The Series 27 license allows individuals to work as financial operations managers for FINRA member firms. The exam covers record keeping, regulations, and capital requirements. Certification renewals are required to maintain industry standards. A Series 27 license holder can find work in various settings and can take test preparation classes to prepare for the exam.
A Series 27 is a license that allows someone to work as a financial operations manager for a member firm of the Financial Industry Regulatory Authority (FINRA). This license is earned by taking an exam, known as the Series 27 exam. Once licensed, a person is eligible to handle tasks like submitting required reports to the Securities and Exchange Commission (SEC). There are no prerequisites for the exam, allowing people to take it as soon as they feel ready.
There are 145 questions on the Series 27 exam, covering topics such as record keeping, regulations related to finance company operations, and capital requirements. Examinees have three and a half hours to take the exam. External tools and notes are not allowed, although people who need scratch paper for the exam can request it from a test administrator.
Once someone passes the exam, a Series 27 license is issued. FINRA member firms can sponsor employees interested in earning certifications so that those employees can work in a wider variety of positions. Individuals can also choose to take certification exams independently and apply for jobs with certifications already available. Periodic certification renewals are required to confirm that individuals are keeping up with industry standards.
FINRA members are held to high standards if they wish to retain their memberships. There are specific guidelines for the disclosure reports you must file and a person with a Series 27 license is familiar with the details of these guidelines and can file these reports independently. Acting as the chief financial officer or chief operating officer, this person is an important part of a company’s staff and is entrusted with complying with the legal and ethical standards established by FINRA for members.
A person with a Series 27 license can find work in a wide variety of settings with a variety of companies. When applying for a job, people can see if they are required to have licenses, or if they can start working in a more junior position while they study for certification and get certified with company sponsorship. Test preparation classes and materials to help people prepare for the test are available from various sources, and will allow people to take practice tests and review detailed study guides covering test topics to confirm that they are ready. If people don’t pass the test, they can retake it.
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