Subscribe to receive updates

Sign up to receive updates, study tips, and special offers from Pass Perfect.

Learners

Live Class ScheduleFAQsStudent Login

Corporate

Corporate PartnershipsUniversity PartnershipsTesting Methods

Company

Contact UsOur Pass PromiseOur Difference

Advanced Designations

Bionic TurtleMark Meldrum

Financial Planning

Dalton EducationMoney Education

Licensing

Pass Perfect

Financial Crimes

ACFCS

Tax & Accounting

Checkpoint LearningSpidellFast Forward Academy

Legal

LegalEdge
Terms and Conditions
Privacy Policy

© 2026 Pass Perfect, LLC. All Rights Reserved

3625 Brookside Pkwy., Suite 450, Alpharetta, GA, 30022

Learning programs powered by the best brands in the industry.

Learn More

Loading your content...

Home
  • Student Login
    • 0
0
Student Login

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. 

Visit FINRA for more info

50 Questions

Multiple Choice

1h 30m

Duration

70%

Min Passing Score

60% - 70%

Average Passing Rate

Requisites

Corequisites

  • SIE

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.

Pass Plus Pro

$

369

Course access is for 7 months from the date of purchase

pp-db-s22ppp
Features

Looking for Study Aids?

We offer resources and materials to help get you prepped and confident.

Shop Study Aids

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.

View Sample Questions

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.

Computer screen

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.

Computer screen

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.)