Series 82 Exam Information
Series 82 Exam Overview & FAQs
The Series 82 Exam
The Series 82 exam assesses the competency of an entry-level registered representative to perform their job as a private securities offerings representative. The Series 82 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a private securities offerings representative, including solicitation and sale of private placement securities products as part of a primary offering.
Topics include: Seeking business, Opening Accounts, Evaluating Customer' Financial Profile, Making Recommendations, Transferring Assets, Verifying Customers' Purchase Instructions, Confirming Transactions.
Series 82 Exam Difficulty Level
Any professional exam in the Financial Services industry is not easy and includes many concepts that test takers must be able to show a satisfactory level of competency. Many people pass the first time, but others need a second attempt to complete the task. The study and exam tools available through Pass Perfect have been proven to be a highly effective method to prepare for the Series 82 exam.
After the Series 82
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.
Series 82 FAQ
What does the Series 82 qualify me to do?
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.
Are there any prerequisites for the Series 82 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.
Does the FINRA Series 82 Private Offerings exam allow you to sell securities issued by direct participation programs (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.
What is the difference between a private placement, a limited partnership (LP), and a direct participation program (DPP)?
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.
How should I prepare for the Series 82 exam?
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..
How long should I prepare for the Series 82 exam?
We recommend studying 60-80 hours over a four-week period.
What score do I need to pass the Series 82 exam?
A score of 70% is require 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).
How many questions are on the Series 82 exam?
There are 50 questions on the exam.
How long is the Series 82 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.
Do I need to be sponsored to take the Series 82 exam?
Yes, to take the Series 82 and any other FINRA exam, you must be sponsored by a FINRA member firm.
How much does the Series 82 exam cost?
The cost of the exam is $60.
How do I register to take the Series 82?
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.
If I stop working for my firm, how long will my Series 82 license remain active?
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.