Series 27 Practice Test 2026 — Free Series 27 Exam Prep Questions
The Series 27 qualifies Financial and Operations Principals at broker-dealers that carry customer accounts or clear transactions, and at firms that use the alternative net capital method. Our practice questions follow FINRA's five Series 27 job functions: financial reporting, operations, the customer protection rule (SEA Rule 15c3-3), net capital (SEA Rule 15c3-1) and funding, with worked reserve, haircut and net capital computations.
Ivers & Company, a carrying firm, has excess net capital of $3,000,000 and plans to pay its parent a $750,000 dividend from retained earnings. It made no other withdrawals in the past 35 days, and every 15c3-1(e)(2) test is met after the payment. What does the dividend require?
Series 27 format, scoring & key facts
Computer-based at Prometric test centers. Online (remote-proctored) delivery is available only to candidates with an approved accommodation. Basic electronic calculators and whiteboards are provided; no reference material is allowed.
| Questions | 155 total: 145 scored and 10 unscored pretest items |
|---|---|
| Time | 3 hours 45 minutes |
| Passing score | 69% |
| Cost | $235 |
| Functions | Financial Reporting 25, Operations/Regulations/Books and Records 42, Customer Protection 24, Net Capital 41, Funding and Cash Management 13 |
| Calculator | Basic electronic calculator and whiteboard provided by the test center |
| Eligibility | Firm sponsorship required; no prerequisite or corequisite |
| Who needs it | Broker-dealers with a $250,000 minimum net capital requirement, and municipal securities brokers with a $150,000 requirement under SEC Rule 15c3-1; other firms may use the Series 28 |
| Valid for | Lapses after 2 years without registration |
Facts last verified Oct 26, 2026. Source: www.finra.org/registration-exams-ce/qualification-exams/series27. Always confirm details with FINRA before your exam.
When can you take the Series 27?
The Series 27 is offered year-round at Prometric test centers, within the 120-day enrollment window opened by your sponsoring firm.
Plan backwards from your exam date
What the Series 27 covers
Every PrepBanq Series 27 test mirrors the official domain weights.
Domain distribution
% of the exam| Content domain | Weight | ≈ Questions on exam | Our practice questions |
|---|---|---|---|
Financial Reporting25 of 145 scored items: financial statements, FOCUS reports, annual audit, regulatory notifications. | 17.2% | ~25 | 26 questions → |
Operations, General Securities Industry Regulations, and Preservation of Books and Records42 items: clearance and settlement, books and records, registration and conduct rules. | 29% | ~42 | 44 questions → |
Customer Protection24 items: possession or control, customer and PAB reserve computations, reserve bank accounts, exemptions. | 16.5% | ~24 | 25 questions → |
Net Capital41 items: minimum requirement, aggregate indebtedness, non-allowable assets, haircuts, net capital computation. | 28.3% | ~41 | 42 questions → |
Funding and Cash Management13 items: margin activity, stock loan and repos, subordinations and secured demand notes. | 9% | ~13 | 13 questions → |
How to register for the Series 27
- 1Join a sponsoring firmA FINRA member firm files Form U4 requesting the FN position, which opens a 120-day enrollment window.
- 2Schedule with PrometricBook a test-center appointment inside the window. Changes within 10 business days cost half or all of the $235 fee.
- 3Test155 multiple-choice items in 3 hours 45 minutes, with a provided basic calculator. You see your pass/fail result on screen.
Eligibility
You must be associated with and sponsored by a FINRA member firm (or another applicable SRO member firm), which requests the Financial and Operations Principal (FN) position for you on Form U4. There is no prerequisite or corequisite exam.
Retake policy
You wait 30 days after a first or second failed attempt, and 180 days after a third failure within two years. From January 19, 2027 these drop to 15 days and 60 days (FINRA Regulatory Notice 26-18).
Score release
Your pass/fail result appears on screen when you finish, and you receive a printed report at the test center. Failing reports show your score and performance by section.
Credential renewal
The qualification lapses if you are not registered with a firm for 2 years (FINRA Rule 1210.08).
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Series 27 FAQ
How many questions are on the Series 27?
The Series 27 has 155 questions (145 of them scored) and you have 3 hours 45 minutes to finish. Question types: Multiple choice with four answer choices and one correct or best answer, in closed-stem, open-stem (sentence completion) and EXCEPT/NOT formats. 145 scored items plus 10 unidentified, unscored pretest items placed randomly through the exam. Some items involve calculations. There is no penalty for guessing..
How long is the Series 27 exam?
Testing time for the Series 27 is 3 hours 45 minutes.
What is the passing score for the Series 27?
Series 27 passing standard: 69%. Score range: Pass/fail against an absolute standard; 69% is the passing score.
How much does the Series 27 cost?
The Series 27 registration fee is $235. Check the official site for current fees before you register.
What is on the Series 27?
The Series 27 covers Financial Reporting (about 17.2%), Operations, General Securities Industry Regulations, and Preservation of Books and Records (about 29%), Customer Protection (about 16.5%), Net Capital (about 28.3%), Funding and Cash Management (about 9%).
Who administers the Series 27?
The FINRA Series 27 — Financial and Operations Principal Exam is administered by FINRA. Delivery: Computer-based at Prometric test centers. Online (remote-proctored) delivery is available only to candidates with an approved accommodation. Basic electronic calculators and whiteboards are provided; no reference material is allowed..
Can you retake the Series 27?
You wait 30 days after a first or second failed attempt, and 180 days after a third failure within two years. From January 19, 2027 these drop to 15 days and 60 days (FINRA Regulatory Notice 26-18).
Is there a free Series 27 practice test?
Yes. PrepBanq has 15 free Series 27 practice tests with 150 exam-style questions in the real Series 27 formats, and every answer is explained. No credit card is needed.
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