200+ Free Series 82 Practice Questions
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Key Facts: Series 82 Exam
70-75%
First-Time Pass Rate
Industry estimate
70%
Passing Score
35/50 questions
40-60 hrs
Study Time
Recommended
45%
Regulation D
Largest section
$100
Exam Fee
FINRA
1h 30m
Exam Duration
FINRA
The Series 82 exam has an estimated 70-75% first-time pass rate. It requires 70% (35/50 questions) to pass in 1 hour 30 minutes. The exam covers four major areas: Private Offerings and Regulation D (45%), Due Diligence and Offering Documents (20%), Trading and Markets (20%), and FINRA Rules/Securities Act (15%). Prerequisites: SIE + firm sponsorship. Plan for 40-60 hours of study.
About the Series 82 Exam
The Series 82 qualifies representatives to sell private placement securities as part of primary offerings. It covers Regulation D exemptions, private placement mechanics, due diligence, offering documents, secondary market trading, and FINRA rules governing private securities transactions.
Questions
50 scored questions
Time Limit
1 hour 30 minutes
Passing Score
70%
Exam Fee
$100 (FINRA)
Series 82 Exam Content Outline
Private Offerings and Regulation D
Rule 504, 506(b), 506(c), accredited investors, integration doctrine, and aggregation
Due Diligence and Offering Documents
Private Placement Memoranda, suitability, investor qualifications, and risk disclosures
Trading and Markets
Secondary market trading, restricted securities, Rule 144, QIBs, and trading platforms
FINRA Rules and Securities Act
Rule 2210 communications, Rule 5123 private placement filings, and Securities Act of 1933
How to Pass the Series 82 Exam
What You Need to Know
- Passing score: 70%
- Exam length: 50 questions
- Time limit: 1 hour 30 minutes
- Exam fee: $100
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 82 Study Tips from Top Performers
Frequently Asked Questions
What is the Series 82 exam?
The Series 82 is FINRA's Private Securities Offerings Representative Qualification Examination. It qualifies individuals to sell private placement securities as part of primary offerings, including limited partnerships, hedge funds, and private equity offerings. The exam tests knowledge of Regulation D, private placement mechanics, due diligence, and FINRA rules.
What is the Series 82 pass rate?
The Series 82 exam has an estimated pass rate of 70-75% for first-time test-takers. The exam has 50 questions (45 scored + 5 unscored pretest) with a 70% passing score (35 correct answers), taken over 1 hour 30 minutes. The focused nature of the exam on private placements makes it manageable with proper study.
What are the prerequisites for the Series 82?
You must pass the SIE (Securities Industry Essentials) exam and have firm sponsorship before taking the Series 82. No other FINRA exams are required as prerequisites. The Series 82 specifically qualifies you for private placement activities rather than general securities sales.
How long should I study for Series 82?
Plan for 40-60 hours of study over 4-6 weeks. Focus heavily on Regulation D (45% of exam) including Rules 504, 506(b), and 506(c), accredited investor definitions, and integration rules. Study due diligence requirements and Private Placement Memoranda. Complete at least 200 practice questions and score 80%+ consistently before scheduling.
What are the main topics on the Series 82?
The main topics are: Private Offerings and Regulation D (45%) covering exemptions, accredited investors, and integration; Due Diligence and Offering Documents (20%) covering PPMs and suitability; Trading and Markets (20%) covering restricted securities, Rule 144, and QIBs; and FINRA Rules (15%) covering Rule 2210 communications and Rule 5123 private placement filings.
What is the difference between Series 82 and Series 7?
The Series 7 (General Securities Representative) qualifies you to sell all types of securities including stocks, bonds, options, and mutual funds. The Series 82 is a limited registration that only qualifies you to sell private placement securities in primary offerings. If you hold a Series 7, you can already sell private placements and do not need the Series 82.