FINRA Releases Info about New Series 99 Operations Exam
FINRA has released information on the new Series 99 exam for Operations Professionals. The exam will include 100 multiple choice questions: 32 about the securities industry, 48 about broker-dealer operations, and 20 about professional conduct and ethics. Applicants will have 150 minutes to complete the exam, which will be required of certain supervising operations professionals engaged in designated client service and financial functions (See Reg. Notice 11-33). Applicants may begin taking the exam on October 17, 2011, which will begin an initial 60-day rollout period during which FINRA will assess the exam and allow applicants to re-take it at no additional cost.
OUR TAKE: It appears that the exam will test basic knowledge about the securities industry rather than serving as a barrier to supervisory positions.