Maximize Your Score: Free Series 27 Practice Exams
Use our free Series 27 practice exams to prepare for the Financial and Operations Principal Exam. Our website features two online tests with challenging questions and clear, detailed explanations to help with your exam prep.
Two online exams that cover supervisory responsibilities for broker-dealer financial and operations functions.
Challenging questions designed to reflect the complexity and difficulty of the FINRA Series 27 licensing exam.
Explanations that break down essential Series 27 concepts and strengthen your understanding of financial and operational compliance.
FINRA Series 27 Exam
Financial and Operations Principal Exam
The Financial and Operations Principal Exam is a FINRA licensing test for individuals who are responsible for overseeing the financial management and regulatory compliance of broker-dealers.
145 Questions
Multiple Choice
225 Minutes
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Series 27 Exam Overview
The Series 27—Financial and Operations Principal Qualification Exam—qualifies an individual to serve as a broker-dealer’s Financial and Operations Principal (FinOp), responsible for financial reporting, net capital compliance, customer protection, books and records, and related operational controls. It’s a FINRA exam, and sponsorship by a member firm is required.
Quick Facts
- Items: 145 scored (plus 10 unscored pilot items)
- Format/Time: Multiple-choice, 3 hours 45 minutes
- Passing score: 69%
- Fee: $175
- Prerequisites: None (SIE not required); firm sponsorship required
What the FinOp Does
A FinOp oversees the broker-dealer’s financial integrity and regulatory filings: preparing FOCUS reports, managing audited financials, monitoring net capital, enforcing customer protection requirements, and maintaining required books and records—functions designed to safeguard customers and the marketplace.
Exam Structure & Content
FINRA organizes Series 27 into five job functions. Here’s the at-a-glance breakdown:
| Job Function | What it covers (examples) | Items |
| 1) Financial Reporting | GAAP application; FOCUS prep/filing (SEA 17a-5); audits; SIPC filings; regulatory notifications | 25 |
| 2) Operations, Industry Regulations, Books & Records | Operational controls; SEA 17a-3/17a-4 retention; AML program awareness; supervisory interfaces | 42 |
| 3) Customer Protection | SEA 15c3-3 reserve computations, custody controls, possession-control requirements | 24 |
| 4) Net Capital | SEA 15c3-1 computations, haircuts, early-warning triggers, capital withdrawals/subordinations | 41 |
| 5) Funding & Cash Management | Margin/Reg T, credit extensions, secured demand notes, liquidity monitoring | 13 |
Totals: 145 scored items; your test form also includes 10 unscored pilot items mixed in.
Registration & Logistics
Candidates must be associated with and sponsored by a FINRA member firm (filed via Form U4 in CRD). The exam is delivered on computer at test centers or via online proctoring. A brief tutorial precedes the test; basic calculators and erasable boards are provided at the center.
Series 27 Vs. Series 28
- Series 27: For firms that carry customer accounts/hold funds or securities; broader FinOp responsibilities and a larger rule set.
- Series 28: For introducing broker-dealers that do not carry customer accounts; narrower scope.
Series 7 Exam Prep Tips
- Master the big rules: SEA 15c3-1 (Net Capital), 15c3-3 (Customer Protection), 17a-3/4 (Books/Records), 17a-5 (Reports), Reg T (credit/margin). Build a one-page formula sheet for computations.
- Work by function: Study in the same five-function structure as the outline; weight time toward Net Capital and Operations (the two largest domains).
- Drill calculations: Practice haircut, reserve, and net capital scenarios until you’re quick and consistent.
- Rehearse filings/timelines: FOCUS due dates, audited statements, SIPC assessments, and required notifications.
- Take full mocks: Simulate 3 hour and 45-minute sittings; aim to score above the 69% threshold with buffer.
The Bottom Line
Passing Series 27 demonstrates you can maintain a broker-dealer’s financial compliance framework—protecting customers and ensuring the firm’s ongoing regulatory standing. Many firms cannot operate without a properly registered FinOp; FINRA may also require a dedicated FinOp even when other principal waivers are granted.