch office inspections?
Correct: C. FINRA requires each branch office to be inspected at least annually. Non-branch office locations (OSJs and non-OSJ locations) may have different inspection cycles based on a risk-based assessment, but branch offices require annual inspections at minimum.
4. A pattern day trader must maintain minimum equity of:
Correct: C. Under FINRA Rule 4210, a pattern day trader (one who executes four or more day trades within five business days) must maintain minimum equity of $25,000 in their margin account. If equity falls below this level, the account is restricted from day trading until the minimum is restored.
5. Which of the following is a required component of a firm's AML compliance program?
Correct: C. The BSA requires every firm's AML program to include four components: written internal policies and procedures, a designated AML compliance officer, an ongoing employee training program, and independent testing of the program. The testing can be performed by internal audit or an external party, but must be independent of the AML compliance function.
Related Exams
These exams are commonly pursued alongside or in addition to the Series 9/10.
General Securities Representative
A prerequisite for the Series 9/10. The Series 7 qualifies you to sell a broad range of securities products and is the foundation for most supervisory registrations.
Registered Options Principal
A more focused options supervisory qualification. If your role is limited to options oversight, the Series 4 may be sufficient instead of the broader Series 9/10.