Series 28 Exam Information

Series 28 Exam Overview & FAQs

The Series 28 Exam

The Series 28 exam evaluates the competence of entry-level principals working as financial and operations principals in introducing broker-dealers that don't handle customer accounts or hold customer funds or securities. It assesses candidates' knowledge of financial responsibilities, rules, and recordkeeping requirements related to broker-dealers. For more details, refer to FINRA Rule 1210 and FINRA Rule 1220(a)(4).

Topics include: Financial Reporting, Operations. Regulations, Preservation of Books and Records, Net Capital, Customer Protection, Funding and Cash Management

Series 28 Exam Difficulty Level

Any professional exam in the Financial Services industry is not easy and includes many concepts that test takers must be able to show a satisfactory level of competency. Many people pass the first time, but others need a second attempt to complete the task. The study and exam tools available through Pass Perfect have been proven to be a highly effective method to prepare for the Series 28 exam.

After the Series 28

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.

Series 28 FAQ

What does a Series 28 license allow me to do?

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.

What subjects does the Series 28 exam test?

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%

Are there any prerequisites for the Series 28 exam?

There are no prerequisites to take the Series 28 exam.

How long should I prepare for the Series 28 exam?

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

How should I prepare for the Series 28 exam?

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.

How do I register to take the Series 28?

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.

What score do I need to pass the Series 28 exam?

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).

How many questions are on the Series 28 exam?

There are 95 multiple-choice questions.

How long is the Series 28 exam?

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

How much does the Series 28 exam cost?

The cost of the exam is $150.

If I stop working for my firm, how long will my Series 28 license remain active?

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.