If you need help studying for the Series 24 exam or just want some more information about what the exam is like, you’ve come to the right place.
Click below to take a free Series 24 practice exam!
What’s on the Series 24 Exam?
First, let’s talk about the questions on the test. There are 160 multiple-choice questions total, but only 150 of the questions will count toward your score. Why is that?
The 10 unscored questions on the Series 24 exam are called “pretest” questions. These are added to the tests to determine if they’re good enough questions to add to future versions of the test.
The trick is that you won’t have any way of knowing which questions are scored and which ones are pretest. They will appear just like the scored questions throughout the test.
The time limit for the exam is 3 hours and 45 minutes. There aren’t any scheduled breaks, but you’re free to take restroom breaks as needed.
Let’s take a closer look at the different sections of the Series 24 exam.
1. SUPERVISION OF REGISTRATION OF THE BROKER-DEARLER AND PERSONNEL MANAGEMENT ACTIVITIES
9 scored questions
- Initiating or terminating the registration of the broker-dealer and physical office locations in the CRD system
- Conducting hiring and registration of associated persons
2. SUPERVISION OF GENERAL BROKER-DEALER ACTIVITIES
45 scored questions
- Developing, implementing, and updating a firm’s policies, WSPs, and controls for applicable rules and regulations
- Supervising the conduct of associated persons
- Supervising various individual’s compensation practices
- Supervising the development, evaluation, and delivery of products and services
- Taking disciplinary or corrective actions relating to the conduct of associated persons
- Addressing customer and industry disputes
- Addressing regulatory actions regarding violations or potential violations of securities industry laws
- Developing and maintaining policies, procedures, and controls relating to the creation and retention of books and records
- Supervising compliance with financial responsibility requirements
3. SUPERVISION OF RETAIL AND INSTITUTIONAL CUSTOMER-RELATED ACTIVITIES
32 scored questions
- Supervising the opening of new accounts
- Supervising the maintenance of existing accounts
- Monitoring and approving speaking engagements and other communications with the public
- Reviewing securities transactions and account activity
- Verifying that the required disclosures are made
4. SUPERVISION OF TRADING AND MARKET-MAKING ACTIVITIES
32 scored questions
- Supervising order entry, routing, and execution
- Confirming proper booking and settlement of trades
- Reviewing executions for compliance with trade reporting requirements
5. SUPERVISION OF INVESTMENT BANKING AND RESEARCH
32 scored questions
- Developing and maintaining policies, procedures, and controls
- Supervising related investment banking activities
- Reviewing and approving investor disclosure materials
How to Register
If you work for a FINRA member firm, they can register you for the exam using a U4 form. Otherwise, you can register yourself through FINRA’s Test Enrollment Services System (TESS).
The exam fee is $175 regardless of how you register.
Series 24 Study Guide and Flashcards
Get practice questions, detailed study lessons, and complex subjects broken down into easily understandable concepts.
Exam Scores
The test is scored using a the Angoff method. Here’s how it works:
The Angoff method involves a group of subject-matter experts taking an educated guess at the percentage of candidates who would correctly answer each question on the test. These estimates are then averaged to set a cut-off score, which test-takers must meet or exceed to pass.
This method aims to ensure the pass threshold reflects the level of knowledge or skill that is deemed minimally acceptable for a particular profession or field.
To pass, you’ll need to answer at least 70% of the scored questions correctly.
Retaking the Exam
If you didn’t get a passing score on your first try, that’s okay! You can retake the test after a 30-day waiting period.
Keep in mind that you will have to pay the full testing fee every time you retake the test.
FAQs
How difficult is the Series 24 exam?
This exam is considered to be pretty difficult since it’s so comprehensive.
How many questions are on the Series 24 exam?
The exam contains 160 questions.
What is the time limit for the Series 24 exam?
The exam is timed at 3 hours and 45 minutes.
What is the passing score for the Series 24 exam?
You’ll need to answer at least 70% of the questions correctly to pass.
How much does the Series 24 exam cost?
The testing fee is $175.