Series 28 Practice Test 2026 — Free Series 28 Exam Prep Questions
The Series 28 qualifies Financial and Operations Principals at introducing broker-dealers that do not carry customer accounts and clear through another firm. Our practice questions follow FINRA's four Series 28 job functions, covering FOCUS and exemption reporting, operations and books and records, introducing-firm net capital computations, and the customer protection, margin and funding rules that apply to introducing firms.
Halberd Securities, a fully disclosed introducing firm, is updating its new-account form for individual retail customers. Under FINRA Rule 4512, which item must Halberd make a reasonable effort to obtain for each such account?
Series 28 format, scoring & key facts
Computer-based at Prometric test centers, with a tutorial before the exam. Online (remote-proctored) delivery is available only to candidates with an approved accommodation. The test center provides a basic electronic calculator and a whiteboard; no reference materials are allowed.
| Questions | 95 multiple-choice items |
|---|---|
| Time | 2 hours |
| Passing score | 69% |
| Cost | $195 |
| Functions | Financial Reporting 16, Operations/Regulations/Books and Records 30, Net Capital 31, Customer Protection/Funding/Cash Management 18 |
| Calculator | Basic electronic calculator and whiteboard provided at the test center |
| Eligibility | Firm sponsorship required; no prerequisite or corequisite |
| Who needs it | FinOps of introducing broker-dealers that do not carry customer accounts or hold customer funds or securities |
| Testing | Prometric test center (online only with an approved accommodation) |
Facts last verified Oct 26, 2026. Source: www.finra.org/registration-exams-ce/qualification-exams/series28. Always confirm details with FINRA before your exam.
When can you take the Series 28?
Offered year-round at Prometric test centers. Your sponsoring firm's enrollment opens a 120-day window to take the exam.
Plan backwards from your exam date
What the Series 28 covers
Every PrepBanq Series 28 test mirrors the official domain weights.
Domain distribution
% of the exam| Content domain | Weight | ≈ Questions on exam | Our practice questions |
|---|---|---|---|
Financial Reporting16 of 95 items: financial statements, FOCUS reports, audited financials and SIPC filings, regulatory notifications, unusual transactions. | 16.8% | ~16 | 25 questions → |
Operations, General Securities Industry Regulations, and Preservation of Books and Records30 of 95 items: clearance and settlement, confirmations, books and records, and core FINRA and SEC rules. | 31.6% | ~30 | 47 questions → |
Net Capital31 of 95 items: minimum requirement, aggregate indebtedness, allowable assets, net worth adjustments, deductions, haircuts and the full SEA Rule 15c3-1 computation. | 32.6% | ~31 | 49 questions → |
Customer Protection, Funding and Cash Management18 of 95 items: the 15c3-3 exemption claim, margin activity, and subordinated funding. | 18.9% | ~18 | 29 questions → |
How to register for the Series 28
Eligibility
You must be associated with and sponsored by a FINRA member firm (or other applicable SRO member), which files Form U4 requesting the Introducing Broker-Dealer Financial and Operations Principal (FI) position. There is no prerequisite and no corequisite. The Series 28 is for firms that do not carry customer accounts or hold customer funds or securities. Firms with a $250,000 minimum net capital requirement, firms using the alternative standard, and municipal securities brokers' brokers need a Series 27 FinOp instead.
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. A failing report shows 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 28 FAQ
How many questions are on the Series 28?
The Series 28 has 95 questions and you have 2 hours to finish. Question types: Multiple choice with four answer choices and one correct or best answer, written as closed-stem questions, open-stem sentence completions, or EXCEPT/NOT items. Some items involve calculations. There is no penalty for guessing..
How long is the Series 28 exam?
Testing time for the Series 28 is 2 hours.
What is the passing score for the Series 28?
Series 28 passing standard: 69%.
How much does the Series 28 cost?
The Series 28 registration fee is $195. Check the official site for current fees before you register.
What is on the Series 28?
The Series 28 covers Financial Reporting (about 16.8%), Operations, General Securities Industry Regulations, and Preservation of Books and Records (about 31.6%), Net Capital (about 32.6%), Customer Protection, Funding and Cash Management (about 18.9%).
Who administers the Series 28?
The FINRA Series 28 — Introducing Broker-Dealer Financial and Operations Principal Exam is administered by FINRA. Delivery: Computer-based at Prometric test centers, with a tutorial before the exam. Online (remote-proctored) delivery is available only to candidates with an approved accommodation. The test center provides a basic electronic calculator and a whiteboard; no reference materials are allowed..
Can you retake the Series 28?
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 28 practice test?
Yes. PrepBanq has 15 free Series 28 practice tests with 150 exam-style questions in the real Series 28 formats, and every answer is explained. No credit card is needed.
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