The Series 4 examination is a three hour 125 multiple-choice question exam which is taken in one sitting. The cost of the examination is approximately $90.00 (as of 9/2/10).

The exam covers the three following sections:

1. Options Investment Strategies (~ 34 questions)
2. Supervision of Sales Activities and Trading Practices (~ 75 questions)
3. Supervision of Employees, Business Conduct, and Recordkeeping and Reporting Requirements(~ 16 questions)
   

A "passing" score is 70% and there is NO penalty for guessing. Each question consists of four possible choices.

FINRA has produced a Series 4 content outline, which is available for free.