Who is the Series 24 Exam For?
Also known as the General Securities Principal exam (GP exam), the Series 24 exam is administered by the Financial Industry Regulatory Authority (FINRA) and has been since it’s inception in 1979.
The Series 24 is a required qualification that allows registered professionals to be able to manage or supervise a FINRA members branch activities including variable contracts, real estate investment trusts, venture capital, and corporate securities.
It also qualifies general principles to be able to review and approve advertising and sales brochures for publication and release, including detailed communication about municipal securities.
Series 24 Quick Facts
|Exam Name||Series 24|
|Sponsorship Required?||Yes - by a FINRA member firm or suitable Self regulatory member firm|
|Exam Type||Multiple Question|
|Number of Questions||150 plus 10 pretest questions|
|Exam Duration||225 minutes|
|Pass Mark||70% (105 correct answers)|
|Pre-Requisite Exam?||Yes - any from Series 7, Series 17, Series 37, Series 38, Series 62, Series 79 or Series 82|
|Administered by||FINRA Series 24 Exam|
Series 24 Exam Pre-Requisites
Before you take the Series 24 exam, you must first one of the pass the following Series Exams:
* Series 7
* Series 17
* Series 37
* Series 38
* Series 62
* Series 79
* Series 82
You have to pay $120 to be able to take the General Securities Principal exam. This is composed of 150 multiple-choice questions that must be answered in 3 hours and 45 minutes. You have to get at least 70% of the questions right in order to pass.
Breakdown of the Series 24 Exam Questions
The Series 24 exam recognises 5 main job functions of the general securities principal and breaks the allocation of questions in the exam down as follows :
* Supervision of Investment Banking, Underwriting Activities and Research – 33 questions
* Supervision of Trading and Money Making Activities – 31 questions
* Supervision of Brokerage Office Operations – 29 questions
* Sales Supervision, General Supervision of Employees – 43 questions
* Compliance with Financial Responsibility Rules – 14 questions
Series 24 Exam Pass rate
Whilst no figures have ever been released as to the average pass rate for the series 24 exam, there is this thread on the Wealth Management site that covers this very topic.
Series 24 (GP) Recommended Study Guides:-