Introduction
I f you’re reading this, you probably already know the basics about stocks, bonds, mutual funds, ETFs, the capital markets, retirement accounts, FINRA and SEC rules, and other important securities industry information. That’s because you likely passed the Securities Industry Essentials (SIE) exam or you were grandfathered in to the SIE because you passed another representative level exam. If not, then you will have to pass the SIE as well since it is “corequisite” with the Series 82. Passing the SIE is an important step in your industry education, but if you work at a FINRA member firm and you want to become a registered representative, you’re going to have to pass a job-specific FINRA licensing exam; in this case, the Private Securities Offerings Representative Qualification Exam, also known as the Series 82.
The Series 82 qualifies an individual to solicit interest in and sell private securities offerings. The license allows a representative to sell private securities in the primary market. That’s an important point because passing the Series 82 does not permit an individual to engage in secondary market trading of private securities. Additionally, the Series 82 does not allow representatives to sell publicly offered securities, such as publicly traded stocks and bonds.
Also, a Series 82 does not qualify a registered representative to trade or sell government or municipal securities, variable annuities, variable life insurance, direct participation programs, or other securities registered under the Investment Company Act of 1940 (such as mutual funds).
What topics does the Series 82 exam test?
Some of the topics on the Series 82 exam are:
• The Securities Act of 1933
• The Securities Exchange Act of 1934
• The Investment Company Act of 1940
• The Employee Retirement Income Security Act of 1974 (ERISA)
• Types of securities offerings, including primary, private placement, and private investm