Series 99 - Operations Professional Exam

Series 99 – Operations Professional (OS): Complete Guide, Eligibility, Syllabus, Fees, Locations & Coaching

Become a FINRA-registered Operations Professional (Series 99) and gain a strong foothold in the operations side of the securities industry. This guide covers everything you need to know, including exam structure, eligibility, test locations, fees, scheduling, and a focused preparation plan with expert guidance from Dr. Sourav Sir’s Classes.

What is the Series 99 Exam?

The Series 99 exam, also known as the Operations Professional exam, is a FINRA-administered representative-level exam that qualifies professionals to work in operational roles at broker-dealers. Unlike sales or research-focused certifications, this exam emphasizes the back-office and middle-office functions, ensuring candidates understand the critical processes that support trading and investment operations.

Specifically, passing the Series 99 allows you to manage or supervise key operational responsibilities such as:

Trade Support: Handling trade confirmations, allocations, trade matching, and resolving discrepancies in a timely and compliant manner.
Settlements & Clearings: Ensuring all securities transactions are properly settled, delivered, and recorded according to industry standards.
Asset Servicing: Managing corporate actions, dividends, interest payments, account reconciliations, and other post-trade processes.
Regulatory Reporting: Preparing and submitting accurate reports to FINRA, SEC, and other regulatory authorities, maintaining full compliance with operational rules.
Risk Controls & Compliance: Monitoring operational risk, implementing controls, and ensuring that all processes adhere to industry and regulatory standards.

Eligibility & Prerequisites

To appear for the Series 99 – Operations Professional exam, candidates must meet certain mandatory eligibility criteria. Understanding these requirements ensures a smooth registration process and avoids delays in scheduling the exam.

1. Sponsorship Required

You must be employed by, affiliated with, or sponsored by a FINRA-member firm or another Self-Regulatory Organization (SRO) authorized to sponsor representative-level exams.
The sponsoring firm submits your Form U4 through the FINRA Gateway, which officially registers you for the Series 99 exam.
No independent registration: Individual candidates cannot self-enroll; sponsorship is mandatory.
This requirement ensures that candidates are actively connected to a regulated financial institution and are supervised in their operational role.

2. Corequisite – SIE Exam

The Securities Industry Essentials (SIE) exam is a corequisite for Series 99 registration, meaning it must be passed either before or alongside the Series 99 for full operational licensing.
Many candidates choose to take the SIE before joining a sponsoring firm, providing a strong foundational understanding of the securities industry.
SIE does not require firm sponsorship, allowing aspirants to complete this basic regulatory knowledge exam independently.
Passing the SIE demonstrates understanding of basic industry concepts, products, and regulatory framework, which is essential before taking the more specialized Series 99 exam.

Exam Structure & Timing – Series 99

The Series 99 exam is structured to test candidates’ knowledge of operations, trade support, regulatory compliance, and back-office procedures. Understanding the format, timing, and scoring is essential for effective preparation and time management.

1. Questions

The exam consists of 50 multiple-choice questions.
Each question is designed to assess practical understanding of operational workflows, risk controls, and compliance procedures in a broker-dealer environment.
Questions cover a range of topics, including trade processing, settlements, asset servicing, regulatory reporting, and operational controls.

2. Time Allocation

Total exam duration is 1 hour 30 minutes.
Candidates must manage their time carefully, averaging about 1.8 minutes per question, to ensure all items are addressed.
The exam is timed, with no pauses for breaks, so practice under simulated conditions is recommended.

3. Passing Score

The passing score is set by FINRA and is officially disclosed on your exam score report.
FINRA evaluates candidates based on overall performance across all operational and regulatory topics, ensuring proficiency in the core functions of a licensed Operations Professional.

4. Exam Cost

The standard fee for the Series 99 exam is US$60.
Candidates should also review the FINRA fee schedule and cancellation policies to understand rescheduling rules, late fees, and refund eligibility.
Payment is typically facilitated through the sponsoring firm, which manages registration via the FINRA Gateway.

What’s Tested – Series 99 (Content Outline & Weightage)

The Series 99 exam evaluates candidates on both practical operational knowledge and professional ethics, reflecting the real-world responsibilities of a licensed Operations Professional. FINRA organizes the exam content into two major functional areas, each with a defined focus and approximate weightage:

1. Knowledge of Securities Industry & Broker-Dealer Operations (~70%)

This is the primary focus of the Series 99 exam, covering about 70% of the questions. It assesses your ability to manage trade support, settlement, and operational processes efficiently and accurately.

Key areas include:

Trade Lifecycle Management: Understanding trade execution, allocation, confirmation, matching, and settlement procedures.
Back-Office Operations: Handling account maintenance, reconciliations, asset servicing, and corporate actions.
Regulatory Compliance in Operations: Familiarity with operational rules, trade reporting requirements, and internal controls.
Risk Control & Error Resolution: Identifying, escalating, and correcting operational errors or process gaps.
Operational Procedures Across Products: Knowledge of equities, fixed income, mutual funds, and other securities from a processing perspective.

🔹 Key Insight: This section emphasizes practical operations knowledge, ensuring candidates can perform essential tasks within a broker-dealer while maintaining compliance and efficiency.

2. Professional Conduct & Ethical Considerations (~30%)

The remaining 30% of the exam evaluates your understanding of professional responsibilities, ethics, and regulatory obligations in the operational role. This includes:

Disclosures: Correctly reporting conflicts of interest, errors, or material information as required by FINRA and SEC rules.
Safeguarding Customer Information: Ensuring confidentiality of client data and compliance with privacy regulations.
Escalation Protocols: Knowing when and how to escalate operational issues to management or compliance teams.
Reporting Obligations: Accurate and timely filing of reports, internal logs, and regulatory notifications.
Ethical Decision-Making: Applying professional judgment to maintain integrity, accountability, and transparency in all operational processes.

Careers After Series 99 – Roles You Unlock

Passing the Series 99 exam qualifies you for a variety of operations and middle-office roles within broker-dealers and investment firms. These positions are essential for the smooth functioning of trade processes, regulatory compliance, and client servicing. Depending on your experience and firm-specific requirements, you can also progress into managerial roles over time.

Typical Roles After Series 99:

Trade Support Associate
- Manages trade confirmations, allocations, and daily trade flows.
- Acts as the first line of defense in identifying and resolving trade discrepancies.
Settlements Analyst
- Ensures all securities transactions are accurately settled on time.
- Coordinates with clearing firms, custodians, and internal trading desks.
Corporate Actions Specialist
- Handles dividends, stock splits, mergers, and other corporate events affecting client accounts.
- Ensures accurate updates and notifications to clients and internal teams.
Client Onboarding / KYC Operations
- Manages new account setup, documentation verification, and KYC compliance.
- Plays a critical role in regulatory adherence and client data integrity.
Middle-Office Controls Analyst
- Monitors operational risk and internal controls across trading and settlement processes.
- Supports audit readiness and process compliance.
Regulatory Reporting Operations
- Prepares and submits reports to FINRA, SEC, and other regulators.
- Ensures timely, accurate, and compliant reporting in line with industry rules.
Reconciliations Analyst
- Conducts daily, weekly, or monthly reconciliations of trades, positions, and cash balances.
- Identifies discrepancies and facilitates resolution with internal or external stakeholders.
Progression to Team Lead / Operations Manager
- With experience and firm-specific requirements, Series 99 holders can advance to supervisory or managerial roles.
- Responsibilities expand to overseeing operational teams, workflow optimization, compliance monitoring, and reporting.

Why Choose Dr. Sourav Sir’s Classes for Series 99

Preparing for the Series 99 exam requires a combination of practical operations knowledge, regulatory familiarity, and exam-specific strategy. Dr. Sourav Sir’s Classes provide a comprehensive, hands-on approach to ensure candidates not only clear the exam but also acquire real-world operational skills relevant to broker-dealer roles.

1. Ops-First Pedagogy

Trade Lifecycle Labs: Live exercises covering the end-to-end process of a trade, including execution, confirmation, allocation, settlement, and post-trade reporting.
Exception Case Studies: Hands-on scenarios for handling trade breaks, errors, and unusual operational situations, ensuring practical problem-solving skills.
Controls Checklist Sheets: Structured reference sheets mapped directly to the Series 99 content outline, helping candidates internalize operational controls, compliance checkpoints, and risk mitigation strategies.

2. Time-Boxed Mocks & Error-Log Method

Mock exams designed for the 90-minute Series 99 duration, training candidates to manage time pressure effectively.
Error-log tracking allows students to identify recurring mistakes, reinforce weak areas, and improve accuracy and confidence before the actual exam.

3. Scheduling Hand-Holding

Personalized guidance for Prometric exam slot booking in India and abroad, ensuring a smooth registration and testing experience.
Assistance with coordinating exam schedules with firm sponsorship and SIE requirements, minimizing administrative confusion.

4. Interview Assets

Candidates leave with a mini “Ops Controls Playbook”, a structured document summarizing trade processes, risk controls, and operational best practices.
This becomes a tangible discussion tool for interviews, helping aspirants confidently articulate their knowledge and practical skills to potential employers.

5. Flexible Mode of Learning

Online Classes: Interactive live sessions, recorded lectures, and digital resources for global learners.
Offline Classes: Hands-on guidance, peer collaboration, and in-person support for practical exercises.
Both modes ensure flexibility and accessibility, allowing students to choose the format that suits their schedule and learning style.