Series 10 Syllabus — Blueprint & Learning Objectives
FINRA Series 10 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 10 is Part 1). Use it as a checklist: cover every objective, then drill questions until you can pick the safest compliant supervisor answer quickly.
Explain the purpose of pre-hire investigations and what information firms typically verify before onboarding an associated person.
Interpret key disclosures on Form U4 and identify when updates and amendments are required.
Use Form U5 information at a high level to recognize termination-related red flags and escalation needs.
Describe what CRD is used for (registration history, disclosures, qualification status) and why accuracy and timeliness matter.
Recognize statutory disqualification concepts and identify when to escalate to compliance/registration for determination.
Describe fingerprinting requirements at a high level and the controls firms use to track completion and exceptions.
Determine which registrations and qualification exams are required for a role based on the products and activities performed.
Ongoing registrations, disclosures, and conflicts
Maintain and track required registrations, licenses, and state appointments for associated persons and supervisors.
Identify what qualifies as an outside business activity (OBA) and apply firm escalation and approval requirements.
Differentiate outside business activities from private securities transactions (PSTs) and explain why both require pre-approval and supervision.
Recognize supervision controls for associated persons’ personal securities accounts (e.g., notification, monitoring, attestations) at a high level.
Identify when fiduciary appointments (e.g., trustee, executor, power of attorney) create conflicts of interest that require disclosure or approval.
Recognize political contribution and pay-to-play themes at a high level and why firms monitor them.
Identify reportable disciplinary and criminal events and explain why timely updates and documentation are required.
Explain why firms monitor noncash compensation and sales incentives and how conflicts are mitigated through policies and supervision.
Supervision, discipline, and corrective action
Differentiate customer complaints, regulatory inquiries, and arbitration claims and identify the supervisor’s role in escalation and response.
Describe how supervisory investigations are documented and how documentation supports internal controls and regulatory examinations.
Explain arbitration outcomes at a high level and how they can affect disclosures and supervision plans.
Identify scenarios that can lead to heightened supervision, restriction of activity, suspension, or termination, and when to involve compliance and legal.
Apply corrective action concepts such as targeted training, increased supervision, written supervision plans, and remediation steps.
Training, continuing education, and regulatory awareness
Explain why new product training and approvals are required before allowing sales activity and how supervisors verify completion.
Describe annual compliance meeting expectations at a high level and what topics are commonly addressed.
Differentiate the regulatory element and firm element of continuing education (CE) at a high level and identify the supervisor’s role in completion tracking.
Recognize how product, services, and rule-change training supports compliant recommendations and reduces sales practice violations.
Identify when marketplace changes, new products, or rule updates require updates to procedures, controls, and training materials.
Branch supervision, inspections, and delegation
Differentiate OSJs, branches, and non-branch locations and explain how supervision and inspection scope can differ (high level).
Describe the core elements of a branch inspection program: planning, evidence collection, escalation, corrective action, and follow-up testing.
Verify that location registrations, business descriptions, and activities align with what is actually conducted at the site.
Identify supervisory role designations and explain how firms ensure adequate supervisory coverage during absences or vacancies.
Explain why supervision extends to vendors and outsourced functions (e.g., clearing, back office, IT) and how oversight is documented.
Recognize signage and public-facing communications requirements for firm locations at a high level and why they matter for customer protection.
Describe how supervisory delegation works, including that responsibility is retained and delegated tasks require periodic review and testing.
F2 — Supervise the Opening and Maintenance of Customer Accounts (33.8%)
Identify required new account information and documentation for individuals and entities, including authority and beneficial ownership concepts (high level).
Apply a completeness and reasonableness check to KYC and investment profile information before approving an account.
Differentiate suitability and Reg BI best-interest concepts at a high level and explain how account data supports compliant recommendations.
Describe the purpose of Customer Identification Program (CIP) requirements and typical verification steps for individuals and entities.
Recognize onboarding-related AML controls, including OFAC screening and escalation for identity or source-of-funds red flags.
Explain, at a high level, how Bank Secrecy Act obligations (e.g., monitoring, SAR/CTR processes) intersect with account opening supervision.
Identify special account types (e.g., minors, trusts, retirement, foreign, institutional) and the additional documentation they commonly require.
Identify common disclosures delivered at account opening (privacy, margin, options, risk disclosures) and why delivery/acknowledgment is tracked.
Describe record retention expectations for account-opening documents and approval evidence.
Supervision of transactions, transfers, and disbursements
Review recommended transactions for alignment with the customer’s profile, objectives, and risk tolerance using a suitability/Reg BI mindset.
Identify red flags in trading frequency, position size, and concentration that may indicate unsuitable activity or excessive trading.
Differentiate discretionary authority from customer-approved transactions and identify documentation and supervisory approval requirements for discretion.
Supervise asset transfers and deliveries (e.g., ACATS, journals, DVP/RVP) and recognize controls intended to prevent misappropriation.
Apply restrictions and escalation practices for transfers involving restricted securities or other special handling requirements (high level).
Identify controls for customer disbursements, including third-party transfers and verification steps for address, identity, and standing instructions.
Recognize OFAC screening triggers and escalation expectations for funds movement and suspicious activity indicators (high level).
Explain tax reporting and cost basis themes at a high level and how supervisory controls support accurate processing and disclosures.
Margin supervision and extension of credit
Explain the purpose of Regulation T and how it governs initial margin and payment requirements for credit extensions.
Define Special Memorandum Account (SMA) at a high level and describe how it affects buying power calculations and supervision.
Identify when margin calls occur (Reg T and maintenance) and describe standard supervisory responses: calls, liquidation, extensions, and documentation.
Differentiate initial margin from maintenance margin and recognize when house requirements may exceed minimum regulatory levels (high level).
Describe portfolio margin at a high level and identify why it requires special approvals and monitoring.
Identify pattern day trading concepts and associated equity requirements and risk controls (high level).
Determine which securities are margin-eligible vs non-marginable and what that means for financing and settlement.
Recognize prohibited or restricted extensions of credit at a high level and identify when to escalate to compliance/credit risk.
Account maintenance, privacy, custody, and customer reporting
Apply supervisory controls for account maintenance changes (address, name, title, POA/trusted contact) including verification and documentation.
Recognize heightened scrutiny for foreign addresses, P.O. boxes, or changes tied to disbursement requests.
Explain Regulation S-P privacy notice concepts at a high level and safeguards for nonpublic personal information.
Describe customer protection themes around custody and control of customer funds and securities (high level).
Identify, at a high level, when and why firms provide a statement of financial condition and other required customer notices.
Describe trade confirmations and customer account statements at a high level, including timing and common content expectations.
Explain record retention requirements for account maintenance activities, correspondence, and supervisory approvals.
F3 — Supervise Sales Practices and General Trading Activities (35.9%)
Define what constitutes a customer complaint and distinguish written complaints from other expressions of dissatisfaction (high level).
Describe acknowledgment, escalation, and regulatory reporting expectations for complaints at a high level.
Explain how complaint investigations are documented and how outcomes can drive remediation and enhanced supervision.
Identify record retention expectations for complaints and related correspondence.
Trade error correction and prohibited fixes
Explain common trade error types and how firms identify and triage errors (high level).
Describe cancel/rebill and other correction methods and identify when each approach is appropriate.
Explain the purpose of error accounts and why timely resolution and documentation are required.
Recognize prohibited practices such as trade parking or shifting losses to customer accounts and how supervision prevents them.
Identify red flags for unauthorized trading or unapproved discretion and describe immediate supervisory actions.
Daily trade review, surveillance, and market conduct
Conduct daily trade reviews to detect prohibited or manipulative activity and apply escalation when patterns appear.
Recognize "marking the close" and other closing-price manipulation patterns and identify supervisory responses at a high level.
Apply Regulation SHO concepts at a high level to supervise short sale marking, locate, and close-out expectations.
Distinguish solicited vs unsolicited orders and identify supervision triggers when order markings or patterns are inconsistent.
Identify account types that warrant additional review (e.g., institutional, fiduciary, employee accounts) and apply firm restrictions where applicable.
Recognize supervision expectations for complex or high-risk products and when heightened best-interest review is required (high level).
Identify controls for IPO allocations, restricted list activity, and information-barrier concerns at a high level.
Detect excessive commissions, markups/markdowns, or pricing anomalies and identify corrective actions.
Recognize conflicts of interest that can affect sales and trading (e.g., proprietary products, revenue sharing) and the need for disclosure/escalation.
Supervise trading halts and restricted periods at a high level and ensure order handling follows rules and firm controls.
Describe market access controls and supervisory reviews for order entry risk limits and error prevention (high level).
Employee accounts and personal trading controls
Explain why firms supervise employee personal trading and how it supports conflicts management and market integrity.
Apply restricted list and information-barrier concepts to determine when employee trading is prohibited or requires pre-clearance.
Recognize borrowing/lending and sharing arrangements with customers as conflicts that may be prohibited or require firm approval (high level).
Identify prohibited trading practices such as front running, piggybacking, pegging, pump-and-dump schemes, and improper IPO purchases.
Describe recordkeeping and surveillance tools used to monitor employee accounts (e.g., attestations, duplicate statements) at a high level.
Product sales supervision and suitability themes
Identify product-specific supervision themes for variable annuities and variable life, including disclosures, exchanges, and suitability documentation (high level).
Supervise fixed income sales for disclosure of credit risk, interest rate risk, call/prepayment features, and pricing transparency.
Identify supervision red flags for low-priced or thinly traded equities, including manipulation risk and suitability concerns.
Recognize supervision needs for alternative investments and private funds, including illiquidity, complex fees, and investor eligibility (high level).
Distinguish banking products from securities and ensure required FDIC and non-deposit disclosures are made when sold through a broker-dealer.
Supervise managed products and advisory programs, including fee disclosure and monitoring of trading activity (high level).
Recognize hedge fund sales themes (lock-ups, leverage, valuation) and related eligibility and disclosure considerations (high level).
Identify supervision concerns in switching packaged products (mutual funds, UITs, ETFs, CEFs), including breakpoints, costs, and share class suitability.
Supervise structured product sales for disclosure of payoff mechanics, issuer credit risk, caps/participation, and liquidity limitations.
Identify municipal product supervision themes (e.g., municipal bonds, 529 plans), including disclosures and conflict considerations (high level).
Recognize due diligence and supervision requirements for direct participation programs (DPPs) and other illiquid programs.
F4 — Supervise Communications with the Public (11.0%)
Apply do-not-call list requirements and firm procedures for honoring customer requests.
Identify time-of-day restrictions and other telemarketing rules that affect outbound calling activity.
Recognize supervision controls for telemarketing scripts, disclosures, and recordkeeping at a high level.
Retail communications review and approvals
Define retail communication and distinguish it from correspondence and institutional communication.
Identify common retail communication channels (e.g., websites, email blasts, social media, seminars) and their supervision implications.
Apply content standards requiring communications to be fair and balanced and not false, misleading, or promissory.
Recognize red flags in communications such as guarantees, misleading statements, cherry-picked performance, and exaggerated claims.
Recognize requirements and restrictions for the use of professional certifications and designations in communications (high level).
Determine when principal approval is required prior to use and when FINRA filing requirements may apply (high level).
Apply product-specific communication requirements at a high level and identify when additional disclosures are typically required.
Identify required disclosures 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.
Correspondence review and electronic messaging controls
Define correspondence and distinguish it from retail communications and institutional communications.
Apply correspondence content standards to avoid misleading statements and ensure a fair presentation of risks and benefits.
Identify when disclosures and disclaimers are required and ensure they are accurate and consistent.
Describe supervision and recordkeeping expectations for electronic correspondence to customers and prospects (email, text, messaging platforms) at a high level.
Recognize when correspondence requires review or approval under firm procedures and applicable rules (high level).
Institutional communications supervision
Define institutional communication and identify high-level criteria that make a recipient institutional for communications supervision.
Identify typical institutional communication formats (including electronic delivery) and the controls firms use to supervise them.
Apply content standards to institutional communications and ensure appropriate disclosures and limitations are included.
Describe approval and review expectations for institutional communications and how they typically differ from retail communication approvals (high level).