Direct Participation Programs Principal Exam (Series 39) Exam Guide
At a glance
- Questions
- 100
- Time limit
- 2h 15m
- Passing score
- 70%
- Exam fee
- $200
- Governing body
- FINRA
The Series 39, formally the Direct Participation Programs Principal Exam, qualifies a securities professional to supervise the sale of direct participation program offerings such as real estate, oil and gas, and equipment leasing partnerships, along with related LLCs and S corporations. It is administered by FINRA and is designed for supervisors and principals rather than entry-level representatives.
Overview
The Series 39 blueprint is organized into three functional areas, weighted by the number of questions drawn from each on the 100-question exam:
- Structure and Regulation of DPP Offerings — 46 questions
- Sales Supervision, General Supervision of Employees, and Regulatory Framework of FINRA — 32 questions
- Compliance with Financial Responsibility Rules — 22 questions
Cost and registration
FINRA charges a $200 fee to register for the Series 39 exam. Always confirm current pricing against FINRA's official fee schedule before you register, since fees can change.
Exam format
The Series 39 consists of 100 questions administered over a 135-minute (2 hour, 15 minute) window, and candidates must score at least 70% to pass. It carries a corequisite requirement: candidates must also pass the SIE exam plus either the Series 7 or Series 22 exam to hold the direct participation programs principal registration, and must be sponsored by a FINRA member firm or applicable SRO member firm to sit for it.
Frequently asked questions
What is the passing score for the Series 39 exam?
FINRA requires a score of 70% to pass the Series 39, the Direct Participation Programs Principal Exam.
How many questions are on the Series 39 and how long do I have?
The exam consists of 100 questions, and candidates are given 135 minutes to complete it.
What does the Series 39 exam cost?
FINRA charges a $200 fee to sit for the Series 39 exam. Check FINRA's official fee schedule before registering in case rates have changed.
What are the prerequisites for taking the Series 39?
Candidates must first pass the SIE exam along with either the Series 7 or the Series 22 exam before they can sit for the Series 39. This corequisite structure means the Series 39 alone does not grant the principal registration.
Who is eligible to take the Series 39 exam?
Candidates must be associated with and sponsored by a FINRA member firm or another applicable self-regulatory organization member firm to sit for this principal-level exam. You cannot register on your own without that sponsorship.
What happens if I fail the Series 39 exam?
After a first or second failed attempt, FINRA requires a wait of 15 calendar days before retaking the exam. After a third or subsequent consecutive failure within a two-year period, the wait extends to 60 calendar days.
Sources
- 1.Series 39 – Direct Participation Programs Principal Exam | FINRA.org — FINRA (accessed Aug 9, 2026)
- 2.Qualification Exams | FINRA.org — FINRA (accessed Aug 9, 2026)
- 3.1210. Registration Requirements | FINRA.org — FINRA (accessed Aug 9, 2026)
- 4.Enroll for a FINRA Exam — FINRA
- 5.FINRA Exam Scheduling (Prometric) — Prometric
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Series 39 – Direct Participation Programs Principal Exam | FINRA.orgFINRAfinra.org
- 1210. Registration Requirements | FINRA.orgFINRAfinra.org
- Permitted Activities of Registered Principals | FINRA.orgFINRAfinra.org
- Qualification Exams | FINRA.orgFINRAfinra.org
Last verified against the official exam content outline: