Series 27
Series 27 – Financial and Operations Principal Exam
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ExploreAbout this exam
The Series 27 - formally the Financial and Operations Principal Qualification Exam (FN) - is FINRA's principal-level qualification exam for the person at a member firm who prepares and maintains the firm's books and records and oversees its financial responsibility compliance. Candidates must be associated with, and sponsored by, a FINRA member firm or other applicable self-regulatory organization member firm, and the exam has no corequisite. It is the required exam for broker-dealers with a minimum net capital requirement of $250,000 and for municipal securities brokers with a $150,000 minimum under SEC Rule 15c3-1; other broker-dealers may instead take the abbreviated Series 28. The exam consists of 145 multiple-choice items, runs 3 hours and 45 minutes, requires a passing score of 69, and costs $235. Content follows five job functions: Financial Reporting (25 items), Operations, General Securities Industry Regulations, and Preservation of Books and Records (42), Customer Protection (24), Net Capital (41), and Funding and Cash Management (13). Permitted activities include back office operations, preparation and maintenance of books and records, and compliance with financial responsibility rules for self-clearing broker-dealers and market makers. Build preparation around the official content outline, and weight study time toward the two heaviest functions - operations/recordkeeping and net capital - with repeated practice on computational net capital and customer reserve problems.
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About Series 27 preparation
What is the format, length, and cost of the Series 27?
It is a multiple-choice exam of 145 items with a duration of 3 hours and 45 minutes. The cost is $235. The exam has been in effect from 01/1979 to the present. There is no corequisite exam, so you do not need to pass another qualification exam first.
What score do I need to pass?
FINRA lists a passing score of 69 for the Series 27. Plan your practice toward comfortably clearing that bar rather than toward a bare minimum, since net capital and reserve formula calculations are unforgiving of small arithmetic slips under time pressure.
Who is eligible to take the Series 27?
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization member firm to be eligible to take FINRA principal-level qualification exams. Your firm files the enrollment; you cannot register as an independent candidate.
Should I take the Series 27 or the Series 28?
Broker-dealers with a minimum net capital requirement of $250,000, and municipal securities brokers with a minimum net capital requirement of $150,000 under SEC Rule 15c3-1, must pass the Series 27. All other broker-dealers are permitted to take the Series 28, which is an abbreviated version of the Series 27.
How long must I wait to retake the exam if I fail?
Currently the waiting periods are 30 days after the first and second unsuccessful attempts and 180 days after the third. Effective January 19, 2027, those periods drop to 15 days and 60 days respectively, applying automatically to new enrollments and open enrollments without an appointment.
How should I order my studying across the five job functions?
Follow the item weights. Operations and Preservation of Books and Records (42 items) and Net Capital (41 items) together account for 83 of the 145 items, so they deserve the largest share of time. Then cover Financial Reporting (25) and Customer Protection (24), and finish with Funding and Cash Management (13).
What topics does the exam actually test?
The content outline is built on five major job functions: Financial Reporting; Operations, General Securities Industry Regulations, and Preservation of Books and Records; Customer Protection; Net Capital; and Funding and Cash Management. FINRA publishes a downloadable Series 27 Content Outline that describes both the subjects and the depth of knowledge required.
What supervisory activities does the Series 27 license cover?
Covered supervisory activities include back office operations; preparation and maintenance of a member firm's books and records; and compliance with financial responsibility rules that apply to self-clearing broker-dealers and market makers. That scope is why the exam leans heavily on recordkeeping and net capital mechanics.