Series 99 - FINRA Operations Professionals Exam

What does a Series 99 license allow me to do?

The Series 99 measures the knowledge of entry-level persons regarding duties related to operations including client on-boarding, financial control, stock loan/ securities lending, and trade confirmation and account statements.

How long should I prepare for this exam?

We recommend studying 60-80 hours over a four-week period.

What score do I need to pass the exam?

A score of 68% is required for passing. 

Note: Your score will be rounded down to the next lowest whole number (e.g. 67.9% would be a final score of 67%--not a passing score for the Series 99 exam).

How does my registration date affect whether I need to take the current version of the exam, or the new top-off version plus the SIE?

If your firm submits your application for registration on or before September 30th, you must take the current version of the exam, and you will have 120 days to take it. (Yes, that means that in theory you could take the current exam as late as January 2019.)

However, if you need to retake the exam, you may be forced to take the new top-off exam plus the SIE. See the next question.

What if an individual fails to pass the current Series 99 exam, and the next exam is after October 1, 2018, will that individual have to take the SIE and the new top-off Series 99 exam?

Yes. But the individual would not be required to wait 30 days because the SIE and the top-off Series 99 exam are different exams from the current Series 99 exam.

How many questions are on the exam?

100 (scored) plus ten (un-scored). The ten un-scored questions are being tested by the exam committee and are randomly distributed so test-takers do now know which ones they are.

How long is the exam?

Two and a half hours.

Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 99?

No.

How much does the exam cost?

The cost of the exam is $130 at this writing.

If I stop working for my firm, how long will my Series 99 license remain active?

You will have two years between jobs before the license expires.

When you cease working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 99 license will remain active. 

With the FINRA exam restructure, which exam is right for me?

If you apply to be a representative on or before September 30th, you will take the current version of the representative exam.

If you apply to be a representative on or after October 1st, you will be required to take the SIE and the updated representative exam.

If you are a registered representative and you do not pass the current representative exam, and your next testing date is on or after October 1st, you must take the updated representative exam. Your waiting period will be waived, as the updated exam will be considered a new exam.

If you are not a registered representative and you do not pass the current representative exam, and your next testing date is on or after October 1st, you will be required to take the SIE and the updated representative exam. Your waiting period will be waived, because the SIE and updated exams will both be new exams.

If your registration lapsed between October 1st 2014 and September 30th 2018, and you pre-register within four years of your last registration, you will not need to take the SIE. You will, however, take the updated version of the exam.



General exam questions? See our general FAQs.

For information about Solomon Series 99 exam study materials, please click here.