200+ Free Series 28 Practice Questions
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Key Facts: Series 28 Exam
50-60%
First-Time Pass Rate
Industry estimate
69%
Passing Score
66/95 questions
60-80 hrs
Study Time
Recommended
33%
Net Capital
Largest section
$195
Exam Fee
FINRA
2 hours
Exam Duration
FINRA
The Series 28 exam has an estimated 50-60% first-time pass rate. It requires 69% (66/95 questions) to pass in 2 hours. The exam covers four major areas: Financial Reporting (17%), Operations/Recordkeeping (32%), Net Capital Requirements (33%), and Customer Protection/Cash Management (19%). No prerequisites required. Plan for 60-80 hours of study focusing on net capital calculations.
About the Series 28 Exam
The Series 28 qualifies principals to supervise the financial and operations functions of an introducing broker-dealer that does not carry customer accounts or hold customer funds/securities. It covers financial reporting, operations and recordkeeping, net capital requirements, and customer protection.
Questions
95 scored questions
Time Limit
2 hours
Passing Score
69%
Exam Fee
$195 (FINRA)
Series 28 Exam Content Outline
Financial Reporting
GAAP accounting, FOCUS reports, audited financial statements, and SEC financial reporting requirements
Operations, Regulations, and Preservation of Books and Records
SEC Rules 17a-3 and 17a-4, general ledger operations, recordkeeping, back-office functions, FINRA rules, and SIPA
Net Capital Requirements
SEC Rule 15c3-1, net capital computation, haircuts, subordinated debt, and early warning notifications
Customer Protection, Funding and Cash Management
SEC Rule 15c3-3, reserve formula, possession and control, custody requirements, and cash management
How to Pass the Series 28 Exam
What You Need to Know
- Passing score: 69%
- Exam length: 95 questions
- Time limit: 2 hours
- Exam fee: $195
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
Series 28 Study Tips from Top Performers
Frequently Asked Questions
What is the Series 28 exam?
The Series 28 is FINRA's Introducing Broker-Dealer Financial and Operations Principal Qualification Examination. It qualifies individuals to act as Financial and Operations Principals (FINOPs) at introducing broker-dealers that do not carry customer accounts or hold customer funds/securities. The exam covers financial reporting, recordkeeping, net capital requirements, and customer protection.
What is the Series 28 pass rate?
The Series 28 exam has an estimated pass rate of 50-60% for first-time test-takers. The exam has 95 questions (85 scored + 10 unscored pretest) with a 69% passing score (66 correct answers), taken over 2 hours. The technical nature of net capital calculations and regulatory requirements contributes to the difficulty.
What are the prerequisites for the Series 28?
There are no formal prerequisites for taking the Series 28 exam. Unlike many other FINRA exams, you do not need to pass the SIE first. However, an accounting or finance background is strongly recommended given the technical financial content. To become registered, you must be associated with a FINRA member firm.
How long should I study for Series 28?
Plan for 60-80 hours of study over 6-10 weeks. Focus on net capital requirements under SEC Rule 15c3-1 (33% of exam) and operations/recordkeeping under SEC Rules 17a-3 and 17a-4 (32% of exam). Practice net capital computations and haircut calculations extensively. Complete at least 200 practice questions and score 80%+ consistently before scheduling.
What is the difference between Series 27 and Series 28?
The Series 27 is for broker-dealers that carry customer accounts or hold customer funds/securities (clearing firms). The Series 28 is a shorter version for introducing firms that do not hold customer funds. The Series 27 has 145 questions over 3h 45m with a 69% passing score, while the Series 28 has 95 questions over 2 hours with a 69% passing score. Both cover similar topics but the Series 27 goes into more depth.
What are the main topics on the Series 28?
The main topics are: Net Capital Requirements (33%) covering SEC Rule 15c3-1 computations and haircuts; Operations and Recordkeeping (32%) covering SEC Rules 17a-3 and 17a-4; Customer Protection and Cash Management (19%) covering SEC Rule 15c3-3; and Financial Reporting (17%) covering GAAP, FOCUS reports, and audited financials.