Series 22 study plan
Series 22 · Give each week a clear focus.
8 weeks · About 6 hours per week
Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
Define the principal types of direct participation programs (limited partnerships, LLCs, S corporations, REITs excluded) and distinguish their ownership, liability, and control features
Explain the tax mechanics of DPPs - pass-through income, depreciation, depletion, passive activity loss limits, and recapture - in plain language
Identify the roles and compensation of general partners, limited partners, sponsors, and program managers
Locate the registration and disclosure requirements that govern DPP offerings (private placement vs. public offering, state notice filings)
Map how the 54% weight of this domain is distributed across program types so later weeks can be sequenced
Your checkpoint
A one-page DPP structure-and-taxation reference sheet plus a 30-question F3 fundamentals quiz scored at 70% or higher
Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
Calculate program cash flow from operations, distributions, and projected return figures given a simplified offering scenario
Compute the impact of front-end loads, organizational and syndication expenses, and sponsor compensation on investor capital at work
Compare the risk/return and cash-flow profiles of oil and gas income and drilling programs, real estate programs, and equipment leasing programs
Evaluate suitability factors for a given customer profile and identify the program type that fits best
Classify each item in an offering summary as a benefit, a cost, or a risk to the limited partner
Your checkpoint
Three completed case-calculation worksheets (income program, drilling program, real estate program) with 80% or higher accuracy and a written suitability rationale for each
Seeks Business for the Broker-dealer from Customers and Potential Customers & Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
Describe the permitted and prohibited methods of prospecting and contacting prospective customers, including cold-calling and do-not-call obligations
Distinguish retail communications from correspondence and institutional sales material, and state the approval and recordkeeping rules for each
Explain the standards that apply when presenting DPP performance, projections, and tax benefits in sales literature
Identify supervisory pre-approval requirements for DPP sales material and seminar presentations
Match common prospecting scenarios to the rule that governs them
Your checkpoint
A compliance review checklist listing 15 prospecting/communications scenarios with the governing rule cited for each, reviewed against course material until every line is defensible
Seeks Business for the Broker-dealer from Customers and Potential Customers
Explain customer account acquisition requirements, including the information a representative must gather before recommending a DPP
Apply the suitability and know-your-customer standards to fact patterns involving income, net worth, tax bracket, liquidity, and risk tolerance
Describe the rules for seminars, free-lunch presentations, and advertising claims about tax benefits
Identify red flags that make a DPP recommendation unsuitable and state the corrective action
Your checkpoint
A 60-question mixed F1/F3 practice exam scored at 70% or higher, with every missed question logged by cause (knowledge gap vs. misread)
Seeks Business for the Broker-dealer from Customers and Potential Customers & Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
Assemble the full set of customer financial profile data required at account opening and explain how each element drives a DPP recommendation
Translate stated investment objectives into specific program characteristics (time horizon, income vs. growth, tax motivation, liquidity needs)
Distinguish the documentation required for individual, joint, custodial, trust, and entity accounts
Write suitability justifications that would withstand supervisory review for three different customer profiles
Your checkpoint
A completed mock new-account packet for three contrasting customer profiles, each with a written suitability memo and a matched program recommendation
Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives & Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions
Describe the process for obtaining, verifying, and documenting customer purchase instructions and subscription agreements
Identify the steps to complete a DPP transaction: subscription review, suitability sign-off, funds movement, and confirmation delivery
Explain settlement timing, confirmation content, and recordkeeping obligations for DPP purchases
Recognize when a purchase instruction must be escalated or refused
Your checkpoint
A 20-question quiz covering F2 and F4 scored at 80% or higher, plus a one-page transaction timeline diagram from instruction to confirmation
Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records & Seeks Business for the Broker-dealer from Customers and Potential Customers
Re-drill the highest-miss F3 subtopics identified in weeks 1-4 using targeted practice sets until each reaches 80% accuracy
Re-drill the highest-miss F1 subtopics on prospecting, communications, and suitability
Practice distinguishing similar-sounding program types and tax treatments under timed conditions
Build a personal error log of recurring mistakes and the rule or formula that resolves each
Your checkpoint
A 100-question practice exam weighted 54% F3 and 34% F1 scored at 72% or higher, plus a completed error log with every entry closed out
Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records & Seeks Business for the Broker-dealer from Customers and Potential Customers & Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives & Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions
Review condensed notes and flashcards across all four domains, allocating time in proportion to domain weighting
Complete full-length timed practice exams under test-day conditions
Re-verify the formulas and tax rules most likely to be tested in F3
Confirm test-day logistics, permitted materials, and timing strategy
Your checkpoint
Two full-length timed practice exams scored at 80% or higher, with the final error log showing no repeated miss categories
Milestones
Week 2: Can explain DPP tax treatment and compute program cash flow, load impact, and projected returns without notes, and has scored at least 70% on the week 1 F3 quiz
Week 4: Scores 70% or higher on a 60-question mixed F1/F3 exam and can quote the rule governing cold calls, retail communications, and seminar presentations
Week 6: Scores 80% or higher on the F2/F4 quiz and can walk through a complete transaction from subscription to confirmation without referencing notes
Week 8: Scores 80% or higher on two full-length timed exams with no repeated error category, and reports readiness to sit for the exam