Introducing Broker-Dealer Financial and Operations Principal Exam (Series 28) Practice Test

The actual Series 28 exam requires a score of 73% or higher to pass. This practice test is designed to mirror the difficulty and topic distribution of the real exam, so scoring consistently above 73% on multiple attempts is a strong indicator of readiness. Use this test to identify weak areas, not just to gauge a single score.

Yes, you should be comfortable with the basic net capital formula (Net Worth minus certain deductions, plus subordinated liabilities) and the application of haircuts. The practice test includes questions that require you to compute net capital and determine whether a firm meets minimum requirements. Understanding the components is more important than rote memorization of every haircut percentage.

This section often requires the most study time because it involves detailed rules about segregation, reserve formula computations, and the Possession or Control requirements under Rule 15c3-3. Plan to spend at least 40% of your preparation time on this domain, as it is both conceptually dense and heavily tested.

Yes, a basic on-screen calculator is provided during the actual exam. For this practice test, you may use a physical or digital calculator to simulate real conditions. Focus on accuracy and speed, as time management is important.

The most common mistake is misapplying the reserve formula under Rule 15c3-3, particularly confusing credits and debits in the formula. Another frequent error is overlooking the early warning notification requirements when net capital falls below certain thresholds. Pay close attention to the exact wording of each question.