Series 28 study support for the Introducing Broker-Dealer Financial and Operations Principal path, including route fit, FINOP priorities, study planning, and exact practice.
Use this guide root 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.
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 this guide is for
Use this guide to confirm route fit, understand the weighted outline, and decide how to use exact practice 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.
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.
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.
High-yield Series 28 reference: introducing-firm FINOP mindset, reporting purpose, operations and records controls, net capital, customer-protection perimeter, and cash-management traps.