Series 28


DEFINITION of 'Series 28'

An exam given by the Financial Industry Regulatory Authority (FINRA) for people seeking to become licensed record-keepers or operations principals for FINRA-member broker/dealers or securities custodians. The Series 28 exam tests knowledge on how to accurately record investment transactions, the financial responsibilities of broker/dealers and custodians, net capital requirements, and the rights of investors under the Securities Investor Protection Act of 1970. The test consists of 95 questions, and a score of 70% or better is required for passing.


The Series 28 is one of the newer FINRA exams, and it illustrates the fiduciary importance of accurate record-keeping for investor accounts. There are so many different types of securities offered to retail investors that a lot of knowledge is required to understand how each should be recorded and adapted for things like income and principal payments, redemptions, accrued interest, rights and warrants, and many other instances.

  1. Broker-Dealer

    A person or firm in the business of buying and selling securities, ...
  2. Fiduciary

    1. A person legally appointed and authorized to hold assets in ...
  3. Series 9/10

    A securities license entitling the holder to supervise branch ...
  4. Custodian

    A financial institution that holds customers' securities for ...
  5. Financial Industry Regulatory Authority ...

    A regulatory body created after the merger of the National Association ...
  6. Maturity

    The period of time for which a financial instrument remains outstanding. ...
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