Series 22 License Frequently Asked Questions

The series 22 exam is a challenging test focused on the offering of direct participation programs. Each candidate will have a time of 90 minutes to complete this 50-question exam. a comprehensive understanding of real estate, oil and gas and other direct participation programs is key to passing this test.

A Series 22 license representative may conduct  business and the direct offerings of limited partnerships, S corporations, DPPs  and the other primary offerings. FINRA issued guidance relating to the types of products that a series 22 representative may recommend to clients.  Effectively, FINRA said that a series 22 licensed agent can transact business in the primary offering of Investments that provide for a flow through of tax benefits to investors.

If your primary function is going to be offering direct participation programs, the  Series 22 exam is the best option for you. It is a much smaller exam and focuses only on the business of direct participation programs. The Series 7 Exam is a much larger test and will require candidates to have mastered the knowledge of all general securities products including options in municipal bonds.

A score of 70% or higher is required to successfully complete the series 22 exam.  This requires each candidate to correctly answer at least 35 of the 50 multiple-choice questions.

The best way to prepare for the series 22  exam is to read the study text completely and thoroughly, take notes, watch all series 22 video class modules, and do as many series 22 practice questions and final exams as you can.  History shows that most people prepare for at least 40 hours prior to taking the series 22 exam.