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Series 28

Series 28

The Series 28 exam — the Introducing Broker-Dealer Financial and Operations Principal Qualification Exam (FI) — assesses the competency of an entry-level principal to perform their job as a financial and operations principal in an introducing broker-dealer that does not carry customer accounts or hold customer funds or securities.

Visit FINRA for more info

95 Questions

Multiple Choice

2h

Duration

69%

Min Passing Score

50% - 60%

Average Passing Rate

Requisites

None

Topics

  • Financial Reporting
  • Operations
  • Regulations
  • Preservation of Books and Records
  • Net Capital
  • Customer Protection
  • Funding and Cash Management

Retake Wait Periods

After the first or second time a candidate fails the Series 28 exam, there is a mandatory 30 day waiting period before they can take the exam again. After the third (and subsequent) fails, the waiting period increases to 6 months. The $195 exam fee applies each time they take the exam.

What’s Next

Passing the Series 28 exam certifies you as an Introducing Broker/Dealer Financial and Operations Principal, specializing in financial reporting and back-office operations. While this is a focused role, there are opportunities to broaden your career prospects. Consider the Series 79 exam for investment banking and complex securities or the Series 57 exam for securities trading.

Prep Package

Be confident, fully prepared, and ready to pass.

The Series 28 exam requires a solid understanding of a broad range of concepts and the ability to apply them in various scenarios. You need a comprehensive prep course that will make you feel confident, fully prepared, and ready to pass.

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Course access is for 7 months from the date of purchase

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Course Material

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We have created the ultimate resource to help ensure you pass — the first time. Developed by experts in FINRA licensing, our coursework incorporates everything you need to know to successfully take this important step in advancing your career.

Multi-level Assessments

Includes Quick Quizzes at the topic level.

Chapter Video Lectures

Created by expert Instructors, aligned with the book’s content.

Animated Videos

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Scored and Graded Assessments

Check Your Understanding, Chapter Exams, Mid-Term Exams, and Fixed Final Exams.

Clear and concise course material

Increased efficiency in learning, allowing more time for Final Practice Exams.

Intuitive & Modern User Interface

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FAQs

Passing the Series 28 exam certifies you as an Introducing Broker/Dealer Financial and Operations Principal, specializing in financial reporting and back-office operations. While this is a focused role, there are opportunities to broaden your career prospects. Consider the Series 79 exam for investment banking and complex securities or the Series 57 exam for securities trading. Overall, obtaining additional FINRA certifications can expand your career options within the financial services industry.

You will have two years between jobs before the license expires. When you cease working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 28 license will remain active.

The cost of the exam is $150.

You have 2 hours to complete the exam. You are allowed to take restroom breaks during the exam. However, the clock will continue counting down

There are 95 multiple-choice questions.

A score of 69% is required for passing.

Note: Your score will be rounded down to the next lowest whole number (e.g. 68.9% would be a final score of 68%--not a passing score for the Series 28 Exam).

To take the Series 28, a FINRA member firm must file a Form U4 on your behalf through FINRA Gateway (This capability in Classic CRD was retired April 5, 2021). There are no prerequisites to take the Series 28. However, you will have to get fingerprinted and answer a lengthy set of questions about your background. Upon registering, a candidate will have 120 days to schedule the exam. You can find more details on the FINRA Test Enrollment Services System.

Pass Perfect offers a complete Series 28 study program, which includes an online course, print or ebook, and unlimited online exams throughout the course, including unlimited final exams.

We recommend studying 50-60 hours over a four-week period.

There are no prerequisites to take the Series 28 exam.

Keeping and Preservation of Records and Broker-Dealer Financial Reporting Requirements – 17%

Net Capital Requirements – 38%

Customer Protection – 11%

Uniform Practice Rules – 5%

Other Relevant Regulations and Interpretations – 29%

The Series 28 qualifies you to become an Introducing Broker/Dealer Financial and Operations Principal. This is an individual who is responsible for correctly preparing and maintaining the books and records for specific member firms. Passing the Series 28 exam demonstrates that you adequately understand how to prepare and maintain the books and records of your firm in compliance with securities laws and regulations.

Once you have passed your Series 28, you will be eligible to register as an Operations Professional, without having to pass your Series 99.

Note that the Series 28 does not qualify you to be a Financial and Operations Principal for member firms that have a net capital requirement of at least $250,000 or municipal dealers who have a net capital requirement of $150,000.

The books and records for these kinds of firms must be prepared by someone who holds a Series 27.