Series 9 Syllabus — Blueprint & Learning Objectives
FINRA Series 9 syllabus mapped to the official job functions with clear learning objectives and quick links to targeted practice.
This syllabus is based on FINRA’s official Series 9/10 Content Outline (Series 9 is Part 2). Use it as a checklist: cover every objective, then drill questions until you can pick the safest compliant supervisor answer quickly.
New options accounts: documentation, approvals, and disclosures
Differentiate retail vs institutional customers at a high level and identify how customer type can affect supervision and documentation expectations.
Identify common account types and special account considerations (e.g., IRA, trust, discretionary/fiduciary) that can change authority and approval workflows.
Apply a completeness check to options account documentation and identify when missing information requires the account to be held for remediation.
Explain why AML and Customer Identification Program (CIP) controls are part of options account approvals and when to escalate onboarding red flags.
Apply due diligence and KYC concepts to ensure the customer’s profile supports options approval decisions (objectives, risk tolerance, experience).
Explain the purpose of the Options Disclosure Document (ODD) and identify when delivery and acknowledgment evidence must be retained.
Identify the purpose of the special statement for uncovered option writers and when it must be provided.
Recognize minimum net equity concepts for uncovered options approval and identify when to decline or restrict approval due to insufficient equity.
Describe how customer identity and authority are verified for options accounts and why verification steps must be documented.
Differentiate standard approvals from exception approvals and describe when a designated Registered Options Principal (ROP) review is required (high level).
Explain why discretionary options accounts require heightened review and how supervisory approval and documentation requirements differ (high level).
Describe record retention expectations for options account-opening documentation and approvals.
Supervising options recommendations and strategies (suitability/Reg BI mindset)
Explain why the supervisor must evaluate registered persons’ options sales activity for compliance with suitability and best-interest obligations (high level).
Apply a high-level suitability/Reg BI mindset to determine whether a recommended options strategy fits the customer’s objectives and risk profile.
Differentiate common options strategy categories (hedging, income, speculative) and identify which customer profiles commonly fit each (exam level).
Recognize when a strategy is complex or high-risk and requires heightened review, clearer disclosures, or approval restrictions (high level).
Options margin supervision and margin requirements
Explain how margin implications differ across options strategies and why strategy type changes required equity and supervision.
Identify the difference between margin-eligible and non-marginable securities at a high level and how this affects financing and collateral.
Recognize initial vs maintenance margin concepts and identify common supervisory actions when requirements are not met (high level).
Describe portfolio margin concepts at a high level and why it requires specialized approvals and ongoing risk monitoring.
Identify special margin requirements that can apply to pattern day traders and the associated supervision themes (high level).
Recognize how uncovered option writing affects margin requirements and why firms apply heightened equity and monitoring controls.
Explain recordkeeping expectations for margin approvals, calls, liquidations, extensions, and exception handling (high level).
F2 — Supervise Sales Practices and General Options Trading Activities (34.5%)
Customer complaints: handling, reporting, and retention
Define what constitutes a customer complaint in an options context and identify when it triggers escalation and documentation.
Describe acknowledgment and reporting expectations for customer complaints at a high level and why timing matters.
Explain record retention and segregation expectations for complaint records and related communications.
Recognize scenarios that require regulatory reporting of complaints and identify the supervisor’s role in the reporting workflow (high level).
Options trade errors: correction methods and prohibited fixes
Explain common options trade error types and how supervisors identify and triage them (high level).
Differentiate cancel/rebill and other correction approaches and identify when each is appropriate.
Describe the purpose of error accounts and why timely resolution and documentation are required.
Recognize that obvious errors may be subject to adjustment or nullification under the applicable process and identify the supervisor’s escalation role (high level).
Identify prohibited practices such as shifting losses to customers and explain how supervision prevents them (high level).
Daily trade review: surveillance, limits, and market conduct
Supervise daily options trade activity for completeness of records and timely exception handling (orders, routing, execution).
Recognize large options position reporting concepts and when positions may trigger heightened review or reporting workflows (high level).
Apply position and exercise limit concepts at a high level and identify when activity indicates limit risk or control failures.
Explain what order origin codes are used for at a high level and why accurate markings support surveillance and audit trails.
Identify prohibited activities and manipulative patterns in options activity and describe escalation expectations (high level).
Recognize discretionary trading themes and identify documentation and supervisory approval requirements for discretionary options activity (high level).
Apply best execution concepts at a high level when reviewing order handling, routing, and execution decisions.
Identify order marking requirements at a high level and recognize when missing or inconsistent marks indicate a control gap.
Recognize “trades serving no economic purpose” patterns as potential red flags and identify the supervisor’s escalation response.
Options trade operations: exercise, assignment, corporate actions, and settlement
Explain electronic order routing and execution at a high level and identify typical supervisory controls and exception reviews.
Describe why firms may aggregate accounts for position, exercise, and large position reporting and how aggregation affects monitoring (high level).
Explain exercise notice concepts (including contrary exercise advice) and identify what supervisors must ensure is captured and processed correctly (high level).
Describe the impact of options assignment on customer positions and firm risk, and identify the supervision and customer-notification themes (high level).
Recognize how corporate actions can affect option contracts (e.g., adjustments) and why supervisors must ensure the correct handling workflow is followed (high level).
Describe, at a high level, the OCC assignment and allocation process and the difference between firm/market-maker/customer assignment handling.
Differentiate common assignment allocation methods (e.g., FIFO vs random) and explain why the firm must disclose the method used.
Explain delivery, payment, and settlement concepts for options exercise/assignment outcomes at a high level.
Options retail communications: content standards and approvals
Define retail communication and distinguish it from correspondence and institutional communication (high level).
Identify common retail communication channels (e.g., websites, email blasts, social media, seminars) and how supervision differs by channel (high level).
Apply content standards requiring communications to be fair and balanced and not false, misleading, or promissory, including avoiding common red flags.
Recognize performance presentation and risk disclosure pitfalls that often make options communications misleading (high level).
Explain why options trading programs and options worksheets have specific supervision and disclosure expectations (high level).
Identify required options-related disclosures at a high level and explain why disclaimers must not conflict with the main message.
Describe supervision of public appearances and seminars at a high level, including preparation, approvals, and record retention.
Options correspondence: review, records, and disclosures
Define correspondence and distinguish it from retail and institutional communications (high level).
Apply correspondence content standards to ensure statements are accurate and fair and that risks are not minimized.
Identify when disclosures are required in options-related correspondence and ensure they are accurate and consistent.
Describe supervision and recordkeeping expectations for options correspondence (including electronic messaging) at a high level.
Options institutional communications: standards and supervision
Define institutional communication and identify high-level criteria for institutional recipients in communications supervision.
Identify institutional communication formats (including electronic delivery) and the controls firms use to supervise them (high level).
Apply content standards to institutional communications and ensure appropriate disclosures and limitations are included (high level).
Describe review and approval expectations for institutional communications and how they typically differ from retail communication approvals (high level).
F4 — Supervise Associated Persons and Personnel Management Activities (23.6%)
Maintain marketplace, product, and regulatory knowledge (options-focused)
Recognize terms and definitions for sophisticated options products and strategies and identify when complexity triggers heightened supervision (exam level).
Explain trading rotation and fast market concepts at a high level and why they affect order handling and customer outcomes.
Describe common trading practices and the roles of key market participants (market makers, brokers, clearing) at a high level.
Recognize trading halt concepts and how halts affect quoting, order handling, and communications (high level).
Differentiate common options order types and trading strategies and identify the supervision implications of each (high level).
Calculate and explain profit, loss, and breakeven concepts for basic options positions and common spreads (exam level).
Recognize tax implication themes of options transactions at a high level and identify when to avoid giving tax advice and instead recommend consultation with a tax professional.