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Series 22 Mock Exams & Practice Exam Questions | FINRA Direct Participation Programs Representative

Series 22 mock exams and practice exam questions for FINRA Direct Participation Programs Representative. Timed practice sets and detailed explanations in the FINRA Exam Prep app (web, iOS, Android).

On this page

Train Series 22 like it’s tested: DPP structures and risks, due diligence/disclosure, tax concepts, and clean transaction processing.

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Practice modes

Full-length mock exam (timed)
Build pacing and decision-making under time pressure.

Job-function drills (F1–F4)
Fix weak areas fast—especially the high-weight F3 content.

Timing tip

Real exam pacing is about 55 total items in 90 minutes (~95–100 seconds per item). Practice timed sets early so “fact pattern → risk/cost → compliant next step” becomes automatic.

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 » .