FINRA Study Guide 2026

Everything you need to pass the FINRA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.

📋 FINRA Exam Format at a Glance

130

Questions

225 min

Time Limit

72.00%

Passing Score

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📚 FINRA Topics to Study (54)

Assessment and Evaluation · 7 cards Assessment and Evaluation · 7 cards Assessment and Evaluation · 7 cards Assessment and Evaluation · 7 cards Communication and Documentation · 7 cards Communication and Documentation · 7 cards Communication and Documentation · 7 cards Communication and Documentation · 7 cards Core Knowledge and Fundamentals · 7 cards Core Knowledge and Fundamentals · 7 cards Core Knowledge and Fundamentals · 7 cards Core Knowledge and Fundamentals · 7 cards General Securities Representative · 7 cards General Securities Representative · 7 cards General Securities Representative · 7 cards General Securities Representative · 7 cards Industry Regulations · 7 cards Industry Regulations · 7 cards Investment Companies and Variable Products · 7 cards Investment Companies and Variable Products · 7 cards Practice and Application · 7 cards Practice and Application · 7 cards Professional Standards and Ethics · 7 cards Professional Standards and Ethics · 7 cards Quality Assurance and Improvement · 7 cards Quality Assurance and Improvement · 7 cards Safety and Compliance · 7 cards Safety and Compliance · 7 cards Securities Industry Essentials · 7 cards Securities Industry Essentials · 7 cards

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✍️ Sample FINRA Questions & Answers

1. Which statement about an investment adviser's fiduciary duty is CORRECT under the Uniform Securities Act?

✓ The adviser must always place the client's interests above its own

Investment advisers owe a fiduciary duty to all clients, which requires placing the client's interests above the adviser's own interests at all times.

2. What does FINRA's guidance on concentration risk require a registered representative to evaluate?

✓ Whether a recommended investment would result in an unsuitable over-concentration in a single security, sector, or asset class

FINRA suitability obligations require brokers to consider whether a recommendation creates problematic over-concentration given the customer's overall financial profile.

3. Under FINRA Rule 4511, member firms must preserve most broker-dealer records for a minimum of:

✓ 6 years

FINRA Rule 4511 requires member firms to preserve most records for at least 6 years, with the first 2 years in an easily accessible location.

4. Under FINRA Rule 2330, before recommending a variable annuity, a registered representative must have a reasonable basis to believe that:

✓ The customer has a sufficient time horizon to benefit from the product and can afford its fees and potential surrender charges

FINRA Rule 2330 requires that a representative determine the customer has an adequate time horizon to benefit from tax deferral and can sustain the product's costs and illiquidity before recommending a variable annuity.

5. Under the USA, a 'federal covered adviser' is exempt from state registration requirements but must:

✓ File a notice filing and pay fees in states where it has clients above a threshold

Federal covered advisers are exempt from state registration but must submit notice filings and pay applicable fees in states where they have clients.

6. Which of the following investment advisers is REQUIRED to register with the SEC rather than individual states?

✓ An adviser managing $150 million in assets across multiple states

Investment advisers with $110 million or more in AUM are required to register with the SEC rather than with individual state securities regulators.

🎯 Free FINRA Practice Tests

Investment Companies and Variable Products · 7 questions Investment Companies and Variable Products · 7 questions Quality Assurance and Improvement · 7 questions Quality Assurance and Improvement · 7 questions Communication and Documentation · 7 questions Communication and Documentation · 7 questions Communication and Documentation · 7 questions Communication and Documentation · 7 questions Assessment and Evaluation · 7 questions Assessment and Evaluation · 7 questions

📖 FINRA Guides & Articles

Your FINRA Study Path

1. Learn with Flashcards → 2. Drill Practice Tests → 3. Take the Full Exam Simulation

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How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy

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Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

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