Series 4 FAQ — Common Questions & Quick Answers

Policies can change—confirm critical details with FINRA and your firm before scheduling.

Quick facts

• Scored items: 125
• Unscored pretest items: 10
• Time: 3 hours 15 minutes
• Passing score: 72
• Cost: $155
• Corequisites: SIE + Series 7
• Sponsorship: required

Frequently asked questions

Do I need firm sponsorship for Series 4?

Yes. Series 4 is a principal-level FINRA qualification exam and generally requires association with a FINRA member firm (or other applicable SRO member firm).

Do I need to pass SIE and Series 7 too?

FINRA states you must pass SIE + Series 7 + Series 4 to hold the Registered Options Principal (OP) registration.

The official Series 4 content outline also references other qualification paths (e.g., the UK or Canada Series 7 modules, or a Series 62 + Series 42 combination). Confirm which prerequisites apply to you with FINRA and your firm’s registration team.

What does Series 4 cover?

Series 4 tests principal-level supervision of options business:

• approving new options accounts and required disclosures
• supervising recommendations, strategies, and margin
• supervising trading operations (exercise/assignment, trade reporting, market access controls)
• supervising options communications
• implementing supervisory controls, recordkeeping, and personnel management

How should I allocate study time?

Use the blueprint weights:

• F3 (24%) + F2 (20%) + F6 (22.4%): trading workflow, margin/risk, supervision of associated persons
• F1 (16.8%): account opening and approvals
• F5 (9.6%) + F4 (7.2%): supervision/records and communications approvals

What’s the biggest exam trap?

Most misses come from picking an answer that sounds “business reasonable” but fails a required control:

• approving an options account without the right docs/disclosures
• allowing a strategy that doesn’t fit the customer profile/approval level
• mishandling margin calls, exceptions, or market access limits
• missing a required principal review/approval for communications

What is the retake policy?

FINRA retake waiting periods can depend on attempt count and exam type. Verify current rules with FINRA at scheduling time.