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 is “limited-scope FINOP judgment.” Most questions ask what an introducing-firm FINOP must calculate, preserve, classify, file, or restrict.
Quick links:
| Route | Use when… |
|---|---|
| Series 28 | the firm is an introducing broker-dealer that does not carry customer accounts or hold customer funds or securities |
| Series 27 | the FINOP role is broader, including firms with higher net-capital or carrying/custody scope |
| Series 24 | the role is broad general securities principal supervision rather than FINOP responsibility |
| Control area | What to ask in a vignette |
|---|---|
| reporting | What filing or statement is required, what does it prove, and when is it due? |
| books and records | What record must be created, preserved, corrected, or made available? |
| operations | What operational control keeps the introducing-firm workflow compliant? |
| net capital | What must be classified before any number is calculated? |
| customer protection | Does the introducing-firm boundary change the obligation? |
| funding and cash management | What conservative action preserves liquidity and regulatory compliance? |
| If the question feels like… | First bucket | Strongest first instinct |
|---|---|---|
| filing, balance-sheet, or statement issue | financial reporting | ask what the report is showing and why |
| account handling or records question | operations | identify the workflow and required evidence |
| number-heavy classification issue | net capital | slow down and classify before computing |
| custody-style question | customer protection | check whether the introducing-firm boundary changes the answer |
| If the stem shows… | Think first about… | Usually strongest next move |
|---|---|---|
| missing or late record | operations and records | preserve, reconstruct if needed, and correct the process |
| blurry capital treatment | net capital | classify correctly before calculating |
| question that sounds like full-carrying-firm duty | introducing-firm boundary | verify whether the obligation applies in this lane |
| cash movement or funding strain | cash-management control | choose the conservative documented response |
Use this free guide for review, then Start Series 28 Practice on Finance Prep for timed questions, topic drills, and detailed explanations.