Series 82 Exam: Everything You Need To Know

The series 82 exam is the Private Securities Offerings Representative Exam. The test is administered by FINRA. It is a specialized Top off exam. It is designed for those who wish to conduct business exclusively in private placements. When passed in connection with the SIE exam, a candidate is licensed to represent a broker dealer. Series 82 licensed agents may offer private placements to clients

The series 82 is a must pass exam for those interested in specializing in private placement offerings. FINRA and your broker dealer require Private Placement Representatives to pass the series 82 exam prior to soliciting investments from clients.

Passing the series 82 exam qualifies an individual to act as a private securities offering representative. Series 82 licensed agents may solicit the purchase of private placements of equity and debt securities.

The Series 82 Exam consists of 50 scored multiple-choice questions. You must answer every question. There is no “skip button”. The exam has a time limit of 1 hour and 30 minutes. Each series 82 exam will contain up to 10 experimental questions. As a result, the total number of questions will be 60. These questions are not identified during the test. Nor do they count towards the candidate’s final score. Each exam provides more time for test takers to answer these questions.

The passing grade for the series 82 exam is 70%. Test takers must answer at least 35 of the 50 questions correctly.

The test provides enough time for candidates to answer each question presented. The 1 hour and 30 minute time limit translates into 1.8 minutes per question. Test takers who have challenges interpreting questions, may find themselves pressed for time. Rushing to answer every question has a negative impact on performance. Ensure you have the ability to complete the test in the time allotted. To do this you must take 50-question practice tests. Taking series 82 practice exams is a big part of any candidate’s exam preparation. The questions presented are challenging. Students must have a deep understanding of the critical information required to pass.

The Series 82 Exam tests the candidates’ knowledge of critical functions. These are the functions a private placement representative must perform. The questions will cover a variety of topics. Including:
 

• Equities
• Debt Securities
• Private Placements
• Regulation D
• Rule 504, 506(b) & 506(c)
• The private placement memorandum / PPM
• Investor questionnaires
• Subscription agreements
• Placement agent agreements
• Rule 144
• Rule 144A
• Regulation A
• Regulation S

 
The exam will also contain many questions on the following:

 
• Understanding Customers’ financial profile and investment objectives
• Verifying customer purchase and sales instructions and confirming transactions
• Handling and servicing customer accounts
• Contacting customers and potential customers
• The role of the placement agent
• The difference between placement agents and underwriters
• Securities industry rules and regulations and prohibited practices
• Taxation and retirement plans

 
FINRA’s official series 82 exam outline is broken down into the following critical functions  

You must make an investment in your professional development. Your Series 82 license empowers you to offer private placements to clients. Many Series 82 licensed representatives enjoy lucrative and successful careers. If you have to pay out of pocket, the costs are relatively low. This is true compared to other certifications and college expenses. Some employers pick up or reimburse the costs. The cost to take the series 82 exam include:

 
• Training materials
• Testing fees
• Registration fees.

 
Our most comprehensive training package for the series 82 exam is $299. This comes with everything you need and includes free shipping. The testing fee for the series 82 exam is $60. State registration fees vary by state and range from $50 – $250 per year.

Passing the Series 82 exam is no easy task. Earning your Series 82 license demands focus and discipline. This is not an exam to take lightly. It requires your full attention and should be treated as a top priority.
 
Begin by thoroughly reading the textbook from cover to cover—don’t skip a page. Use a highlighter to reinforce key concepts. There are no shortcuts here—reading the book is essential, and every student must understand that. Then, reinforce your learning by watching each video class that aligns with the chapters in the book. These videos expand on the material and help clarify the most important topics.
 
You need to create a distraction-free study environment. Turn off your phone, block off dedicated time, and focus solely on preparing. It’s not just about memorizing facts—you must also master how to apply what you’ve learned. That means working through thousands of practice questions to build both confidence and competence.
 
We recommend dedicating a minimum of 60 to 80 hours to your preparation. With the right effort and strategy, you’ll be well on your way to passing the Series 82 exam and earning your license to offer private placements to clients.

All candidates are required to take the Series 82 Exam at an approved testing center. Prometric operates over 3,000 test centers across the United States, making it easy to find a location that’s convenient for you. Many centers are open seven days a week, offering flexible scheduling options. You may choose any available location and book your Exam on any day the center is open. To schedule your Exam appointment, simply visit the Prometric website.

You will receive the results of your exam as soon as you submit your test for completion. It will take approximately 2-3 minutes to grade your test and display your results. The test center will provide you with a certified copy of your results.

Students who do not pass the Exam must wait 30 days before retaking the Exam. During this time it is crucial to maintain the current level of proficiency. Make a detailed account of the Exam. Make notes on the entire experience, especially areas of difficulty. A second unsuccessful attempt will result in another 30 day waiting period. A third unsuccessful attempt results in a 6 month waiting period.

The Series 82 is a top off exam. In addition to the series 82 candidates must also pass the Securities Industry Essentials Examination prior to conducting business in private placements. Many states also require agents to pass the series 63 exam to be fully registered. In fact, 46 states require agents to pass the series 63.

Our Series 82 study materials will ensure your success on exam day. Complete with a comprehensive physical textbook, Video lectures and challenging test banks