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
📚 FINRA Topics to Study (69)
✍️ Sample FINRA Questions & Answers
1. Which statement about an investment adviser's fiduciary duty is CORRECT under the Uniform Securities Act?
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?
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:
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:
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:
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?
Investment advisers with $110 million or more in AUM are required to register with the SEC rather than with individual state securities regulators.