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Revisions to FINRA’s Series 27 and Series 28 Exams: Effective December 14, 2015

Filed in: FINRA News, Series 27, Series 28

FINRA has announced that the Series 27 and Series 28 examination will be revised as of effective December 14, 2015 – see Regulatory Notice 15-39. These exams qualify an individual to register as a Financial and Operations Principal (FINOP) on behalf of a broker-dealer. A broker-dealer’s FINOP prepares and maintains the books and records of the member as required by industry rules and regulations.

Q: What is the difference between the Series 27 and Series 28?

A: The Series 27 qualifies an individual to be the FINOP of a full-service or introducing broker-dealer, whereas the Series 28 qualifies an individual to serve as FINOP of an introducing broker-dealer only.

The new examinations will test candidates on the functions and tasks that reflect the day-to-day activities of a Financial and Operations Principal (Series 27) and an Introducing Broker-Dealer Financial and Operations Principal (Series 28). The passing score of both exams will be lowered to 69%, 1 percentage point less than the current 70% passing score. Additional information about each exam is below.

The New Series 27
Questions: 145 questions
Time: 225 minutes
Passing Score: 69%

– Function 1: Financial Reporting, 25 questions;
– Function 2: Operations, General Securities Industry Regulations, and Preservation of Books and Records, 42 questions;
– Function 3: Customer Protection, 24 questions;
– Function 4: Net Capital, 41 questions; and
– Function 5: Funding and Cash Management, 13 questions.

The New Series 28
Questions: 95 questions
Time: 120 minutes
Passing Score: 69%

– Function 1: Financial Reporting, 16 questions;
– Function 2: Operations, General Securities Industry Regulations, and Preservation of Books and Records, 30 questions;
– Function 3: Net Capital, 31 questions; and
– Function 4: Customer Protection, Funding and Cash Management, 18 questions.

The current Series 27 and Series 28 content outlines are available on FINRA’s website, at:

Series 27: http://www.finra.org/sites/default/files/Series_27_Outline.pdf
Series 28: http://www.finra.org/sites/default/files/Series_28_Outline.pdf

The revised Series 27 and Series 28 content outlines are also available on FINRA’s website:

Series 27: http://www.finra.org/sites/default/files/Series_27_Outline-effective-1214.pdf
Series 28: http://www.finra.org/sites/default/files/Series_28_Outline_effective-1214.pdf

Please contact us at if you are preparing for the Series 27 or Series 28 so we can offer guidance and insight so you are in the best position to sit for these challenging exams. We look forward to working together to help you pass your regulatory exams.

Written by Dave Meshkov

Dave's mission (and job: Managing Director of Course Design) is to make FINRA exam training engaging, approachable, and dare he even say, enjoyable. Having trained and coached over ten thousand students to exam success he knows how to present complex subjects in memorable and understandable ways. Prior to joining Knopman Marks in 2011, Dave practiced bankruptcy law at Weil, Gotshal & Manages and served as a law clerk in a the Southern District of New York Bankruptcy Court working on the General Motors and Lehman Brothers bankruptcies. Building on his legal expertise and training allows him to keep all our courses updated with the latest legislative and rule-making changes. Dave currently trains for the Securities Industry Essentials (SIE) exam and the Top-Off Series 6, 7, 24, 57, 63, 65, 66, 79, 86, 87, and 99 exams. He also delivers executive one-on-one training and shares his passion for learning outside of work as a ski instructor and yoga teacher. Dave graduated magna cum laude from Fordham Law School, and cum laude with a BA from the University of Pennsylvania.

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