Direct Participation Programs Representative Exam (Series 22) Exam Guide
At a glance
- Questions
- 50
- Time limit
- 1h 30m
- Passing score
- 70%
- Exam fee
- $100
- Governing body
- FINRA
The Series 22 exam, formally the Direct Participation Programs Representative Exam, is administered by FINRA to assess the competency of entry-level representatives who sell direct participation program securities such as limited partnership interests. It's typically taken by registered representatives at broker-dealers who need to solicit business, open accounts, and make recommendations involving DPPs, and it must be paired with the Securities Industry Essentials (SIE) exam as a corequisite.
Overview
The Series 22 exam is built around four job functions, each weighted by how much of the 50-question exam it represents:
- Provides Customers with Information, Recommendations, and Records — 54% of the exam (27 questions)
- Seeks Business for the Broker-Dealer from Customers and Potential Customers — 34% of the exam (17 questions)
- Opens Accounts After Evaluating Customers' Financial Profile and Objectives — 8% of the exam (4 questions)
- Obtains and Verifies Purchase Instructions and Processes Transactions — 4% of the exam (2 questions)
Together these four functions account for the full content outline FINRA publishes for the exam.
Cost and registration
The Series 22 exam carries a $100 fee. Check FINRA's current registration and exam fee schedule before scheduling, since fee amounts can change.
Exam format
The exam consists of 50 scored multiple-choice questions, delivered alongside 5 additional unscored pretest items for a total of 55 items on screen. Candidates have 1 hour and 30 minutes to complete the exam, and a score of 70% is required to pass.
Frequently asked questions
How many questions are on the Series 22 exam?
The Series 22 exam consists of 50 scored multiple-choice questions, plus 5 additional unscored pretest items mixed in, for 55 total items on the delivered exam.
What is the passing score for the Series 22 exam?
Candidates need a score of 70% to pass the Series 22 exam, as set by FINRA.
How much does the Series 22 exam cost?
The Series 22 exam has a $100 fee. Confirm current pricing on FINRA's registration and exam fee schedule before you enroll, since fees can be updated.
What does the Series 22 exam cover?
The exam is designed to assess the competency of entry-level Direct Participation Programs Representatives, with the bulk of questions on providing customers with investment information and recommendations, and on soliciting new business.
Is there a corequisite for the Series 22 exam?
Yes, candidates must also pass the Securities Industry Essentials (SIE) exam alongside the Series 22 exam to become registered as a Direct Participation Programs Representative.
How soon can I retake the Series 22 exam if I fail?
You must wait 15 calendar days before retaking the exam after a failed attempt. If you fail three or more times within a two-year period, the waiting period extends to 60 calendar days.
Sources
- 1.Direct Participation Programs Representative Qualification Examination (Series 22) — Content Outline — FINRA (accessed Aug 9, 2026)
- 2.Series 22 – Direct Participation Programs Representative Exam | FINRA.org — FINRA (accessed Aug 9, 2026)
- 3.1210. Registration Requirements | FINRA.org — FINRA (accessed Aug 9, 2026)
- 4.FINRA Qualification Exams — FINRA
- 5.Enroll for a FINRA Exam — FINRA
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Direct Participation Programs Representative Qualification Examination (Series 22) — Content OutlineFINRAfinra.org
- Series 22 – Direct Participation Programs Representative Exam | FINRA.orgFINRAfinra.org
- 1210. Registration Requirements | FINRA.orgFINRAfinra.org
Last verified against the official exam content outline: