Series 82
Series 82 – Private Securities Offerings Representative Exam
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ExploreAbout this exam
The Series 82 – Private Securities Offerings Representative Exam is a FINRA qualification exam that assesses the competency of an entry-level registered representative to perform the job of a private securities offerings representative. A candidate who passes it is qualified for the solicitation and sale of private placement securities products as part of a primary offering.
Eligibility is tied to employment: candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization member firm. The Securities Industry Essentials (SIE) exam is a corequisite, and candidates must pass both the SIE and the Series 82 to obtain the Private Securities Offerings Representative registration.
The exam consists of 50 multiple-choice items, runs 1 hour and 30 minutes, requires a passing score of 70, and costs $100. Content is organized around four major job functions: seeking business from customers and potential customers (25 items), opening accounts after obtaining and evaluating a customer's financial profile and investment objectives (9 items), providing information about investments, making recommendations, transferring assets and maintaining records (13 items), and obtaining and verifying purchase instructions and agreements and processing, completing and confirming transactions (3 items).
Preparation should start from the published content outline and mirror that item weighting, with the bulk of practice time on prospecting and sales conduct, supplemented by private placement mechanics, customer profiling, and documentation and recordkeeping.
What you'll study
About Series 82 preparation
How many questions are on the Series 82, and how long do I have?
The exam has 50 multiple-choice items and a duration of 1 hour and 30 minutes. That works out to roughly 1.8 minutes per question, so pace yourself and avoid getting stuck on any single item.
What score do I need to pass?
The passing score for the Series 82 exam is 70. Only the score you earn on the scored items counts, and a failing result means you must observe the applicable waiting period before scheduling again.
What does the exam cost?
The cost of the Series 82 exam is $100. Note that separate fees can apply for rescheduling or cancelling an appointment, so confirm your date carefully before booking.
Do I need to pass the SIE as well?
Yes. The SIE exam is a corequisite to the Series 82. Candidates must pass both the Series 82 exam and the SIE exam to obtain the Private Securities Offerings Representative registration.
Can I register for the Series 82 on my own?
No. Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization member firm to be eligible to take FINRA representative-level qualification exams, including the Series 82.
What can I do once I pass the Series 82?
A candidate who passes the Series 82 exam is qualified for the solicitation and sale of private placement securities products as part of a primary offering. The qualification is scoped to that activity rather than the full range of securities business.
What happens if I fail - when can I retake it?
Under the current rules, you wait 30 days after a first or second unsuccessful attempt and 180 days after a third. Effective January 19, 2027, those waiting periods drop to 15 days and 60 days respectively, automatically applying to new enrollments and open enrollments without an appointment.
Where should I spend most of my study time?
Follow the item allocations. Seeking business for the broker-dealer carries 25 of the 50 items, versus 13 for providing information, recommendations, asset transfers and records, 9 for opening and evaluating accounts, and 3 for processing and confirming transactions.
What are the most common ways candidates lose points?
Two recurring mistakes: treating the Series 82 like a general securities exam and skimming the prospecting and sales-conduct material that dominates the item pool, and neglecting documentation topics such as customer profile information, suitability records, and confirmation and processing steps.