Series 39 – Direct Participation Programs Principal Exam
Effective January 19, 2027, the waiting periods for retaking FINRA qualification exams will be reduced as follows:
- 15 days (from 30 days) after the first and second unsuccessful attempts, and
- 60 days (from 180 days) after the third
The new waiting periods will automatically apply to new enrollments and any open enrollments without an appointment. Candidates who have a scheduled exam retake appointment after January 19, 2027, should review whether cancelling and rescheduling for an earlier date is beneficial as rescheduling fees may apply.
January 19, 2027, is the first date FINRA is able to reduce a candidate’s waiting period and requests prior to this date will not be processed.
For additional information, visit FINRA Regulatory Notice 26-18 and the FINRA Qualification Exam FAQ.
For information about NASAA exams, visit https://www.nasaa.org/exams/exam-faqs/.
For questions related to this communication, contact [email protected] for assistance.
The Series 39 exam — the Direct Participation Programs Principal Qualification Exam (DP) — assesses the competency of an entry-level principal to perform their job as a direct participation programs principal.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a direct participation programs principal, including the rules and statutory provisions applicable to the supervisory management of a broker-dealer that limits its products to direct participation programs.
In addition to the Series 39 exam, candidates must pass the Securities Industry Essentials (SIE) Exam and either the General Securities Representative Exam (Series 7) or the Direct Participation Programs Representative Exam (Series 22) to hold the Direct Participation Programs Principal registration. For more information about the Series 39 exam, refer to FINRA Rule 1210 and FINRA Rule 1220(a)(12).
Content Outline
The Series 39 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 three major job functions of a direct participation programs principal. The table below lists the allocation of exam items for each major job function.
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Structure and Regulation of Direct Participation Program (DPP) Offerings | 46 |
| (F2) Sales Supervision, General Supervision of Employees, Regulatory Framework of FINRA | 32 |
| (F3) Compliance with Financial Responsibility Rules | 22 |
| TOTAL | 100 |
Download Series 39 Content Outline
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 principal-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.
The Series 39 has a corequisite exam requirement. Candidates must pass the SIE exam and the Series 7 or Series 22 exams to hold the direct participation programs principal registration.
For more information on the registration process, see Register a New Candidate.
Permitted Activities
Covered supervisory activities and products include regulatory compliance over sales of:
- direct participation program limited partnerships (e.g., real estate, oil and gas, and equipment leasing),
- limited liability companies and
- S corporations.
In addition to sales supervision, the Series 39 qualifies a principal for the overall supervision of a firm’s investment banking and securities business — including compliance, underwriting and advertising — for those activities specially covered by each supervisory principal’s license.