Official exam: FINRA Series 24 (General Securities Principal)
Take a free Series 24 practice test online: a full 150-question paper with every answer explained, no sign-up, scored by topic. The full 450-question bank and the timed simulator are $14.99 for 30 days.
FINRA Series 24 (General Securities Principal): a 450-question bank of original practice questions written to the published exam content outline, 3 full papers of 150 questions each with no repeats. These are not questions from the real exam.
Series 24 exam facts
Exam fee
$235
Questions
150 multiple-choice questions
Time allowed
3 hours 45 minutes
Passing score
70
Who can sit it
Needs a FINRA member firm sponsor; the SIE plus a representative-level exam (for example Series 7 or 79) are corequisites
How to schedule
Your sponsoring firm registers you with FINRA, then you book a Prometric test center. You get a 120-day window after enrolling to sit the exam.
. Source: FINRA Series 24 exam page. Fees and rules change, so confirm on the official page before you book. No official pass rate is published for this exam, so we do not print one. All securities exams
Take a full practice test free. 150 original practice questions built to the exam's domain weights, every answer explained, no sign-up required, with a domain-by-domain score at the end.
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Need longer than 30 days? Same question bank, more time. One payment each, and neither renews.
A member firm's chief financial officer resigns on March 3 and the board appoints a replacement the same day. The replacement is a control person who must be listed on the firm's Form BD. By when must the firm file the Form BD amendment reflecting the change?
A. Within 10 business days of the appointment
B. Within 15 calendar days of the appointment
C. Within 30 days after the firm learns of the facts requiring the amendment
D. Within 45 days, when the SEC reviews the change
Show answer and reasoning
Correct answer: C. Within 30 days after the firm learns of the facts requiring the amendment
FINRA By-Laws Art. IV Sec. 1(c) requires a member to keep its Form BD current by filing an amendment no later than 30 days after learning of the facts. SEA Rule 15b3-1 separately requires the amendment to be filed promptly.
A: Ten business days is not the standard for keeping Form BD current; that period applies to certain filings with FINRA Advertising Regulation, not membership applications.
B: Fifteen calendar days is the Form D and Rule 5123 filing window after a first sale, not the deadline for Form BD amendments.
D: The SEC has 45 days to act on an initial registration application under SEA Sec. 15(b)(1); it is not a deadline for amendments and the SEC does not review each amendment.
Source: FINRA By-Laws Art. IV Sec. 1(c)
A branch manager is reviewing four events involving one registered representative to decide which one must be disclosed on the representative's Form U4 under the customer complaint disclosure question (Question 14I). Which event requires disclosure?
A. An oral complaint received six months ago alleging churning, with the customer claiming $10,000 in losses
B. A written complaint received 18 months ago alleging an unsuitable recommendation and claiming $8,000 in compensatory damages
C. A written complaint received three years ago alleging misrepresentation and claiming $50,000, never settled and never taken to arbitration
D. A written complaint received 12 months ago about slow account transfers that alleges no sales practice violation
Show answer and reasoning
Correct answer: B. A written complaint received 18 months ago alleging an unsuitable recommendation and claiming $8,000 in compensatory damages
A written, investment-related, consumer-initiated complaint received within the past 24 months that alleges a sales practice violation and claims compensatory damages of $5,000 or more must be disclosed on Form U4, and the U4 must be amended within 30 days of learning of it.
A: The 24-month complaint disclosure question applies to written complaints. An oral complaint, even a serious one, does not trigger this Form U4 item by itself.
C: The complaint falls outside the 24-month look-back and was neither settled for $15,000 or more nor escalated to arbitration or litigation, so no disclosure item is triggered.
D: A written complaint that does not allege a sales practice violation, forgery, theft, misappropriation or conversion is not reportable under the complaint question regardless of timing.
Source: FINRA By-Laws Art. V Sec. 2(c)
A broker-dealer that has wound down its business files Form BDW with the SEC through the CRD system on June 1. Assuming the SEC takes no action and sets no other date, when does the withdrawal from SEC registration become effective?
A. Immediately upon filing, since the firm no longer has customers
B. On the 30th day after filing
C. On the 45th day after filing
D. On the 60th day after filing
Show answer and reasoning
Correct answer: D. On the 60th day after filing
Under SEA Rule 15b6-1 a notice of withdrawal on Form BDW becomes effective on the 60th day after filing unless the SEC sets an earlier date or institutes a proceeding to impose terms or deny withdrawal.
A: Withdrawal is not effective on filing. The SEC retains the ability to institute proceedings or impose terms before the withdrawal takes effect.
B: Thirty days is the U4, U5 and Form BD amendment window, not the effective date for withdrawal from registration.
C: Forty-five days is the period in which the SEC must grant registration or institute proceedings on an initial Form BD under SEA Sec. 15(b)(1); it does not govern Form BDW.
Source: SEA Rule 15b6-1
A member firm is opening a new office in Denver where four registered representatives will solicit and accept customer orders. Before business begins there, which filing is required to register the location?
A. Form BR filed through the CRD system for the new branch office
B. An amendment to Schedule E of Form BD listing the new office
C. A Form U4 amendment for the branch manager adding the Denver address
D. A Form MC-400 application designating the branch supervisor
Show answer and reasoning
Correct answer: A. Form BR filed through the CRD system for the new branch office
Form BR is the uniform branch office registration form filed through CRD to register a branch office with FINRA and the states, and it must be kept current by amendment.
B: Schedule E of Form BD was retired when Form BR was adopted; branch offices are no longer reported by amending Form BD.
C: A Form U4 amendment updates an individual's office of employment address but does not register the office itself as a branch.
D: Form MC-400 is the application a member files to seek approval to associate with a person subject to statutory disqualification, not a branch registration form.
Source: FINRA By-Laws Art. IV Sec. 8
A broker-dealer organized and regulated in Germany, with no SEC registration, wants to solicit securities transactions from U.S. institutional investors. A U.S. member firm proposes to participate. Under which arrangement can the German firm conduct this business without registering with the SEC?
A. It may solicit U.S. institutional investors without SEC registration if it files a Form BD with FINRA, pays the applicable registration fee, and appoints a U.S. agent for service of process
B. It may solicit only if every resulting transaction is unsolicited by the U.S. institutional investor and executed on a principal-to-principal basis
C. It may solicit if the resulting transactions are effected through the registered U.S. broker-dealer, which takes responsibility for the transactions and related requirements
D. It may solicit if the U.S. member firm's participation is limited to introducing the German firm to the investors and the German firm executes, clears, and settles directly
Show answer and reasoning
Correct answer: C. It may solicit if the resulting transactions are effected through the registered U.S. broker-dealer, which takes responsibility for the transactions and related requirements
SEA Rule 15a-6(a)(3) exempts a foreign broker-dealer that solicits U.S. institutional investors when the transactions are effected through a registered U.S. broker-dealer that intermediates the business, maintains required records and takes responsibility for the transactions and related obligations.
A: Filing a Form BD with FINRA and appointing a U.S. agent do not create an exemption from SEC registration under Rule 15a-6; the rule requires the foreign firm's solicited transactions to be effected through a registered U.S. broker-dealer that takes responsibility for them.
B: The unsolicited-transaction relief applies only when the foreign broker-dealer does not solicit the U.S. customer; a solicited institutional trade cannot qualify, and principal-to-principal execution is not the governing condition.
D: Rule 15a-6(a)(3) requires the registered U.S. broker-dealer to effect and take responsibility for the transaction; a mere introduction with direct execution, clearing and settlement by the foreign firm does not satisfy the chaperoning condition.
Where can I take a free Series 24 practice test online?
Right here. CertQuestUSA's free Series 24 practice test online is a full 150-question practice paper built to the published content outline's domain weights, with every answer explained, with no sign-up and no credit card, and shows your score by topic at the end. The full 450-question bank, with every answer explained and cited to the exam sponsor's published content outline, is $14.99 for a 30-day pass that never renews.
How many questions are on the CertQuestUSA FINRA Series 24 (General Securities Principal) practice test?
450 questions total, split into 3 full papers of 150 each with no repeats across papers.
What topics does the FINRA Series 24 (General Securities Principal) test cover?
5 domains, with the heaviest weight on F2 General Bd Supervision (30%), F3 Customer Activities (21%), and F4 Trading Market Making (21%).
Is there a free FINRA Series 24 (General Securities Principal) practice test?
Yes -- one full 150-question practice paper built to the exam's domain weights, free with no sign-up, with every answer explained and a domain-by-domain score at the end.
