Series 22 Exam Guide, Study Plan & Practice Questions

Use this Series 22 exam guide when you are preparing for the Direct Participation Programs Representative Exam. Series 22 is a limited-scope path tied to direct participation programs rather than the broader general-securities product set. That limited scope is exactly why candidates need to study it on its own terms instead of assuming ordinary stock-and-bond sales logic will carry over cleanly.

The guide combines full chapter-based lessons with quick-reference pages such as the Cheat Sheet and FAQ. The educational chapter sequence follows the official FINRA exam functions, with chapters on seeking business, opening accounts, providing recommendations and disclosures, and processing transactions and complaints. That structure is deliberate. Series 22 is written as a DPP selling role, so the study path should mirror that workflow.

Use the chapter pages when you need full lesson coverage and cleaner reasoning about DPP structures, suitability, disclosure, and illiquidity risk. Use the cheat sheet when the framework is already familiar and you want a faster retention pass.

Series 22 study sections

Use this route when you want the exact Series 22 section path instead of the broad chapter view. The exam is weighted toward Function 3, but Function 1 also matters because DPP communications and offering review set up the later suitability analysis.

Practice this exam

Use this free guide for review, then Start Series 22 Practice on Finance Prep for timed questions, topic drills, and detailed explanations.

In this section

• Seeking Business and Offering Communications
  Learn the outreach, communications, and product-description rules that open the Series 22 exam.
  • Outreach and Communications With Customers
    Review the in-person, telephone, mail, and electronic-communication rules that govern early DPP business development on Series 22.
  • Describing DPP Offerings and Risks
    Learn how Series 22 tests DPP product explanations, risk descriptions, and the line between balanced disclosure and misleading promotion.
  • Syndication Roles and Selling Arrangements
    Study Series 22 distribution roles, dealer-manager arrangements, selling agreements, wholesalers, finders, sales compensation, allocations, and related supervision.
  • Due Diligence and Offering Review
    Study Series 22 due diligence review of DPP offering documents, sponsors, assets, fees, projections, conflicts, tax opinions, and liquidity claims.
• Opening Accounts and Building the Customer Profile
  Learn the account, disclosure, documentation, and customer-profile topics that shape the second Series 22 function.
  • Account Types and Required Disclosures
    Review account-type selection and the disclosure obligations that accompany DPP account opening on Series 22.
  • Customer Information, Documentation, and Legal Forms
    Learn how Series 22 tests the collection and maintenance of customer facts, legal documents, and required account records.
  • Investment Profile, Sophistication, and Eligibility
    Review the customer-profile analysis that Series 22 uses to test DPP suitability and eligibility judgment.
  • Supervisory Approval to Open Accounts
    Learn the approval logic that Series 22 expects before DPP account opening and sales activity can move forward.
• Recommendations, Disclosures, and DPP Analysis
  Learn the DPP product-analysis, suitability, disclosure, and account-servicing topics that dominate the Series 22 exam.
  • DPP Overview, Structures, and Offering Types
    Review Series 22 DPP structures, offering types, illiquidity, diversification, return components, sponsor economics, and investor motivations.
  • Real Estate Programs: Benefits and Risks
    Study Series 22 real estate DPP categories, income and appreciation drivers, leverage, property risk, valuation, liquidity, and suitability pressure points.
  • Oil and Gas Programs: Benefits and Risks
    Study Series 22 oil and gas DPP program types, working interests, royalty interests, commodity risk, reserves, tax benefits, and suitability constraints.
  • Equipment Leasing, BDCs, and Other Programs
    Study Series 22 specialty DPP programs including equipment leasing, BDCs, debt programs, agriculture, entertainment, R&D, commodity pools, TICs, and DSTs.
  • Investment Entities and Partner Rights/Obligations
    Study Series 22 LP, LLC, S corporation, partnership, TIC, DST, trust, and joint venture structures, including rights, obligations, transfer limits, and tax treatment.
  • Evaluating DPPs and Program Economics
    Study Series 22 DPP economics: strategy, sponsor record, leverage, use of proceeds, expenses, reserves, distributions, liquidity, red flags, and market changes.
  • Tax Treatment of DPPs
    Study Series 22 DPP tax concepts including pass-through treatment, K-1s, basis, passive losses, credits, depreciation, depletion, phantom income, 1031 exchanges, at-risk rules, and AMT.
  • Suitability and Best Interest for DPP Recommendations
    Learn how Series 22 tests suitability and best-interest analysis for DPP recommendations, including profile review, concentration, liquidity, risk capacity, and fees.
  • Disclosures, Fees, and Compensation
    Review Series 22 transaction disclosures, DPP fees, cash and non-cash compensation, carried interest, underwriting limits, and cost-presentation red flags.
  • Customer Communications, Statements, and Recordkeeping
    Learn how Series 22 tests DPP customer communications, statements, K-1 timing, distribution-source disclosures, valuation limits, reinvestment options, and records.
• Transactions, Agreements, and Disputes
  Learn the final transaction-processing and dispute-resolution function on the Series 22 exam.
  • Subscription Information, Pricing, and Agreements
    Review how Series 22 tests subscription details, offering prices, investor agreements, and the final pre-processing steps in a DPP sale.
  • Processing Transactions and Confirmations
    Learn the transaction-processing and confirmation rules that complete the DPP sale on Series 22.
  • Discrepancies, Disputes, and Complaints
    Review how Series 22 expects representatives to escalate transaction breaks, customer disputes, and complaint issues to supervision.
• Series 22 Study Plan — A Practical Reading and Review Schedule
  A practical Series 22 study plan with a clear reading order, weekly milestones, review rhythm, and a final review strategy.
• Series 22 Cheat Sheet — DPP Structures, Due Diligence, Risks & Tax Concepts
  Comprehensive FINRA Series 22 reference: DPP program types, limited partnership/LLC structures, due diligence and disclosure themes, fees and conflicts, liquidity limits, K-1/basis/passive loss concepts, and subscription/escrow processing.
• Series 22 FAQ — Common Questions & Quick Answers
  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.
• Series 22 Resources — Official FINRA Links & Content Outline
  Official resources for the FINRA Series 22 exam: exam page, content outline PDF, enrollment/scheduling, exam-day policies, and related rule references.