General Securities Principal Exam

(Redirected from Series 24)

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%

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