Do I Need to Be Sponsored to Take the Series 24?
The Series 24 exam is a qualification exam for General Securities Principals administered by the Financial Industry Regulatory Authority (FINRA) [1]. To be eligible to take the Series 24 exam, you must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm [1, 2].
Key Facts
- Eligibility: You must be associated with and sponsored by a FINRA member firm or other applicable SRO member firm to be eligible to take the Series 24 exam.
- Corequisite Exams: In addition to the Series 24 exam, candidates must pass the Securities Industry Essentials (SIE) Exam and a representative-level qualification exam, or the Supervisory Analysts Exam (Series 16), to hold an appropriate principal registration.
- Exam Content: The Series 24 exam assesses the competency of an entry-level principal to perform their job as a principal dependent on their corequisite registrations. It covers topics such as supervision of broker-dealer activities, customer-related activities, trading and market making activities, and investment banking and research.
- Exam Format: The Series 24 exam consists of 150 scored questions and 10 non-scored questions. To pass, a candidate must correctly answer at least 105 of the 150 scored questions (70% passing grade). The exam must be completed within three hours and 45 minutes.
- Difficulty: The Series 24 exam is considered to be extremely difficult and requires a serious time commitment to studying and a deep understanding of the knowledge required.
In addition to the Series 24 exam, candidates must also pass the Securities Industry Essentials (SIE) Exam and a representative-level qualification exam, or the Supervisory Analysts Exam (Series 16), to hold an appropriate principal registration [2].
The Series 24 exam assesses the competency of an entry-level principal to perform their job as a principal dependent on their corequisite registrations [2]. It covers topics such as supervision of broker-dealer activities, customer-related activities, trading and market making activities, and investment banking and research [2].
The Series 24 exam consists of 150 scored questions and 10 non-scored questions [2]. To pass, a candidate must correctly answer at least 105 of the 150 scored questions (70% passing grade) [2]. The exam must be completed within three hours and 45 minutes [2].
The Series 24 exam is considered to be extremely difficult and requires a serious time commitment to studying and a deep understanding of the knowledge required [2].
Sources
[1] FINRA. (2023). Series 24 – General Securities Principal Qualification Examination (Series 24). Retrieved from https://www.finra.org/registration-exams-ce/qualification-exams/series24
[2] FINRA. (2023). Series 24 Outline. Retrieved from https://www.finra.org/sites/default/files/Series_24_Outline.pdf
[3] Investopedia. (2023). Series 24. Retrieved from https://www.investopedia.com/terms/s/series24.asp
FAQs
Do I need to be sponsored to take the Series 24 exam?
Yes, you must be associated with and sponsored by a FINRA member firm or other applicable SRO member firm to be eligible to take the Series 24 exam.
What other exams do I need to pass to be eligible for the Series 24 exam?
In addition to the Series 24 exam, candidates must also pass the Securities Industry Essentials (SIE) Exam and a representative-level qualification exam, or the Supervisory Analysts Exam (Series 16).
What is the passing score for the Series 24 exam?
To pass the Series 24 exam, you must correctly answer at least 105 of the 150 scored questions (70% passing grade).
How long do I have to complete the Series 24 exam?
You have three hours and 45 minutes to complete the Series 24 exam.
How many questions are on the Series 24 exam?
There are 150 scored questions and 10 non-scored questions on the Series 24 exam.
Is the Series 24 exam difficult?
Yes, the Series 24 exam is considered to be extremely difficult and requires a serious time commitment to studying and a deep understanding of the knowledge required.
What topics are covered on the Series 24 exam?
The Series 24 exam covers topics such as supervision of broker-dealer activities, customer-related activities, trading and market making activities, and investment banking and research.
What is the cost of the Series 24 exam?
The cost of the Series 24 exam is $175.