diff --git a/src/code/cold-init.lisp b/src/code/cold-init.lisp
index 8fce1ecbd..16cfb7a9e 100644
--- a/src/code/cold-init.lisp
+++ b/src/code/cold-init.lisp
@@ -341,8 +341,8 @@ process to continue normally."
   ;; re-disable ldb again.
   (when (eq *invoke-debugger-hook* 'sb-debug::debugger-disabled-hook)
     (sb-debug::disable-debugger))
-  #+sb-thread (finalizer-thread-start)
-  (call-hooks "initialization" *init-hooks*))
+  (call-hooks "initialization" *init-hooks*)
+  #+sb-thread (finalizer-thread-start))
 
 ;;;; some support for any hapless wretches who end up debugging cold
 ;;;; init code
diff --git a/tests/init-hooks.test.sh b/tests/init-hooks.test.sh
new file mode 100644
index 000000000..66e718bf8
--- /dev/null
+++ b/tests/init-hooks.test.sh
@@ -0,0 +1,33 @@
+#!/bin/sh
+
+# This software is part of the SBCL system. See the README file for
+# more information.
+#
+# While most of SBCL is derived from the CMU CL system, the test
+# files (like this one) were written from scratch after the fork
+# from CMU CL.
+#
+# This software is in the public domain and is provided with
+# absolutely no warranty. See the COPYING and CREDITS files for
+# more information.
+
+. ./subr.sh
+
+use_test_subdirectory
+
+tmpcore="init-hook-test.core"
+
+run_sbcl <<EOF
+  (push 'check-no-threads sb-ext:*init-hooks*)
+  (defun check-no-threads ()
+    (sb-sys:os-exit (if (sb-thread::thread-p sb-impl::*finalizer-thread*) 1 0)))
+  (save-lisp-and-die "$tmpcore")
+EOF
+if [ $? -ne 0 ]; then
+    echo "failure saving core"
+    exit 1
+fi
+run_sbcl_with_core "$tmpcore" --noinform --disable-debugger
+check_status_maybe_lose "init-hooks execution order" $? 0 "(passed)"
+
+exit $EXIT_TEST_WIN