The Series 27 exam — the Financial and Operations Principal Qualification Exam (FN) — assesses the competency of an entry-level principal to perform their job as a financial and operations principal.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a financial and operations principal, including the financial responsibilities, rules, and recordkeeping requirements of broker-dealers.
Content Outline
The Series 27 Content Outline provides a comprehensive guide to the range of subjects covered on the exam, as well as the depth of knowledge required.
The outline is comprised of the five major job functions of a financial and operations principal. The table below lists the allocation of exam items for each major job function:
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Financial Reporting | 25 |
| (F2) Operations, General Securities Industry Regulations, and Preservation of Books and Records | 42 |
| (F3) Customer Protection | 24 |
| (F4) Net Capital | 41 |
| (F5) Funding and Cash Management | 13 |
| TOTAL | 145 |
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