Series 22 - Direct Participation Programs Representative Exam (DR)

Exam Restructuring

The Series 22 exam — the Direct Participation Programs Limited Representative Examination (DR) — assesses the competency of an entry-level registered representative to perform his or her job as a direct participation programs representative.

The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a direct participation programs representative, including the solicitation, purchase and sale of limited partnerships, among other products.

Please see NASD Rule 1032(c) Direct Participation Programs Representative for more information.

Effective October 1, 2018, candidates must pass the Securities Industry Essentials (SIE) exam and a revised Series 22 to obtain the Direct Participation Programs Representative registration. For more information about the SIE and Series 22 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(8).

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Series 22 at a Glance


Before October 1, 2018

Number of Items 100
Format Multiple Choice
Duration 150 minutes
Passing Score 70%
Corequisite None
Cost $100

On or After October 1, 2018

Number of Items 50
Format Multiple Choice
Duration 90 minutes
Passing Score TBD
Corequisite SIE exam
Cost TBD

Content Outline


Before October 1, 2018

The Series 22 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the six main job functions of a direct participation programs representative. The table below lists the allocation of exam questions for each main job function.

Major Job Functions Percentage of Exam Questions Number of Questions
(F1) Investment Activities for Direct Participation Programs 12% 12
(F2) Types of Direct Participation Programs 11% 11
(F3) Offering Practices Applicable to Direct Participation Programs 14% 14
(F4) Tax Issues Applicable to Direct Participation Programs 20% 20
(F5) Regulation of Direct Participation Programs 32% 32
(F6) Factors to Consider in Evaluating Direct Participation Programs 11% 11
TOTAL 100% 100

On or After October 1, 2018

The Series 22 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four main job functions of a direct participation program representative. The table below lists the allocation of exam questions for each main job function.

Major Job Functions Percentage of Exam Questions Number of Questions
(F1) Seeks Business for the Broker-dealer from Customers and Potential Customers 34% 17
(F2) Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives 8% 4
(F3) Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 54% 27
(F4) Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions 4% 2
TOTAL 100% 50

Eligibility


Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA qualifications exams. For more information on eligibility requirements before October 1, 2018, refer to NASD Rule 1032(c). On or after October 1, 2018, refer to FINRA Rule 1220(b)(8).

Before October 1, 2018

The Series 22 does not have a corequisite exam.

On or After October 1, 2018

The SIE exam is a corequisite to the revised Series 22 exam. Candidates must pass both the Series 22 exam and the SIE exam to obtain the direct participation programs registration.

Permitted Activities


Covered activities and products include:

  • Direct participation programs (real estate, oil and gas, and equipment leasing)
  • Limited partnerships
  • Limited liability companies
  • S corporations

Key Questions


1. My firm opened my Series 22 exam window on August 1, 2018. I scheduled my exam for November 1, 2018. Which exam will I take?

Your exam window opened prior to October 1, 2018. Therefore, you must pass the 100-question Series 22 exam to receive a Direct Participation Programs Representative (Series 22) registration.

2. My firm opened my Series 22 exam window on August 1, 2018. I took my Series 22 exam on September 1, 2018, but failed. If I retake the exam, which exam will I take?

In order to retake your exam, a new exam window must be opened. Your new exam window will open on or after October 1, 2018. Therefore, you must pass the SIE and revised 50-question Series 22 exam to receive a Direct Participation Programs Representative (Series 22) registration.

3. My firm opened my Series 22 exam window on October 2, 2018. I scheduled my exam for November 1. Which exam will I take?

Your exam window opened after October 1, 2018. Therefore, you must pass the SIE and revised 50-question Series 22 exam to receive a Direct Participation Programs Representative (Series 22) registration.