Free Series 26 Practice Exam
Free Series 26 Investment Company Principal practice exam covering supervision of mutual fund sales, variable products, compliance, and operations. No signup required.
Supervision of Sales
Mutual fund suitability, breakpoints, switching, sales literature, variable annuity supervision, and Reg BI obligations. ~39% of Series 26.
Supervision of Compliance
Written supervisory procedures, FINRA Rule 3110, branch examinations, regulatory reporting, and compliance program oversight. ~23% of Series 26.
Supervision of Operations
Customer account supervision, order processing, margin, customer protection rule, AML, and recordkeeping for investment company products. ~22% of Series 26.
General Broker-Dealer Activities
Registration requirements, continuing education, supervision of associated persons, Form U4/U5, and FINRA member firm obligations. ~16% of Series 26.
Full Series 26 Practice Exam
All four sections mixed and weighted by the official FINRA Series 26 blueprint. 110 questions, 180 minutes.
About the Series 26 Exam
The Series 26 Investment Company and Variable Contracts Products Principal exam is a FINRA principal qualification required for supervisors of registered representatives who sell mutual funds, variable annuities, variable life insurance, and unit investment trusts. It is the principal companion to the Series 6 representative license — firms where representatives hold Series 6 must have at least one Series 26 principal. The exam qualifies the holder to supervise investment company product sales, operations, and compliance at a FINRA-member broker-dealer.
The exam contains 110 scored questions (120 total including 10 unscored) across four content areas: Supervision of Sales (39%), Supervision of Compliance (23%), Supervision of Operations (22%), and Supervision of General Broker-Dealer Activities (16%). You have 180 minutes and must score at least 70% to pass. Prerequisites are the SIE plus the Series 6 or Series 7.
Study Tips
Supervision of Sales is the largest section at 39%. Focus on mutual fund breakpoints and the supervisory obligation to ensure customers receive all applicable discounts, rights of accumulation, and letters of intent. Variable annuity supervision is heavily tested — know the FINRA suitability and disclosure requirements for variable annuity exchanges (1035 exchanges) and the principal review obligations. For Compliance, deeply understand FINRA Rule 3110 written supervisory procedures and the principal review and approval requirements for different transaction types. The operations section tests customer protection rule concepts and AML supervisory obligations.
Frequently Asked Questions
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No. You can take any practice exam without signing up. Creating a free account adds two benefits: your scores are saved so you can track progress over time, and you can save your place mid-exam and resume later on any device.
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Choose an exam from the Browse Exams menu or the homepage categories. Select a specific topic to drill, or start the full practice exam. Answer multiple choice questions at your own pace, then review detailed explanations for every question after you finish.
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How accurate are the practice questions?
All questions are written to mirror the style, difficulty, and topic weighting of the actual exams based on official content outlines. They are not copies of real exam questions — they are original practice questions designed to test the same concepts. Always use the official content outline for your specific exam as your primary study guide.
What exams does TakeZeroHQ cover?
We cover 34 exams across four categories: FINRA and NASAA (SIE, Series 3, 4, 6, 7, 9, 10, 24, 63, 65, 66), Professional Certifications (CFA Level 1/2/3, CAIA Level 1/2, CFP), Real Estate (National, NJ, NY, PA, CA, FL, TX), and Insurance License (Life and Health national, Property and Casualty national, plus CA, NY, TX, and FL state modules). We add new exams based on user requests.
How do I request an exam that is not covered?
Use the Request an Exam form at the bottom of the homepage. We review every submission and prioritize based on demand. Tell us the exam name, your timeline, and any details about the format — that helps us build the right content faster.
How many questions is the SIE exam and what is the passing score?
The SIE has 75 scored questions plus 10 unscored pretest questions (85 total), with a 105-minute time limit. The passing score is 70%. It covers four sections: Knowledge of Capital Markets (16%), Understanding Products and Their Risks (44%), Understanding Trading, Customer Accounts, and Prohibited Activities (31%), and Overview of Regulatory Framework (9%).
How long does it take to study for the SIE exam?
Most candidates study 40-80 hours over 4-6 weeks. The SIE is considered the most accessible FINRA exam since it has no prerequisite and covers broad fundamentals. If you have a finance background you may need less time. Focus on investment products and prohibited activities — those two sections make up 75% of the exam.
How many questions is the Series 7 exam?
The Series 7 has 125 scored questions plus 10 unscored questions (135 total) with a 225-minute time limit. The passing score is 72%. It is the broadest FINRA representative exam covering equities, fixed income, options, mutual funds, retirement accounts, and regulations. You must have a FINRA-member firm sponsor you to take the Series 7.
What is the difference between Series 63, 65, and 66?
Series 63 (60 questions, 72% passing): required by most states to sell securities — covers state securities laws only. Series 65 (130 questions, 71% passing): required to act as an investment adviser representative — covers economics, investment vehicles, and advisory regulations with no Series 7 prerequisite. Series 66 (100 questions, 73% passing): combines Series 63 and 65 content and is taken alongside the Series 7 instead of taking both 63 and 65 separately.
What is the difference between Series 9/10 and Series 24?
Series 9 (55 questions) and Series 10 (145 questions) together are the General Securities Sales Supervisor qualification — Series 9 covers options supervision and Series 10 covers everything else. Series 24 (150 questions) is the General Securities Principal qualification giving broader supervisory authority including approving advertising and supervising branch offices. Series 24 has a wider scope than 9/10 combined.
What is the Series 3 exam and how does the dual-passing requirement work?
The Series 3 (120 questions, 2.5 hours) licenses you to sell commodity futures contracts and is administered by NFA, not FINRA. It has two parts — Market Knowledge and Regulations — and you must score at least 70% on each part independently. Scoring 90% on one part cannot compensate for below 70% on the other. Both must be passed in the same sitting.
What is the Series 4 exam and who needs it?
The Series 4 (125 questions, 3 hours 15 minutes, 70% passing) licenses you as a Registered Options Principal, allowing you to supervise options sales activities at a broker-dealer. It requires a Series 7 as a prerequisite. The exam focuses heavily on options strategies, margin, and supervisory responsibilities for options business.
How many questions is the CFA Level 1 exam?
CFA Level 1 has 180 multiple-choice questions (3 answer choices) split across two 2-hour 15-minute sessions of 90 questions each. The pass rate is approximately 42%. Ethics is the largest topic at 15-20%. The exam tests knowledge and comprehension of 10 topic areas including quant, economics, financial statement analysis, equity, fixed income, derivatives, and portfolio management.
How is CFA Level 2 different from Level 1?
CFA Level 2 has 88 questions in 22 item sets (vignettes) — mini-cases of 4-6 questions each that require application rather than recall. The exam is 4 hours 24 minutes across two sessions. Pass rate is approximately 46%. The same 10 topic areas apply but at deeper analytical depth. Financial statement analysis, equity valuation, and fixed income are the most heavily weighted areas.
What is on the CFA Level 3 exam?
CFA Level 3 tests portfolio management and wealth planning application. It includes constructed response (essay) questions in the morning and item sets in the afternoon — 4 hours 24 minutes total. Portfolio management dominates at 25-40%. Pass rate is approximately 56%. It is considered the most conceptually demanding level because it requires synthesizing knowledge across all topic areas into portfolio decisions.
How hard is the CFA exam and how long does it take to study?
The CFA Institute recommends 300+ hours of study per level. Most candidates take 3-5 years to pass all three levels. Level 1 pass rates hover around 40-45%, Level 2 around 45-50%, and Level 3 around 55-60%. The total time investment from registration to charter is typically 4+ years including work experience requirements. It is widely considered the most rigorous designation in investment management.
What is the CAIA designation and who should pursue it?
CAIA (Chartered Alternative Investment Analyst) is the leading credential for professionals working with alternative investments — hedge funds, private equity, real assets, structured products, and commodities. CAIA Level 1 (200 questions) covers fundamentals; Level 2 (100 questions) tests application. Pass rates are approximately 55% for Level 1 and 60% for Level 2. It is most valuable for institutional investors, endowment managers, and advisers who allocate to alternatives.
What is the difference between the CFA and CAIA designations?
CFA (Chartered Financial Analyst) is the broadest investment management credential covering all asset classes with depth in equity, fixed income, and portfolio theory — 3 levels, 300+ hours each, ~4 year commitment. CAIA (Chartered Alternative Investment Analyst) is specialized in alternative investments only — 2 levels, significantly less time commitment. Many alternative investment professionals pursue CAIA alongside or instead of CFA.
What is the CFP exam and what does it cover?
The CFP exam (170 questions, 6 hours, approximately 70% passing) is required to earn the Certified Financial Planner designation. It covers 8 domains: professional conduct and regulation, general financial planning principles, education planning, risk management and insurance, investment management, tax planning, retirement planning, and estate planning. It uses case studies and requires both knowledge and integrated planning judgment.
What is the difference between the CFP and CFA designations?
CFP is focused on personal financial planning for individual clients — budgeting, insurance, taxes, retirement, and estate planning. CFA is focused on investment management and securities analysis for institutional and high-net-worth clients. CFP practitioners typically work as fee-based financial planners or advisers. CFA charterholders typically work in portfolio management, research, or institutional investing. Both are highly respected but serve different career paths.
What real estate licensing exams does TakeZeroHQ cover?
We cover national real estate principles and finance, plus state-specific exams for New Jersey, New York, Pennsylvania, California, Florida, and Texas. The national content is the same concepts tested on every state exam. Use the national exam to build your foundation, then drill your specific state module for the state law questions that make up 20-40% of most state exams.
How many questions is the California real estate exam?
The California salesperson exam has 150 questions with a 3 hour 15 minute time limit and a 70% passing score. It covers real estate principles, practices, and California-specific law. California requires 135 hours of pre-license education across three courses before you can sit for the exam. The exam is administered by the California Department of Real Estate (DRE).
How many questions is the Florida real estate exam?
The Florida salesperson exam has 100 questions with a 3.5 hour time limit and a 75% passing score (must score 75 out of 100). Florida requires 63 hours of pre-license education (FREC Course I). The exam covers both national real estate content and Florida-specific law including transaction broker relationships, the Johnson v. Davis disclosure duty, and Florida homestead protections.
How many questions is the Texas real estate exam?
The Texas salesperson exam has two sections: National (85 questions, 150 minutes, 70% passing) and State (40 questions, 90 minutes, 70% passing). Both sections must be passed — you can retake one section without retaking the other. Texas requires 180 hours of pre-license education across 6 courses, the most of any major state. TREC administers licensing.
What is the difference between the national and state portions of real estate exams?
The national portion covers concepts that apply everywhere: property rights, agency law, contracts, fair housing, financing, appraisal, title, and property management. The state portion covers laws specific to your state: licensing requirements, disclosure rules, agency relationships, and state-specific contracts. Most states weight the national portion at 60-80% of the exam. Use our national exams to build your foundation and state modules to target state-specific content.
How long does it take to study for a real estate license exam?
Most candidates pass with 2-4 weeks of focused study after completing their pre-license coursework. The key is understanding concepts (agency, contracts, fair housing) not just memorizing definitions. Common pitfalls: confusing the different types of deeds, misunderstanding agency relationships, and struggling with math questions (proration, mortgage calculations). Use domain-specific drills to identify and address weak areas before the full practice exam.
What is covered on the Life and Health insurance license exam?
The Life and Health exam covers six main areas: life insurance types (term, whole life, universal, variable), life insurance policy provisions (grace period, incontestability, nonforfeiture options), annuities (fixed, variable, indexed), health insurance (HMO, PPO, HDHP, COBRA, HSA), Medicare and Medicaid (Parts A, B, C, D, Medigap), and state insurance regulations. Each state adds a state law section on top of the national content.
What is covered on the Property and Casualty insurance license exam?
The P&C exam covers insurance concepts (insurable interest, indemnity, subrogation, ACV vs. replacement cost), property insurance (homeowners forms HO-3 and HO-4, flood, commercial property, BOP), auto insurance (PAP, liability, collision, comprehensive, uninsured motorist, no-fault), liability insurance (CGL, umbrella, workers compensation, professional liability), and state insurance regulations.
Do I need separate licenses for Life and Health versus Property and Casualty?
Yes — L&H and P&C are separate lines of authority requiring separate exams and separate licenses in most states. Many producers hold both to serve clients comprehensively. Some states offer a combined exam option. Our practice exams cover the national content for each line separately so you can prepare for whichever line (or both) you are pursuing.
How many questions are on the insurance license exam and what is the passing score?
The number of questions varies by state but most use 60-150 scored questions plus 10-20 unscored pretest questions. The passing score is 70% in virtually all states. Exams are administered by Pearson VUE, PSI, or Prometric depending on your state. Most states require completion of a pre-licensing education course (typically 20-40 hours) before you can sit for the exam.
What are the state-specific modules for insurance and which states are covered?
Our state modules cover California, New York, Texas, and Florida — the four largest insurance markets in the US. Each module focuses on the state-specific laws tested on that state exam: California covers Prop 103 and FAIR Plan; New York covers guaranteed issue, DFS, and no-fault PIP; Texas covers promulgated forms, TWIA, and TDI rules; Florida covers Citizens Property Insurance, wind mitigation, and FREC-equivalent rules. Use these alongside the national exam to fully prepare.
What is the difference between Life and Health and Property and Casualty insurance?
Life and Health insurance covers risks to people: life insurance pays a death benefit, health insurance covers medical costs, disability income replaces lost wages, and annuities provide retirement income. Property and Casualty insurance covers risks to property and liability: homeowners insurance, auto insurance, business liability, and workers compensation. These are fundamentally different product lines requiring different exams and licenses.
How is scoring calculated on practice exams?
Your score is the percentage of questions you answered correctly. After completing an exam you see your total score, a breakdown by domain so you can identify weak areas, and the option to review every question with the correct answer and a detailed explanation. Domain scores are especially useful — a low score in a specific area tells you exactly where to focus your next study session.
What is the difference between a domain drill and the full practice exam?
Domain drills give you 20 questions on a single topic (e.g., Options only for Series 7, or Ethics only for CFA). They are ideal for targeted practice when you know a specific area is weak. The full practice exam draws questions across all domains weighted to match the actual exam blueprint — use this to simulate the real test and measure your overall readiness.
Why do I see the same questions more than once?
Our question banks are sized to match or slightly exceed the actual exam length. If you take multiple practice exams in the same domain you will eventually cycle through all available questions. We are continuously adding questions to all banks — use the Request an Exam form if you want to flag that a specific bank needs more content.
Are there explanations for every question?
Yes. Every single question has a detailed explanation accessible after you submit your answer or after completing the exam. Explanations explain why the correct answer is right and why the wrong answers are wrong. Reading explanations for questions you got wrong — and questions you got right by guessing — is the most efficient way to build deep understanding.
Is TakeZeroHQ affiliated with FINRA, NASAA, or any exam board?
No. TakeZeroHQ is an independent practice resource and is not affiliated with, endorsed by, or approved by FINRA, NASAA, the CFA Institute, CFP Board, CAIA Association, or any state real estate or insurance commission. All trademarks and registered marks are property of their respective owners. Always verify exam formats and content with the official exam administrator before your test date.