Series 22 Exam Lesson 1 Introduction

Lesson 1: Introduction to the FINRA Series 22 Exam

What is the FINRA Series 22 Exam?

FINRA = Financial Industry Regulatory Authority, Inc.
It is the self-regulating body for setting standards and regulation for financial professionals.
The FINRA Series 22 exam is an essential part of becoming a successful financial professional. You will be able to participate in direct participation programs. (Real estate, oil, equipment, gas, etc.) Also, doing business with limited partnerships and limited liability corporations.

Requirements to Take the Exam
• You must be sponsored by a FINRA member firm.
• The firm must fill out Form U4 (Uniform Application for Securities Industry Registration or Transfer)
• The firm must pay the examination fee through FINRA’s Central Registration Depository (CRD)
• You must also pass the SIE Exam (Securities Industry Essentials)
• Find a a Prometric Testing Center in the United States, Canada, Mexico, or their territories (https://securereg3.prometric.com/Welcome.aspx)

The Series of the Exam
There are different series of exams. Make sure you take the one that matches what you want to do.
Series 22 qualifies you to participate in Direct Participation Programs (DPPs).
• Series 6 qualifies you as an Investment Company Products/Variable Contracts Limited Representative
• Series 7 Exam qualifies you to be a General Securities Representative
• Series 63 Exam qualifies you to be a Uniform Securities Agent
• Series 65 Exam qualifies you to be an NASAA Investment Adviser Representative
• Series 66 Exam qualifies you to be an Investment Advisor Representative and a Securities Agent
•
• Content of the Exam
• Series 22 Exam = 50 multiple-choice questions, four answers per choice (plus 5 unscored items. You will not not know which ones.)
• 90 minutes to complete
• Must score 70 to pass the exam

• Subjects
• Seeks Business for the Broker-Dealer from Customers and Potential Customers
• Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
• Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
• Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions

Test Taking Strategies
• Get proper sleep the night before.
• Eat a sustaining meal before the test.
• Use the restroom before the test.
• Bring only approved materials to the testing center.
• Bring picture identification to the testing center.
• Leave with plenty of time based on the traffic and weather conditions.
• Do not spend too much time on any single question.
• Give you best educated guess on questions you are unsure of.
• Use the process of elimination.
• Go back and check your work if you are finished early with the test.
• Study over a longer period of time if possible.

You will get the results right away for your exam. If you do not pass it, you will have to wait 30 days before taking it again. If you fail the second, time, you have to wait an additional 30 days. After that, you have to wait six months before you can take it again.