The Series 22 exam — the Direct Participation Programs Limited Representative Exam (DR) — assesses the competency of an entry-level registered representative to perform their job as a direct participation programs representative.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a direct participation program representative, including the solicitation, purchase and sale of limited partnerships, among other products.
Content Outline
The Series 22 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four major job functions of a direct participation program representative. The table below lists the allocation of exam items for each major job function.
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Seeks Business for the Broker-dealer from Customers and Potential Customers | 17 |
| (F2) Opens Accounts After Obtaining and Evaluating Customers’ Financial Profiles and Investment Objectives | 4 |
| (F3) Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets, and Maintains Appropriate Records | 27 |
| (F4) Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions | 2 |
| TOTAL | 50 |
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