Introduction
If you’re reading this, you probably have to take the Series 22—the Direct Participation Programs Limited Representative Qualification Exam. According to the Financial Industry Regulatory Authority (FINRA), the Series 22 exam “assesses the competency of an entry-level registered representative to perform their job as a direct participation programs representative.”
FINRA says “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.”
This means FINRA, with the SEC looking over its shoulder, wants industry professionals to know their stuff and to behave in a legal and ethical manner—so customers are happy and regulators can go home at night and sleep.
How can you meet this exam challenge? Follow the tried and true Solomon Exam Prep study system by reading each chapter in the Solomon Exam Guide (twice is even better). Then when you’re done reading, take practice exams in the Solomon Exam Simulator. We recommend you take at least six exams in the Solomon Exam Simulator. Work towards an average exam score in the 80s, and always, even when you get a question right, read the explanation. If you are having difficulty with something, research it until you understand it. On the Series 22, ignorance is definitely not bliss.
If someone tells you that they “know” the actual questions that will be on the exam or tells you that you can cram for the Series 22 over a weekend, do yourself a favor and don’t listen to that person. The truth is the Series 22 exam requires substantial study time and there are no shortcuts. The over-prepared tend to pass the first time—so take yourself and your time seriously, and put yourself in that group.
The best thing about the Series 22 journey is that the knowledge you will learn is impo