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Series 24

Series 24
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What Is the Series 24?

The Series 24 is an exam and license qualifying the holder for regulate and oversee branch activities at a broker-dealer. It is otherwise called the General Securities Principal Qualification Examination and was intended to test the information and ability of candidates planning to become entry-level securities principals. Supervisory activities permitted in the wake of breezing through the exam incorporate regulatory compliance over trading and market-production activities, underwriting, and advertising.

How the Series 24 Works

The Series 24 exam is administered by the Financial Industry Regulatory Authority (FINRA) and covers points like corporate securities, real estate investment trusts (REITs), trading, customer accounts, and regulatory rules. To be eligible for a principal registration, a candidate must breeze through the Series 24 exam, the securities industry essentials (SIE) exam, and one of the accompanying five delegate level qualification exams: Series 7, 57, 79, 82, or 86/87. Candidates can likewise pass the Series 24 and Series 16 exams yet not the SIE and meet all requirements for the research principal registration.

The Series 24 Exam

The examination contains 150 scored questions and 10 inquiries that are not scored, with the non-scored questions haphazardly distributed all through the exam. To pass, a candidate must accurately respond to something like 105 inquiries of the 150 scored questions. This likens to a score of 70%. The test administrator gives electronic adding machines and dry-eradicate boards and markers. No different mini-computers, references, or study materials are permitted in the examination room.

Candidates make some maximum memories of three hours and 45 minutes to complete the exam. A FINRA member firm or other applicable firms can register a candidate to take the exam by filing a Form U4 and paying the $120 examination fee.

Special Considerations

The Series 24 substance is gathered into the five primary job works that an overall securities principal participates in consistently working for a broker-dealer. Those job capabilities include:

  • Supervision of Registration of the Broker-Dealer and Personnel Management Activities (nine inquiries): This incorporates regulatory requirements and exemptions, differences between different registrations, hiring and registration of associated people, and maintenance of registrations.
  • Supervision of General Broker-Dealer Activities (45 inquiries): This incorporates the development, implementation, and refreshing of firm policies; written supervisory procedures; and controls. It additionally incorporates supervision of the conduct of associated people; disciplinary activity; supervision of remuneration; and development, evaluation, and delivery of products and services.
  • Supervision of Retail and Institutional Customer-Related Activities (32 inquiries): This incorporates supervision of new account opening and maintenance of existing accounts, as well as monitoring of talking commitment and other public communication. What's more, it incorporates the audit of transactions, proposals, and account activity for legitimate revelations.
  • Supervision of Trading and Market-Making Activities (32 inquiries): This incorporates supervision of order entry, routing, and execution, as well as the appropriate booking and settlement of trades, and the survey of executions for compliance.
  • Supervision of Investment Banking and Research (32 inquiries): This incorporates the development and maintenance of policies, procedures, and controls connected with investment banking activities and research. It additionally involves the survey and endorsement of investor exposures, pitch books, and marketing materials.

The Bottom Line

The Series 24 exam is a troublesome exam that requires substantial prerequisites before a candidate can sit for the exam. A candidate should be sponsored by a FINRA member or other applicable self-regulatory organization. The people who choose to seek after the exam do as such to direct compliance for advertising, market making, trading, and underwriting.

Features

  • FINRA subtleties the prerequisites for getting a Series 24, which are different investment exams, for example, the Series 7 and Series 79.
  • Directing general broker-dealer activities is the section of the test with the biggest amount of inquiries.
  • It is an incredibly troublesome exam.
  • The Series 24 exam is taken to be qualified to oversee branch activities.
  • The Series 24 exam contains 150 scored questions.

FAQ

What Is the Series 24 Pass Rate?

The pass rate for the Series 24 isn't distributed. Notwithstanding, numerous who sit for the exam consider it extremely challenging compared to the prerequisite exams. To this end study prep courses and FINRA itself prescribe an extended period of time to prepare for the extraordinary exam.

How Hard Is the Series 24 Exam?

The Series 24 is an exceptionally hard exam. Despite the fact that there are no official pass rates or figures, a quick inquiry will raise discussions of the individuals who have taken and the overall consensus is that it is perhaps of the hardest financial exam and demands a serious time commitment to studying and a deep comprehension on the information required to accomplish the required 70% passing grade.

Do I Need a Series 79 If I Have a Series 24?

Indeed, a Series 79 exam is one of the prerequisites that must be taken before breezing through a Series 24 exam. You could likewise get a SIE and a Series 7, a SIE and a Series 57, a SIE and a Series 82, and a SIE and a Series 86 and 87. You could likewise renounce the SIE and a supplement and sit for the Series 16 as a standalone prerequisite. On the off chance that you have just the Series 79 and the SIE, the principal registration you would have the option to gain would be Investment Banking Principal (BP).

What Are the Requirements to Get Additional Time on the Series 24 Exam?

There is no information on the FINRA website with respect to extra time for the Series 24 exam. Nonetheless, it is planned and structured such that exam takers ought to have a lot of opportunity to respond to every one of the inquiries and return to ones that they missed or had doubts about.