Series 22 Exam Prep | Study Alpha Academy

Series 22 Exam Preparation

Become a certified Direct Participation Programs Representative with Study Alpha Academy's comprehensive training program. Master DPPs, compliance, and sales practices to advance your financial career.

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About the Series 22 Exam

What Are Direct Participation Programs (DPPs)?

Direct Participation Programs are investment programs that allow investors to directly participate in the benefits and risks of underlying business ventures. These ventures are often long-term, non-traded, and typically structured to pass income, losses, and tax benefits directly to investors.

DPP Types

  • Real Estate Programs
  • Oil and Gas Partnerships
  • Equipment Leasing Programs
  • Limited Liability Companies (LLCs)
  • S Corporations
  • Limited Partnerships (LPs)

Exam Purpose

The Series 22 exam ensures that candidates:

  • Understand the structure and types of DPPs
  • Know how to solicit and sell DPP products
  • Can evaluate customer profiles and suitability
  • Understand regulatory and compliance requirements
  • Can process, confirm, and maintain records of transactions

Exam Details

Number of Questions:
50 multiple-choice questions
Duration:
1 hour 30 minutes
Passing Score:
70% (35 out of 50 questions)
Fee:
$60
Corequisite:
SIE Exam

Exam Syllabus

F1: Seeks Business for the Broker-Dealer

17 questions covering customer approach, regulatory limitations, marketing practices, and ethical guidelines.

F2: Opens Accounts and Evaluates Customer Profiles

4 questions focusing on client information collection, suitability determination, and compliance requirements.

F3: Provides Investment Information & Recommendations

27 questions covering DPP explanations, risk communication, suitability standards, and recordkeeping.

F4: Processes and Confirms Transactions

2 questions on executing customer instructions, verification, and compliance with transaction reporting.

Detailed Syllabus Topics

  • Introduction to DPPs
  • Structures of Partnerships
  • Real Estate Programs
  • Oil & Gas Programs
  • Equipment Leasing
  • Taxation Aspects
  • Customer Account Opening
  • Suitability Assessment
  • Compliance & Sales Practices

Our Preparation Features

Complete Live Classes

Interactive sessions with expert faculty explaining every topic in a structured, exam-oriented manner.

Recorded Classes

Access to all class recordings for unlimited revision and flexible learning at your own pace.

1-to-1 Sessions

Personalized mentoring to address individual doubts, weak areas, and exam strategies.

Full Syllabus Coverage

Comprehensive coverage of the entire FINRA Series 22 content outline with real-world examples.

Latest FINRA Pattern

Updated teaching methods and materials based on the latest FINRA exam pattern and regulations.

Performance Tracking

Continuous monitoring through weekly quizzes, mock tests, and performance analysis reports.

Study Materials Included

Comprehensive Notes

Detailed, well-structured notes covering the entire Series 22 syllabus.

Question Bank

Chapter-wise practice questions with detailed solutions and explanations.

Summary Notes

Quick revision material with key formulas, definitions, and high-yield concepts.

Career Options After Certification

DPP Advisory Roles

Help clients understand and invest in DPPs like real estate programs, oil & gas partnerships, and equipment leasing programs.

Real Estate Securities Sales

Sell real estate-based investment programs including Real Estate Limited Partnerships (RELPs) and non-traded REITs.

Oil & Gas Investment Programs

Focus on selling oil & gas drilling partnerships, production programs, and exploration joint ventures.

Equipment Leasing Distribution

Sell programs where investors participate in leasing equipment to companies for periodic rental revenue.

Private Placement Sales

Work with firms offering private, non-public investment offerings like Regulation D offerings.

Alternative Investment Advisory

Advise clients on non-traditional investment products like hedge fund-linked programs and venture partnerships.

Student Testimonials

Very structured and exam-focused coaching. Helped me pass Series 22 easily. The faculty's expertise in DPPs made complex concepts easy to understand.
- Michael R.
Mock tests and one-to-one sessions were extremely helpful for my preparation. The performance tracking helped me identify my weak areas.
- Sarah L.
Top-quality teaching with continuous support throughout the course duration. The study materials were comprehensive and up-to-date.
- David K.
The career guidance after certification was invaluable. I landed a position in real estate securities within a month of completing the course.
- Jennifer M.

Frequently Asked Questions

Is the SIE Exam required before taking the Series 22?
Yes. The SIE is a corequisite and must be passed along with the Series 22 Exam.
Do I need sponsorship from a firm?
Yes. Candidates must be sponsored by a FINRA member firm or SRO.
Is the exam difficult?
The exam requires solid preparation but is manageable with proper study material, mock tests, and guidance.
Can I take the exam online from home?
Yes. FINRA allows online proctored exams under secure conditions.
How long is the Series 22 license valid?
The license remains valid as long as you maintain registration with a member firm and meet continuing requirements.
What happens if I fail the exam?
Candidates must wait 30 days for the first two retakes, and 180 days after the third failed attempt.

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