General securities principal exam
Encyclopedia
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:
The Series 24 Exam is made up of 150 questions. Candidates will have up to 3½ hours to take the exam. 70% (105 correct answers) is considered a passing grade.
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA) which qualifies a registered individual to supervise or manage branch activities such as corporate securities
Corporate Security
Corporate security identifies and effectively mitigates or manages, at an early stage, any developments that may threaten the resilience and continued survival of a corporation...
, REITs, variable contracts, and venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
; 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 will have up to 3½ hours to take the exam. 70% (105 correct answers) is considered a passing grade.
| Test Breakdown | # of Questions | % of Exam |
|---|---|---|
| Supervision of Investment Banking Activities | 33 | 22% |
| Supervision of Trading and Market Making Activities | 31 | 20.66% |
| Supervision of Brokerage Office Operations | 29 | 19.33% |
| Sales Supervision; General Supervision of Employees; Regulatory Framework of FINRA | 43 | 28.66% |
| Compliance with Financial Responsibility Rules | 14 | 9.33% |
See also
- Financial Industry Regulatory AuthorityFinancial Industry Regulatory AuthorityIn the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA) - List of Securities Examinations
- Series 7General Securities Representative ExamThe General Securities Representative Exam, commonly referred to as the Series 7 Exam, is a required exam to become a Registered Representative of a broker-dealer in the United States....
- Series 63