Series 24 End-to-End Mock Exam

🧠 Series 24 End-to-End Mock Exam

Full-Length Simulation to Test Your Readiness

The Series 24 exam is designed to assess your ability to supervise broker-dealer operations, enforce compliance, and apply FINRA rules in real-world scenarios. This full-length mock exam provides a realistic simulation of what you’ll face—across all five major functions.

Total Questions: 150
Time Limit: 3 hours 45 minutes
Passing Score: 70% (105 correct)

📋 Sample Section Breakdown

🔹 Supervision of Investment Banking and Underwriting (17%)

Question 1:
A firm is participating in a firm-commitment underwriting. What is the firm’s financial obligation if the securities remain unsold?

A. None
B. Only to sell what is allocated
C. Must purchase all unsold shares
D. Responsible for syndicate breakdown

✅ Correct Answer: C
Explanation: In a firm-commitment, the underwriter assumes financial risk and must buy any unsold securities.

🔹 Supervision of Trading and Market Making (17%)

Question 2:
Which of the following would most likely constitute a violation of FINRA’s front running rule?

A. Trading a firm account after a client’s trade is executed
B. Trading ahead of a research report publication
C. Executing an institutional order after placing a personal order in the same security
D. Executing a retail client’s unsolicited order

✅ Correct Answer: C
Explanation: Trading ahead of a large client order is front running—prohibited under FINRA Rule 5270.

🔹 Supervision of Customer Account Activity (31%)

Question 3:
A principal is reviewing a new account form that lacks the customer’s investment objectives. What should be done before approving the account?

A. Open the account and request the information later
B. Require full completion before approval
C. Use firm defaults to complete the form
D. Submit a manual override approval

✅ Correct Answer: B
Explanation: Accounts must have complete suitability information before a principal can approve them.

🔹 Supervision of Advertising, Sales Practices, and Conduct (23%)

Question 4:
A firm produces a retail communication promoting a new fund. Which statement requires modification?

A. “This fund guarantees a strong return.”
B. “Past performance is not a guarantee of future results.”
C. “Fund objectives include long-term growth.”
D. “Investors should consider their risk tolerance.”

✅ Correct Answer: A
Explanation: Stating a guarantee of return is prohibited unless clearly backed by an issuing entity like an insurer.

🔹 Supervision of Back Office Functions (12%)

Question 5:
Who is primarily responsible for ensuring accurate maintenance of books and records under SEC Rule 17a-4?

A. FINRA Examiner
B. Back office staff
C. Chief Compliance Officer
D. Designated Principal

✅ Correct Answer: D
Explanation: A designated principal must ensure compliance with recordkeeping requirements.

🧠 Full Exam Strategy Tips

• ⏱️ Time yourself per section to simulate real conditions
• 🧾 Review explanations after the exam—don’t just check correct answers
• 📊 Track performance by content area to guide your next study phase

🚀 Want the Full 150-Question Exam with Score Report?

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