Series 22 at a glance (FINRA)
- Items: 50 scored + 5 unscored pretest items (55 total)
- Time: 1 hour 30 minutes (90 minutes)
- Format: Multiple choice
- Passing score: 70 (scaled)
- Cost: $60
- Corequisite: SIE
Note: FINRA uses unscored pretest items for question development. You won’t know which items are unscored, so treat every item as scored.
What Series 22 tests (job functions)
Series 22 is organized by four major job functions:
- F1 — Seeks Business for the Broker-Dealer from Customers and Potential Customers — 34% (17 items)
- F2 — Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives — 8% (4 items)
- F3 — Provides Customers with Information, Makes Recommendations, Transfers Assets and Maintains Appropriate Records — 54% (27 items)
- F4 — Obtains and Verifies Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions — 4% (2 items)
Eligibility (important)
Series 22 requires firm sponsorship. You must be associated with a FINRA member firm (or other applicable SRO member firm) to enroll and test.
What Series 22 is “about” in practice
This is an alternatives-focused exam. Expect heavy emphasis on:
- DPP program types (real estate, oil and gas, equipment leasing, BDC/debt programs, etc.)
- entity structures (limited partnerships, LLCs) and investor rights/obligations
- due diligence and disclosure themes (fees/use of proceeds, sponsor background, conflicts, liquidity limits)
- pass-through taxation concepts (K-1, passive losses, basis, depreciation, AMT exposure — high level)
Next: work through the Series 22 syllabus » and then start drills in Practice ».