Financial and Operations Principal Exam (Series 27) Exam Guide
At a glance
- Questions
- 145
- Time limit
- 3h 45m
- Passing score
- 69%
- Exam fee
- $235
- Governing body
- FINRA
The Series 27, formally the Financial and Operations Principal Exam, qualifies candidates to serve as the financial and operations principal at a broker-dealer or municipal securities brokerage. It's administered by FINRA and is required for firms that carry certain minimum net capital thresholds, so most candidates are experienced back-office, finance, or operations professionals sponsored by their member firm.
Overview
FINRA's official content outline breaks the Series 27 into five functions, each with its own share of the exam:
- Financial Reporting — 25 questions
- Operations, General Securities Industry Regulations, and Preservation of Books/Records — 42 questions
- Customer Protection — 24 questions
- Net Capital — 41 questions
- Funding and Cash Management — 13 questions
Operations/regulations and Net Capital together make up more than half the exam, so those two functions deserve the heaviest study focus.
Cost and registration
The Series 27 exam fee is $235. Confirm the current fee before you register, since FINRA periodically updates its official fee schedule.
Exam format
The Series 27 consists of 145 multiple-choice questions administered over 3 hours and 45 minutes, and requires a passing score of 69%. There is no corequisite exam, but candidates must be sponsored by a FINRA member firm or other applicable self-regulatory organization member firm to sit for it.
Frequently asked questions
How many questions are on the Series 27 exam and how much time do I get?
The Series 27 exam has 145 questions and allows 3 hours and 45 minutes to complete it. That works out to roughly a minute and a half per question on average.
What is the passing score for the Series 27?
You need a score of 69% to pass the Series 27 exam. This is a scaled score set by FINRA, not a raw count of correct answers.
How much does the Series 27 exam cost?
The Series 27 exam fee is $235, payable when your sponsoring firm enrolls you through FINRA's exam registration system. Always confirm the current amount against FINRA's official fee schedule before you register.
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 sit for the Series 27. There is no corequisite exam required alongside it.
What happens if I fail the Series 27 exam?
After a first or second failed attempt, FINRA requires a waiting period of 15 calendar days before you can retake the Series 27. If you fail three or more times in succession within a two-year period, the wait extends to 60 calendar days.
Who has to register for and pass the Series 27?
The Series 27 is required for financial and operations principals at broker-dealers with a minimum net capital requirement of $250,000, and at municipal securities brokers with a minimum net capital requirement of $150,000. The exam has been in effect since January 1979.
Sources
- 1.Series 27 - FINRA.org — FINRA (accessed Aug 9, 2026)
- 2.1210. Registration Requirements - FINRA Rulebook — FINRA (accessed Aug 9, 2026)
- 3.FINRA Qualification Exams — FINRA
- 4.Enroll for a FINRA Exam — FINRA
- 5.FINRA Exam Scheduling (Prometric) — Prometric
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Series 27 - FINRA.orgFINRAfinra.org
- 1210. Registration Requirements - FINRA RulebookFINRAfinra.org
- Qualification Exams - FINRA.orgFINRAfinra.org
Last verified against the official exam content outline: