Complete Guide to FINRA Series 22 Exam

By IIC Lakshya

05 Jan 2026

Are you someone who is preparing for the Financial Industry Regulatory Authority (FINRA) Series 22 exam? Here is a detailed discussion of the exam, the topics covered, the exam structure, and how to crack the exam. Furthermore, you will also get to know the career paths of the same. Learn all about the various exam requirements and eligibility criteria of the FINRA Series 22 exam in this article.

What is the FINRA Series 22 Exam?

Direct Participation Programs (DPP) Limited Representative Exam is another name for the FINRA Series 22 Exam. It is one of the FINRA Exam Course, with a detailed syllabus and exam guide. Candidates appearing for this exam become qualified to sell and supervise the direct participation of program securities. It includes oil & gas programs and real estate partnerships.

What are the Topics Covered Under FINRA Series 22 Exam?

When pursuing the specific FINRA Series Exam, you must learn about the course and syllabus. It will help candidates prepare for the specific exam they are aiming for to gain a license. The FINRA Series 22 Exam covers specific topics, so please follow them as we discuss them in detail:

Characteristics of Direct Participation Programs (DPP)

The Direct Participation Programs (DPP) is a significant part of the exam that highlights the different types of partnerships. In this section, candidates develop a deeper understanding of cash flow distributions, risks, and tax advantages.

Regulation and Compliance

The section educates candidates about the FINRA and SEC rules. With the deeper knowledge of disclosure requirements, Private placement memorandums (PPMs), and Suitability standards, professionals can develop effective skills and insights. With various FINRA Exams levels and study plans, candidates develop strategies based on the offered preparation steps.

Taxation of Direct Participation Programs (DPP)

Candidates learn about passive income vs passive losses, tax reporting (K-1s), At-risk rules, and depreciation and depletion in this section. This knowledge can be implemented in their professional job positions and responsibilities.

Sales Practices

In this section, candidates learn about the two different types of accredited vs non-accredited investors. Additionally, students also learn about prohibited sales practices, investor qualification standards, and communication with the public.

Evaluation and Analysis

In this section, candidates learn about the program structure, sponsor background, and break-even analysis. Furthermore, professionals learn about fees and compensation related to investment, which they contribute as skills in their job roles.

Exam Structure of FINRA Series 22 Exam

The eligibility criteria of the FINRA Series 22 exam are that candidates must be qualified for the Securities Industry Essentials (SIE) exam. Furthermore, the following features of the exam structure will guide candidates effectively to understand investment in business ventures, tax benefits, and others. You can learn more about careers in investment like Chartered Financial Advisor (CFA).

Specific Features	Details
Exam Name	Direct Participation Programs Representative
Type and Number of Questions	Multiple-Choice Question, 50 questions
Exam Duration	1 hour and 30 minutes
Passing Score	70%
Sponsorship	A FINRA member firm must sponsor the candidate

How to Crack the FINRA Series 22 Exam?

If you are wondering about cracking the FINRA Series 22 exam, there are certain steps that candidates must follow. There is a step-by-step study guide of the FINRA Series and preparation steps. Below are some of the significant strategies to excel in the FINRA Series preparation.

Mastering tax concepts is a priority for all FINRA Series 22 aspirants
Candidates must focus on risk disclosure and suitability
Using FINRA’s exam outline to develop a better understanding of the program
Candidates must learn how the DPPs exam is different from REITs and mutual funds
Aspirants also practice regular reading and analyse the PPM-style scenarios

Career Path After FINRA Series 22 Exam

There are focused roles for this specification FINRA Series 22 exam license. Below is a list of career job positions along with the related responsibilities. Candidates will develop a deeper understanding of their career growth and expertise. You can read the FINRA Series 6 exam, thus receiving guidance about the career path, syllabus, and eligibility criteria.

Direct Participation Programs Representative - explaining tax benefits and risks, selling private placements and DPPs, matching the alternative investment options with high-net-worth clients
Private Placement Specialist - working with private offerings, supporting advisors, along with educating reps and clients
Alternative Investments Advisor - private equity, energy, real estate, advising clients on investments, non-traditional
Real Estate Investment Advisor - works with Delaware Statutory Trusts, sells real estate securities, not physical assets, supports 1031 exchange investors

Wrapping Up!

In conclusion, this exam is about educating candidates about having a license to sell and supervise securities, real estate partnerships, and others. After reading this blog, you get to learn how various career paths are unlocked with this license. It further helps you in career planning.

Frequently Asked Questions on FINRA Series 7 Exam Guide

Which FINRA exam is the easiest?

The easiest exam in the FINRA set of exams is Series 66. It educates candidates about their responsibilities as an IAR and contribute to the needs of the state registration.

Is Series 7 or CFA harder?

The CFA exam is considered difficult because it is three-level advanced program which needs rigorous preparations. While Series 7 is an entry-level exam which gives license to the security and investment professionals and registered representatives.

Who is eligible for the FINRA exam?

Candidates must be 18 years old can appear for the FINRA exam. They should complete the Forum U4 and will be subjected to the background checks and disclosure review.

What is the hardest FINRA exam to pass?

The FINRA exam considered difficult to crack is the Series 7. Candidates taking the securities licensing specialist exam requires proper dedication and understanding of the course to crack it effectively.

Is the Series 22 hard?

The exam of FINRA Series 22 is considered at medium on the level of difficulty. It is compulsory for candidates to correctly answer 35 questions out of 50 questions. Therefore, the passing score achieved in this exam is approximately 70%.