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200+ Free Series 39 Practice Questions

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2026 Statistics

Key Facts: Series 39 Exam

100

Exam Questions

FINRA

2h 15m

Exam Time

FINRA

70%

Passing Score

FINRA

46%

DPP Offerings Function

Largest section

$200

Exam Fee

FINRA

SIE + 7 or 22

Corequisite Path

FINRA

FINRA's Series 39 exam has 100 questions and a 2 hour 15 minute time limit. You need a 70% score to pass. FINRA's March 11, 2026 materials still show the same three-function blueprint: Structure and Regulation of DPP Offerings (46%), Sales Supervision and General Supervision (32%), and Compliance with Financial Responsibility Rules (22%). To hold the registration, candidates need the SIE plus either Series 7 or Series 22 and member-firm sponsorship.

About the Series 39 Exam

The Series 39 qualifies principals to supervise direct participation program and investment program product activity at broker-dealers that limit their business to DPPs. The exam focuses on DPP offering structure and regulation, sales supervision, suitability and communications oversight, and compliance with financial responsibility rules.

Questions

100 scored questions

Time Limit

2 hours 15 minutes

Passing Score

70%

Exam Fee

$200 (FINRA)

Series 39 Exam Content Outline

46%

Structure and Regulation of DPP Offerings

DPP entities, program types, private and public offering rules, tax and cash-flow concepts, due diligence, fees, disclosures, and investor risks

32%

Sales Supervision, General Supervision of Employees, Regulatory Framework of FINRA

Suitability and Reg BI oversight, communications with the public, supervisory systems, offering processing, AML, books and records, and complaint handling

22%

Compliance with Financial Responsibility Rules

Net capital, customer protection, FOCUS reporting, SEC Rules 15c3-1, 15c3-3, 17a-3, 17a-4, and SIPC/SIPA concepts

How to Pass the Series 39 Exam

What You Need to Know

  • Passing score: 70%
  • Exam length: 100 questions
  • Time limit: 2 hours 15 minutes
  • Exam fee: $200

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

Series 39 Study Tips from Top Performers

1Match your study plan to FINRA's weighting: spend the most time on DPP structure, program analysis, disclosures, and offering rules.
2Know how the major DPP types differ in risk, cash flow, tax treatment, and liquidity before moving into supervisory scenarios.
3Practice suitability and Reg BI questions using investor-profile facts, not memorized buzzwords.
4Study Rule 2310, Rule 2210, Rule 3110, SEC Rules 10b-9 and 15c2-4, and AML controls as a connected workflow instead of isolated rules.
5Separate net capital, customer protection, and books-and-records concepts so you can identify which rule governs each fact pattern.
6Use timed mixed sets because the exam combines product knowledge with principal-level judgment calls.

Frequently Asked Questions

What is the Series 39 exam?

The Series 39 is FINRA's Direct Participation Programs Principal Qualification Examination. It qualifies a principal to supervise DPP and investment program product business at a broker-dealer whose securities business is limited to direct participation programs.

How many questions are on the Series 39 exam?

FINRA lists 100 questions with a 2 hour 15 minute time limit. The passing score is 70%, so candidates should expect to answer about 70 questions correctly to pass.

What do I need before I can hold the Series 39 registration?

To hold the registration, FINRA requires the SIE plus either the Series 7 or Series 22. Because Series 39 is a principal-level exam, you also need to be associated with and sponsored by a FINRA member firm.

What topics matter most on Series 39?

The heaviest function is Structure and Regulation of DPP Offerings at 46%. That means candidates should spend the most time on DPP program structure, offering documents, suitability, tax and cash-flow analysis, conflicts, compensation limits, and public/private offering rules before moving to general supervision and financial responsibility topics.

How long should I study for Series 39?

Most candidates should plan on roughly 50-70 hours over 5-8 weeks. The best approach is to weight study time to the blueprint: about half on DPP product and offering knowledge, about one-third on supervision and communications, and the balance on financial responsibility rules.

Are there any 2026 Series 39 regulatory updates to watch?

As of March 11, 2026, FINRA has not published a new Series 39 exam outline. The most relevant recent developments are FINRA's 2025 interpretive guidance on applying Rule 2310 to LLC offerings treated as partnerships and on discretionary transactions in DPP offerings, plus January and February 2026 proposals affecting capital formation and communications rules. Those proposals are worth watching, but they are not the same as a published blueprint change.