The Financial and Operations Principal
Qualification Examination, or Series
27, tests a candidate’s knowledge
and understanding of financial responsibility
rules and recordkeeping requirements. This
exam is required for a firm’s senior
accounting staff members who prepare the
firm’s financial reports, which includes
those who will function as a firm’s
chief financial officer.
The Series 27 is a 3 1/2 hour, 145 multiple-choice
question exam categorized as follows:
| Category |
Questions
|
%
of Exam
|
- Keeping and Preservation of Records
and Broker-Dealer Financial Reporting
Requirements
|
16
|
11%
|
|
|
44
|
30%
|
|
|
37
|
26%
|
- Municipal Securities Rulemaking
Board Regulations
|
10
|
7%
|
- Federal Reserve Board Regulations
|
8
|
6%
|
|
|
15
|
10%
|
- Other Relevant Regulations and
Interpretations
|
15
|
10%
|
To pass the Series 27, a 70% is required
(102 out of 145 questions must be answered
correctly).
Series 27 Examination
Fee: $85
(Effective January 1, 2005)
The Introducing Broker-Dealer Financial
and Operations Principal Qualification
Examination, or Series 28, tests
a candidate’s knowledge of the
rules and regulations related to broker-dealer
financial responsibility, recordkeeping,
and the protection provided to investors
by the Securities Investor Protection
Act of 1970. This exam is required for
the individual responsible for the recordkeeping
requirements of introducing firms which
do not carry customer accounts or hold
customer funds or securities.
The Series 28 is a 2-hour, 85 multiple-choice
question exam categorized as follows:
| Category |
Questions
|
%
of Exam
|
- Keeping and Preservation of Records
and Broker-Dealer Financial Reporting
Requirements
|
15
|
18%
|
|
|
36
|
42%
|
|
|
10
|
12%
|
- Other Relevant Regulations and
Interpretations
|
24
|
28%
|
To pass the Series 28, a 70% is required (60 out of 85 questions must
be answered correctly).
Series 28 Exam Fee:
$85
(Effective January 1, 2005)
|
