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Series 82

Series 82

The Series 82 exam — the Private Securities Offerings Representative Exam — assesses the competency of an entry-level registered representative to perform their job as a private securities offerings 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 82 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 the Series 82 exam, the Series 24 exam, which licenses you as a General Securities Principal, would allow you to supervise a broader range of securities transactions, beyond just private placements. For those interested in investment banking, the Series 79 exam could be a suitable next step. If your interests lie in municipal securities, the Series 52 or Series 53 exams would be beneficial.

Prep Packages

Be confident, fully prepared, and ready to pass.

The Series 82 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

Want to supplement your studies? Get a few helpful extras, like on-demand instructional videos.

$

419

Course access is for 7 months from the date of purchase

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Features

Pass Plus

If you thrive as an independent learner, this self-study package has the essentials you need.

$

282

Course access is for 7 months from the date of purchase

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Features

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We’ll provide you with in-depth content and practice questions that mimic the actual test — so there are no surprises come exam day.

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Virtual, Online Classes

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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.

Chapter Video Lectures

Created by expert Instructors, aligned with the book’s content.

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.

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FAQs

After passing the Series 82 exam, you are licensed as a Private Securities Offerings Representative. Should you wish to expand your knowledge and career prospects, you might consider other FINRA certifications. The Series 24 exam, which licenses you as a General Securities Principal, would allow you to supervise a broader range of securities transactions, beyond just private placements. For those interested in investment banking, the Series 79 exam could be a suitable next step. If your interests lie in municipal securities, the Series 52 or Series 53 exams would be beneficial. The Series 52 licenses you as a Municipal Securities Representative, while the Series 53 designates you as a Municipal Securities Principal. 

You will have two years between jobs before the license expires. When you cease 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 82 license will remain active.

To take the Series 82, 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. Upon registering, a candidate will have 120 days to schedule the exam.

The cost of the exam is $60.

Yes, to take the Series 82 and any other FINRA exam, you must be sponsored by a FINRA member firm.

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.

There are 50 questions on the exam.

A score of 70% is required for passing.

Note: Your score will be rounded down to the lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 82 exam).

We recommend studying 60-80 hours over a four-week period.

Pass Perfect offers a complete Series 82 study program, which includes an online course, print or ebook, and unlimited online exams throughout the course, including unlimited final exams.

The type of legal entity that a business is, and the type of offering used to sell that entity’s securities, are two different things. The entity is the business itself. The offering is a transaction that the business is conducting.

The type of entity can influence the type of offering. For example, an LP is a type of entity that typically sells parts of itself to investors using a Regulation D private placement. But a private placement is not a type of business entity, it’s a type of securities offering.

A DPP is a special label that regulators give to certain businesses, often in the real estate or oil & gas industries. Many, but not all, LPs qualify as DPPs.

No. A Series 82 by itself does not allow a registered representative to trade or sell DPP securities, government or municipal securities, variable annuities, variable life insurance, or mutual funds. Selling DPP securities requires passing Series 22 exam.

You will also be required to take the Securities Industry Essentials (SIE) exam, unless you have passed certain other licensing exams (such as the Series 7 or 79) prior to October 1st, 2018.

A Series 82 license qualifies an individual for the sale of private placement securities as part of a primary offering. It does not permit the sale of public offerings or municipal or government securities.

In order to sit for the Series 82, aka the “Limited Representative – Private Securities Offerings” exam, you must be an associated person of a member firm.