Type of securities license
The general securities principal exam, commonly referred to as the Series 24 exam, is administered by the U.S. Financial Industry Regulatory Authority (FINRA) which qualifies a registered individual to supervise or manage branch activities such as corporate securities, REITs, variable contracts, and venture capital; a general principal may also approve advertising and sales literature, including communications regarding municipal securities. The exam covers topics such as supervision of investment banking, trading, customer accounts, and the primary/secondary markets.
A Series 24 license does not qualify an individual to function as a:
- Registered options principal – Series 4
- General securities sales supervisor for options and municipal securities – Series 9
- Municipal securities principal – Series 53
- Municipal fund securities principal – Series 51
- Financial and operations principal – Series 27
- Introducing broker/dealer financial and operations principal – Series 28
The Series 24 Exam is made up of 150 questions. Candidates have up to 3.5 hours to take the exam. 70% (105 correct answers) is considered a passing grade. In order to take the Series 24 exam, a candidate must be sponsored by a member firm of FINRA or another SRO (self-regulatory organization).
Test breakdown
|
Number of questions
|
% of exam
|
Supervision of investment banking activities
|
33
|
22%
|
Supervision of trading and market making activities
|
31
|
21%
|
Supervision of brokerage office operations
|
29
|
19%
|
Sales supervision; general supervision of employees; regulatory framework of FINRA
|
43
|
29%
|
Compliance with financial responsibility rules
|
14
|
9%
|
See also
External links