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. Personal Finance

    How the Social Security Reboot May Affect You

  2. Professionals

    Credit Risk Analyst: Job Description and Average Salary

  3. Financial Advisors

    Putting Your CFA Level I on Your Resume

  4. Professionals

    Top Tips for Improving Client Communications

  5. Investing Basics

    Do You Need More Than One Financial Advisor?

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