Series 24 Practice Exam
Series 24 practice exam for General Securities Principals. 150 questions, 225 minutes, 70% to pass.
Series 24 Exam
General Securities Principal. Requires SIE + Series 7 (or equivalent). 150 scored questions, 3 hours 45 minutes, 70% to pass.
Practice by Series 24 Domain
Target a specific area, or launch the full exam below
Registration & Personnel
Broker-dealer registration, Form U4/U5, CE requirements, and hiring practices. 9% of Series 24.
General BD Activities
Net capital, market making, research rules, supervisory procedures, and BCP. ~28% of Series 24.
Customer Activities
Suitability, Reg BI, churning, senior investors, complaints, and account supervision. ~25% of Series 24.
Trading & Market-Making
Best execution, short sales, Reg NMS, trade reporting, and market manipulation. ~22% of Series 24.
Investment Banking & New Issues
Underwriting, IPO rules, research restrictions, Reg D, and Reg M. ~16% of Series 24.
⭐
Full Series 24 Practice Exam
All five domains mixed and weighted by the official FINRA Series 24 blueprint.
About the Series 24 Exam
The Series 24 General Securities Principal exam is the broadest FINRA principal qualification, authorizing supervision of virtually all broker-dealer activities including retail and institutional sales, trading, market making, investment banking, research, and advertising. It is required for anyone who is a principal of a broker-dealer or who supervises registered persons in a principal capacity. The SIE and Series 7 (or equivalent) are prerequisites.
The exam contains 150 scored questions (160 total with 10 unscored) with a 3-hour 45-minute time limit and a 70% passing score. The Series 24 is widely considered one of the most difficult FINRA exams due to its breadth — covering regulatory requirements across the full spectrum of broker-dealer operations.
Series 24 Exam Topic Breakdown
| Topic | Weight | Key Areas |
|---|---|---|
| Supervision of Registration and Conduct | 28% | U4/U5 filing, CE requirements, OBAs, private securities transactions, Form BD |
| Supervision of General Broker-Dealer Activities | 42% | Sales supervision, trading, investment banking, research, market making, advertising |
| Supervision of Customer Accounts | 16% | Account opening, suitability, margin, Reg BI, retirement accounts, discretionary accounts |
| Supervision of Financial Responsibility | 14% | Net capital, customer protection rule (Rule 15c3-3), SIPC, books and records |
Sample Series 24 Exam Questions
1. Under Regulation Best Interest (Reg BI), a broker-dealer making a recommendation to a retail customer must act in the customer's best interest. This obligation is BEST described as:
2. A broker-dealer's net capital falls below its required minimum. Under SEC Rule 15c3-1, the firm must:
3. A research analyst at a broker-dealer owns shares in a company the firm's investment banking group is underwriting. Under FINRA Rule 2241 (Research Analyst Conflicts of Interest), the analyst:
Study Tips for the Series 24 Exam
The Series 24 covers the widest scope of any FINRA exam and is widely considered the hardest. Build your study around the four major topic areas. Financial responsibility (net capital, customer protection) requires understanding the mechanics of Rule 15c3-1 and Rule 15c3-3 — how net capital is calculated, what triggers a violation, and what the firm must do. Regulation Best Interest (Reg BI) is heavily tested as a 2020 rule that changed the broker-dealer standard of care.
Focus on supervisory procedures — know FINRA Rules 3110 (Supervision), 3120 (Supervisory Control System), 3130 (Annual Certification), and 4511 (Books and Records). The Series 24 tests principal-level knowledge of anti-money laundering (FinCEN SAR requirements), insider trading surveillance, research analyst conflicts (Rule 2241), and the full range of U4/U5 disclosure requirements. Plan for 80–120 hours of study. Securities Training Corporation (STC) and Kaplan are popular prep providers for the Series 24.
See also the Series 10 general sales supervisor exam and the Series 4 options principal exam.
Frequently Asked Questions — Series 24 Exam
What does the Series 24 license authorize?
The Series 24 provides the General Securities Principal qualification — the broadest FINRA principal license. It authorizes supervision of all broker-dealer activities including retail and institutional sales, trading, market making, investment banking, research, and all advertising and communications. It is required for principals of FINRA member firms.
What exams are prerequisites for the Series 24?
The SIE and Series 7 (or equivalent top-off exam) are required before taking the Series 24. The 'or equivalent' provision recognizes that some principals may have passed a different top-off exam (e.g., Series 79 for investment banking) in lieu of the Series 7.
What is Regulation Best Interest (Reg BI) and why is it important for the Series 24?
Reg BI (effective June 2020) requires broker-dealers to act in the retail customer's best interest when making investment recommendations — stricter than the previous suitability standard. The Series 24 tests the Form CRS (Customer Relationship Summary) disclosure requirement, the four component obligations of Reg BI (care, disclosure, conflict of interest, compliance), and how firms must establish policies and procedures to meet Reg BI obligations.
What is the Net Capital Rule (Rule 15c3-1)?
SEC Rule 15c3-1 requires broker-dealers to maintain a minimum level of liquid net capital at all times. Net capital is essentially liquid assets minus liabilities and haircuts on securities. If net capital falls below the minimum, the firm must immediately cease conducting a securities business. The rule is designed to ensure firms can meet their obligations to customers.
What is the Customer Protection Rule (Rule 15c3-3)?
SEC Rule 15c3-3 requires broker-dealers to maintain customer securities and cash in segregated accounts — separate from firm proprietary assets — to protect customers in case of firm insolvency. Broker-dealers must perform a weekly computation to ensure sufficient customer assets are held in reserve. Violations of Rule 15c3-3 are serious regulatory violations.
How does the Series 24 differ from the Series 9/10?
The Series 9/10 (GSSS) is the branch-level sales supervision qualification. The Series 24 is the firm-level principal qualification with broader authority. A Series 24 holder can supervise trading, market making, investment banking, research, and firm finances in addition to sales — activities beyond the scope of the Series 9/10.
How long should I study for the Series 24?
Most candidates need 80–120 hours of dedicated study. The Series 24 is one of the broadest and hardest FINRA exams. Candidates with extensive broker-dealer compliance experience may need less time; those new to principal-level supervision should budget toward the higher end. Securities Training Corporation (STC) and Kaplan are widely used prep providers.