Definition of Series 22 Exam

This course is completely online and includes study text, video lectures and test banks.  To reivew the course offerings and to gain access to the series 22 study material click here Series 22 Exam  


The Direct Participation Limited Representative Exam, or Series 22 exam, is designed and administered by the FINRA. This test was created to test the knowledge of those individuals who seek to work with various Direct Participation Programs such as oil and gas, limited partnerships and real estate.

Topics for the Series 22 exam include:

Function 1 – Seeks  business for the broker-dealer from customers and potential customers – 17 questions

Function 2 – Opens accounts after obtaining and evaluating customers’ financial profile and investment objectives – 4 questions

Function 3 – Provides customers with information about Investments, makes suitable recommendations, transfers assets and maintains appropriate records – 27 questions

 Function 4 – Obtains and verifies customers purchase instructions and agreements, processes, completes and confirms transactions – 2 questions

This is a 50 question, multiple-choice exam that must be completed within 1 hours and 30 minutes. To be successful candidates must score a minimum of 70% of their Series 22 exam. The cost for this test is $40.00. Keep in mind this price only reflects the cost of the test its self and does not include any additional registration or testing fees.

Applying "Series 22 Exam" to Securities Exams:

The Series 22 exam can be taken year round at Pearson Vue testing centers. While this test is available year round, it cannot be taken on Sundays. Candidates should be aware of this fact and keep it in mind when they are scheduling their exam and choosing their testing center.

Please note that in order to sit for the Series 22 exam you must be sponsored by a financial company who is also a member of FINRA or a separate Self-Regulatory Organization.

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