Series 82 - Private Securities Offerings Representative Exam (PR)

Exam Restructuring

The Series 82 exam — the Private Securities Offerings Representative Exam — assesses the competency of an entry-level registered representative to perform their job as a private securities offerings representative.

The Series 82 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a private securities offerings representative, including solicitation and sale of private placement securities products as part of a primary offering.

Please see NASD Rule 1032(h) Private Securities Offerings Representative for more information.

Effective October 1, 2018, to obtain the Private Securities Offerings representative registration, candidates must pass the Securities Industry Essentials (SIE) exam and a revised Series 82 to obtain the Private Securities Offerings Representative registration. For more information about the SIE and Series 82 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(9).

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Series 82 at a Glance


Before October 1, 2018

Number of Items 100
Format Multiple Choice
Duration 150 minutes
Passing Score 70%
Corequisite None
Cost $95

On or After October 1, 2018

Number of Items 50
Format Multiple Choice
Duration 90 minutes
Passing Score 70%
Corequisite SIE exam
Cost $40

Content Outline


Before October 1, 2018

The Series 82 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 private securities offerings 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) Characteristics of Corporate Securities 13% 13
(F2) Regulation of the Market for Registered and Unregistered Activities 45% 45
(F3) Analyzing Corporate Securities and Investment Planning 16% 16
(F4) Handling Customer Accounts and Industry Regulations 26% 26
TOTAL 100% 100

On or After October 1, 2018

The Series 82 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 private securities offerings 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 50% 25
(F2) Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives 18% 9
(F3) Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 26% 13
(F4) Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions 6% 3
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(h). On or after October 1, 2018, refer to FINRA Rule 1220(b)(9).

Please see Register a New Candidate for more information on the registration process.

Before October 1, 2018

The Series 82 does not have a corequisite exam.

On or After October 1, 2018

The SIE exam is a corequisite to the revised Series 82 exam. Candidates must pass both the Series 82 exam and the SIE exam to obtain the private securities offerings registration.

Permitted Activities


A candidate who passes the Series 82 exam is qualified for the solicitation and sale of private placement securities products as part of a primary offering.

Key Questions


1. My firm opened my Series 82 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 82 exam to receive a Private Securities Offerings Representative (Series 82) registration.

2. My firm opened my Series 82 exam window on August 1, 2018. I took my Series 82 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 82 exam to receive a Private Securities Offerings Representative (Series 82) registration.

3. My firm opened my Series 82 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 82 exam to receive a Private Securities Offerings Representative (Series 82) registration.