FINRA Series 28 Exam Guide: Introducing Broker-Dealer FINOP
Series 28 exam guide for the FINRA Introducing Broker-Dealer Financial and Operations Principal exam, with FINOP priorities, no-corequisite context, study plan, and practice links.
Use this Series 28 exam guide when you are preparing for the Introducing Broker-Dealer Financial and Operations Principal Qualification Examination. Series 28 is not a broad principal or sales-supervision exam. It is the narrower FINOP path for an introducing broker-dealer that does not carry customer accounts or hold customer funds or securities.
The current exam configuration uses four functions led by net capital, operations and records, and customer protection, funding, and cash-management controls. Treat it as a limited-scope FINOP exam. The strongest candidates understand where the introducing-firm boundary changes the answer compared with the broader Series 27 lane.
Function lessons
Use these Series 28 function guides after confirming the introducing broker-dealer FINOP route.
Introducing Broker-Dealer Financial and Operations Principal
Exam focus
Financial reporting, operations and records, net capital, customer protection, funding, and cash management
Items
95 multiple-choice items
Time limit
2 hours
Passing score
69%
Corequisite
None
Where Series 28 fits
If your role sounds most like…
Better route
broad financial and operations principal at a carrying or fuller-scope firm
Series 27
introducing-broker FINOP without custody or carrying responsibility
Series 28
broad principal supervision across business lines
Series 24
sales supervision
Series 9/10, Series 23, or Series 24 depending on scope
What to study first
Start with the introducing-firm boundary. Series 28 is not a smaller generic FINOP exam; it is about a financial and operations principal at a broker-dealer that does not carry customer accounts and does not hold customer funds or securities. That fact changes how you read operations, books and records, customer protection, funding, and cash-management questions.
Use this order:
financial reporting purpose and required filings
operations workflow, records preservation, and regulatory controls
net capital classification and computation logic
customer-protection perimeter and cash-management limits
The strongest answers classify the fact pattern before calculating or choosing a filing answer.
What this guide is for
Use this guide to confirm route fit, understand the weighted outline, and decide how to use practice questions once the FINOP boundary is clear. Series 28 rewards candidates who can think in terms of introducing-firm reporting, records, capital, and cash-management controls rather than broad broker-dealer operations.
Learn how Series 28 tests GAAP classification, accruals, valuation, general ledger controls, FOCUS line mapping, audited financials, SIPC filings, and early-warning reporting for introducing broker-dealers.
Study gaap classification, accruals, valuation, and cut-off controls (1.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study general ledger, sub-ledgers, trial balance, and suspense controls (1.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study risk assessment, maps, and financing transaction reporting (1.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study affiliate transactions, expense sharing, and financial statement disclosures (1.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study focus classification and line mapping (1.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study focus filing controls, supplemental information, and form custody (1.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study audited financials, annual reports, external auditors, and sipc filings (1.3) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study regulatory notifications, early warnings, and material or unusual transactions (1.4-1.5) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Learn how Series 28 tests clearance and settlement, confirmations, customer records, reconciliations, books and records, business continuity, conduct rules, AML, arbitration, and outside-activity controls for introducing firms.
Study clearance, settlement, delivery, and confirmations (2.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study when-issued, ex-dividend, ex-rights, flat, and liquidating-payment processing (2.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study book-entry, units of delivery, registered securities, buy-ins, and issuer materials (2.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study general ledgers, trade blotters, third-party reconciliations, and repositories (2.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study customer account records, complaints, authorizations, and account changes (2.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study records management policy, business continuity, retrieval, and internal control evidence (2.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study registration, conduct standards, gifts, charges, and supervisory duties (2.3) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study aml, information requests, arbitration, hearings, and financial difficulty procedures (2.3) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study outside business, private securities transactions, networking, tape recording, insider trading, and manipulation (2.3) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Learn how Series 28 tests minimum net capital, aggregate indebtedness, allowable versus non-allowable assets, net worth adjustments, other deductions, haircuts, and final net capital judgment for introducing firms.
Study minimum net capital requirement, introducing status, and basic vs alternative method (3.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study product activity, clearing relationships, and changes that affect minimum capital (3.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study aggregate indebtedness, cash liabilities, deferrals, and exclusions (3.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study allowable assets, non-allowable assets, receivable aging, and collateralization (3.3) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study net worth adjustments: deferred taxes, discretionary liabilities, guarantees, and subordinations (3.4) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study other deductions: unsecured balances, securities differences, financing charges, and fidelity bond impact (3.5) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study haircuts, ready market, undue concentration, restricted or control securities, and open commitments (3.6) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study final net capital computation, withdrawals, consolidations, and business curtailment (3.7) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study exemptive status under rule 15c3-3 and carrying agreement allocation (4.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study transmission of customer assets, underwriting funds, privacy, and confidential information (4.1) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study margin requirements, calls, excesses, deficits, and maintenance of credit (4.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study processing customer checks and securities, day trading, corporate actions, and reorganizations (4.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study repurchases, reverse repurchases, withdrawal restrictions, concentration of margin debits, and liquidation decisions (4.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study processing account reconciliations, money and control location accounts, and introducing vs clearing responsibilities (4.2) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
Study subordinations, secured demand notes, funding impairment, and notice or approval implications (4.3) for the FINRA Series 28 Introducing Broker-Dealer FINOP exam with learning objectives, control logic, and exam traps.
A practical Series 28 study plan for FINRA Introducing Broker-Dealer FINOP candidates, with exam facts, weighted reading order, weekly milestones, miss-review method, and final review plan.
High-yield Series 28 cheat sheet for the FINRA Introducing Broker-Dealer FINOP exam: exam facts, reporting, operations, net capital, customer protection, and cash-management traps.
Series 28 FAQ for the FINRA Introducing Broker-Dealer FINOP exam, including exam format, passing score, route fit versus Series 27, firm scope, no-corequisite status, and study strategy.
Official Series 28 resources for the FINRA Introducing Broker-Dealer FINOP exam, including exam facts, content outline, no-corequisite status, scoring, registration logistics, and study checkpoints.