General Securities Principal Exam (Series 24) Study Guide
What the Series 24 Qualifies You to Do
The General Securities Principal Exam (Series 24) qualifies an individual to supervise and manage the securities business of a FINRA member firm. Passing it authorizes a candidate to oversee activities such as underwriting, trading, market making, brokerage office operations, and the supervision of registered representatives.
Exam Format and Logistics
The Series 24 is a knowledge-intensive supervisory exam that assumes you already understand the underlying products and rules — its focus is on how a principal must supervise them. Here are the core specifications you should plan around:
- Questions: The exam contains 150 multiple-choice questions.
- Time limit: You are allotted 225 minutes (3 hours and 45 minutes) to complete the exam.
- Passing score: You must score at least 70% to pass.
- Fee: The examination fee is $235.
How to Read These Numbers
With 150 scored questions and 225 minutes, you have roughly 1.5 minutes per question on average, which leaves room to flag and revisit harder supervisory scenarios. Because 70% is the passing bar, you can miss a meaningful number of questions and still pass — but the margin is smaller on a supervisory exam where many questions are judgment-based rather than purely factual.
Build Your Pace Around the Clock
The exam gives you 225 minutes for 150 questions. That averages to about 90 seconds per question, but you should not treat every question equally — factual recall items (registration timeframes, filing thresholds) should take well under a minute, banking time for the long supervisory scenarios and calculation-style questions that can take two to three minutes each.
A Practical Pacing Plan
- Checkpoint approach: Aim to complete roughly one-third of the questions (about 50) every 75 minutes so you always know whether you are ahead or behind.
- First pass: Answer everything you know quickly, and flag anything requiring rereading or calculation.
- Second pass: Return to flagged items with your remaining time, using the buffer built up from the fast factual questions.
Why This Works
Because the passing score is 70%, your goal is consistent accuracy across the whole exam rather than perfection on any single hard question. Spending five minutes on one ambiguous scenario is a poor trade when that time could secure several easier points elsewhere.
What a Principal Is Tested On
The Series 24 is organized around the supervisory responsibilities of a general securities principal. While the exam draws on product knowledge you gained from prior qualifications, the questions consistently frame material from the perspective of a supervisor who must design, apply, and document compliance with firm and regulatory requirements.
Major Domains
- Supervision of investment banking and underwriting: Overseeing public offerings, due diligence, and the distribution of securities.
- Supervision of trading and market making: Managing trading desk conduct, quotations, and order handling.
- Supervision of brokerage office operations: Account approvals, recordkeeping, and customer complaint handling.
- Supervision of sales and associated persons: Registration, communications with the public, and suitability oversight.
- Regulatory framework and compliance: Applying rules to real supervisory scenarios and maintaining written supervisory procedures.
How to Study Each Domain
For every topic, ask not just 'what is the rule?' but 'what must a principal do to supervise it, and how is that documented?' The exam rewards candidates who can translate a rule into a supervisory action or a required written procedure.
Set a Target Above the Minimum
The passing score is 70%, so a disciplined study plan should aim for consistent practice-exam scores in the high 70s or low 80s before test day. Building that cushion protects you against exam-day variability and the tendency of scenario questions to feel harder under time pressure.
A Suggested Timeline
- Weeks 1–3 — Foundations: Read the full curriculum once, focusing on understanding supervisory principles rather than memorizing.
- Weeks 4–5 — Application: Work topic-by-topic question sets, reviewing every wrong answer to identify the supervisory concept you missed.
- Weeks 6+ — Simulation: Take full-length, timed practice exams under realistic conditions to build stamina for the 225-minute session.
Simulate the Real Conditions
Because the actual exam is 150 questions over 225 minutes, at least a few of your practice sessions should replicate that full length and time limit. This trains both your pacing and the mental endurance needed to stay accurate deep into a nearly four-hour exam. Also confirm your registration and the $235 fee well ahead of your scheduled date so logistics never disrupt your study rhythm.
Frequently asked questions
How many questions are on the Series 24 exam and how long do I have?
The Series 24 (General Securities Principal Exam) has 150 multiple-choice questions, and you're given 225 minutes — that's 3 hours and 45 minutes — to complete it. With 150 items in 225 minutes, that works out to roughly 90 seconds per question on average, so pace yourself and don't get stuck on any single item; flag and return to tough questions if time allows.
What score do I need to pass the Series 24?
You need a 70% passing score to pass the Series 24. Because there are 150 questions, a 70% threshold means you must answer roughly 105 questions correctly. Since the passing standard is fixed at 70%, aim comfortably above it in your practice exams to build a margin of safety for exam-day nerves.
How much does the Series 24 exam cost?
The Series 24 exam fee is $235. Keep in mind this covers the exam sitting itself; if you don't pass and need to retake it, you'll pay the $235 fee again for each additional attempt, so thorough preparation before your first sitting is the most cost-effective approach.
How should I budget my time during the Series 24?
With 150 questions and 225 minutes on the clock, you have an average of about 90 seconds per question. A practical strategy is to make a first pass answering everything you know quickly — banking those points — and marking harder questions to revisit. Since you need 70% to pass, securing the questions you're confident about first ensures you don't run out of time before reaching easy points buried later in the exam.