Introducing Broker-Dealer Financial and Operations Principal Exam (Series 28) Exam Guide
At a glance
- Questions
- 95
- Time limit
- 2h
- Passing score
- 69%
- Exam fee
- $195
- Governing body
- FINRA
The Series 28 (Introducing Broker-Dealer Financial and Operations Principal Exam) qualifies candidates to serve as financial and operations principals at introducing broker-dealer firms. It is administered by FINRA, and candidates must be associated with and sponsored by a FINRA member firm to sit for it, with no prerequisite exam required.
Overview
The Series 28 exam consists of 95 multiple-choice questions distributed across four content functions:
- Financial Reporting — 16 questions
- Operations, General Securities Industry Regulations, and Preservation of Books and Records — 30 questions
- Net Capital — 31 questions
- Customer Protection, Funding and Cash Management — 18 questions
Net Capital and Operations/Regulations together make up the bulk of the exam, so candidates typically spend the most study time on those two functions.
Cost and registration
FINRA charges a $195 fee to register for and take the Series 28 exam. Candidates should confirm current pricing and any firm-specific registration fees against FINRA's official fee schedule before scheduling a test date.
Exam format
The Series 28 is a 95-question, multiple-choice exam with a 2-hour time limit. A passing score is 69%. Candidates who fail must wait 15 calendar days before retaking the exam; after three failed attempts, the required wait extends to 60 calendar days.
Frequently asked questions
How many questions are on the Series 28 exam and how much time is given?
The Series 28 exam consists of 95 multiple-choice questions, and candidates are given 2 hours to complete it.
What is the passing score for the Series 28 exam?
Candidates need a score of 69% to pass the Series 28 exam.
How much does it cost to take the Series 28 exam?
FINRA charges a $195 fee to sit for the Series 28 exam.
Are there prerequisites or corequisites for the Series 28 exam?
There is no prerequisite requirement and no corequisite exam for the Series 28, though candidates must be associated with and sponsored by a FINRA member firm to be eligible.
What if I fail the Series 28 exam? Can I retake it?
Yes, after a failed attempt candidates must wait 15 calendar days before retaking the exam, and after three failed attempts the wait extends to 60 calendar days.
Who administers the Series 28 exam and who is it for?
The Series 28 is administered by FINRA and is intended for financial and operations principals at broker-dealer firms who oversee net capital, books and records, and customer protection functions.
Sources
- 1.Introducing Broker-Dealer Financial and Operations Principal Qualification Examination (Series 28) Content Outline — FINRA (accessed Aug 9, 2026)
- 2.Series 28 – Introducing Broker-Dealer Financial and Operations Principal Exam — FINRA (accessed Aug 9, 2026)
- 3.FINRA Rule 1210 (Registration of Associated Persons) — Supplementary Material .06, Waiting Period for Retaking a Failed Examination — FINRA (accessed Aug 9, 2026)
- 4.FINRA Qualification Exams — FINRA
- 5.Enroll for a FINRA Exam — FINRA
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Introducing Broker-Dealer Financial and Operations Principal Qualification Examination (Series 28) Content OutlineFINRAfinra.org
- Series 28 – Introducing Broker-Dealer Financial and Operations Principal ExamFINRAfinra.org
- FINRA Rule 1210 (Registration of Associated Persons) — Supplementary Material .06, Waiting Period for Retaking a Failed ExaminationFINRAfinra.org
Last verified against the official exam content outline: