Series 28 Definition

What is the 28 series?

The Financial Introducing Broker-Dealer and Operations Manager Qualifying Exam, better known as Exam Series 28, is a financial exam for professionals seeking to become Chartered Accountants or Operations Managers for brokers or titles guardians who do not have customer accounts or hold customer funds or assets.

Key points to remember

  • Series 28 is a financial exam administered by the Financial Industry Regulatory Authority (FINRA).
  • Individuals must complete Series 28 in order to become Chartered Bookkeepers or Operations Managers for brokers or securities depositories.
  • The 28 series is popular among professionals looking to work in compliance-related roles.
  • The Series 28 exam is designed to ensure that individuals accurately record investment transactions and comply with the Securities Investor Protection Act.
  • Candidates have two hours to take the 95-question exam and must first be sponsored by a qualified financial firm. A score of 69% or higher is required to pass.
  • The Series 28 exam covers the operations and general regulatory environment of the securities industry, divided into four main content areas.

Understanding Series 28

Series 28 is administered by the Financial Sector Regulatory Authority (FINRA). Its main objective is to ensure that successful candidates have the necessary knowledge and skills to accurately record investment transactions and meet the regulatory responsibilities outlined in the Securities Investor Protection Act 1970 and other applicable laws and regulations.

Series 28 is one of several financial exams administered by FINRA. It focuses on new professionals who wish to operate as financial and operational managers. These types of professionals, often referred to as “FinOps” in the industry, help ensure regulatory compliance by monitoring the books and records of financial companies.

For these professionals, it is important not only to know the regulatory landscape but also to have a thorough understanding of the types of products bought and sold to ensure that their transactions are recorded accurately and consistently.

28 series application

Series 28 illustrates the fiduciary importance of accurate record keeping for investor accounts. With such a variety of titles available for retail investorsthere is a lot to learn and understand about how everyone should be recorded and adjusted for things like income and principal payments, redemptions, increased interest, rights and mandatesand many other cases.

As such, Series 28 is intended to assess the competence of entry-level broker-dealer CFOs and operations to protect the investing public.

Passing the Series 28 exam can be a valuable asset for those pursuing a career in the financial industry, and especially those interested in compliance roles.

Upon successful completion of the Series 28 exam, successful candidates will be eligible to fill various back-office roles and be directly involved in the maintenance and preparation of broker member firm books and records. To take the exam, candidates must first be sponsored by a member firm of either FINRA or another qualified firm. self-regulatory body (SRO).

The Series 28 Review

The Series 28 exam consists of 95 multiple-choice questions divided into four main content areas by job function. The four areas include (1) financial reporting; (2) operations, general securities industry regulations and maintenance of books and records; (3) net equity; and (4) customer protection, and funding and finance management.

Candidates have two hours to complete the exam, with a score of 69% or higher required to pass. Unlike other financial exams, Series 28 has no prerequisites, although candidates must be sponsored by a qualified member company in order to take the exam.

The majority of exam questions relate to the operations and general regulatory environment of the securities industry, as well as the net capital requirements and other responsibilities of financial firms. Other major topics include protocols for protecting client assets and ensuring the accuracy of financial reporting.

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