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An Ultimate Guide about Financial & Operations Principal (FINOP)

williamarch012
November 14, 2024
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An Ultimate Guide about Financial & Operations Principal (FINOP)

FINOP is a registered position that is mandated for all registered broker-dealers by the financial industry regulatory authority and Securities Exchange Commission rules and regulations. Their main accountability is to oversee the both financial and operational aspects of a particular firm.  They make sure that the firm’s rules and regulations comply with regulatory requirements. Do you want to know in depth about finop? If yes, this blog is for you. Let us know more about FINOP together.

How to Become a FINOP of a Firm?

Well, this is neither a slice of cake nor rocket science. A person needs to pass Series 27 or Series 28 as a qualification exam. There is a difference between both services. Series 27 allows an individual to be a FINOP of full service, while Series 28 allows the individual to be a FINOP of an introducing firm only.

Requirements

  • To take the FINOP exam, a candidate must fulfill some specific requirements. A candidate must have 8 years of experience in public accounting and the public industry and expertise in financial management, financial reporting, and accounting.
  • Candidates must have knowledge of US GAAP for broker dealers and internal controls.
  • He must have enough knowledge of rules and regulations and how to apply them
  • He must have the ability to understand and apply the laws and regulations related to financial and operations responsibility.
  • The candidate must have project management skills and be able to manage the projects.

Qualifications

The candidate must have the required qualification like a series 27 license.  He must have certifications like CPA. The candidate must have prior experience in the financial services industry along with deep knowledge of accounting and operations. If the candidate has all these qualifications he is the right choice for the FINOP.  This exam consists of 145 multiple-choice questions. You are given 3 hours and 45 minutes to complete the exam. If you get 69% scores you are passed.

Eligibility Criteria for FINOP Exam

Candidates for the FINOP exam must be associated with and sponsored by a FINRA member firm or SRO to be eligible for this exam.

Responsibilities of  FINOP

There are some key responsibilities of a FINOP that are given below.  This is the basic need of companies to run their finance departments efficiently. If their finance department runs smoothly, they can make huge progress and protect their firms from heavy fines and reputational damages.  Let’s uncover its main responsibilities.

  • First of all, register with firms as functional and operations principals (series 27)
  • Must ensure the compliance of the firm with financial regulators
  • Protect the firm from faulty business to prevent it from a major loss
  • Make sure the updated record of broker-dealers
  • Another responsibility is to ensure the accuracy of financial statements
  • Submit the financial regulatory report on the given time

There are many other responsibilities of a FINOP. You can read them thoroughly to be a successful FINOP.

FINOP Interview

Questions related to finop are asked about prior experience. Your abilities and about the exam. Most of the questions are asked about experience in finance and optimization. So prepare well and stay composed to be a successful candidate. Stay confident and pass the FINOP exam and interview and get a perfect position in the finance department.

Conclusion

In a nutshell, after reading all about FINOP you can know whether you are eligible or not. You can also learn about responsibilities and requirements. It has a direct impact on profitability and liquidity which is essential for an adequate system. Only a successful candidate is a suitable candidate and can run the finance department perfectly.

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