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In this article we are going to review the differences between the Series 22 Exam and the Series 82 Exam. We will cover the business activities allowed for each type of limited representative.
Many agents who wish to focus on a specific niche in the securities industry opt to take specialized top off exams. These top off exams only cover the products the agent or broker dealer will offer. The Series 22 & 82 Exams are both limited representative examinations. Each exam allows the agent to participate in primary offerings of investment products and each exam is 50 questions long. However, that is where the similarities end.
What is the difference between the Series 22 and Series 82 Exams ?
The Series 22 Exam only allows licensed agents to engage in the primary offering of pass through securities. These pass through securities include
Limited partnerships
Direct participation programs
S Corporations
The structure of these allow for the flow through of all economic events. All of the income, expenses, losses and tax deductions are distributed directly to investors.
The Series 82 Exam on the other hand, only allows licensed agents to engage in the sale of private placements that are part of a primary offering. The licensed activities include the private offering of:
Common stock
Preferred stock
Warrants
Convertible and non convertible Debt
A primary offering is one where the issuer of the securities receives the proceeds of the sale. This is how corporations and partnerships raise capital to operate.
Excluded Activities of the Series 22 & 82 Exams
The Series 22 license does not allow agents to participate in the private offering of traditional stocks and bonds. While the Series 82 license only allows agents to offer these securities. Further, a Series 82 representative is not licensed to sell pass through investments. These direct participation programs and limited partnerships are the exclusive domain of the Series 22 Exam.
Neither the Series 22 nor Series 82 Exam licenses agents to engage in:
The sale or solicitation of investment company products
Secondary market transactions on an exchange ( NYSE, NASDAQ)
Option transactions
Which exam is right for you ?
The products you will be offering dictate the exam you must pass. If you are going to be offering real estate limited partnerships or oil and gas direct participation programs, the Series 22 Exam is your opportunity to sell these products. If your broker dealer is participating in private placements, helping companies raise capital through the sale of equity or debt securities, the Series 82 is the must pass exam.
We hope this article helps you decide which exam is right for you.
If you are ready to prepare for your exam, please review our Series 22 study materials or our Series 82 study materials . Our courses are designed to get you licensed fast
