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Financial Services · Series 99

FINRA Series 99 - Operations Professional Exam Practice Test

Series 99 practice questions focus on broker-dealer operations: the processes and controls that support accurate customer-account activity, recordkeeping, payments, reconciliations, data handling, and regulatory reporting. The available practice bank samples operational judgment in situations involving processing exceptions, system or vendor changes, customer information, and transaction workflows.

Exam overview

Exam providerFinancial Industry Regulatory Authority
Exam codeSeries 99
CategoryFinancial Services

About the FINRA Series 99 - Operations Professional Exam

Operations work depends on traceable records, timely processing, and controls that catch errors before they affect customers or reporting. The practice questions use scenarios involving cash and security-related discrepancies, duplicate payments, mismatched control totals, and data feeds; these call for checking source records, isolating the cause, documenting findings, and following an escalation path rather than forcing a transaction through. Other scenarios test change management: assessing customer impact, updating procedures when workflows change, validating a new feed after launch, and addressing a vendor’s missed service deadlines. Customer-record requests also require verifying authority and protecting account information. Across these situations, the central skill is selecting a response that preserves accurate books and records, limits operational risk, and supports appropriate oversight.

Sample Practice Questions

Review a selection from this exam's published US Practice Tests practice bank.

Question 1

A firm is considering an operational process change that could affect customers. Which step best supports a controlled rollout?

  1. AAssess potential impacts, define testing and approval steps, and monitor outcomes after implementation
  2. BImplement the change for all customers before assessing its effects
  3. CRely solely on verbal assurances from the project team
  4. DSkip post-implementation review if the change was approved
Show answerCorrect answer: A

A controlled rollout considers customer and operational impacts, includes testing and approval, and checks results after implementation. Monitoring can identify unintended effects early so they can be corrected.

Question 2

A reconciliation identifies a cash difference between an internal ledger and a bank record. What is the most appropriate response?

  1. APost an adjustment immediately to make the balances match
  2. BInvestigate the difference, retain support for the resolution, and escalate as required
  3. CAssume the bank record is always correct and overwrite the ledger
  4. DCarry the difference forward without recording it
Show answerCorrect answer: B

A reconciliation difference should be researched and resolved based on supporting evidence. Documented investigation and escalation help identify errors, timing items, or potential control issues without introducing unsupported adjustments.

Question 3

A firm’s operations team is setting up a new recurring data feed from a service provider. Which practice best helps determine whether the feed is complete and accurate after launch?

  1. ACompare a defined sample or totals from the feed with an independent source and investigate variances
  2. BAssume the feed is accurate if it arrives on schedule
  3. CHave the provider certify the feed once and discontinue internal review
  4. DReview only records that generate customer complaints
Show answerCorrect answer: A

Independent validation, such as reconciling control totals or sampling records against a separate source, can reveal missing, duplicated, or altered data. Timely delivery alone does not establish accuracy or completeness.

Question 4

A firm’s operations team is preparing to send a scheduled file to a regulator. A control total does not agree with the underlying records. What is the most appropriate action?

  1. ASubmit the file as scheduled and correct it only if the regulator asks
  2. BChange the control total so it matches the file
  3. CInvestigate the variance, follow escalation procedures, and ensure the submission is handled under applicable deadlines and controls
  4. DDelete the records causing the variance
Show answerCorrect answer: C

A mismatch should be investigated and escalated through established controls. The firm should avoid unsupported changes or concealment while ensuring the regulatory filing is addressed in accordance with applicable requirements and deadlines.

Question 5

A firm receives a dividend payment for a security held in a customer account. The payment is posted to the account, but the amount differs from the amount shown on the issuer's announcement. What is the most appropriate operational check?

  1. AVerify the security position and payment calculation against authoritative corporate-action and account records
  2. BAdjust the account to match the issuer announcement without further review
  3. CTreat the difference as a customer trading loss
  4. DWait until the next statement cycle to see whether the amount changes
Show answerCorrect answer: A

A distribution discrepancy should be investigated by checking the relevant position, event terms, and calculation records before making an adjustment. This helps identify whether the cause is a position difference, event detail, or processing error.

Question 6

A firm receives a customer’s request to place a trade in a security that is not available for trading through the firm’s platform. What is the most appropriate operational response?

  1. ARoute the request through established procedures to determine whether the security can be supported and communicate the applicable outcome
  2. BEnter the order using a different security with a similar name
  3. CMark the order as executed so the customer can see it in the account
  4. DAsk another customer to submit the order instead
Show answerCorrect answer: A

Operations staff should not substitute a different security or create a false execution. The request should be handled under the firm’s procedures to determine supportability and ensure the customer receives accurate information about the outcome.

Question 7

A firm discovers that an operations procedure no longer matches the current system workflow. What should the team do?

  1. AContinue using the procedure because written procedures should never be revised
  2. BUpdate the procedure through the firm’s review and approval process, and communicate the change to affected staff
  3. CAsk each employee to create an individual version of the procedure
  4. DRemove all written procedures and rely on informal training
Show answerCorrect answer: B

Procedures should reflect current approved workflows. A controlled update, review, approval, and communication process helps ensure staff follow consistent instructions and that the documented process remains usable.

How to use this practice test

The free Series 99 practice bank contains 50 published questions. Each session presents up to 20 questions selected at random and shows results after you finish. Use a session to identify which operational scenarios need more attention, then revisit the relevant control steps, records, and escalation decisions.

Preparation tips

  • For reconciliation scenarios, compare the internal ledger with the external source, identify the affected transactions, document the variance, and follow the firm’s exception process.
  • When a control total fails before a regulatory file is sent, focus on stopping release, tracing the difference to underlying records, and resolving it through authorized controls.
  • For new data feeds or process changes, consider testing completeness and accuracy, assessing customer impact, recording approvals, and monitoring performance after launch.
  • For customer-record requests from outside parties, distinguish the requester’s claim from verified authority and protect account information until authorization is established.
  • For vendor service failures, examine the pattern and operational impact, preserve evidence, and use the firm’s vendor oversight and escalation procedures.
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