Registered Options Principal Exam (Series 4) Exam Guide
At a glance
- Questions
- 125
- Time limit
- 3h 15m
- Passing score
- 72%
- Exam fee
- $200
- Governing body
- FINRA
The Series 4 Registered Options Principal Exam qualifies supervisors who oversee options business at broker-dealer firms, including opening new options accounts, monitoring account activity, and reviewing communications. It's administered by FINRA and requires candidates to already hold the SIE and Series 7.
Overview
FINRA's Series 4 content outline is built around six functional areas, each weighted toward the supervisory responsibilities of an options principal:
- Supervise General Options Trading — 30 questions, the largest single area
- 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
Those six areas total the exam's 125 questions.
Cost and registration
Registering for the Series 4 costs $200, per FINRA's published fee schedule.
Exam format
The Series 4 is a 125-question multiple-choice exam with a 3-hour, 15-minute time limit. FINRA sets the passing score at 72%. Candidates who fail must wait 15 calendar days before retaking it, and 60 calendar days after a third consecutive failure within a two-year period.
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 15 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 60 calendar days. 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
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Series 4 – Registered Options Principal Exam | FINRA.orgFINRAfinra.org
- 1210. Registration Requirements | FINRA.orgFINRAfinra.org
- Qualification Exams | FINRA.orgFINRAfinra.org
Last verified against the official exam content outline: