FINRA Series 99 Guide

Use this guide root when you are preparing for the Operations Professional path. Series 99 is narrower than a product-selling or principal exam: it focuses on how broker-dealer operations functions protect customer assets, move funds and securities correctly, maintain records, and escalate operational exceptions before they become customer-protection or supervisory problems.

The guide combines full chapter-based lessons with quick-reference pages such as the Cheat Sheet and FAQ. The educational chapter sequence follows the official FINRA exam functions, with one chapter on broker-dealer operations workflow and one chapter on professional conduct, privacy, complaint escalation, and supervision. That structure matters because the exam is organized by operations duties, not by product families.

Use the chapter pages when you need to learn or rebuild the material. Use the cheat sheet when the operations concepts are already familiar and you want a faster recall pass.

In this section

• Broker-Dealer Operations
  Review account workflow, cashiering, custody, reporting, margin, settlement, confirmations, financial controls, and records tested on Series 99.
  • Account Opening and Maintenance
    Understand account types, registrations, CIP, KYC, approvals, disclosures, and maintenance controls tested on Series 99.
  • Cashiering and Account Transfers
    Learn fund-movement methods, account-transfer workflow, check handling, and prohibited cashiering practices tested on Series 99.
  • Custody and Control of Securities
    Review safekeeping, segregation, good delivery, DRS, restricted legends, and securities handling controls tested on Series 99.
  • Trade Reporting and Corrections
    Understand reporting systems, corrections, error accounts, and prohibited trading-related practices tested on Series 99.
  • Margin and Securities Lending
    Study margin basics, stock loan, locating and borrowing securities, and day-trading controls tested on Series 99.
  • Settlement
    Learn trade comparison, CNS, buy-ins, DK notices, close-outs, and settlement workflow tested on Series 99.
  • Account Statements and Confirmations
    Review statement content, confirmations, tax reporting, and prohibited document-handling practices tested on Series 99.
  • Financial Requirements and Reports
    Understand FINOP responsibilities, FOCUS reporting, general ledger controls, and net capital concepts tested on Series 99.
  • Books and Records
    Review reconciliations, posting timelines, retention, and prohibited recordkeeping practices tested on Series 99.
• Professional Conduct and Ethical Considerations
  Study communications, privacy, complaint escalation, and supervisory controls tested in the second Series 99 function.
  • Relationships and Dealings
    Understand communications, vendor due diligence, and dealing standards with customers, vendors, and associated persons tested on Series 99.
  • Customer Privacy
    Review privacy, confidentiality, OBO and NOBO status, Red Flags, and customer-information controls tested on Series 99.
  • Complaint Escalation and Red Flags
    Learn complaint recognition, escalation, written-complaint records, reporting triggers, and identity-verification red flags tested on Series 99.
  • Supervision and Control
    Review segregation of duties, information barriers, WSPs, supervisory controls, and business continuity obligations tested on Series 99.
• Series 99 Study Plan — A Practical Reading and Review Schedule
  A practical Series 99 study plan with a clear reading order, weekly milestones, review rhythm, and a final review strategy.
• Series 99 Cheat Sheet — Operations Workflows, Controls, Settlement & Recordkeeping
  Comprehensive FINRA Series 99 reference: account onboarding and maintenance, cashiering and transfers, custody/control, margin and stock loan concepts, settlement and fail control, confirmations and statements, broker-dealer financial controls, books and records retention, plus privacy, escalation, and supervision/BCP themes.
• Series 99 FAQ — Common Questions About Eligibility, Exceptions, and Study Strategy
  Common questions about the FINRA Series 99 exam, including sponsorship, the SIE co-requisite, eligible-registration exceptions, and practical study strategy.
• Series 99 Resources — Official FINRA Links & Content Outline
  Official resources for the FINRA Series 99 exam, including the exam page, content outline, eligible-registration exception details, and key rule references.