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Series 22 – Direct Participation Programs Representative Exam

Beginning June 9, 2023, candidates will need an approved accommodation to schedule an online appointment for an NFA or FINRA exam (other than the SIE). Online appointments scheduled to be taken after Sept. 9, 2023, will be canceled if the candidate does not have an approved accommodation. 

Learn more in the How to Schedule an Appointment to Take Exams Online (Remotely) section of the Schedule an Exam page.


The Series 22 exam — the Direct Participation Programs Limited Representative Exam (DR) — assesses the competency of an entry-level registered representative to perform their 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.

Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 22 exam 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).

Content Outline

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 major job functions of a direct participation program representative. The table below lists the allocation of exam items for each major job function.

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


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 representative-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.

The SIE exam is a corequisite to the Series 22 exam. Candidates must pass both the Series 22 exam and the SIE exam to obtain the Direct Participation Programs registration.

For more information on the registration process, see Register a New Candidate.

Permitted Activities

Covered activities and products include:

  • direct participation programs (real estate, oil and gas, and equipment leasing),
  • limited partnerships,
  • limited liability companies and
  • S corporations.