The Operations Professional Exam/Series 99 Exam

The Operations Professional Exam also referred to as the Series 99 Exam assesses a candidate’s capability to perform and critically work as an operation professional. This exam, therefore, tests knowledge in office operations and systems. An Operations Professional is mandated to receive and deliver funds and assets, maintain accounts, collect payments among other duties. FINRA licenses such professionals after meeting their requirements.

Eligibility and fees - the Series 99 Exam

For an individual to be enrolled to take the Series 99 Exam he or she is required to take and pass the Security Industry Essentials (SIE) Exam. This means that SIE is a co-requisite to the Series 99 Exam and a candidate MUST pass both the Examinations before being certified as an Operations Professional.

Candidates are also required to be sponsored by FINRA member firms or any other applicable Self-regulatory organization (SRO) member firm. A sponsoring firm files the Form U4 in the Central Registration Depository (CRD).

The registration fee for the Series 99 Exam is $40 and the SIE Exam is $100.

Overview of Series 99 Exam

The Series 99 Exam covers;

• Customer onboarding
• Defining and approving business requirements for sales and trading systems
• Receipt and delivery of Securities and funds
• Bank custody, depository, and firm account management and reconciliation
• Trade confirmation and account statement
• Stock loan
• Prime brokerage
• Margin
• Financial control
• Defining and approving information entitlement policies
• Preparing and filing a financial regulatory report
• Posting entries to a member's books and records in compliance with the FINRA Rules

The Series 99 Exam has 50 questions that need to be done within 90 minutes. A score of 68% or higher is required to pass the exam.

Series 99 Exam Format

The Exam has two parts:

• Knowledge Associated with the Securities Industry and Broker-Dealer Operations (F1)
• This section has 35 questions which make up 70% of the Examination.
• Professional Conduct and Ethical Considerations (F2)>/b>
  • This second section makes 30% of the total Exam an equivalent of 15 questions.
  • The test administered randomly and the results provided immediately.
  • Each question has only one correct question. Basic knowledge of customer complaints, violations and order tickets and account types is an added advantage to a candidate.