How many questions are on the Series 99 and what's the passing score?

The Series 99 has 50 scored questions plus 5 unscored pretest items, and a 1 hour 30 minute time limit. The passing score is 68, which is lower than most FINRA representative exams.

Do I need a sponsor or the SIE for the Series 99?

Yes to both. The Series 99 requires sponsorship by a FINRA member firm, and the SIE is a corequisite — you must pass both, though they can be taken in either order.

Series 99 · Guide

What is the Series 99 exam?

Q: What is the Series 99 exam?

The Series 99, or Operations Professional Examination, is a FINRA exam that qualifies operations professionals — the people who handle clearance and settlement, account transfers, margin, and books and records after a trade is agreed.

Q: Can the Series 99 be waived?

Often, yes. FINRA waives it for people who have held certain other registrations within the prior two years, including the Series 6, 7, 9/10, 24, 26 and 27. Check your own registration history before scheduling — you may not need this exam at all.

The Operations Professional exam — for the people who move the money and the securities after a trade is agreed.

Scored questions	50 (plus 5 unscored pretest)
Time limit	1 hour 30 minutes
Passing score	68
Administered by	FINRA
Sponsor / corequisite	Firm sponsorship required; SIE is a corequisite

Check the waiver before you book anything

The Series 99 is unusual in that many candidates don't need it. FINRA waives it for people who have held certain other registrations within the prior two years — including the Series 6, 7, 9/10, 24, 26 and 27. If that describes your registration history, start there rather than with a study plan. It is worth ten minutes to check.

What it covers

The exam splits into two parts: roughly seventy per cent on broker-dealer operations — clearance and settlement, account transfers, margin, customer protection, corporate actions, books and records — and thirty per cent on professional conduct and ethics. No product-knowledge or analysis material is required, which is what makes it shorter than a representative exam.

Vocabulary is the real difficulty

Operations has a precise vocabulary and the exam punishes approximations. A fail is an undelivered obligation that stays open; a reclamation is the return of a delivery that was made but defective; a buy-in is a remedy the receiving side pursues. Three different events, three different answers, and candidates who treat them as loose synonyms lose marks they thought they had. The same care applies to segregation, possession or control, and the distinction between a maintenance call and a liquidation.

One figure genuinely changed and is worth committing: regular-way settlement moved to one business day after the trade date in May 2024. Answering from the older two-day habit produces a wrong answer, and it shifts every dependent date with it.

Where it fits

The Series 99 sits alongside the SIE, which shares much of its settlement and books-and-records material. For difficulty and timeline, see is the Series 99 hard and how long to study, or take a free Series 99 practice test.

Prep for the Series 99.

The operational chain taught end to end, so you understand why a fail, a reclamation and a buy-in are three different things. Start free.

Series 99 prep Free practice test

Disclosures

Finance Exam Pro is not affiliated with FINRA. Practice questions are original and are not actual exam questions. Exam specs and waiver eligibility can change — confirm current details with FINRA.