Checked 25 October 2026. Format as stated on the FINRA Series 24 page and in the Series 24 Content Outline, both read 25 Oct 2026. The retake waiting periods change on 19 January 2027 (Regulatory Notice 26-18); check the fee and the waits on FINRA's pages before you enrol.
The Series 24, FINRA's General Securities Principal Qualification Examination, is the exam an entry-level principal passes to supervise a broker-dealer's securities business. FINRA describes it as measuring the knowledge needed to perform the critical functions of a principal, "including the rules and statutory provisions applicable to the supervisory management of a general securities broker-dealer". This guide sets out what FINRA itself says about the exam today: its length and timing, the passing score, how the questions are spread across five job functions, what the content outline lists under each, and how the corequisite exams decide which principal registration a pass gives you. ProSyllabus is an independent study site, not part of FINRA. The facts here are quoted or summarised from the official pages listed under Sources.
FINRA Series 24 page and the Series 24 Content Outline, read 25 Oct 2026.
FreeTests: Function 1: Registration and Personnel Management · Function 3: Retail and Institutional Customer Activities · Function 4: Trading and Market Making
Series 24 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
The Series 24 at a glance
FINRA's Series 24 page and its content outline give the following, as read on 25 October 2026:
| Item | What FINRA says | Source |
|---|---|---|
| Scored questions | 150 multiple-choice items | Series 24 page, content outline |
| Unscored pretest questions | 10 additional, unidentified items placed at random through the exam, so each exam has 160 items | Content outline |
| Time allowed | 3 hours and 45 minutes | Series 24 page, content outline |
| Passing score | 70 | Series 24 page, content outline |
| Guessing | No penalty, so candidates should attempt every item | Content outline |
| Calculators | Basic electronic calculators and whiteboards are provided by the test centre; only those calculators may be used | Content outline |
| Reference materials | Not permitted at the testing session | Content outline |
| Corequisites | SIE plus the Series 7, 57, 79, 82, or 86 and 87; or the Series 16 | Series 24 page |
| Cost | $235 | Series 24 page |
Still 10 unscored items on the Series 24
- FINRA's weekly update of 1 October 2025 announced that, effective 27 October 2025, the unscored pretest questions would fall from 10 to five on three exams only: the SIE, the Series 7 and the Series 79.
- The Series 24 is not on that list. Its content outline, the version linked from FINRA's Series 24 page on 25 October 2026, still says each candidate's exam consists of "a total of 160 items (150 scored and 10 unscored)".
- So expect 160 items in 3 hours 45 minutes on the Series 24, even though the three exams named in the update now carry five unscored items.
FINRA weekly update of 1 October 2025 and the Series 24 Content Outline, read 25 Oct 2026.
The five job functions and how the items are split
FINRA builds the Series 24 around what an entry-level general securities principal does at work. The content outline names five major job functions and fixes how many of the 150 scored items come from each; FINRA's Series 24 page prints the same table. The outline gives item counts, not percentages, so the shares below are our arithmetic.
Series 24 Content Outline, structure of the exam: 150 scored items. Shares are our arithmetic. The 10 unscored pretest items are spread through the exam.
| Function | Description (FINRA's wording) | Items | Share (our arithmetic) |
|---|---|---|---|
| 1 | Supervision of Registration of the Broker-Dealer and Personnel Management Activities | 9 | 6% |
| 2 | Supervision of General Broker-Dealer Activities | 45 | 30% |
| 3 | Supervision of Retail and Institutional Customer-Related Activities | 32 | 21.3% |
| 4 | Supervision of Trading and Market Making Activities | 32 | 21.3% |
| 5 | Supervision of Investment Banking and Research | 32 | 21.3% |
Function 2 carries 45 of the 150 scored items, nearly a third. It is the firm-wide supervisory function: written supervisory procedures and controls, the conduct and compensation of associated persons, new products, discipline and disputes, books and records, and the financial responsibility rules. Functions 3, 4 and 5 have 32 items each, and Function 1, registration and personnel, has 9.
FreeTests: Function 1: Registration and Personnel Management · Function 3: Retail and Institutional Customer Activities · Function 4: Trading and Market Making
Series 24 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
What the content outline lists under each function
The outline breaks each function into tasks and lists the knowledge and the rules behind each task. The task titles below are our condensed versions of the outline's own; the examples are our condensed reading of the knowledge bullets and rule lists under them:
| Function | Tasks in the outline | Examples of what is listed |
|---|---|---|
| 1. Registration and personnel (9 items) | 1.1 Initiate or terminate the registration of the broker-dealer and physical office locations in the Central Registration Depository (CRD). 1.2 Conduct hiring and registration of associated persons and maintenance of registration. | Forms BD, BDW and BR; the difference between broker-dealer and investment adviser registration; pre-hire background checks; Forms U4 and U5 and their amendments; heightened supervision; registration categories (FINRA Rules 1210 and 1220); the regulatory and firm elements of continuing education. |
| 2. General broker-dealer activities (45 items) | 2.1 Develop, implement and update the firm's policies, written supervisory procedures and controls, with monitoring and testing. 2.2 Supervise the conduct of associated persons. 2.3 Supervise compensation practices. 2.4 Supervise the products and services the firm offers. 2.5 Take disciplinary or corrective action and address disputes. 2.6 Books and records. 2.7 Financial responsibility, funding and cash management. | Supervision under FINRA Rule 3110, inspections, supervisory control testing and the CEO certification, the business continuity plan, conflicts of interest, personal trading, private securities transactions and outside business activities, gifts and non-cash compensation, payments for referrals, product risk and training, complaints and reporting under FINRA Rule 4530, FINRA disciplinary procedures and arbitration, record retention, net capital, customer protection and short-interest reporting. |
| 3. Customer-related activities (32 items) | 3.1 Supervise new account opening and the maintenance of existing accounts. 3.2 Monitor, review and approve speaking engagements and other communications with the public. 3.3 Review securities transactions, recommendations and account activity, and verify that required disclosures are made. | Customer information and the customer identification program, the Bank Secrecy Act, USA PATRIOT Act, OFAC and FinCEN, anti-money laundering, account transfers, privacy and identity theft (Regulations S-P and S-ID), social media and electronic communications, the approval and filing of communications, do-not-call requirements, best interest and suitability, red flags, commissions and markups, and required disclosures. |
| 4. Trading and market making (32 items) | 4.1 Supervise order entry, routing and execution. 4.2 Confirm proper booking and settlement of trades. 4.3 Review executions for compliance with trade reporting requirements. | Trader mandates and aggregation units, market making and quoting, Regulation SHO, execution venues, order routing, best execution and Regulation NMS, trading-system and credit limits, volatility trading pauses, prohibited trading activities and escalation, confirmations, buy-ins and close-outs, and the trade reporting facilities for different securities. |
| 5. Investment banking and research (32 items) | 5.1 Develop and maintain policies, procedures and controls, and supervise related investment banking activities. 5.2 Review and approve investor disclosure materials, pitch books and marketing materials. 5.3 Develop and maintain policies, procedures and controls, and supervise activities relating to research. | Public and private offering rules and due diligence, mergers and acquisitions and tender offers, loan documents and bankruptcy priorities, corporate annual and quarterly reports, information barriers, communications about new issues and the public notices excluded from the definition of a prospectus, what counts as research, research approval and dissemination, and disclosures for analysts who make public appearances. |
What this means for study time (our reading, not FINRA's)
- Function 2 alone is 45 items, and its seven tasks range from inspections to net capital. It rewards a broad pass through the whole rulebook rather than depth in one product.
- The Series 24 is a supervisor's exam. Practise deciding what a principal must approve, review, keep, escalate or report, and learn the deadlines and approval levels precisely.
- Functions 4 and 5 are where Series 7 knowledge helps least: trade reporting, market making, offerings, Regulation M and the research rules are seen from the firm's side, not the customer's.
- Function 1 is only 9 items, but registration, Forms U4 and U5 and continuing education are quick marks once the deadlines are clear.
Our suggestions, based on the outline's structure. The FINRA pages listed under Sources give no study-time guidance.
The passing score of 70
FINRA's Series 24 page gives the passing score as 70, and the content outline says the passing score for the Series 24 exam is 70%, set through a process called standard setting that weighs industry trends, historical exam performance and evaluations of content difficulty by a committee of industry professionals. The outline then explains that all candidate scores are placed on a common scale "using a statistical adjustment process known as equating", which accounts for slight differences in difficulty between the sets of items candidates receive, so that every candidate is held to the same passing standard. The FINRA pages listed under Sources do not publish a way to turn 70 into a number of correct answers, and they do not publish a Series 24 pass rate. Treat any page that converts 70 into an exact count of right answers as a guess.
Because there is no penalty for guessing, an unanswered item can only cost you. At the real pace, 3 hours 45 minutes for 160 items, you have about 84 seconds an item on average (our arithmetic).
Corequisites: which registration a pass gives you
The Series 24 does not stand on its own. FINRA's Series 24 page says that, in addition to the Series 24, candidates must pass the Securities Industry Essentials (SIE) exam and a representative-level qualification exam, or the Supervisory Analysts Exam (Series 16), to hold an appropriate principal registration. Which registration you receive depends on those corequisites:
| Corequisite exam(s) | Principal registration on passing the Series 24 |
|---|---|
| SIE + Series 7 | General Securities Principal (GP) |
| SIE + Series 57 | Securities Trader Principal (TP) |
| SIE + Series 79 | Investment Banking Principal (BP) |
| SIE + Series 82 | Private Securities Offerings Principal (PO) |
| SIE + Series 86 and 87 | Research Principal (RP) |
| Series 16 | Research Principal (RP) |
Eligibility comes first: FINRA says candidates "must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm" to be eligible to take FINRA principal-level qualification exams. The sponsoring firm files Form U4 in the Central Registration Depository and requests the principal position, as the content outline's application section describes. FINRA points to FINRA Rule 1210 and FINRA Rule 1220(a)(2) for the registration requirements.
FreeTests: Function 1: Registration and Personnel Management · Function 3: Retail and Institutional Customer Activities · Function 4: Trading and Market Making
Series 24 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
What a Series 24 principal may supervise
FINRA's page says a general securities principal's supervisory responsibilities are governed by the limits of their representative-level registrations, and that covered supervisory activities include regulatory compliance over advertising, market making, trading and underwriting. The page also answers a common question: how the Series 24 differs from the General Securities Sales Supervisor exams, the Series 9 and 10.
| Question | Series 9 and 10 (sales supervisor) | Series 24 (general securities principal) |
|---|---|---|
| What does it qualify you to supervise? | Sales activities of a broker-dealer: corporate securities, investment company products and variable contracts, municipal securities, options, government securities and direct participation programs | All areas of the member's investment banking and securities business, such as underwriting, trading and market making, advertising, or overall compliance with financial responsibilities |
| Which regulators' testing does it satisfy? | NYSE, Cboe, MSRB, FINRA and Nasdaq | FINRA only |
| Limitations | It does not allow supervision of underwriting, trading, advertising or overall firm compliance with financial responsibilities | Municipal securities and options |
That last line matters for preparation: FINRA says the general securities principal qualification does not cover municipal securities or options. Our suggestion: give your study time to the topics in the Series 24 Content Outline rather than to options strategies or municipal securities.
How the questions are written
The content outline includes three sample items near the end, each showing one format FINRA uses: a closed stem (a complete question ending in a question mark), an open stem (an incomplete statement that the answer completes), and an "except" or "not" item, where you pick the option that is an exception to the rule in the stem. FINRA says the samples do not reflect the difficulty level of actual exam items. Each item has only one correct or best answer, and items vary in difficulty and complexity. Read "except" and "not" items twice: under time pressure they are the easiest to answer backwards.
If you do not pass
Retake waiting periods are set by FINRA Rule 1210.06. Regulatory Notice 26-18 shortens them from 19 January 2027: from 30 calendar days to 15 after a first or second failed attempt, and from 180 to 60 after a third or later failed attempt within a two-year period. Until then the 30- and 180-day waits apply, and the notice explains how the new waits apply to an exam failed before 19 January 2027. Check FINRA's page before you plan a retake date.
| After this failed attempt | Wait until 18 January 2027 | Wait from 19 January 2027 |
|---|---|---|
| First or second | 30 calendar days | 15 calendar days |
| Third or later, within two years | 180 calendar days | 60 calendar days |
Practice is the part you control. Our independent Series 24 practice exam, linked below the article, has two timed mocks of 150 questions on the official function split, each with an explanation for every answer that names the rule behind it. It is not FINRA's exam and its questions are not FINRA items. Our Series 24 practice questions guide has three worked examples and a pace plan.
FreeTests: Function 1: Registration and Personnel Management · Function 3: Retail and Institutional Customer Activities · Function 4: Trading and Market Making
Series 24 Practice Exam: free sample
Answer 3 questions against the clock, like the real exam. You then see the right answer, the reason and your time on each. About 5 minutes · free · no sign-in.
3 questions to answer
Start nowabout 5 minThis one is free · no sign-in needed
Your result shows how long each question took you.
Frequently asked questions
How many questions are on the Series 24?
150 scored multiple-choice questions plus 10 unidentified unscored pretest questions: 160 in all (Series 24 Content Outline). The cut to five pretest questions in October 2025 applied to the SIE, Series 7 and Series 79, not the Series 24.
How long is the Series 24 exam?
3 hours and 45 minutes, according to FINRA's Series 24 page and the content outline.
What is the passing score for the Series 24?
70. FINRA places all candidate scores on a common scale through equating, so 70 is not simply 70% of these particular questions right.
What do I need to pass with the Series 24?
The SIE plus a representative-level exam (the Series 7, 57, 79, 82, or 86 and 87), or the Series 16. With the SIE and the Series 7, a Series 24 pass gives the General Securities Principal registration.
Can I take the Series 24 without a sponsor?
No. FINRA says candidates must be associated with and sponsored by a FINRA member firm or another applicable SRO member firm to take principal-level qualification exams.
Does the Series 24 cover options and municipal securities?
No. FINRA's Series 24 page says the general securities principal qualification does not cover municipal securities or options.
Which part of the Series 24 has the most questions?
Function 2, supervision of general broker-dealer activities: 45 of the 150 scored items.
Can I bring a calculator or notes?
Only the basic electronic calculators the test centre provides may be used (it also provides whiteboards), and you may not bring reference material to the testing session.
Sources
- official — FINRA — Series 24: General Securities Principal Exam page ("At A Glance": 150 items, multiple choice, 3 hours and 45 minutes, passing score 70, corequisites, cost $235; items per job function; corequisite exams and the principal registrations they lead to; eligibility and sponsorship; permitted activities)
- official — FINRA — Series 24 Content Outline, (c) 2023 (150 scored + 10 unscored pretest items = 160; no penalty for guessing; passing score 70%; equating; no reference materials; the five job functions and their tasks) (PDF)
- official — FINRA — Weekly update archive entry 10012025, "Pretest Questions to be Reduced for Key Securities Exams": from 27 October 2025, five unscored questions instead of 10 on the SIE, Series 7 and Series 79 (the Series 24 is not named)
- official — FINRA — Regulatory Notice 26-18 (Rule 1210.06 retake waiting periods: 15 calendar days after the first and second failed attempts and 60 after the third and later attempts within two years, effective 19 January 2027; 30 and 180 before)
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.




