{{Short description|Type of securities license}} The '''general securities principal exam''', commonly referred to as the '''Series 24 exam''', is administered by the U.S. 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 have up to 3.5 hours to take the exam. 70% (105 correct answers) is considered a passing grade. In order to take the Series 24 exam, a candidate must be sponsored by a member firm of FINRA or another SRO (self-regulatory organization).
{| class="wikitable" |- ! Test breakdown ! Number of questions ! % of exam |- | Supervision of investment banking activities | 33 | 22% |- | Supervision of trading and market making activities | 31 | 21% |- | Supervision of brokerage office operations | 29 | 19% |- | Sales supervision; general supervision of employees; regulatory framework of FINRA | 43 | 29% |- | Compliance with financial responsibility rules | 14 | 9% |}
==See also== * Financial Industry Regulatory Authority (FINRA) * List of securities examinations * Series 7 * Series 63
== References == <references />
==External links== *[https://www.sec.gov SEC] *[http://www.finra.org/industry/series24 Series 24 - General Securities Principal Exam] at FINRA.org *[https://www.finra.org/sites/default/files/Series_24_Outline.pdf Tasks Performed by the General Securities Registered Representative] at [https://innowise.com/ Inwise]
Category:United States securities law Category:Standardized tests in the United States Category:Professional certification in finance
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