Series 24 Exam or General Securities Principal Qualification Examination Study Guide
Most professionals who are seeking knowledge, expertise, and licensing might consider taking the General Securities Principal Qualifications Examination AKA Series 24 Exam. The Financial Industry Regulatory Authority (FINRA) administers the Series 24 Exam. Series 24 Exam tests the knowledge of candidates who are looking forward to managing general securities at a broker-dealer.
The Exam, therefore, assesses the competency of an entry-level principal to execute their duties. The exam assesses a candidate’s grasp of statutory rules and provisions applicable in the supervisory management of a general securities broker-dealer.
Qualifications for the Series 24 Exam
For an individual to qualify and enroll for a principal registration one needs to pass the Series 16 Exam or take the Supervisory Analyst Exam as well as the Securities Industry Essentials Exam (SIE).
- A candidate will require to be sponsored by a FINRA associated firm or self-regulatory organization.
- General Securities Representative (Series 7)
- United Kingdom Module of Series 7 (Series 17)
- Corporate Securities Limited Representative (Series 62)
- Investment Banking Representative (Series 79)
- Private Securities Offerings Representative (Series 82)
- The Supervision of Investment Banking, Underwriting Activities, and Research Management.
This section has thirty-three questions on topics such as the; issuer requirements, transactions exempt from the registration requirements of the Securities Act of 1933, tender offers, Research, Regulatory filings, communications, mergers and acquisitions, FINRA/National Association of Securities Dealers (NASD) rules and the antitrust regulations. The candidates are expected to differentiate between the Registered Investment advisers (RIA) and broker-dealers.
- Supervision of General Broker-Dealer Activities
This section covers topics on Market Place and Transaction Reporting, NASDAQ sand over-the-counter (OTC) Securities, Market Requirements, Quotation for NASDAQ Market Makers and Quotation and Execution Requirements. Candidates are expected to have intense knowledge with the New York Stock Exchange (NYSE). This section enables an individual to develop and implement a firm’s policies and procedures. Besides, a candidate is equipped with the knowledge to manage a firm’s disciplinary action books and records
- Supervision of Retail and Institutional Customer-Related activities
Here, candidates handle clients' accounts, documentation, review public-facing communications, review security transactions, and accounts. Some of the questions asked relate to regulations and nonqualified retirement plans.
- Sales Supervision and general Supervision of employees
Topics covered are: General Securities Definitions, Insider Trading, Registration and Regulation of Brokers, Sales Literature, Distributions and Redemptions, Sarbanes Oxley Act, and Prohibitions.
Supervision of Investments and Research
This last section requires candidates to formulate and manage a firm’s policies, controls and procedures. This section has a total of fourteen questions covering Securities Investor Protection Corporation, FINRA, and NASD Rule 3140, Accounts and Records as well as Registrations and Regulation of Broker-Dealers.
Series 24 Exam Format
There five main sections on the Series 24 Exam or tests.
Series 24 Exam and Fees
There are 150 questions that candidates are required to take within three hours of forty-five minutes. However, there is also a computerized 10 random questions. This means that the total questions are therefore 160 although the 10 do not count towards a candidate's final score. To pass the test, one needs to score 70% an equivalent of 105 questions
The Series 24 exam fee is $120.
Study Guide And Test Preparation For Series 24 Exam
A Complete Series 24 Exam Study Guide that includes sample questions, test tips and a complete study plan prepared by a team of expert and dedicated researchers. Cost-effective and qualified exam help from a committed exam preparation company.