Series 99 study guide
Series 99 · Work through your exam, one topic at a time.
The Series 99, formally the Operations Professional Exam, is a FINRA qualification exam that assesses whether an entry-level registered representative has the knowledge needed to perform the critical functions of an operations professional. Candidates must be associated with and sponsored by a FINRA member firm or another applicable self-regulatory organization member firm, and the Securities Industry Essentials (SIE) exam is a corequisite - both must be passed to obtain the Operations Professional registration. The content outline is built on two major job functions: Knowledge Associated with the Securities Industry and Broker-dealer Operations (35 of the 50 exam items) and Professional Conduct and Ethical Considerations (15 items). Covered activities include customer onboarding and account data maintenance; collection, maintenance, sweeps and disbursement of funds; receipt and delivery of securities and funds; account transfers; bank, custody, depository and firm account reconciliation; settlement, fail control, buy-ins, segregation and possession and control; trade confirmations and account statements; margin; stock loan; prime brokerage; pricing model approval; financial control and treasury; and contributing to financial regulatory report filings. Topics on this exam: Knowledge Associated with the Securities Industry and Broker-dealer Operations and Professional Conduct and Ethical Considerations. The Series 99 study guide has 2 sections and about 814 words.
01Knowledge Associated with the Securities Industry and Broker-dealer Operations
Operations questions reward an orderly mental model: order entry → execution → comparison/affirmation → clearance → settlement → books and records. At each step know which entity owns the obligation - the introducing broker, the clearing broker, or the carrying firm - because the exam routinely tests the division of responsibility.
416 words, about 2 min02Professional Conduct and Ethical Considerations
Most ethics questions are short fact patterns asking whether a registered representative's proposed action is permitted. Build a checklist: Is it honest and in the customer's best interest?
398 words, about 2 min