General Securities Principal Exam
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The General Securities Principal Exam, commonly referred to as the Series 24 Exam, is administered by the 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 will have up to 3 1/2 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 | 23 | 15.3% |
| Supervision of Trading and Market Making Activities | 39 | 26% |
| Supervision of Brokerage Office Operations | 34 | 22.7% |
| Sales Supervision; General Supervision of Employees; Regulatory Framework of FINRA | 38 | 25.3% |
| Compliance with Financial Responsibility Rules | 16 | 10.7% |
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