Series 28
What Is Series 28?
The Introducing Broker-Dealer Financial and Operations Principal Qualification Exam — otherwise called the Series 28 exam — is a financial examination for experts seeking to become licensed recordkeepers or operations principals for broker-dealers or securities custodians that don't have customer accounts or hold customer funds or assets.
Figuring out Series 28
Series 28 is administered by the Financial Industry Regulatory Authority (FINRA). Its all-encompassing goal is to guarantee that effective competitors have the information and skill to accurately record investment transactions and submit to the regulatory obligations illustrated in the Securities Investor Protection Act of 1970 and other applicable laws and regulations.
Series 28 is one of several financial exams administered by FINRA. Its emphasis is on new experts who wish to operate as financial and operations principals. These types of experts, frequently alluded to as "FinOps" inside the industry, assist with guaranteeing regulatory compliance by directing the books and records of financial firms.
For these experts, it is important not exclusively to be learned about the regulatory scene yet additionally to have a deep comprehension of the types of products being bought and sold to guarantee that their transactions are recorded accurately and reliably.
Application of Series 28
Series 28 outlines the fiduciary significance of accurate recordkeeping for investor accounts. With such a wide assortment of securities accessible to retail investors, there is a great deal to learn and comprehend about how each ought to be recorded and adjusted for things like income and principal payments, redemptions, accrued interest, rights and warrants, and numerous different occurrences.
Thusly, Series 28 is expected to survey the capability of section level introducing broker-dealer financial and operations principals to protect the investing public.
Breezing through the Series 28 exam can be a significant asset for those seeking after a career in the financial sector, and specifically, those interested in compliance-related roles.
Subsequent to finishing the Series 28 exam, effective applicants will be eligible to satisfy different administrative center jobs and be straightforwardly associated with the maintenance and readiness of the books and records of broker-dealer member firms. To compose the exam, up-and-comers must initially be sponsored by a firm that is a member both of FINRA or of another qualifying self-regulatory organization (SRO).
The Series 28 Exam
The Series 28 exam comprises of 95 different decision questions partitioned into four major substance areas by job function. The four areas incorporate (1) financial revealing; (2) operations, general securities industry regulations, and preservation of books and records; (3) net capital; and (4) customer protection, and funding and cash management.
Up-and-comers have two hours to complete the exam, with a score of 69% or greater required to pass. Not at all like other financial exams, Series 28 has no requirements, despite the fact that competitors must be sponsored by a qualifying member firm to take the exam.
The majority of the exam's inquiries concern the operations and general regulatory environment of the securities industry, as well as the net capital requirements and different obligations of financial firms. Other major subject areas incorporate conventions for protecting customer assets and guaranteeing the exactness of financial reports.
Features
- Series 28 is well known among experts wishing to work in compliance-related jobs.
- The Series 28 exam looks to guarantee that people are accurately recording investment transactions and maintaining the Securities Investor Protection Act.
- People need to complete Series 28 to become licensed recordkeepers or operations principals for broker-dealers or securities caretakers.
- Competitors are given two hours to complete the 95-question exam, and must initially be sponsored by a qualifying financial firm. A score of 69% or greater is required for passing.
- The Series 28 exam covers operations and the overall regulatory environment of the securities industry, broken into four major substance areas.
- Series 28 is a financial exam administered by the Financial Industry Regulatory Authority (FINRA).
