Series 22 — Direct Participation Programs Representative Exam
The FINRA Direct Participation Programs Representative Exam (Series 22) qualifies you to solicit and sell interests in Direct Participation Programs or DPPs, such as real estate, oil and gas, equipment leasing, BDCs, agricultural, and like-kind exchanges. To take the Series 22 exam, you must be employed and sponsored by a FINRA member firm. You must also pass the co-requisite Securities Industry Essentials (SIE) exam to obtain the Series 22 license. Read more Series 22 FAQs.
Solomon Exam Prep’s innovative study system has helped thousands pass their securities exams. Explore Solomon’s Series 22 study materials below and get started on your path to becoming a Direct Participation Programs Representative!
QUICK LOOK:
- RECOMMENDED STUDY TIME: 60 hours
- EXAM LENGTH: 55 questions
- EXAM TIME: 1 hour & 30 minutes
- PASSING SCORE: 70%
- TAKING EXAM: Testing is done via Prometric
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MATERIALS
The Solomon Series 22 Study Guide, written in clear easy-to-understand language, contains the information you need to know to pass your exam. The Study Guide contains charts, graphs and practice questions, as well as a glossary of key terms.
To see a sample of the online Study Guide, click here.
The Solomon Series 22 Study Guide, written in clear easy-to-understand language, contains the information you need to know to pass your exam. The Study Guide contains charts, graphs and practice questions, as well as a glossary of key terms.
The Study Guide is available in your online Solomon account (this digital guide requires Internet connection and is not downloadable).
To see a sample of the online Study Guide, click here.
If you'd like a physical book, a hard copy upgrade is available (shipping & handling will apply) that contains the same content as the online version in your Solomon account.
To see a sample of the hard copy Study Guide, click here.
Please note: This sample of the hard copy is in PDF form to show the look of the hard copy only, but Solomon Study Guides are not available as PDFs.
Designed to work with the Solomon Series 22 Study Guide, the Solomon Series 22 Exam Simulator offers over 1,000 questions so you can hone, track and assess your knowledge. Once you’ve read the Study Guide, the Exam Simulator allows you to use and practice what you’ve learned.
Designed to work with the Solomon Series 22 Study Guide, the Solomon Series 22 Exam Simulator offers over 1,000 questions so you can hone, track and assess your knowledge. Once you’ve read the Study Guide, the Exam Simulator allows you to use and practice what you’ve learned.
The 180-day subscription to the Solomon Series 22 Exam Simulator offers:
• Over 1,000 original Series 22 practice questions with robust rationales which clearly explain why a specific answer is correct.
• Questions updated continually to keep up with regulatory and industry changes
• Self-assessment tools that helps you identify areas that require more study.
• An unlimited number of 10-question quizzes based on Series 22 exam topics
• An unlimited number of 55-question untimed practice exams with immediate answer feedback
• An unlimited number of 55-question timed practice exams
Sample a FREE demo of our Series 22 Online Exam Simulator here !Recently passed my Series 22 using the Solomon material. Failed the exam once previously using The Securities Institute of America material. Solomon gave me the tools in order to succeed and pass my exam. I highly recommend this material!
Cole Seelhammer. New Braunfels, TX
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What does the Series 22 qualify me to do?
The Series 22 Direct Participation Programs Limited Representative Exam (DR) qualifies individuals to become an entry-level registered representative as a direct participation programs representative. Individuals who pass the Series 22 may solicit and sell interests in DPPs (including real estate, oil and gas, equipment leasing, BDCs, agricultural, like-kind exchanges, etc).
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What topics does the Series 22 exam test?
The exam tests your knowledge of the four major job functions of a direct participation program representative:
- Seeks Business for the Broker-dealer from Customers and Potential Customers (17 questions)
- Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives (4 questions)
- Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records (27 questions)
- Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions (2 questions)
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Are there any prerequisites for the Series 22?
The Securities Industry Essentials (SIE) exam is “corequisite” with the Series 22 exam, which means that you must pass both the SIE exam and the Series 22 exam to obtain the Direct Participation Programs Representative registration.
If you need to take the SIE exam, check out Solomon Exam Prep SIE study materials.
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What is a direct participation program (DPP)?
A DPP is a special label that regulators give to businesses that:
- Are set up as one of several types of entities that feature pass-through taxation (limited partnerships, for example);
- Have mostly passive investors, which are investors that aren't actively involved in managing the business (the limited partners in a limited partnership, for example); and
- Do not have any of their securities trading on a securities exchange.
DPPs are most common in the real estate and oil & gas industries. Status as a DPP means that a business is subject to rules designed to protect DPP investors.
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