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: http://www.finra.org


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. Investing

    Advising FAs: Explaining Annuities to a Client

  2. Investing

    Advising FAs: Explaining ETFs to a Client

  3. Investing

    Advising FAs: Explaining Long-term Care Insurance to Clients

  4. Investing

    Advising FAs: Explaining Life Insurance to a Client

  5. Investing

    Explaining Clients Why They Need a Budget

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