Series 82 - FINRA Limited Representative-Private Securities Offerings Qualification Exam
How do I register to take the Series 82?
To take the Series 82, a FINRA member firm must file a Form U4 application on your behalf through FINRA’s Central Registration Depository (CRD). You will have to get fingerprinted and answer a lengthy set of questions about your background.
What does the Series 82 qualify me to do?
A Series 82 license qualifies an individual for the sale of private placement securities as part of a primary offering; it does not permit the sale of public offerings or municipal or government securities. In order to sit for the Series 82, aka the “Limited Representative – Private Securities Offerings” exam, you must be an associated person of a member firm.
Does the FINRA Series 82 Private Offerings exam allow you to sell securities issued by direct participation programs (DPPs)?
No. A Series 82 by itself does not allow a registered representative to trade or sell DPP securities, government or municipal securities, variable annuities, variable life insurance, or mutual funds. Selling DPP securities requires passing the Series 22 exam.
What is the difference between a private placement, a limited partnership (LP), and a direct participation program (DPP)?
The type of legal entity that a business is, and the type of offering used to sell that entity's securities, are two different things. The entity is the business itself. The offering is a transaction that the business is conducting.
The type of entity can influence the type of offering. For example, an LP is a type of entity that typically sells parts of itself to investors using a Regulation D private placement. But a private placement is not a type of business entity, it's a type of securities offering.
A DPP is a special label that regulators give to certain businesses, often in the real estate or oil & gas industries. Many, but not all, LPs qualify as DPPs.
How long should I prepare for this exam?
We recommend studying 60-80 hours over a four-week period.
What score do I need to pass the exam?
A score of 70% is require for passing.
Note: Your score will be rounded down to the lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 82 exam).
How many questions are on the exam?
There are 50 scored questions and 5 unscored questions, making a total of 55 questions.
How long is the exam?
90 minutes. You are allowed to take restroom breaks during the exam; however, the clock will continue counting down.
Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 82?
You will also be required to take the Securities Industry Essentials (SIE) exam, unless you have passed certain other licensing exams (such as the Series 7 or 79) prior to October 1st, 2018.
How much does the exam cost?
The cost of the exam is $40 at this writing.
If I stop working for my firm, how long will my Series 82 license remain active?
You will have two years between jobs before the license expires.
When you cease working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 82 license will remain active.
General exam questions? See our general FAQs.
For information about Solomon Series 82 exam study materials, please click here.