Frequently Asked Questions

Series 27 - Financial and Operations Principal Qualification Examination

  • About the Series 27

  • What does a Series 27 license allow me to do?

    The Series 27 qualifies you to become a Financial and Operations Principal, often called a FINOP for short. A FINOP is the individual who is responsible for correctly preparing and maintaining the books and records for specific member firms.

    Members firms who have a net capital requirement of at least $250,000 or municipal dealers who have a net capital requirement of $150,000 must have a FINOP preparing their books and records. Passing the Series 27 exam demonstrates that you adequately understand how to prepare and maintain the books and records in compliance with securities laws and regulations. 

  • Are there any prerequisites for the the Series 27 exam?

    No, there are no prerequisites.

  • Preparing for the Series 27 Exam

  • What subjects does the Series 27 exam test?

    ·  Keeping and Preservation of Records and Broker-Dealer Financial Reporting Requirements – 10%

    ·  Net Capital Requirements – 30%

    ·  Customer Protection – 25%

    ·  Municipal Securities Rulemaking Board Regulations – 6%

    ·  Federal Reserve Board Regulations – 6%

    ·  Uniform Practice Rules – 8%

    ·  Other Relevant Regulations and Interpretations – 15%

  • How long should I prepare for the Series 27 exam?

    We recommend studying 80-100 hours over a four-week period.

  • How do I prepare for the Series 27 exam?

    Solomon offers a complete Series 27 study program, which includes digital Study Guide, Exam Simulator, Audiobook, and Video Lecture. Visit the Solomon Series 27 page to learn more.

  • Taking the Series 27 Exam

  • Do I need to be sponsored to take the Series 27 exam?

    Yes, to take the Series 27 and any other FINRA exam, you must be sponsored by a FINRA member firm.

  • How do I register to take the Series 27?

    To take the Series 27, 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 27. 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.

  • How much does the Series 27 exam cost?

    The cost of the exam is $175.

  • How many questions are on the Series 27 exam?

    There are 145 scored and 10 unscored questions, for a total of 155 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 Series 27 exam?

    You have 3 hours and 45 minutes to complete the exam. You are allowed to take restroom breaks during the exam. However, the clock will continue counting down. See the FINRA website for more details on what to expect when taking your exam.

  • What score do I need to pass the Series 27 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 27 Exam).

  • Registration

  • If I stop working for my firm, how long will my Series 27 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 27 license will remain active. 

General exam questions? See our general FAQs.

For information about Solomon Series 27 exam study materials, please click here.