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Series 28 - Introducing Broker-Dealer Financial and Operations Principal Qualification Examination

How do I register to take the Series 28?

To take the Series 28, 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 28; however, you will have to get fingerprinted and answer a lengthy set of questions about your background.

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.

Outline: http://www.finra.org/web/groups/industry/@ip/@comp/@regis/documents/industry/p011074.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 28 Exam).

How many questions are on the exam?

There are 95 multiple-choice questions. 

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%

How long is the exam?

2 hours. 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 28?

No

How much does the exam cost?

The cost of the exam is $100 at this writing.

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. 



General exam questions? See our general FAQs.

For information about Solomon Exam Prep’s Series 28 exam study materials, please click here.





I passed the Series 7 on my first attempt. In fact, five years ago, I also passed both the Series 6 and 63 on my first attempt. In all cases, I used Solomon Exam Prep materials which make sometimes 'dry' topics much more readable. Also, having the option to take an unlimited number of practice tests and receive immediate, thorough feedback was invaluable. I highly recommend them!

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