Series 22 Exam: Direct Participation Limited Representative

An exam administered by the Financial Industry Regulatory Authority (FINRA)(previously the National Association of Securities Dealers (NASD)). Successful completion will qualify a registered individual to deal various forms of Direct Participation Programs (DPPs) such as real estate, oil and gas, and limited partnerships.

Exam Details

Time Limit: 2 hours and 30 minutes
Cost: $95 US as of August 2012. Note that this is the examination enrollment fee ONLY--other fees may also apply. Please visit the FINRA Registration/Exam Fee Schedule for more information.
Number of Questions: 100, plus 5 "pre-test" questions
Passing Score: 70%
Format: Multiple Choice
Prerequisites: You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO).
Exam Date(s): Any weekday
Exam Locations: Find your U.S. or international exam center here
Offical Exam Website:

Exam Topic Weights

For an in-depth breakdown of the below topics, refer to the PDF study outline provided by the FINRA here

Series 22 Exam Topic Weights By Section

Financial Professionals
  1. Professionals

    Career Advice: Accountant Vs. Financial Planner

  2. Retirement

    Why Some Celebs Say 'No Inheritance for My Kids'

  3. Professionals

    Social Security COLA in 2016? Not Likely

  4. Professionals

    This Group is the Most Underprepared to Retire

  5. Professionals

    Advisors: Why Older Clients Need Housing Help

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