Series 4 – Registered Options Principal Exam
Effective January 19, 2027, the waiting periods for retaking FINRA qualification exams will be reduced as follows:
- 15 days (from 30 days) after the first and second unsuccessful attempts, and
- 60 days (from 180 days) after the third
The new waiting periods will automatically apply to new enrollments and any open enrollments without an appointment. Candidates who have a scheduled exam retake appointment after January 19, 2027, should review whether cancelling and rescheduling for an earlier date is beneficial as rescheduling fees may apply.
January 19, 2027, is the first date FINRA is able to reduce a candidate’s waiting period and requests prior to this date will not be processed.
For additional information, visit FINRA Regulatory Notice 26-18 and the FINRA Qualification Exam FAQ.
For information about NASAA exams, visit https://www.nasaa.org/exams/exam-faqs/.
For questions related to this communication, contact [email protected] for assistance.
The Series 4 exam — the Registered Options Principal Qualification Exam (OP) — assesses the competency of an entry-level principal to perform their job as a registered options principal.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a registered options principal, including the rules and statutory provisions applicable to the supervisory management of a firm’s options personnel, accounts and trading, as well as exchange rules and regulations applicable to the trading of options contracts.
In addition to the Series 4 exam, candidates must pass the Securities Industry Essentials (SIE) Exam and the General Securities Representative Exam (Series 7) to hold the Registered Options Principal registration. For more information about the Series 4 exam, refer to FINRA Rule 1210 and FINRA Rule 1220(a)(8).
Content Outline
The Series 4 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required.
The outline is composed of the six major job functions of an options principal. The table below lists the allocation of exam items for each major job function:
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Supervise the Opening of New Options Accounts | 21 |
| (F2) Supervise Options Account Activities | 25 |
| (F3) Supervise General Options Trading | 30 |
| (F4) Supervise Options Communications | 9 |
| (F5) Implement Practices and Adhere to Regulatory Requirements | 12 |
| (F6) Supervise Associated Persons and Personnel Management Activities | 28 |
| TOTAL | 125 |
Download the Series 4 Content Outline
Eligibility
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA principal-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.
The Series 4 has corequisite exam requirements. Candidates must pass the SIE and Series 7 exams to hold the Registered Options Principal registration.
For more information on the registration process, see Register a New Candidate.
Permitted Activities
Covered activities include supervising a member's options sales practices with the public for the following products:
- equity options,
- foreign currency options,
- interest rate options,
- index options and
- options on government and mortgage-backed securities.