Series 99 Exam

Definition - What does Series 99 Exam mean?

The new Series 99 Exam represents one facet of FINRA’s new requirements for senior members of the operations community. The purpose of these new regulations is to prevent Ponzi schemes such as what happened with Bernard Madoff in the past. The Series 99 exam is required for all back office supervisors however a full list of "covered persons" can be found on the FINRA website. These new regulations went into effect on October 17th, 2011.

The Series 99 Exam is divided into three distinct sections:

  • Basic Knowledge of the Securities Industry - 38 Questions
  • Basic Knowledge of Broker-Dealer Operations - 48 Questions
  • Knowledge of Professional Conduct - 20 Questions

Cost for the Series 99 exam is $125.00. This is a 2½ hour exam that consists of 110 multiple-choice questions. To be successful a candidate must receive a score of 68% or better. There are no pre-requisites for this exam.

Testopedia explains Series 99 Exam

Candidates taking the Series 99 Exam should realize that 10 out of the 110 questions they will answer do not count towards their final score. These are "pre-test" questions and will not be held against them in any way. Also, while this test is offered year round, it cannot be taken on Sundays. This is something to consider when choosing your testing date and locations.

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