Series 82


DEFINITION of 'Series 82'

An exam administered by the Financial Industry Regulatory Authority (FINRA) for individuals seeking to become private securities offering representatives. A person who passes the Series 82 can only offer private placement offering on original issues. These securities are sold to private investors (often institutional funds like pensions or mutual funds) directly, rather than to the public as with an IPO.

The test consists of 100 questions taken over 150 minutes. A score of 70% or better is required for passing.


The creation of the Series 82 was mandated under the Gramm-Leach-Bliley Act of 1999. It is a very limited exam and should only be taken by people who do not wish to engage in the sales or marketing of any other securities such as stocks or bonds. Also, the Series 82 only makes one eligible to participate in the primary offering of private placements, not in any secondary market trading.

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    A person or firm in the business of buying and selling securities, ...
  2. Initial Public Offering - IPO

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  3. Direct Public Offering - DPO

    When a company raises capital by marketing its shares directly ...
  4. Private Placement

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