Answers to common questions about the FINRA Series 22 exam: eligibility and sponsorship, SIE corequisite, format/timing, scoring, retakes, what’s tested, and how to study.
Policies can change—confirm critical details with FINRA and your firm before scheduling.
Yes. Series 22 is a representative-level qualification exam and generally requires association with a FINRA member firm (or other applicable SRO member firm).
Yes. Series 22 is paired with the SIE as a corequisite. You must pass both to obtain the Direct Participation Programs Representative registration.
Series 22 focuses on direct participation programs (DPPs)—including limited partnership structures, program types and risks (real estate, oil and gas, leasing, debt programs), due diligence/disclosure themes, and high-level tax concepts (K-1, passive losses, basis, depreciation, AMT exposure).
FINRA uses a scaled (equated) score. Unscored pretest items are mixed in and do not affect your result.
Put most of your time into F3 (54%): DPP structures, program evaluation, fees/conflicts, liquidity, and tax concepts. Then lock in clean points with F1/F2/F4 process questions (communications, account opening/CIP/KYC, and subscription/confirmation mechanics).
FINRA retake waiting periods can depend on attempt count and exam type. Verify current rules with FINRA at scheduling time.