Series 22
Series 22
The Series 22 exam — the Direct Participation Programs Limited Representative Exam (DR) — assesses the competency of an entry-level registered representative to perform their job as a direct participation programs representative.
50 Questions
1h 30m
70%
60% - 70%
Requisites
Corequisites
Topics
- Seeking business
- Opening Accounts
- Evaluating Customer' Financial Profile
- Making Recommendations
- Transferring Assets
- Verifying Customers' Purchase Instructions
- Confirming Transactions
Retake Wait Periods
After the first or second time a candidate fails the Series 22 exam, there is a mandatory 30 day waiting period before they can take the exam again. After the third (and subsequent) fails, the waiting period increases to 6 months. The $100 exam fee applies each time they take the exam.
What’s Next
After passing, individuals are qualified to become an entry-level registered representative as a direct participation programs representative. Individuals may also solicit and sell interests in DPPs (including real estate, oil and gas, equipment leasing, BDCs, agricultural, like-kind exchanges, etc.)
Prep Packages
Be confident, fully prepared, and ready to pass.
The Series 22 exam requires a solid understanding of a broad range of concepts and the ability to apply them in various scenarios. You need a comprehensive prep course that will make you feel confident, fully prepared, and ready to pass.
Looking for Study Aids?
We offer resources and materials to help get you prepped and confident.
With Us You Can
Study Smarter
Retention Over Memorization
We’ll provide you with in-depth content and practice questions that mimic the actual test — so there are no surprises come exam day.
Shorten Your Study Time
Delivering content based performance to help you move on from concepts you’ve mastered and going deeper into ones you haven’t.
Customize Your Studies
Delivering content based performance to help you move on from concepts you’ve mastered and going deeper into ones you haven’t.
Course Material
Your Ultimate Resource
We have created the ultimate resource to help ensure you pass — the first time. Developed by experts in FINRA licensing, our coursework incorporates everything you need to know to successfully take this important step in advancing your career.
Multi-level Assessments
Includes Quick Quizzes at the topic level.
Animated Videos
Reinforcing key concepts and test-taking strategies with simulated exam questions.
Scored and Graded Assessments
Check Your Understanding, Chapter Exams, Mid-Term Exams, and Fixed Final Exams.
Clear and concise course material
Increased efficiency in learning, allowing more time for Final Practice Exams.
Intuitive & Modern User Interface
Our LMS allows you to engage easily and keep careful track of your progress, so you can focus on learning.
FAQs
Upon passing the Series 22 exam, you’ve demonstrated your knowledge in non-traded direct participation programs (DPPs), opening career paths related to this specialized niche of the financial industry. If your interests align with investment banking and complex securities, consider the Series 79 exam. Alternatively, the Series 57 exam prepares you for a career in securities trading. In short, while Series 22 opens opportunities in DPPs, pursuing additional FINRA certifications can broaden your career prospects in the financial services industry.
After passing the Series 22, you have two years to become registered with a state, otherwise the exam will show “expired” in the Central Registration Depository, and you will have to sit for the exam again. Contact your state regulator for more information regarding your state’s registration rules and process.
You will have two years between jobs before the license expires. When you stop working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 22 license will remain active.
The cost of the exam is $60.
A score of 70% is required for passing. Note: Your score will be rounded down to the next lowest whole number (e.g. 69.9% would be a final score of 69% - not a passing score for the Series 22 Exam).
You have 90 minutes to complete the exam. You are allowed to take restroom breaks during the exam. However, the clock will continue counting down. See the FINRA website for more details on what to expect when taking your exam.
There are 50 questions on the exam.
After your firm receives your enrollment notification from FINRA, you have 120 days to schedule an appointment to take the exam, which is administered by Prometric. You can schedule an appointment online at www.prometric.com/finra, as well as get information on the closest testing center. Rescheduling and refunds are also handled via Prometric.
Yes. To take the Series 22, and any other FINRA exam besides the SIE, you must be sponsored by a FINRA-member firm. To take the Series 22, a FINRA member firm must file a Form U4 on your behalf through FINRA Gateway (This capability in Classic CRD was retired April 5, 2021). You will have to get fingerprinted and answer a lengthy set of questions about your background.
Pass Perfect offers a complete Series 22 study program, which includes an online course, print or ebook, and unlimited online exams throughout the course, including unlimited final exams.
We recommend studying 60 hours.
A DPP is a special label that regulators give to businesses that:
- Are set up as one of several types of entities that feature pass-through taxation (limited partnerships, for example)
- Have mostly passive investors, which are investors that aren’t actively involved in managing the business (the limited partners in a limited partnership, for example)
- Do not have any of their securities trading on a securities exchange.
DPPs are most common in the real estate and oil & gas industries. Status as a DPP means that a business is subject to rules designed to protect DPP investors.
The Securities Industry Essentials (SIE) exam is “corequisite” with the Series 22 exam, which means that you must pass both the SIE exam and the Series 22 exam to obtain the Direct Participation Programs Representative registration.
The exam tests your knowledge of the four major job functions of a direct participation program representative:
Seeks Business for the Broker-dealer from Customers and Potential Customers (17 questions)
Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives (4 questions)
Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records (27 questions)
Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions (2 questions)
The Series 22 Direct Participation Programs Limited Representative Exam (DR) qualifies individuals to become an entry-level registered representative as a direct participation programs representative. Individuals who pass the Series 22 may solicit and sell interests in DPPs (including real estate, oil and gas, equipment leasing, BDCs, agricultural, like-kind exchanges, etc.)