How do I register to take the Series 24?
To take the Series 24, a FINRA member firm must file a Form U4 application on your behalf through FINRA’s Central Registration Depository (CRD). You will have to get fingerprinted and answer a lengthy set of questions about your background.
What does the Series 24 qualify me to do?
The Series 24 license qualifies you to manage or supervise a FINRA member's investment banking or securities business for corporate securities, rights, warrants, closed-end funds, money market funds, REITS, asset-backed securities, (corporate) mortgage-backed securities, mutual funds, variable annuities and variable life insurance, direct participation programs, securities traders, venture capital, mergers and acquisitions, and corporate financing. However, there are several positions that a Series 24 exam will not qualify you for including supervising options and municipal securities. The Series 24 is heavy on rules, especially as they relate to supervision.
How long should I prepare for this exam?
We recommend studying 100 hours over a four- to ten-week period.
What score do I need to pass the exam?
A score of 70% is require for passing.
Note: Your score will be rounded down to the lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 24 Exam).
How many questions are on the exam?
There are 150 scored and 10 unscored questions. The 10 unscored questions are randomly distributed so test-takers do not know which questions are not scored. These unscored questions are being tried out by the exam committee.
How long is the exam?
Three hours and 45 minutes. You are allowed to take restroom breaks during the exam; however, the clock will continue counting down. Please contact your preferred testing center for additional information.
Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 24?
At least one of the following licenses is a prerequisite to attempt the Series 24 exam: Series 7, Series 17, Series 37/38, Series 79 or Series 82.
How much does the exam cost?
The cost of the exam is $120 at this writing.
If I stop working for my firm, how long will my Series 24 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 24 license will remain active.
General exam questions? See our general FAQs.
For information about Solomon Series 24 exam study materials, please click here.
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