The Series 9/10 exams are managed by the Financial Industry Regulatory Authority (FINRA). This was delegated to them by the National Association of Securities Dealers (NASD). Once you have passed both Series 9 and 10, you will become a qualified General Securities Sales Supervisor. You will be allowed to serve as a principal who supervises sales transactions for general securities firms.
To be eligible to take the exams, you must first obtain a Series 7 license. The exam fees are $60 for Series 9 and $100 for Series 10. You can visit the website of FINRA for the exam schedule, locations, registration process, and details about exam fees.
Exam dates are on weekdays. The Series 9/10 exams last for 5.5 hours between them.
* Series 9 has 55 multiple-choice questions to be taken within 1.5 hours.
* Series 10 has 145 multiple-choice questions to be taken within 4 hours.
* For both exams, the passing mark is 70%.
**TIP** Make sure you take note of the following terms and become as knowledgeable as possible as these usually come up in the Series 9/10 examinations:
* Direct Participation Program (DPP)
* Liquidity Risk
* Collateralized Mortgage Obligation (CMO)
* Repurchase Agreement
* Options Clearing Corporation (OCC)
* Maintenance Margin
* Hypothecation
It is highly recommended that any potential examinee read a good, in depth Series 9/10 Study Book and other revision aids they can find in order to be familiar with the topics and other questions that may come up on the tests. Although retakes are allowed, it always looks and sounds better if you can say you passed it on your first take.
Recommended Series 9/10 Study Guides:-
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