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Series 99 Exam Overview

What Is the Series 99?

The FINRA Series 99 exam, also known as the Operations Professional Qualification Exam, is a licensing test for individuals who perform critical back-office and operational roles at broker-dealer firms. Earning the Series 99 license demonstrates that you have the knowledge to handle customer onboarding, trade settlement, account transfers, recordkeeping, and regulatory reporting responsibilities.

Exam Structure

• Number of Questions: 100 (75 scored, 10 pretest, 15 experimental)
• Format: Multiple choice
• Time Allotment: 2 hours and 30 minutes
• Passing Score: 68%
• Delivery: Computer-based at a Prometric testing center or through online proctoring

Only the 75 scored questions count toward your final result, but you will not know which ones are unscored.

Content Areas

The Series 99 exam covers two major domains of knowledge:

1. Knowledge Associated with Broker-Dealer Operations (Function 1)
• Client onboarding and account maintenance
• Trade and settlement processes
• Custody, safekeeping, and record retention
• Reporting and regulatory requirements
2. Professional Conduct and Ethical Responsibilities (Function 2)
• FINRA rules and SEC regulations
• Safeguarding of customer information
• Escalation and reporting procedures
• Standards of professional conduct

Eligibility and Requirements

• SIE Exam Prerequisite: Candidates must first pass the Securities Industry Essentials (SIE) Exam.
• Sponsorship Required: You must be sponsored by a FINRA-member firm to sit for the Series 99.
• Registration Category: Passing the exam qualifies you as an Operations Professional (OS) with FINRA.

Series 99 Exam Prep

Because the Series 99 emphasizes both operational knowledge and compliance rules, consistent and structured preparation is important. Here are some effective strategies:

• Work Through Practice Tests: Taking Series 99 sample questions helps you become familiar with the exam style and difficulty.
• Focus on Operations Scenarios: Many questions test applied knowledge of trade handling, reporting, and escalation procedures.
• Review FINRA and SEC Rules: Regulatory compliance makes up a significant portion of the exam, so focus on these areas during your Series 99 exam prep.
• Study in Small Sessions: The material is detail-heavy, so short, consistent study blocks are often more effective than cramming.

Final Thoughts

The FINRA Series 99 exam is essential for anyone pursuing a career in broker-dealer operations. By earning the Series 99 license, you demonstrate the skills to manage compliance, protect customers, and ensure smooth back-office operations. With the right study materials and plenty of practice—including Series 99 sample questions—you’ll be well-prepared to succeed.