Registered Options Principal Exam (Series 4)
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The Series 4 is FINRA's Registered Options Principal exam — the qualification for the principal who supervises a broker-dealer's options business: approving new options accounts, reviewing account activity and trading, approving options communications, and supervising the representatives who handle options. FINRA rules require options business to be supervised by a Registered Options Principal, which is why the exam has been in continuous use since 1975.
The registration rests on earlier passes: a candidate must have passed the SIE and the Series 7 to hold the Registered Options Principal registration, and must be associated with and sponsored by a FINRA member firm or another applicable self-regulatory organization member firm to enrol.
Overview
The content outline distributes the 125 questions across six supervisory functions:
- Supervise general options trading — 30 questions
- Supervise associated persons and personnel management activities — 28 questions
- Supervise options account activities — 25 questions
- Supervise the opening of new options accounts — 21 questions
- Implement practices and adhere to regulatory requirements — 12 questions
- Supervise options communications — 9 questions
The exam assumes Series 7 options knowledge — strategies, margin, exercise and assignment — and tests the supervisory layer on top: position and exercise limits, the account approval process and the options disclosure document, suitability review of strategies, discretionary account supervision, and the approval of options advertising and sales literature. Trading and account supervision together are more than half the exam.
Cost and registration
Registering for the Series 4 costs $200, per FINRA's published fee schedule.
Plan the Series 4 sitting around options supervision
The Series 4 delivers 125 multiple-choice items in 3 hours 15 minutes. FINRA lists a passing score of 72 and a $200 fee. The registration also has the SIE and Series 7 as corequisites, so confirm that your firm is mapping the correct principal path before it opens the exam window.
The blueprint divides the scored work across six supervisory functions: opening options accounts (21), account activity (25), trading (30), communications (9), regulatory practices (12) and personnel management (28). Use those counts to distribute review sessions. They describe the official content allocation, while practice-set percentages remain study diagnostics rather than a replica of a live form.
Questions by topic in the Series 4 practice bank
Counts describe our practice categories, which may subdivide official domains. They are not the exam’s official topic weights.
Verified facts about the Series 4 exam
10 statements, each bound to the official document it was taken from. The available source links open those documents.
Requirements and rules
- Must be associated with and sponsored by a FINRA member firm or other applicable SRO member firm
- FINRA
- Candidates must pass the SIE and Series 7 exams to hold the Registered Options Principal registration
- FINRA
- FINRA has amended Rule 1210 to cut the retake waits to 15 and 60 days, effective January 19, 2027 (Regulatory Notice 26-18); until then the 30- and 180-day waits apply
- FINRA
- Applies to the SIE and the representative and principal examinations specified under Rule 1220
- FINRA
Numbers
Dates
Podcast episodes
Free episodes from the Every Exam Prep podcasts that cover the Series 4 exam. Each one opens on Apple Podcasts.
Securities Exam Prep · Oct 23, 2026 · 4 min
Series 4: 125 Questions, 72%, the Registered Options Principal Exam
Listen on Apple PodcastsSecurities Exam Prep · Sep 17, 2026 · 5 min
The Principal Ladder: Series 24, 26, 9/10, 23 and 4
Covers the Series 4 exam alongside related exams.
Listen on Apple Podcasts
Frequently asked questions
How many questions are on the Series 4 exam and how long do I have?
The Series 4 Registered Options Principal Exam has 125 multiple-choice questions administered over 3 hours and 15 minutes.
What is the passing score for the Series 4?
FINRA sets the passing score at 72%.
How much does the Series 4 exam cost?
The Series 4 costs $200 to register for, per FINRA's published fee schedule.
What do I need before I can sit for the Series 4?
Candidates must pass the SIE and the Series 7 exam, since the Series 4 has corequisite exam requirements tied to both. You'll need both in hand to hold the Registered Options Principal registration.
Who is eligible to take the Series 4?
You must be associated with and sponsored by a FINRA member firm or another applicable self-regulatory organization member firm to sit for the exam. This isn't an open-enrollment test you can register for on your own.
What happens if I fail the Series 4 exam? How soon can I retake it?
FINRA rules require a 30 calendar day wait before your second and third attempts; after three failed attempts in a row within a two-year period, the wait extends to 180 calendar days. FINRA has amended its rule to cut these to 15 and 60 days, effective January 19, 2027. Use that mandatory gap to target your weakest content areas before retesting.
Sources
- 1.Series 4 – Registered Options Principal Exam | FINRA.org — FINRA (accessed Aug 9, 2026)
- 2.1210. Registration Requirements | FINRA.org — FINRA (accessed Aug 9, 2026)
- 3.FINRA Qualification Exams — FINRA
- 4.Enroll for a FINRA Exam — FINRA
- 5.FINRA Exam Scheduling (Prometric) — Prometric
- 6.Regulatory Notice 26-18: FINRA Adopts Amendments that Shorten the Qualification Examination Retake Waiting Periods — FINRA (accessed Nov 2, 2026)
Official sources
The official documents our facts about this exam are taken from.
- Series 4 – Registered Options Principal Exam | FINRA.orgFINRAfinra.org
- FINRA Reduces Waiting Periods for Retaking Qualification ExamsFINRAfinra.org
- Qualification Exams | FINRA.orgFINRAfinra.org
- Regulatory Notice 26-18: FINRA Adopts Amendments that Shorten the Qualification Examination Retake Waiting PeriodsFINRAfinra.org
- 1210. Registration Requirements | FINRA.orgFINRAfinra.org
Last verified against FINRA's official sources:
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