Series 27 - Financial and Operations Principal Qualification Examination

How do I register to take the Series 27?

To take the Series 27, a FINRA member firm must file a Form U4 application on your behalf through FINRA’s Central Registration Depository (CRD). 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.

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. 

Outline: http://www.finra.org/web/groups/industry/@ip/@comp/@regis/documents/industry/p011075.pdf

How long should I prepare for this exam?

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

What score do I need to pass the exam?

A score of 69% is required for passing.

Note: Your score will be rounded down to the next lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 27 Exam).

How many questions are on the exam?

There are 145 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.

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 is the exam?

3 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 27?


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 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.

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Philip Schweik, Global View Capital Advisors, Wausau, WI

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