What Are the General Securities Sales Supervisor Qualification Exams (Series 9/10)?

The General Securities Sales Supervisor Qualification Exams (Series 9 and Series 10) are regulatory licensing exams administered by the Financial Industry Regulatory Authority (FINRA). They are designed for individuals who supervise sales activities of general securities representatives within a brokerage firm. The exams are part of the broader framework of FINRA's efforts to ensure competent and compliant supervision within the securities industry.

These exams are distinct from other supervisory exams in that they are tailored to branch office managers and sales supervisors who oversee activities such as trading, customer communications, and account handling in retail brokerage environments. Candidates must pass both Series 9 and Series 10 to obtain the full General Securities Sales Supervisor license, though the two exams test different areas of supervisory responsibility.

Purpose and Scope

The Series 9/10 qualification is intended for professionals in roles that require oversight of day-to-day sales practices involving general securities. This includes equities, corporate debt, municipal securities, mutual funds, variable products, and options. The exams ensure that individuals tasked with supervision possess the necessary knowledge of regulatory compliance, firm policies, sales practices, and disciplinary procedures.

The license specifically enables individuals to supervise registered representatives involved in sales. It does not authorize supervision of investment banking, research, or trading activities that fall outside the scope of retail securities sales. For those responsibilities, other FINRA exams such as the Series 24 may be more appropriate.

Exam Structure and Content

The Series 10 is the more comprehensive of the two exams. It covers a broad range of topics that sales supervisors encounter, including:

• Supervision of customer accounts
• Sales practices and conduct rules
• Communications with the public
• Recordkeeping and reporting
• Handling of customer complaints
• Supervision of employees and branch office operations
• General securities product knowledge

The Series 9, by contrast, is narrower in focus. It centers on supervisory responsibilities related to options trading, including:

• Supervision of options accounts and communications
• Options trading rules and regulations
• Strategies and risk disclosure
• Margin requirements for options
• Position limits and reporting

Together, the two exams ensure that supervisors understand both general and options-specific rules for managing representative conduct and ensuring compliance with regulatory standards.

Exam Details and Administration

Each exam is administered through FINRA’s testing platform and delivered at authorized testing centers or through remote proctoring.

• The Series 10 consists of 145 multiple-choice questions with a testing time of 4 hours. A passing score requires correctly answering approximately 70% of the questions.
• The Series 9 includes 55 multiple-choice questions and allows 1.5 hours to complete. The passing threshold is also around 70%.

Candidates must pass both exams to qualify as a General Securities Sales Supervisor. If a candidate passes only one, they must retake the other within two years; otherwise, the passed exam expires.

Before taking the Series 9/10, candidates must first pass the Securities Industry Essentials (SIE) exam and be registered with FINRA through a member firm. They must also hold a prerequisite representative-level license such as Series 7, which qualifies them to trade and sell general securities.

Roles and Responsibilities After Certification

Professionals who obtain the Series 9/10 qualification are typically employed as branch managers, compliance supervisors, or sales supervisors in broker-dealer firms. Their responsibilities can include:

• Reviewing and approving client transactions
• Supervising the conduct of registered representatives
• Ensuring that all sales activities comply with FINRA, SEC, and firm rules
• Managing account suitability reviews and new account documentation
• Addressing customer complaints and escalated issues
• Overseeing communications and marketing materials for regulatory compliance

While the license allows supervisory authority over sales and customer accounts, it does not extend to firm-wide compliance responsibilities unless supplemented by other qualifications.

Regulatory and Career Implications

The Series 9/10 exams form a crucial part of FINRA’s regulatory system that assigns responsibility to individuals who directly supervise retail investment activity. They are distinct from exams like the Series 24, which grants broader authority over all business lines within a broker-dealer, including investment banking and trading desks.

For individuals pursuing advancement in compliance or supervisory roles within brokerage firms, the Series 9/10 license can be a key stepping stone. It may also be required by firms for those being promoted to a branch manager or office of supervisory jurisdiction (OSJ) role, particularly in firms with a focus on retail securities.

The Bottom Line

The General Securities Sales Supervisor Qualification Exams (Series 9/10) are essential for individuals overseeing retail sales activity in the securities industry. Divided between general supervision and options-specific supervision, these exams assess a candidate’s readiness to enforce compliance and support proper conduct among representatives. Earning the Series 9/10 license is a regulatory requirement for certain supervisory positions and serves as a career credential for professionals managing branch offices and front-line sales supervision within broker-dealers.